# EDGAR Filing Document

**Accession Number:** 0001655589
**File Stem:** 0001133228-25-012986
**Filing Date:** 2025-12
**Character Count:** 3632696
**Document Hash:** ff78f85668a64edc0b16d4f653f69963
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-012986.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001133228-25-012986

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 153

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23124
- **FILM NUMBER:** 251537647

**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 International Core Dividend Tilt Index ETF (Series ID: S000053151)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000167258 | Franklin International Core Dividend Tilt Index ETF | DIVI            |

### Franklin Emerging Market Core Dividend Tilt Index ETF (Series ID: S000053152)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000167259 | Franklin Emerging Market Core Dividend Tilt Index ETF | DIEM            |

### Franklin U.S. Core Dividend Tilt Index ETF (Series ID: S000053153)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000167260 | Franklin U.S. Core Dividend Tilt Index ETF | UDIV            |

### Franklin U.S. Equity Index ETF (Series ID: S000053154)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000167261 | Franklin U.S. Equity Index ETF | USPX            |

### Franklin Income Equity Focus ETF (Series ID: S000053774)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000169124 | Franklin Income Equity Focus ETF | INCE            |

### Franklin Investment Grade Corporate ETF (Series ID: S000053775)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000169125 | Franklin Investment Grade Corporate ETF | FLCO            |

### Franklin U.S. Large Cap Multifactor Index ETF (Series ID: S000057200)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000181968 | Franklin U.S. Large Cap Multifactor Index ETF | FLQL            |

### Franklin U.S. Mid Cap Multifactor Index ETF (Series ID: S000057201)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000181969 | Franklin U.S. Mid Cap Multifactor Index ETF | FLQM            |

### Franklin U.S. Small Cap Multifactor Index ETF (Series ID: S000057202)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000181970 | Franklin U.S. Small Cap Multifactor Index ETF | FLQS            |

### Franklin Dynamic Municipal Bond ETF (Series ID: S000057879)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000187842 | Franklin Dynamic Municipal Bond ETF | FLMI            |

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

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

### Franklin FTSE Europe ETF (Series ID: S000059495)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000194929 | Franklin FTSE Europe ETF | FLEE            |

### Franklin FTSE Japan Hedged ETF (Series ID: S000059496)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000194930 | Franklin FTSE Japan Hedged ETF | FLJH            |

### Franklin FTSE South Korea ETF (Series ID: S000059497)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000194931 | Franklin FTSE South Korea ETF | FLKR            |

### Franklin FTSE Switzerland ETF (Series ID: S000059498)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000194932 | Franklin FTSE Switzerland ETF | FLSW            |

### Franklin FTSE United Kingdom ETF (Series ID: S000059499)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000194933 | Franklin FTSE United Kingdom ETF | FLUK            |

### Franklin FTSE Asia ex Japan ETF (Series ID: S000059500)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000194934 | Franklin FTSE Asia ex Japan ETF | FLAX            |

### Franklin FTSE Brazil ETF (Series ID: S000059501)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000194935 | Franklin FTSE Brazil ETF | FLBR            |

### Franklin FTSE China ETF (Series ID: S000059502)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000194936 | Franklin FTSE China ETF | FLCH            |

### Franklin FTSE India ETF (Series ID: S000059503)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000194937 | Franklin FTSE India ETF | FLIN            |

### Franklin FTSE Mexico ETF (Series ID: S000059504)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000194938 | Franklin FTSE Mexico ETF | FLMX            |

### Franklin FTSE Russia ETF (Series ID: S000059505)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000194939 | Franklin FTSE Russia ETF | FLRU            |

### Franklin FTSE Eurozone ETF (Series ID: S000059506)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000194940 | Franklin FTSE Eurozone ETF | FLEU            |

### Franklin FTSE Taiwan ETF (Series ID: S000059507)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000194941 | Franklin FTSE Taiwan ETF | FLTW            |

### Franklin FTSE Australia ETF (Series ID: S000059508)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000194942 | Franklin FTSE Australia ETF | FLAU            |

### Franklin FTSE Canada ETF (Series ID: S000059509)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000194943 | Franklin FTSE Canada ETF | FLCA            |

### Franklin FTSE Germany ETF (Series ID: S000059511)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000194945 | Franklin FTSE Germany ETF | FLGR            |

### Franklin FTSE Japan ETF (Series ID: S000059514)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000194948 | Franklin FTSE Japan ETF | FLJP            |

### Franklin High Yield Corporate ETF (Series ID: S000061946)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000200689 | Franklin High Yield Corporate ETF | FLHY            |

### Franklin International Aggregate Bond ETF (Series ID: S000061947)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000200690 | Franklin International Aggregate Bond ETF | FLIA            |

### Franklin Senior Loan ETF (Series ID: S000061948)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000200691 | Franklin Senior Loan ETF | FLBL            |

### Franklin FTSE Saudi Arabia ETF (Series ID: S000063031)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000204487 | Franklin FTSE Saudi Arabia ETF | FLSA            |

### Franklin FTSE Latin America ETF (Series ID: S000063035)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000204491 | Franklin FTSE Latin America ETF | FLLA            |

### Franklin U.S. Core Bond ETF (Series ID: S000066377)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000214198 | Franklin U.S. Core Bond ETF | FLCB            |

### Franklin Systematic Style Premia ETF (Series ID: S000066719)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000215016 | Franklin Systematic Style Premia ETF | FLSP            |

### Franklin Disruptive Commerce ETF (Series ID: S000067392)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000216719 | Franklin Disruptive Commerce ETF | BUYZ            |

### Franklin Genomic Advancements ETF (Series ID: S000067393)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000216720 | Franklin Genomic Advancements ETF | HELX            |

### Franklin Intelligent Machines ETF (Series ID: S000067394)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000216721 | Franklin Intelligent Machines ETF | IQM             |

### Franklin Ultra Short Bond ETF (Series ID: S000068139)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000218231 | Franklin Ultra Short Bond ETF | FLUD            |

### Franklin U.S. Treasury Bond ETF (Series ID: S000068596)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000219501 | Franklin U.S. Treasury Bond ETF | FLGV            |

### Franklin Exponential Data ETF (Series ID: S000070439)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000223928 | Franklin Exponential Data ETF | XDAT            |

### BrandywineGLOBAL-Dynamic US Large Cap Value ETF (Series ID: S000075788)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000235080 | BrandywineGLOBAL-Dynamic US Large Cap Value ETF | DVAL            |

### Franklin Sustainable International Equity ETF (Series ID: S000075790)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000235082 | Franklin Sustainable International Equity ETF | MCSE            |

### ClearBridge Sustainable Infrastructure ETF (Series ID: S000079010)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000239841 | ClearBridge Sustainable Infrastructure ETF |  |

### Franklin Focused Growth ETF (Series ID: S000080151)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000241824 | Franklin Focused Growth ETF |  |

### Franklin Income Focus ETF (Series ID: S000080465)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000242870 | Franklin Income Focus ETF |  |

### BrandywineGLOBAL-U.S. Fixed Income ETF (Series ID: S000080763)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000243296 | BrandywineGLOBAL-U.S. Fixed Income ETF |  |

### Western Asset Bond ETF (Series ID: S000081195)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000243867 | Western Asset Bond ETF |  |

### Franklin International Dividend Booster Index ETF (Series ID: S000089400)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000255929 | Franklin International Dividend Booster Index ETF | XIDV            |

### Franklin U.S. Dividend Booster Index ETF (Series ID: S000089401)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000255930 | Franklin U.S. Dividend Booster Index ETF | XUDV            |

### Franklin Multisector Income ETF (Series ID: S000094328)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000262830 | Franklin Multisector Income ETF |  |

### Franklin Dividend Growth ETF (Series ID: S000094832)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263376 | Franklin Dividend Growth ETF |  |

?xml version='1.0' encoding='ASCII'? 2025-10-211014012_FranklinEmergingMarketCoreDividendTiltIndexETF_SingleClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-23124**

**Franklin Templeton ETF Trust**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **March 31**

Date of reporting period: **September 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin Emerging Market Core Dividend Tilt Index** **ETF**  | ![image](img448_202405131411777.jpg) |
| DIEM \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Emerging Market Core Dividend Tilt Index ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin Emerging Market Core Dividend Tilt Index ETF | $11 | 0.19% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $22330861 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 582 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5368img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Emerging Market Core Dividend Tilt Index ETF PAGE 1 DIEM-STSR-1125

27.027.09.58.86.75.64.64.04.02.00.80.0 ------

---

| | |
|:---|:---|
| **Franklin International Core Dividend Tilt Index ETF**  | ![image](img448_202405131411777.jpg) |
| DIVI \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin International Core Dividend Tilt Index ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin International Core Dividend Tilt Index ETF | $5 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1851769221 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 435 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5307img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin International Core Dividend Tilt Index ETF PAGE 1 DIVI-STSR-1125

28.915.69.38.57.87.45.75.54.93.82.40.2 ------

---

| | |
|:---|:---|
| **Franklin International Dividend Booster Index ETF**  | ![image](img448_202405131411777.jpg) |
| XIDV \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin International Dividend Booster Index ETF (previously known as Franklin International Dividend Multiplier Index ETF) for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Franklin International Dividend Booster Index ETF | $11 | 0.19% |

---

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25800514 |
| **Total Number of Portfolio Holdings** | 94 |
| **Portfolio Turnover Rate** | 36% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5376img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin International Dividend Booster Index ETF PAGE 1 XIDV-STSR-1125

98.41.6 ------

---

| | |
|:---|:---|
| **Franklin U.S. Core Dividend Tilt Index ETF**  | ![image](img448_202405131411777.jpg) |
| UDIV \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Core Dividend Tilt Index ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin U.S. Core Dividend Tilt Index ETF | $3 | 0.06% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $73284267 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 291 |
| **Portfolio Turnover Rate** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5298img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Core Dividend Tilt Index ETF PAGE 1 UDIV-STSR-1125

36.512.79.39.27.76.25.64.64.42.61.10.1 ------

---

| | |
|:---|:---|
| **Franklin U.S. Dividend Booster Index ETF**  | ![image](img448_202405131411777.jpg) |
| XUDV \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Dividend Booster Index ETF (previously known as Franklin U.S. Dividend Multiplier Index ETF) for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Franklin U.S. Dividend Booster Index ETF | $5 | 0.09% |

---

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $36068164 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 103 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5377img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Dividend Booster Index ETF PAGE 1 XUDV-STSR-1125

23.414.012.49.87.67.57.47.26.63.60.5 ------

---

| | |
|:---|:---|
| **Franklin U.S. Large Cap Multifactor Index ETF**  | ![image](img448_202405131411777.jpg) |
| FLQL \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Large Cap Multifactor Index ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin U.S. Large Cap Multifactor Index ETF | $8 | 0.15% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1618766206 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 214 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5295img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Large Cap Multifactor Index ETF PAGE 1 FLQL-STSR-1125

33.913.213.011.310.89.03.32.11.41.10.80.1 ------

---

| | |
|:---|:---|
| **Franklin U.S. Mid Cap Multifactor Index ETF**  | ![image](img448_202405131411777.jpg) |
| FLQM \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Mid Cap Multifactor Index ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin U.S. Mid Cap Multifactor Index ETF | $16 | 0.30% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1740595345 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 204 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5291img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Mid Cap Multifactor Index ETF PAGE 1 FLQM-STSR-1125

19.719.214.413.210.89.14.13.53.21.41.40.0 ------

---

| | |
|:---|:---|
| **Franklin U.S. Small Cap Multifactor Index ETF**  | ![image](img448_202405131411777.jpg) |
| FLQS \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Small Cap Multifactor Index ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin U.S. Small Cap Multifactor Index ETF | $19 | 0.35% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $70356283 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 487 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5290img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Small Cap Multifactor Index ETF PAGE 1 FLQS-STSR-1125

19.516.515.813.79.75.95.35.33.23.02.00.1 ------

---

| | |
|:---|:---|
| **Franklin Disruptive Commerce ETF**  | ![image](img448_202405131411777.jpg) |
| BUYZ \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Disruptive Commerce ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Franklin Disruptive Commerce ETF | $29 | 0.50% |

---

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8755352 |
| **Total Number of Portfolio Holdings** | 68 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5370img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Disruptive Commerce ETF PAGE 1 BUYZ-STSR-1125

39.719.717.312.46.13.51.20.1 ------

---

| | |
|:---|:---|
| **Franklin Dividend Growth ETF**  | ![image](img448_202405131411777.jpg) |
| FRIZ \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Dividend Growth ETF for the period August 28, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Franklin Dividend Growth ETF<sup>1</sup>  | $5 | 0.49% |

---

† Annualized.

---

| | |
|:---|:---|
| 1 | Amounts are for the period August 28, 2025 through September 30, 2025. Expenses for the full reporting period would have been higher. |

---

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $5057557 |
| **Total Number of Portfolio Holdings** | 41 |
| **Portfolio Turnover Rate** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5375img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Dividend Growth ETF PAGE 1 47537-STSR-1125

28.918.013.210.410.47.74.13.52.31.5 ------

---

| | |
|:---|:---|
| **Franklin Dynamic Municipal Bond ETF**  | ![image](img448_202405131411777.jpg) |
| FLMI \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Dynamic Municipal Bond ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Franklin Dynamic Municipal Bond ETF | $15 | 0.30% |

---

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $983685412 |
| **Total Number of Portfolio Holdings** | 951 |
| **Portfolio Turnover Rate** | 31% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5369img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Dynamic Municipal Bond ETF PAGE 1 FLMI-STSR-1125

21.315.815.312.29.79.47.93.72.21.60.70.30.0 ------

---

| | |
|:---|:---|
| **Franklin Exponential Data ETF**  | ![image](img448_202405131411777.jpg) |
| XDAT \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Exponential Data ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin Exponential Data ETF | $28 | 0.49% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4197446 |
| **Total Number of Portfolio Holdings** | 67 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5367img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Exponential Data ETF PAGE 1 XDAT-STSR-1125

66.122.03.63.31.81.21.01.0 ------

---

| | |
|:---|:---|
| **Franklin Focused Growth ETF**  | ![image](img448_202405131411777.jpg) |
| FFOG \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Focused Growth ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin Focused Growth ETF | $33 | 0.55% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $190017991 |
| **Total Number of Portfolio Holdings** | 34 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5366img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Focused Growth ETF PAGE 1 FFOG-STSR-1125

48.516.816.06.05.63.02.81.3 ------

---

| | |
|:---|:---|
| **Franklin Genomic Advancements ETF**  | ![image](img448_202405131411777.jpg) |
| HELX \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Genomic Advancements ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Franklin Genomic Advancements ETF | $27 | 0.50% |

---

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $17015439 |
| **Total Number of Portfolio Holdings** | 65 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5315img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Genomic Advancements ETF PAGE 1 HELX-STSR-1125

96.32.71.0 ------

---

| | |
|:---|:---|
| **Franklin High Yield Corporate ETF**  | ![image](img448_202405131411777.jpg) |
| FLHY \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin High Yield Corporate ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin High Yield Corporate ETF | $21 | 0.40% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $634704459 |
| **Total Number of Portfolio Holdings** | 264 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5314img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Yield Corporate ETF PAGE 1 FLHY-STSR-1125

95.80.60.30.10.03.2 ------

---

| | |
|:---|:---|
| **Franklin Income Equity Focus ETF**  | ![image](img448_202405131411777.jpg) |
| INCE \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Income Equity Focus ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin Income Equity Focus ETF | $15 | 0.29% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $97787049 |
| **Total Number of Portfolio Holdings** | 48 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5293img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Income Equity Focus ETF PAGE 1 INCE-STSR-1125

30.513.69.57.56.66.56.26.25.03.93.01.5 ------

---

| | |
|:---|:---|
| **Franklin Income Focus ETF**  | ![image](img448_202405131411777.jpg) |
| INCM \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Income Focus ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin Income Focus ETF | $19 | 0.37% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $859187545 |
| **Total Number of Portfolio Holdings** | 268 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5312img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Income Focus ETF PAGE 1 INCM-STSR-1125

33.928.919.26.36.22.30.20.12.9 ------

---

| | |
|:---|:---|
| **Franklin Intelligent Machines ETF**  | ![image](img448_202405131411777.jpg) |
| IQM \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Intelligent Machines ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Franklin Intelligent Machines ETF | $32 | 0.50% |

---

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $47989293 |
| **Total Number of Portfolio Holdings** | 75 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5311img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Intelligent Machines ETF PAGE 1 IQM-STSR-1125

61.423.48.64.12.5 ------

---

| | |
|:---|:---|
| **Franklin International Aggregate Bond ETF**  | ![image](img448_202405131411777.jpg) |
| FLIA \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin International Aggregate Bond ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin International Aggregate Bond ETF | $13 | 0.25% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $674098883 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 69 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5309img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin International Aggregate Bond ETF PAGE 1 FLIA-STSR-1125

86.27.26.6 ------

---

| | |
|:---|:---|
| **Franklin Investment Grade Corporate ETF**  | ![image](img448_202405131411777.jpg) |
| FLCO \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Investment Grade Corporate ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin Investment Grade Corporate ETF | $18 | 0.35% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $612029726 |
| **Total Number of Portfolio Holdings** | 221 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5306img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Investment Grade Corporate ETF PAGE 1 FLCO-STSR-1125

98.80.40.8 ------

---

| | |
|:---|:---|
| **Franklin Multisector Income ETF**  | ![image](img448_202405131411777.jpg) |
| MULT \| The Nasdaq Stock Market LLC  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Multisector Income ETF for the period August 28, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Franklin Multisector Income ETF<sup>1</sup>  | $4 | 0.39% |

---

† Annualized.

---

| | |
|:---|:---|
| 1 | Amounts are for the period August 28, 2025 through September 30, 2025. Expenses for the full reporting period would have been higher. |

---

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $15154195 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 211 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5374img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Multisector Income ETF PAGE 1 46894-STSR-1125

47.515.214.89.47.90.94.3 ------

---

| | |
|:---|:---|
| **Franklin Municipal Green Bond ETF**  | ![image](img448_202405131411777.jpg) |
| FLMB \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Municipal Green Bond ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Franklin Municipal Green Bond ETF | $15 | 0.30% |

---

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $89899247 |
| **Total Number of Portfolio Holdings** | 97 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5304img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Municipal Green Bond ETF PAGE 1 FLMB-STSR-1125

16.515.815.515.410.79.85.65.13.61.9 ------

---

| | |
|:---|:---|
| **Franklin Senior Loan ETF**  | ![image](img448_202405131411777.jpg) |
| FLBL \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Senior Loan ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin Senior Loan ETF | $22 | 0.44% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1216265682 |
| **Total Number of Portfolio Holdings** | 286 |
| **Portfolio Turnover Rate** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5303img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Senior Loan ETF PAGE 1 FLBL-STSR-1125

84.33.12.30.20.010.1 ------

---

| | |
|:---|:---|
| **Franklin Systematic Style Premia ETF**  | ![image](img448_202405131411777.jpg) |
| FLSP \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Systematic Style Premia ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin Systematic Style Premia ETF | $29 | 0.55% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $419524733 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 317 |
| **Portfolio Turnover Rate** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5301img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Systematic Style Premia ETF PAGE 1 FLSP-STSR-1125

18.010.99.48.36.84.13.73.52.72.31.428.9 ------

---

| | |
|:---|:---|
| **Franklin U.S. Core Bond ETF**  | ![image](img448_202405131411777.jpg) |
| FLCB \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Core Bond ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin U.S. Core Bond ETF | $8 | 0.15% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2732069929 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 435 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5299img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Core Bond ETF PAGE 1 FLCB-STSR-1125

41.428.226.62.00.70.20.9 ------

---

| | |
|:---|:---|
| **Franklin U.S. Treasury Bond ETF**  | ![image](img448_202405131411777.jpg) |
| FLGV \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Treasury Bond ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin U.S. Treasury Bond ETF | $5 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1073917297 |
| **Total Number of Portfolio Holdings** | 46 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5288img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Treasury Bond ETF PAGE 1 FLGV-STSR-1125

95.63.70.7 ------

---

| | |
|:---|:---|
| **Franklin Ultra Short Bond ETF**  | ![image](img448_202405131411777.jpg) |
| FLUD \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Ultra Short Bond ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin Ultra Short Bond ETF | $8 | 0.15% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $156640722 |
| **Total Number of Portfolio Holdings** | 368 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5287img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Ultra Short Bond ETF PAGE 1 FLUD-STSR-1125

84.30.715.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Asia Ex Japan ETF**  | ![image](img448_202405131411777.jpg) |
| FLAX \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Asia Ex Japan ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Asia Ex Japan ETF | $11 | 0.19% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $34600134 |
| **Total Number of Portfolio Holdings** | 1572 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5365img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Asia Ex Japan ETF PAGE 1 FLAX-STSR-1125

27.519.814.410.28.64.34.13.52.92.32.30.1 ------

---

| | |
|:---|:---|
| **Franklin FTSE Australia ETF**  | ![image](img448_202405131411777.jpg) |
| FLAU \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Australia ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Australia ETF | $5 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $79125241 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 105 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5364img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Australia ETF PAGE 1 FLAU-STSR-1125

38.219.07.67.37.16.73.73.62.82.41.60.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Brazil ETF**  | ![image](img448_202405131411777.jpg) |
| FLBR \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Brazil ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Brazil ETF | $10 | 0.19% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $226181657 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 71 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5363img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Brazil ETF PAGE 1 FLBR-STSR-1125

30.115.914.814.09.56.02.92.62.21.20.80.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Canada ETF**  | ![image](img448_202405131411777.jpg) |
| FLCA \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Canada ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Canada ETF | $5 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $494637614 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 81 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5362img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Canada ETF PAGE 1 FLCA-STSR-1125

36.716.014.511.711.23.53.12.30.60.30.1 ------

---

| | |
|:---|:---|
| **Franklin FTSE China ETF**  | ![image](img448_202405131411777.jpg) |
| FLCH \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE China ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE China ETF | $11 | 0.19% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $249908078 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 985 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5361img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE China ETF PAGE 1 FLCH-STSR-1125

28.921.215.79.36.05.54.13.52.31.81.60.1 ------

---

| | |
|:---|:---|
| **Franklin FTSE Europe ETF**  | ![image](img448_202405131411777.jpg) |
| FLEE \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Europe ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Europe ETF | $5 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $118445527 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 509 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5360img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Europe ETF PAGE 1 FLEE-STSR-1125

24.619.612.99.18.37.35.54.34.13.31.00.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Eurozone ETF**  | ![image](img448_202405131411777.jpg) |
| FLEU \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Eurozone ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Eurozone ETF | $5 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $57645500 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 265 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5359img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Eurozone ETF PAGE 1 FLEU-STSR-1125

25.620.712.211.06.46.25.44.44.22.91.00.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Germany ETF**  | ![image](img448_202405131411777.jpg) |
| FLGR \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Germany ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Germany ETF | $5 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $51044722 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 67 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5358img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Germany ETF PAGE 1 FLGR-STSR-1125

27.521.617.68.66.75.75.53.71.61.50.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE India ETF**  | ![image](img448_202405131411777.jpg) |
| FLIN \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE India ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE India ETF | $10 | 0.19% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2416650952 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 272 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5357img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE India ETF PAGE 1 FLIN-STSR-1125

28.012.79.89.29.08.66.16.14.54.41.40.2 ------

---

| | |
|:---|:---|
| **Franklin FTSE Japan ETF**  | ![image](img448_202405131411777.jpg) |
| FLJP \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Japan ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Japan ETF | $5 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2388334598 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 491 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5356img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Japan ETF PAGE 1 FLJP-STSR-1125

24.417.415.512.87.76.05.54.83.71.30.90.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Japan Hedged ETF**  | ![image](img448_202405131411777.jpg) |
| FLJH \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Japan Hedged ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Japan Hedged ETF | $5 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $98003071 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 489 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5355img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Japan Hedged ETF PAGE 1 FLJH-STSR-1125

24.417.415.512.77.86.05.54.83.71.30.90.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Latin America ETF**  | ![image](img448_202405131411777.jpg) |
| FLLA \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Latin America ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Latin America ETF | $11 | 0.19% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $39660507 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 134 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5354img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Latin America ETF PAGE 1 FLLA-STSR-1125

27.117.013.710.59.99.54.23.02.71.70.70.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Mexico ETF**  | ![image](img448_202405131411777.jpg) |
| FLMX \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Mexico ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Mexico ETF | $11 | 0.19% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $69488757 |
| **Total Number of Portfolio Holdings** | 39 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5353img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Mexico ETF PAGE 1 FLMX-STSR-1125

29.322.019.512.28.86.71.50.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Saudi Arabia ETF**  | ![image](img448_202405131411777.jpg) |
| FLSA \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Saudi Arabia ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Saudi Arabia ETF | $20 | 0.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $22463245 |
| **Total Number of Portfolio Holdings** | 71 |
| **Portfolio Turnover Rate** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5351img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Saudi Arabia ETF PAGE 1 FLSA-STSR-1125

41.016.311.79.24.73.63.43.22.72.12.10.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE South Korea ETF**  | ![image](img448_202405131411777.jpg) |
| FLKR \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE South Korea ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE South Korea ETF | $6 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $204093795 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 153 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5322img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE South Korea ETF PAGE 1 FLKR-STSR-1125

37.822.113.37.45.75.73.52.71.00.70.1 ------

---

| | |
|:---|:---|
| **Franklin FTSE Switzerland ETF**  | ![image](img448_202405131411777.jpg) |
| FLSW \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Switzerland ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Switzerland ETF | $5 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $57193916 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 53 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5320img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Switzerland ETF PAGE 1 FLSW-STSR-1125

34.021.114.212.98.75.31.31.11.10.3 ------

---

| | |
|:---|:---|
| **Franklin FTSE Taiwan ETF**  | ![image](img448_202405131411777.jpg) |
| FLTW \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Taiwan ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Taiwan ETF | $11 | 0.19% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $599294568 |
| **Total Number of Portfolio Holdings** | 128 |
| **Portfolio Turnover Rate** | 41% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5319img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Taiwan ETF PAGE 1 FLTW-STSR-1125

68.417.14.32.92.41.71.51.00.10.10.5 ------

---

| | |
|:---|:---|
| **Franklin FTSE United Kingdom ETF**  | ![image](img448_202405131411777.jpg) |
| FLGB \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE United Kingdom ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE United Kingdom ETF | $5 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $847137274 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 99 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5317img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE United Kingdom ETF PAGE 1 FLGB-STSR-1125

24.616.616.012.510.06.55.24.22.51.00.90.0 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img11746_202406031205768.jpg) |
| **BrandywineGLOBAL-Dynamic US Large Cap Value ETF**  | **BrandywineGLOBAL-Dynamic US Large Cap Value ETF**  |
| DVAL \| The Nasdaq Stock Market LLC  | Semi-Annual Shareholder Report \| September 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about BrandywineGLOBAL-Dynamic US Large Cap Value ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| BrandywineGLOBAL-Dynamic US Large Cap Value ETF | $26 | 0.49% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $119284517 |
| **Total Number of Portfolio Holdings** | 109 |
| **Portfolio Turnover Rate** | 50% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5372img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

BrandywineGLOBAL-Dynamic US Large Cap Value ETF PAGE 1 DVAL-STSR-1125

19.118.914.413.710.67.17.04.53.71.0 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img11746_202406031205768.jpg) |
| **BrandywineGLOBAL - U.S. Fixed Income ETF**  | **BrandywineGLOBAL - U.S. Fixed Income ETF**  |
| USFI \| The Nasdaq Stock Market LLC  | Semi-Annual Shareholder Report \| September 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about BrandywineGLOBAL - U.S. Fixed Income ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| BrandywineGLOBAL - U.S. Fixed Income ETF | $20 | 0.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12386390 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 32 |
| **Portfolio Turnover Rate** | 74% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5373img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

BrandywineGLOBAL - U.S. Fixed Income ETF PAGE 1 USFI-STSR-1125

69.920.47.72.0 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img5250_202406031209949.jpg) |
| **ClearBridge Sustainable Infrastructure ETF**  | **ClearBridge Sustainable Infrastructure ETF**  |
| INFR \| The Nasdaq Stock Market LLC  | Semi-Annual Shareholder Report \| September 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about ClearBridge Sustainable Infrastructure ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| ClearBridge Sustainable Infrastructure ETF | $31 | 0.59% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $10628966 |
| **Total Number of Portfolio Holdings** | 30 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5371img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

ClearBridge Sustainable Infrastructure ETF PAGE 1 INFR-STSR-1125

63.626.34.53.22.4 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Bond ETF**  | **Western Asset Bond ETF**  |
| WABF \| The Nasdaq Stock Market LLC  | Semi-Annual Shareholder Report \| September 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Western Asset Bond ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Western Asset Bond ETF | $18 | 0.35% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $16568256 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 419 |
| **Portfolio Turnover Rate** | 167% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5285img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Bond ETF PAGE 1 WABF-STSR-1125

27.325.39.49.28.30.90.20.10.019.3 ------

---

| | |
|:---|:---|
| **Franklin Sustainable International Equity ETF**  | ![image](img448_202405131411777.jpg) |
| MCSE \| The Nasdaq Stock Market LLC  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Sustainable International Equity ETF (previously known as Martin Currie Sustainable International Equity ETF) for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Franklin Sustainable International Equity ETF | $31 | 0.59% |

---

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $31000375 |
| **Total Number of Portfolio Holdings** | 26 |
| **Portfolio Turnover Rate** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5323img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Sustainable International Equity ETF PAGE 1 MCSE-STSR-1125

24.920.418.614.76.85.64.83.21.0 ------

---

| | |
|:---|:---|
| **Franklin U.S. Equity Index ETF**  | ![image](img448_202405131411777.jpg) |
| USPX \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Equity Index ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin U.S. Equity Index ETF | $2 | 0.03% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1490364049 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 534 |
| **Portfolio Turnover Rate** | 1% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5296img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Equity Index ETF PAGE 1 USPX-STSR-1125

34.613.410.610.38.98.34.82.92.31.91.90.1 ------

---

| | |
|:---|:---|
| **Franklin FTSE Russia ETF**  | ![image](img448_202405131411777.jpg) |
| FLRU  | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin FTSE Russia ETF for the period April 1, 2025, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin FTSE Russia ETF | $0 | 0.00% |

---

\* Effective March 1, 2022, Franklin Advisory Services, LLC (the Fund's investment manager) implemented a waiver of its management fee for the Fund, which will continue in effect while the Fund liquidates.

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets**<sup>\*</sup>  | $4870 |
| **Total Number of Portfolio Holdings** | 36 |
| **Portfolio Turnover Rate** | 0% |

---

\* As of September 30, 2025, the Fund's portfolio was comprised of Russian equity securities (fair valued at $0) and USD cash.

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Net Assets)**

![image](ts5352img003.jpg)

\* As of September 30, 2025, the Fund's portfolio was comprised of Russian equity securities (fair valued at $0) and USD cash.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Russia ETF PAGE 1 FLRU-STSR-1125

0.00.00.00.00.00.00.00.0100.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

![](img37ee133f1.gif)

**Franklin Templeton ETF Trust**

**Financial Statements and Other Important Information**

**Semi-Annual** \| September 30, 2025 ![](img17d4c48c2.gif)

**Franklin Emerging Market Core Dividend Tilt Index ETF**

**Franklin International Core Dividend Tilt Index ETF**

**Franklin International Dividend Booster Index ETF**

**Franklin U.S. Core Dividend Tilt Index ETF**

**Franklin U.S. Dividend Booster Index ETF**

**Franklin U.S. Large Cap Multifactor Index ETF**

**Franklin U.S. Mid Cap Multifactor Index ETF**

**Franklin U.S. Small Cap Multifactor Index ETF**

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_00b13422-6816-49b4-92e2-e7d5f7caaa50_SOI-Header-SOI-5012_1) | **1** |
| [Statements of Assets and Liabilities](#xx_00b13422-6816-49b4-92e2-e7d5f7caaa50_SAL-Header-SAL_1) | **83** |
| [Statements of Operations](#xx_00b13422-6816-49b4-92e2-e7d5f7caaa50_SOP-Header-SOP_1) | **85** |
| [Statements of Changes in Net Assets](#xx_00b13422-6816-49b4-92e2-e7d5f7caaa50_SOC-Header-SOC-5012_1) | **87** |
| [Financial Highlights](#xx_00b13422-6816-49b4-92e2-e7d5f7caaa50_FH-Header-Financialhighlights-5012_1) | **95** |
| [Notes to Financial Statements](#xx_00b13422-6816-49b4-92e2-e7d5f7caaa50_NTF-Header-Notestofinancialstatements-5012_1) | **103** |
| [Changes in and Disagreements with Accountants](#xx_00b13422-6816-49b4-92e2-e7d5f7caaa50_TSR-TOCTSRDisclosures-5012_1) | **121** |
| [Results of Meeting(s) of Shareholders](#xx_00b13422-6816-49b4-92e2-e7d5f7caaa50_TSR-TOCTSRDisclosures-5012_1) | **121** |
| [Remuneration Paid to Directors, Officers and Others](#xx_00b13422-6816-49b4-92e2-e7d5f7caaa50_TSR-TOCTSRDisclosures-5012_1) | **121** |
| [Board Approval of Management and Subadvisory](#xx_00b13422-6816-49b4-92e2-e7d5f7caaa50_BAMSA-TOC-Mgmtandsubadvisoryagreements_1) [Agreements](#xx_00b13422-6816-49b4-92e2-e7d5f7caaa50_BAMSA-TOC-Mgmtandsubadvisoryagreements_1) | **122** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedules of Investments (unaudited)

September 30, 2025

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 96.9%** | **Common Stocks — 96.9%** | **Common Stocks — 96.9%** |
| **Communication Services — 8.7%** | **Communication Services — 8.7%** | **Communication Services — 8.7%** |
| Diversified Telecommunication Services — 2.3% | Diversified Telecommunication Services — 2.3% | Diversified Telecommunication Services — 2.3% |
| China Tower Corp. Ltd., Class H Shares | &nbsp;&nbsp; 31500 | &nbsp;&nbsp; $46478<br> <sup>(a)</sup><br>|
| Emirates Integrated Telecommunications Co. PJSC | &nbsp;&nbsp; 6706 | &nbsp;&nbsp; 16797<br>|
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 25179 | &nbsp;&nbsp; 129151<br>|
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 23468<br>|
| LG Uplus Corp. | &nbsp;&nbsp; 1547 | &nbsp;&nbsp; 16925<br>|
| Ooredoo QPSC | &nbsp;&nbsp; 8190 | &nbsp;&nbsp; 30749<br>|
| Saudi Telecom Co. | &nbsp;&nbsp; 13468 | &nbsp;&nbsp; 158303<br>|
| Tata Communications Ltd. | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 15263<br>|
| Telekom Malaysia Bhd | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 4711<br>|
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 336700 | &nbsp;&nbsp; 61824<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 503669 |
| Entertainment — 0.8% | Entertainment — 0.8% | Entertainment — 0.8% |
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2132<br>|
| International Games System Co. Ltd. | &nbsp;&nbsp; 1766 | &nbsp;&nbsp; 45602<br>|
| NetEase Inc. | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 140003<br> <sup>(b)</sup><br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 187737 |
| Interactive Media & Services — 3.8% | Interactive Media & Services — 3.8% | Interactive Media & Services — 3.8% |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 852141<br> <sup>(b)</sup><br>|
| Media — 0.0%†† | Media — 0.0%†† | Media — 0.0%†† |
| Focus Media Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 8708<br>|
| Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2066<br>|
| Total Media | Total Media | &nbsp;&nbsp; 10774 |
| Wireless Telecommunication Services — 1.8% | Wireless Telecommunication Services — 1.8% | Wireless Telecommunication Services — 1.8% |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 75433<br>|
| Axiata Group Bhd | &nbsp;&nbsp; 18200 | &nbsp;&nbsp; 11590<br>|
| Bharti Airtel Ltd. | &nbsp;&nbsp; 2576 | &nbsp;&nbsp; 54498<br>|
| Etihad Etisalat Co. | &nbsp;&nbsp; 2772 | &nbsp;&nbsp; 49930<br>|
| Indosat Tbk PT | &nbsp;&nbsp; 39200 | &nbsp;&nbsp; 4117<br>|
| Maxis Bhd | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 18064<br>|
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 17318 | &nbsp;&nbsp; 29189<br>|
| PLDT Inc. | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 11907<br>|
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 749 | &nbsp;&nbsp; 28987<br>|
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 35048<br>|
| TIM SA | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 24711<br>|
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 8575 | &nbsp;&nbsp; 20179<br>|
| Vodacom Group Ltd. | &nbsp;&nbsp; 3983 | &nbsp;&nbsp; 30772<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 394425 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1948746** |
| **Consumer Discretionary — 9.2%** | **Consumer Discretionary — 9.2%** | **Consumer Discretionary — 9.2%** |
| Automobile Components — 0.4% | Automobile Components — 0.4% | Automobile Components — 0.4% |
| Bharat Forge Ltd. | &nbsp;&nbsp; 1022 | &nbsp;&nbsp; 13955<br>|
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 17294<br>|
| Fuyao Glass Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 7210<br>|
| Fuyao Glass Industry Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 24153<br> <sup>(a)</sup><br>|
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 15689<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| Huayu Automotive Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; $4027<br>|
| Sailun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2825<br>|
| Shenzhen Kedali Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 2746<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 87899 |
| Automobiles — 1.9% | Automobiles — 1.9% | Automobiles — 1.9% |
| AIMA Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 2436<br>|
| Bajaj Auto Ltd. | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 43105<br>|
| BYD Co. Ltd., Class H Shares | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 7110<br>|
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 5025<br>|
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 882 | &nbsp;&nbsp; 54362<br>|
| Hyundai Motor Co. | &nbsp;&nbsp; 882 | &nbsp;&nbsp; 135155<br>|
| Kia Corp. | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; 127611<br>|
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 47282<br>|
| Tofas Turk Otomobil Fabrikasi AS | &nbsp;&nbsp; 1043 | &nbsp;&nbsp; 6503<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 428589 |
| Broadline Retail — 3.4% | Broadline Retail — 3.4% | Broadline Retail — 3.4% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 26813 | &nbsp;&nbsp; 609982<br> <sup>(b)</sup><br>|
| JD.com Inc., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 112147<br> <sup>(b)</sup><br>|
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 16029<br>|
| momo.com Inc. | &nbsp;&nbsp; 701 | &nbsp;&nbsp; 5554<br>|
| Naspers Ltd., Class N Shares | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 2538<br>|
| Woolworths Holdings Ltd. | &nbsp;&nbsp; 6209 | &nbsp;&nbsp; 18099<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 764349 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| Wuchan Zhongda Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 2951<br>|
| Zhejiang China Commodities City Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 8068<br>|
| Total Distributors | Total Distributors | &nbsp;&nbsp; 11019 |
| Hotels, Restaurants & Leisure — 0.6% | Hotels, Restaurants & Leisure — 0.6% | Hotels, Restaurants & Leisure — 0.6% |
| Eternal Ltd. | &nbsp;&nbsp; 14049 | &nbsp;&nbsp; 51,504<br> \*<br>|
| H World Group Ltd. | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 44596<br> <sup>(b)</sup><br>|
| Haidilao International Holding Ltd. | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 18973<br> <sup>(a)(b)</sup><br>|
| OPAP SA | &nbsp;&nbsp; 1253 | &nbsp;&nbsp; 29254<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 144327 |
| Household Durables — 0.9% | Household Durables — 0.9% | Household Durables — 0.9% |
| Coway Co. Ltd. | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 19166<br>|
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 25736<br>|
| Gree Electric Appliances Inc. of Zhuhai, Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 15604<br>|
| Haier Smart Home Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 12439<br>|
| Haier Smart Home Co. Ltd., Class H Shares | &nbsp;&nbsp; 16800 | &nbsp;&nbsp; 54716<br>|
| Hangzhou Robam Appliances Co. Ltd., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 1339<br>|
| Hisense Home Appliances Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 6241<br>|
| Hisense Visual Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2369<br>|
| Jason Furniture Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 1693<br>|
| Midea Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 35681<br>|
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 11560<br>|
| Oppein Home Group Inc., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2243<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Household Durables — continued | Household Durables — continued | Household Durables — continued |
| Zhejiang Supor Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; $2010<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 190797 |
| Specialty Retail — 0.9% | Specialty Retail — 0.9% | Specialty Retail — 0.9% |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 21259 | &nbsp;&nbsp; 21994<br>|
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 22399<br>|
| HLA Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2542<br>|
| Home Product Center PCL, NVDR | &nbsp;&nbsp; 28700 | &nbsp;&nbsp; 6598<br>|
| Jarir Marketing Co. | &nbsp;&nbsp; 4221 | &nbsp;&nbsp; 15701<br>|
| MR DIY Group M Bhd | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 10911<br> <sup>(a)</sup><br>|
| Mr Price Group Ltd. | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; 20993<br>|
| Pop Mart International Group Ltd. | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 48008<br> <sup>(a)(b)</sup><br>|
| Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1697<br>|
| Vibra Energia SA | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 35554<br>|
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 8433<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 194830 |
| Textiles, Apparel & Luxury Goods — 1.1% | Textiles, Apparel & Luxury Goods — 1.1% | Textiles, Apparel & Luxury Goods — 1.1% |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 57684<br>|
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 16698<br>|
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 1467 | &nbsp;&nbsp; 21106<br>|
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 20179<br>|
| Li Ning Co. Ltd. | &nbsp;&nbsp; 17500 | &nbsp;&nbsp; 39677<br>|
| Page Industries Ltd. | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 19245<br>|
| Pou Chen Corp. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 19878<br>|
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 44373<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 238840 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2060650** |
| **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** |
| Beverages — 1.9% | Beverages — 1.9% | Beverages — 1.9% |
| Ambev SA | &nbsp;&nbsp; 32200 | &nbsp;&nbsp; 73100<br>|
| Anhui Gujing Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 4506<br>|
| Anhui Gujing Distillery Co. Ltd., Class B Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 9717<br>|
| Anhui Kouzi Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 1405<br>|
| Anhui Yingjia Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 2309<br>|
| Arca Continental SAB de CV | &nbsp;&nbsp; 3472 | &nbsp;&nbsp; 36367<br>|
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 11500 | &nbsp;&nbsp; 40558<br>|
| Chongqing Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1504<br>|
| Jiangsu King's Luck Brewery JSC Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3860<br>|
| Jiangsu Yanghe Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 8579<br>|
| Kweichow Moutai Co. Ltd., Class A Shares | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 131688<br>|
| Luzhou Laojiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 14807<br>|
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 19054<br>|
| Tsingtao Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 3700<br>|
| Tsingtao Brewery Co. Ltd., Class H Shares | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 31335<br>|
| Wuliangye Yibin Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 35793<br>|
| ZJLD Group Inc. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4858<br> <sup>(a)</sup><br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 423140 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% |
| Berli Jucker PCL, NVDR | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; $3986<br>|
| CP Axtra PCL, NVDR | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 6318<br>|
| DaShenLin Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1620<br>|
| Nahdi Medical Co. | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 11106<br>|
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 4991 | &nbsp;&nbsp; 15401<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 38431 |
| Food Products — 0.8% | Food Products — 0.8% | Food Products — 0.8% |
| Anjoy Foods Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1979<br>|
| Britannia Industries Ltd. | &nbsp;&nbsp; 707 | &nbsp;&nbsp; 47705<br>|
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 20300 | &nbsp;&nbsp; 13970<br>|
| China Feihe Ltd. | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 14395<br> <sup>(a)</sup><br>|
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 40486<br>|
| COFCO Sugar Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1566<br>|
| Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2894<br>|
| Heilongjiang Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 2016<br>|
| Henan Shuanghui Investment & Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4860<br>|
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 30800 | &nbsp;&nbsp; 13353<br>|
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 13396<br>|
| Monde Nissin Corp. | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 4821<br> <sup>(a)</sup><br>|
| PPB Group Bhd | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 11876<br>|
| Uni-President China Holdings Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 7396<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 180713 |
| Household Products — 0.0%†† | Household Products — 0.0%†† | Household Products — 0.0%†† |
| Unilever Indonesia Tbk PT | &nbsp;&nbsp; 39200 | &nbsp;&nbsp; 4187<br>|
| Personal Care Products — 0.4% | Personal Care Products — 0.4% | Personal Care Products — 0.4% |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 931 | &nbsp;&nbsp; 23303<br>|
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 14812<br>|
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 4850 | &nbsp;&nbsp; 15833<br>|
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 1785 | &nbsp;&nbsp; 50549<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 104497 |
| Tobacco — 0.7% | Tobacco — 0.7% | Tobacco — 0.7% |
| ITC Ltd. | &nbsp;&nbsp; 21343 | &nbsp;&nbsp; 96524<br>|
| KT&G Corp. | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 53324<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 149848 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **900816** |
| **Energy — 6.2%** | **Energy — 6.2%** | **Energy — 6.2%** |
| Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% |
| Ades Holding Co. | &nbsp;&nbsp; 3017 | &nbsp;&nbsp; 13105<br>|
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 19607 | &nbsp;&nbsp; 30054<br>|
| CNOOC Energy Technology & Services Ltd., Class A Shares | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 2640<br>|
| Offshore Oil Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 2603<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 48402 |
| Oil, Gas & Consumable Fuels — 6.0% | Oil, Gas & Consumable Fuels — 6.0% | Oil, Gas & Consumable Fuels — 6.0% |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 86800 | &nbsp;&nbsp; 8802<br>|
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 13944 | &nbsp;&nbsp; 53341<br>|
| China Coal Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 3347<br>|
| China Coal Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 16716<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| China Merchants Energy Shipping Co. Ltd., Class A Shares | &nbsp;&nbsp; 4100 | &nbsp;&nbsp; $5108<br>|
| China Petroleum & Chemical Corp., Class A Shares | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 15586<br>|
| China Petroleum & Chemical Corp., Class H Shares | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 87450<br>|
| China Shenhua Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 18906<br>|
| China Shenhua Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 22950 | &nbsp;&nbsp; 109730<br>|
| Coal India Ltd. | &nbsp;&nbsp; 15519 | &nbsp;&nbsp; 68158<br>|
| Ecopetrol SA | &nbsp;&nbsp; 33383 | &nbsp;&nbsp; 15259<br>|
| Gazprom PJSC | &nbsp;&nbsp; 44709 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Golden Energy Mines Tbk PT | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 2632<br>|
| Guanghui Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 2970<br>|
| Guangzhou Development Group Inc., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1942<br>|
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 6559 | &nbsp;&nbsp; 32755<br>|
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 26159 | &nbsp;&nbsp; 44131<br>|
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 4117<br>|
| Inner Mongolia Yitai Coal Co. Ltd., Class B Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 12071<br>|
| Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2703<br>|
| LUKOIL PJSC | &nbsp;&nbsp; 2268 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 2611 | &nbsp;&nbsp; 21248<br>|
| Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 13296<br>|
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 29771 | &nbsp;&nbsp; 80305<br>|
| Oil India Ltd. | &nbsp;&nbsp; 4228 | &nbsp;&nbsp; 19705<br>|
| PetroChina Co. Ltd., Class H Shares | &nbsp;&nbsp; 146000 | &nbsp;&nbsp; 132857<br>|
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 16800 | &nbsp;&nbsp; 106562<br>|
| Petronas Dagangan Bhd | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 11447<br>|
| Petronet LNG Ltd. | &nbsp;&nbsp; 5285 | &nbsp;&nbsp; 16595<br>|
| Pingdingshan Tianan Coal Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1548<br>|
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 34930<br>|
| PTT PCL, NVDR | &nbsp;&nbsp; 58800 | &nbsp;&nbsp; 60333<br>|
| Qatar Fuel QSC | &nbsp;&nbsp; 5446 | &nbsp;&nbsp; 22556<br>|
| Rosneft Oil Co. PJSC | &nbsp;&nbsp; 20055 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Saudi Arabian Oil Co. | &nbsp;&nbsp; 31374 | &nbsp;&nbsp; 205970<br> <sup>(a)</sup><br>|
| Shaanxi Coal Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 13750<br>|
| Shan Xi Hua Yang Group New Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2171<br>|
| Shanxi Coking Coal Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3510<br>|
| Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2797<br>|
| Surgutneftegas PAO | &nbsp;&nbsp; 132846 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Tatneft PJSC | &nbsp;&nbsp; 29792 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 6706 | &nbsp;&nbsp; 30078<br>|
| United Tractors Tbk PT | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 15745<br>|
| Yancoal Australia Ltd. | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 7288<br>|
| Yankuang Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2950 | &nbsp;&nbsp; 5509<br>|
| Yankuang Energy Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 22000 | &nbsp;&nbsp; 28785<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1342709 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1391111** |
| **Financials — 25.4%** | **Financials — 25.4%** | **Financials — 25.4%** |
| Banks — 18.4% | Banks — 18.4% | Banks — 18.4% |
| Absa Group Ltd. | &nbsp;&nbsp; 5761 | &nbsp;&nbsp; 60470<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 22862 | &nbsp;&nbsp; $90751<br>|
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 10164 | &nbsp;&nbsp; 60270<br>|
| Alinma Bank | &nbsp;&nbsp; 8911 | &nbsp;&nbsp; 63681<br>|
| AMMB Holdings Bhd | &nbsp;&nbsp; 20300 | &nbsp;&nbsp; 27253<br>|
| Arab National Bank | &nbsp;&nbsp; 6706 | &nbsp;&nbsp; 44186<br>|
| Banco de Chile | &nbsp;&nbsp; 292033 | &nbsp;&nbsp; 44339<br>|
| Banco Santander Brasil SA | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 15458<br>|
| Banco Santander Chile | &nbsp;&nbsp; 420238 | &nbsp;&nbsp; 27831<br>|
| Bangkok Bank PCL, NVDR | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 19312<br>|
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 269500 | &nbsp;&nbsp; 71155<br>|
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 109200 | &nbsp;&nbsp; 26866<br>|
| Bank of Baroda | &nbsp;&nbsp; 7147 | &nbsp;&nbsp; 20811<br>|
| Bank of Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 8658<br>|
| Bank of Changsha Co. Ltd., Class A Shares | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2849<br>|
| Bank of Chengdu Co. Ltd., Class A Shares | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 6051<br>|
| Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 378000 | &nbsp;&nbsp; 206966<br>|
| Bank of Communications Co. Ltd., Class A Shares | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 10560<br>|
| Bank of Communications Co. Ltd., Class H Shares | &nbsp;&nbsp; 49000 | &nbsp;&nbsp; 41125<br>|
| Bank of Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 8784<br>|
| Bank of India | &nbsp;&nbsp; 5999 | &nbsp;&nbsp; 8338<br>|
| Bank of Jiangsu Co. Ltd., Class A Shares | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 12806<br>|
| Bank of Nanjing Co. Ltd., Class A Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 10735<br>|
| Bank of Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 8200 | &nbsp;&nbsp; 10308<br>|
| Bank of Suzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 3320<br>|
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 471100 | &nbsp;&nbsp; 110248<br>|
| Banque Saudi Fransi | &nbsp;&nbsp; 8827 | &nbsp;&nbsp; 42014<br>|
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 22500 | &nbsp;&nbsp; 105669<br>|
| Canara Bank | &nbsp;&nbsp; 12124 | &nbsp;&nbsp; 16892<br>|
| China Construction Bank Corp., Class A Shares | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 5919<br>|
| China Construction Bank Corp., Class H Shares | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 269189<br>|
| China Everbright Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 25900 | &nbsp;&nbsp; 12210<br>|
| China Everbright Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 8745<br>|
| China Merchants Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 51594<br>|
| China Merchants Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 22000 | &nbsp;&nbsp; 132219<br>|
| China Minsheng Banking Corp. Ltd., Class A Shares | &nbsp;&nbsp; 9900 | &nbsp;&nbsp; 5528<br>|
| China Minsheng Banking Corp. Ltd., Class H Shares | &nbsp;&nbsp; 24500 | &nbsp;&nbsp; 12942<br>|
| China Zheshang Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 4390<br>|
| China Zheshang Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 4642<br>|
| Chongqing Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 5100 | &nbsp;&nbsp; 4715<br>|
| Chongqing Rural Commercial Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 10814<br>|
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 60900 | &nbsp;&nbsp; 106215<br>|
| Commercial Bank PSQC | &nbsp;&nbsp; 24402 | &nbsp;&nbsp; 30769<br>|
| Credicorp Ltd. | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 63375<br>|
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 119000 | &nbsp;&nbsp; 167501<br>|
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 20762 | &nbsp;&nbsp; 54152<br>|
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 16205 | &nbsp;&nbsp; 107210<br>|
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 28588 | &nbsp;&nbsp; 121731<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Grupo Cibest SA | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; $28118<br>|
| Grupo Financiero Banorte SAB de CV, Class O Shares | &nbsp;&nbsp; 18137 | &nbsp;&nbsp; 182513<br>|
| Hana Financial Group Inc. | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 67868<br>|
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 49430 | &nbsp;&nbsp; 48006<br>|
| Huaxia Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 8401<br>|
| Indian Bank | &nbsp;&nbsp; 1785 | &nbsp;&nbsp; 15092<br>|
| Industrial & Commercial Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 5326<br>|
| Industrial & Commercial Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 30986<br>|
| Industrial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 33142<br>|
| Industrial Bank of Korea | &nbsp;&nbsp; 1799 | &nbsp;&nbsp; 24952<br>|
| Itausa SA | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 18249<br>|
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 39801<br>|
| Komercni Banka AS | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 25642<br>|
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 18214<br>|
| Malayan Banking Bhd | &nbsp;&nbsp; 53900 | &nbsp;&nbsp; 126922<br>|
| National Bank of Greece SA | &nbsp;&nbsp; 2807 | &nbsp;&nbsp; 40783<br>|
| Nedbank Group Ltd. | &nbsp;&nbsp; 3388 | &nbsp;&nbsp; 41927<br>|
| Ping An Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 16706<br>|
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 12757<br>|
| Postal Savings Bank of China Co. Ltd., Class A Shares | &nbsp;&nbsp; 31500 | &nbsp;&nbsp; 25413<br>|
| Postal Savings Bank of China Co. Ltd., Class H Shares | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 24562<br> <sup>(a)</sup><br>|
| Public Bank Bhd | &nbsp;&nbsp; 108500 | &nbsp;&nbsp; 111632<br>|
| Punjab National Bank | &nbsp;&nbsp; 15939 | &nbsp;&nbsp; 20255<br>|
| Qatar International Islamic Bank QSC | &nbsp;&nbsp; 8491 | &nbsp;&nbsp; 25303<br>|
| RHB Bank Bhd | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 43911<br>|
| Riyad Bank | &nbsp;&nbsp; 10381 | &nbsp;&nbsp; 75293<br>|
| Saudi Awwal Bank | &nbsp;&nbsp; 7035 | &nbsp;&nbsp; 60179<br>|
| Saudi Investment Bank | &nbsp;&nbsp; 4389 | &nbsp;&nbsp; 16689<br>|
| Saudi National Bank | &nbsp;&nbsp; 18669 | &nbsp;&nbsp; 195043<br>|
| Shanghai Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 6427<br>|
| Standard Bank Group Ltd. | &nbsp;&nbsp; 9331 | &nbsp;&nbsp; 127851<br>|
| State Bank of India | &nbsp;&nbsp; 3542 | &nbsp;&nbsp; 34804<br>|
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 291200 | &nbsp;&nbsp; 17074<br>|
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 161000 | &nbsp;&nbsp; 95085<br>|
| Union Bank of India Ltd. | &nbsp;&nbsp; 10437 | &nbsp;&nbsp; 16282<br>|
| Woori Financial Group Inc. | &nbsp;&nbsp; 4452 | &nbsp;&nbsp; 82342<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 4115116 |
| Capital Markets — 0.4% | Capital Markets — 0.4% | Capital Markets — 0.4% |
| China Merchants Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 2641<br>|
| China Merchants Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3116<br> <sup>(a)</sup><br>|
| HDFC Asset Management Co. Ltd. | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 35766<br> <sup>(a)</sup><br>|
| Moscow Exchange MICEX-RTS PJSC | &nbsp;&nbsp; 21224 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; 13952<br>|
| Samsung Securities Co. Ltd. | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 21821<br>|
| SooChow Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 3850<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 81146 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% |
| Krungthai Card PCL, NVDR | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; $5184<br>|
| Samsung Card Co. Ltd. | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 5480<br>|
| Shriram Finance Ltd. | &nbsp;&nbsp; 8764 | &nbsp;&nbsp; 60813<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 71477 |
| Financial Services — 1.9% | Financial Services — 1.9% | Financial Services — 1.9% |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 12184 | &nbsp;&nbsp; 44574<br>|
| Far East Horizon Ltd. | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 8830<br>|
| FirstRand Ltd. | &nbsp;&nbsp; 38647 | &nbsp;&nbsp; 173965<br>|
| Jiangsu Financial Leasing Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 3102<br>|
| Jio Financial Services Ltd. | &nbsp;&nbsp; 5831 | &nbsp;&nbsp; 19255<br>|
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 9072 | &nbsp;&nbsp; 41917<br>|
| REC Ltd. | &nbsp;&nbsp; 7763 | &nbsp;&nbsp; 32599<br>|
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 84000 | &nbsp;&nbsp; 96050<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 420292 |
| Insurance — 4.4% | Insurance — 4.4% | Insurance — 4.4% |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 30602<br>|
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 10782<br>|
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 63000 | &nbsp;&nbsp; 135599<br>|
| China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 110778<br>|
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 29022<br>|
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 60475 | &nbsp;&nbsp; 175207<br>|
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 112000 | &nbsp;&nbsp; 54938<br>|
| New China Life Insurance Co. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 8581<br>|
| New China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 41530<br>|
| Old Mutual Ltd. | &nbsp;&nbsp; 32305 | &nbsp;&nbsp; 24998<br>|
| PICC Property & Casualty Co. Ltd., Class H Shares | &nbsp;&nbsp; 22000 | &nbsp;&nbsp; 49653<br>|
| Ping An Insurance Group Co. of China Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 27062<br>|
| Ping An Insurance Group Co. of China Ltd., Class H Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 190916<br>|
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 11263<br>|
| Sanlam Ltd. | &nbsp;&nbsp; 13727 | &nbsp;&nbsp; 66509<br>|
| Thai Life Insurance PCL, NVDR | &nbsp;&nbsp; 19600 | &nbsp;&nbsp; 6411<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 973851 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **5661882** |
| **Health Care — 0.8%** | **Health Care — 0.8%** | **Health Care — 0.8%** |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| Autobio Diagnostics Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 1650<br>|
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H Shares | &nbsp;&nbsp; 19600 | &nbsp;&nbsp; 14636<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 16286 |
| Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% |
| Jointown Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 2246<br>|
| Sinopharm Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 22629<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 24875 |
| Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% |
| Aspen Pharmacare Holdings Ltd. | &nbsp;&nbsp; 2821 | &nbsp;&nbsp; 15841<br>|
| Changchun High-Tech Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 3648<br>|
| China Medical System Holdings Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 12587<br>|
| China Resources Pharmaceutical Group Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 8655<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 880 | &nbsp;&nbsp; $3468<br>|
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 40947<br>|
| Dong-E-E-Jiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 3325<br>|
| Humanwell Healthcare Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 2366<br>|
| Livzon Pharmaceutical Group Inc., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 1618<br>|
| Livzon Pharmaceutical Group Inc., Class H Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3115<br>|
| Richter Gedeon Nyrt | &nbsp;&nbsp; 952 | &nbsp;&nbsp; 29031<br>|
| Tasly Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 1773<br>|
| Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd. | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4088<br>|
| Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 1825<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 132287 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **173448** |
| **Industrials — 5.6%** | **Industrials — 5.6%** | **Industrials — 5.6%** |
| Aerospace & Defense — 0.0%†† | Aerospace & Defense — 0.0%†† | Aerospace & Defense — 0.0%†† |
| Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 4572<br>|
| Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% |
| Eastern Air Logistics Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2652<br>|
| SAL Saudi Logistics Services | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 8108<br>|
| Sinotrans Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1883<br>|
| Sinotrans Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 8763<br>|
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 53082<br> <sup>(b)</sup><br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 74488 |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Beijing New Building Materials PLC, Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 3320<br>|
| Xinyi Glass Holdings Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 16230<br>|
| Zhejiang Weixing New Building Materials Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1818<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 21368 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 11984<br>|
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5522<br>|
| Shanghai M&G Stationery Inc., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2309<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 19815 |
| Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% |
| Enka Insaat ve Sanayi AS | &nbsp;&nbsp; 6741 | &nbsp;&nbsp; 11413<br>|
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 6347<br>|
| Sichuan Road and Bridge Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4767<br>|
| Sinoma International Engineering Co., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1754<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 24281 |
| Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% |
| ABB India Ltd. | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 18389<br>|
| Dongfang Electric Corp. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 2436<br>|
| Dongfang Electric Corp. Ltd., Class H Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2989<br>|
| Goneo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 606 | &nbsp;&nbsp; 3797<br>|
| Ming Yang Smart Energy Group Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3174<br>|
| NARI Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 13530<br>|
| Ningbo Deye Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 4546<br>|
| Ningbo Sanxing Medical Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2410<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electrical Equipment — continued | Electrical Equipment — continued | Electrical Equipment — continued |
| Polycab India Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp; $10339<br>|
| Tatung Co. Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 17800<br>|
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 13383<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 92793 |
| Ground Transportation — 0.5% | Ground Transportation — 0.5% | Ground Transportation — 0.5% |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 2370 | &nbsp;&nbsp; 14035<br>|
| Daqin Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 9669<br>|
| GMexico Transportes SAB de CV | &nbsp;&nbsp; 3451 | &nbsp;&nbsp; 6718<br> <sup>(a)</sup><br>|
| Localiza Rent a Car SA | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 46668<br>|
| Rumo SA | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 25190<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 102280 |
| Industrial Conglomerates — 1.5% | Industrial Conglomerates — 1.5% | Industrial Conglomerates — 1.5% |
| Aboitiz Equity Ventures Inc. | &nbsp;&nbsp; 15400 | &nbsp;&nbsp; 7885<br>|
| Astra International Tbk PT | &nbsp;&nbsp; 130900 | &nbsp;&nbsp; 45361<br>|
| Bidvest Group Ltd. | &nbsp;&nbsp; 2478 | &nbsp;&nbsp; 30424<br>|
| CITIC Ltd. | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 51373<br>|
| Far Eastern New Century Corp. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 19155<br>|
| GS Holdings Corp. | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 17423<br>|
| Industries Qatar QSC | &nbsp;&nbsp; 21427 | &nbsp;&nbsp; 73561<br>|
| KOC Holding AS | &nbsp;&nbsp; 5845 | &nbsp;&nbsp; 24305<br>|
| LG Corp. | &nbsp;&nbsp; 728 | &nbsp;&nbsp; 37359<br>|
| Quinenco SA | &nbsp;&nbsp; 1911 | &nbsp;&nbsp; 8447<br>|
| Sime Darby Bhd | &nbsp;&nbsp; 21700 | &nbsp;&nbsp; 11756<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 327049 |
| Machinery — 0.9% | Machinery — 0.9% | Machinery — 0.9% |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 19082 | &nbsp;&nbsp; 30662<br>|
| Cummins India Ltd. | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 40552<br>|
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 19289<br>|
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 10329<br>|
| Weichai Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 6885<br>|
| Weichai Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 25102<br>|
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 17500 | &nbsp;&nbsp; 45745<br>|
| Yutong Bus Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 4581<br>|
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4720<br>|
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 9182<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 197047 |
| Marine Transportation — 0.8% | Marine Transportation — 0.8% | Marine Transportation — 0.8% |
| Cia Sud Americana de Vapores SA | &nbsp;&nbsp; 94486 | &nbsp;&nbsp; 4943<br>|
| COSCO Shipping Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 12675<br>|
| COSCO Shipping Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 17500 | &nbsp;&nbsp; 27238<br>|
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 41112<br>|
| MISC Bhd | &nbsp;&nbsp; 15400 | &nbsp;&nbsp; 26713<br>|
| Orient Overseas International Ltd. | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 17045<br>|
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 24378<br>|
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 24345<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 178449 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| Eva Airways Corp. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; $26252<br>|
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| BOC Aviation Ltd. | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 12524<br> <sup>(a)</sup><br>|
| Posco International Corp. | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 11119<br>|
| Shanxi Coal International Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1923<br>|
| Xiamen C & D Inc., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 3023<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 28589 |
| Transportation Infrastructure — 0.7% | Transportation Infrastructure — 0.7% | Transportation Infrastructure — 0.7% |
| China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 5740<br>|
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 7330 | &nbsp;&nbsp; 13727<br>|
| Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | &nbsp;&nbsp; 2632 | &nbsp;&nbsp; 62151<br>|
| Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | &nbsp;&nbsp; 1176 | &nbsp;&nbsp; 37938<br>|
| Qingdao Port International Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1646<br>|
| Qingdao Port International Co. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6487<br> <sup>(a)</sup><br>|
| Salik Co. PJSC | &nbsp;&nbsp; 14007 | &nbsp;&nbsp; 22919<br>|
| Shandong Hi-speed Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1691<br>|
| Westports Holdings Bhd | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 8915<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 161214 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **1258197** |
| **Information Technology — 26.7%** | **Information Technology — 26.7%** | **Information Technology — 26.7%** |
| Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 26567<br>|
| Electronic Equipment, Instruments & Components — 2.9% | Electronic Equipment, Instruments & Components — 2.9% | Electronic Equipment, Instruments & Components — 2.9% |
| AUO Corp. | &nbsp;&nbsp; 42200 | &nbsp;&nbsp; 18900<br>|
| Avary Holding Shenzhen Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 10227<br>|
| Elite Material Co. Ltd. | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 8722<br>|
| Foxconn Industrial Internet Co. Ltd., Class A Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 51864<br>|
| Hengdian Group DMEGC Magnetics Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 2587<br>|
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 28900 | &nbsp;&nbsp; 204817<br>|
| Innolux Corp. | &nbsp;&nbsp; 56000 | &nbsp;&nbsp; 26458<br>|
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 12434<br>|
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 647 | &nbsp;&nbsp; 49887<br>|
| Lotes Co. Ltd. | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 34420<br>|
| Shengyi Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 10611<br>|
| Shennan Circuits Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 9119<br>|
| SUPCON Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 2898<br>|
| Synnex Technology International Corp. | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 20322<br>|
| Tripod Technology Corp. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 39438<br>|
| WPG Holdings Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 30363<br>|
| WT Microelectronics Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 23049<br>|
| WUS Printed Circuit Kunshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 11339<br>|
| Xiamen Faratronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 1773<br>|
| Yageo Corp. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 78089<br>|
| Zhejiang Dahua Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3958<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 651275 |
| IT Services — 3.3% | IT Services — 3.3% | IT Services — 3.3% |
| HCL Technologies Ltd. | &nbsp;&nbsp; 7847 | &nbsp;&nbsp; 122413<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| IT Services — continued | IT Services — continued | IT Services — continued |
| Infosys Ltd. | &nbsp;&nbsp; 16569 | &nbsp;&nbsp; $269056<br>|
| LTIMindtree Ltd. | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 21550<br> <sup>(a)</sup><br>|
| Mphasis Ltd. | &nbsp;&nbsp; 777 | &nbsp;&nbsp; 23232<br>|
| Persistent Systems Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 380<br>|
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 5026 | &nbsp;&nbsp; 163502<br>|
| Tata Technologies Ltd. | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 8340<br>|
| Tech Mahindra Ltd. | &nbsp;&nbsp; 4571 | &nbsp;&nbsp; 72090<br>|
| Wipro Ltd. | &nbsp;&nbsp; 22141 | &nbsp;&nbsp; 59691<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 740254 |
| Semiconductors & Semiconductor Equipment — 13.9% | Semiconductors & Semiconductor Equipment — 13.9% | Semiconductors & Semiconductor Equipment — 13.9% |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 113000<br>|
| eMemory Technology Inc. | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 7537<br>|
| Flat Glass Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 2420<br>|
| Flat Glass Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2920<br>|
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 2030 | &nbsp;&nbsp; 31071<br>|
| Hangzhou First Applied Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1542<br>|
| MediaTek Inc. | &nbsp;&nbsp; 5830 | &nbsp;&nbsp; 251541<br>|
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 4070 | &nbsp;&nbsp; 56954<br>|
| Phison Electronics Corp. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 23164<br>|
| Powertech Technology Inc. | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 23473<br>|
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 63160<br>|
| SK Hynix Inc. | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 149100<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 51906 | &nbsp;&nbsp; 2222499<br>|
| United Microelectronics Corp. | &nbsp;&nbsp; 84000 | &nbsp;&nbsp; 125540<br>|
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 6977 | &nbsp;&nbsp; 23350<br>|
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 12380<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 3109651 |
| Software — 0.2% | Software — 0.2% | Software — 0.2% |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 15237<br>|
| Shanghai Baosight Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2281<br>|
| Shanghai Baosight Software Co. Ltd., Class B Shares | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 5517<br>|
| Tata Elxsi Ltd. | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 14423<br>|
| Total Software | Total Software | &nbsp;&nbsp; 37458 |
| Technology Hardware, Storage & Peripherals — 6.3% | Technology Hardware, Storage & Peripherals — 6.3% | Technology Hardware, Storage & Peripherals — 6.3% |
| Acer Inc. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 21325<br>|
| Asustek Computer Inc. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 110079<br>|
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 4770 | &nbsp;&nbsp; 28562<br>|
| Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 4660 | &nbsp;&nbsp; 21100<br>|
| Compal Electronics Inc. | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 29766<br>|
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 39241<br>|
| Inventec Corp. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 31523<br>|
| Lenovo Group Ltd. | &nbsp;&nbsp; 46500 | &nbsp;&nbsp; 69029<br>|
| Lite-On Technology Corp. | &nbsp;&nbsp; 15100 | &nbsp;&nbsp; 85463<br>|
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 17508<br>|
| Pegatron Corp. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 32522<br>|
| Quanta Computer Inc. | &nbsp;&nbsp; 19000 | &nbsp;&nbsp; 180786<br>|
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 6636 | &nbsp;&nbsp; 396822<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued |
| Shenzhen Transsion Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 574 | &nbsp;&nbsp; $7586<br>|
| Wistron Corp. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 96808<br>|
| Wiwynn Corp. | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 78312<br>|
| Xiaomi Corp., Class B Shares | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 145,751<br> \*<sup>(b)</sup><br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 1392183 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **5957388** |
| **Materials — 4.0%** | **Materials — 4.0%** | **Materials — 4.0%** |
| Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% |
| Hubei Xingfa Chemicals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2767<br>|
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5300 | &nbsp;&nbsp; 3889<br>|
| LB Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3823<br>|
| Meihua Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2084<br>|
| PhosAgro PJSC, GDR | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| PhosAgro PJSC, Russian Stock Exchange | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| PhosAgro PJSC, Thailand Stock Exchange | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 1743 | &nbsp;&nbsp; 55401<br>|
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 2863 | &nbsp;&nbsp; 15574<br>|
| Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 7987<br>|
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 6573 | &nbsp;&nbsp; 107879<br>|
| Saudi Industrial Investment Group | &nbsp;&nbsp; 2583 | &nbsp;&nbsp; 13197<br>|
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 1792 | &nbsp;&nbsp; 16696<br>|
| Yunnan Yuntianhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2632<br>|
| Zhejiang Longsheng Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 3077<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 235006 |
| Construction Materials — 0.3% | Construction Materials — 0.3% | Construction Materials — 0.3% |
| Anhui Conch Cement Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2281<br>|
| Anhui Conch Cement Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 6041<br>|
| Asia Cement Corp. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 26286<br>|
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2420<br>|
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 49000 | &nbsp;&nbsp; 38585<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 75613 |
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Klabin SA | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 23712<br>|
| Metals & Mining — 2.5% | Metals & Mining — 2.5% | Metals & Mining — 2.5% |
| Alrosa PJSC | &nbsp;&nbsp; 54971 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Aneka Tambang Tbk | &nbsp;&nbsp; 50400 | &nbsp;&nbsp; 9557<br>|
| Baoshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 12300 | &nbsp;&nbsp; 12201<br>|
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 71310<br>|
| CSN Mineracao SA | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4361<br>|
| GMK Norilskiy Nickel PAO | &nbsp;&nbsp; 69300 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Gold Fields Ltd. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 12425<br>|
| Grupo Mexico SAB de CV, Series B Shares | &nbsp;&nbsp; 1981 | &nbsp;&nbsp; 17259<br>|
| Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1965<br>|
| Huaibei Mining Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1211<br>|
| Inner Mongolia ERDOS Resources Co. Ltd., Class B Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3311<br>|
| Jinduicheng Molybdenum Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 3902<br>|
| Kumba Iron Ore Ltd. | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 7513<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Nanjing Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; $2946<br>|
| NMDC Ltd. | &nbsp;&nbsp; 21637 | &nbsp;&nbsp; 18606<br>|
| Novolipetsk Steel PJSC | &nbsp;&nbsp; 35119 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Polyus PJSC | &nbsp;&nbsp; 7560 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Severstal PAO | &nbsp;&nbsp; 6090 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Shandong Nanshan Aluminum Co. Ltd., Class A Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 3111<br>|
| Tata Steel Ltd. | &nbsp;&nbsp; 54096 | &nbsp;&nbsp; 102826<br>|
| Tianshan Aluminum Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 4553<br>|
| Trimegah Bangun Persada Tbk PT | &nbsp;&nbsp; 56000 | &nbsp;&nbsp; 3999<br>|
| United Co. RUSAL International PJSC | &nbsp;&nbsp; 24749 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Vale SA | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 204347<br>|
| Vedanta Ltd. | &nbsp;&nbsp; 11704 | &nbsp;&nbsp; 61401<br>|
| Western Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2161<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 548965 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **883296** |
| **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** |
| Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 17787 | &nbsp;&nbsp; 26187<br>|
| KLCCP Stapled Group | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 8592<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 34779 |
| Real Estate Management & Development — 1.9% | Real Estate Management & Development — 1.9% | Real Estate Management & Development — 1.9% |
| C&D International Investment Group Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 16096<br>|
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 14516<br>|
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 24500 | &nbsp;&nbsp; 45219<br>|
| China Resources Land Ltd. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 81998<br>|
| China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 22316<br> <sup>(a)</sup><br>|
| Emaar Development PJSC | &nbsp;&nbsp; 6181 | &nbsp;&nbsp; 22634<br>|
| Emaar Properties PJSC | &nbsp;&nbsp; 42476 | &nbsp;&nbsp; 150915<br>|
| KE Holdings Inc., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 14211<br> <sup>(b)</sup><br>|
| Longfor Group Holdings Ltd. | &nbsp;&nbsp; 13880 | &nbsp;&nbsp; 21194<br> <sup>(a)(b)</sup><br>|
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 8215<br>|
| Ruentex Development Co. Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 13597<br>|
| Youngor Fashion Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1455<br>|
| Yuexiu Property Co. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 4687<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 417053 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **451832** |
| **Utilities — 4.3%** | **Utilities — 4.3%** | **Utilities — 4.3%** |
| Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 69033<br>|
| CEZ AS | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 21321<br>|
| Cia Energetica de Minas Gerais | &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 7477<br>|
| Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 12703<br>|
| CPFL Energia SA | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 10358<br>|
| Enel Americas SA | &nbsp;&nbsp; 133000 | &nbsp;&nbsp; 13417<br>|
| Energisa S/A | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 20055<br>|
| Inter RAO UES PJSC | &nbsp;&nbsp; 811741 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 2989 | &nbsp;&nbsp; 17830<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Manila Electric Co. | &nbsp;&nbsp; 1960 | &nbsp;&nbsp; $17849<br>|
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 31262 | &nbsp;&nbsp; 98674<br>|
| Saudi Electricity Co. | &nbsp;&nbsp; 5607 | &nbsp;&nbsp; 22711<br>|
| Tenaga Nasional Bhd | &nbsp;&nbsp; 16100 | &nbsp;&nbsp; 50574<br>|
| Torrent Power Ltd. | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 12973<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 374975 |
| Gas Utilities — 0.9% | Gas Utilities — 0.9% | Gas Utilities — 0.9% |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 14962<br>|
| China Gas Holdings Ltd. | &nbsp;&nbsp; 18200 | &nbsp;&nbsp; 17825<br>|
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 14280<br>|
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 40527<br>|
| ENN Natural Gas Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3532<br>|
| GAIL India Ltd. | &nbsp;&nbsp; 20349 | &nbsp;&nbsp; 40403<br>|
| Grupo Energia Bogota SA ESP | &nbsp;&nbsp; 22092 | &nbsp;&nbsp; 16529<br>|
| Indraprastha Gas Ltd. | &nbsp;&nbsp; 4851 | &nbsp;&nbsp; 11394<br>|
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 25047<br>|
| Petronas Gas Bhd | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 6154<br>|
| Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 190653 |
| Independent Power and Renewable Electricity Producers — 1.3% | Independent Power and Renewable Electricity Producers — 1.3% | Independent Power and Renewable Electricity Producers — 1.3% |
| Aboitiz Power Corp. | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 6458<br>|
| China Longyuan Power Group Corp. Ltd., Class H Shares | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 22430<br>|
| China Power International Development Ltd. | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 11624<br>|
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 32101<br>|
| China Yangtze Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 10705<br>|
| Engie Brasil Energia SA | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 16049<br>|
| GD Power Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 9500 | &nbsp;&nbsp; 6638<br>|
| Huadian Power International Corp. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 2999<br>|
| Huadian Power International Corp. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 7540<br>|
| Huaneng Power International Inc., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 6240<br>|
| Huaneng Power International Inc., Class H Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 19505<br>|
| Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1205<br>|
| NHPC Ltd. | &nbsp;&nbsp; 22694 | &nbsp;&nbsp; 22063<br>|
| NTPC Ltd. | &nbsp;&nbsp; 33705 | &nbsp;&nbsp; 129238<br>|
| Shenergy Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 3072<br>|
| Zhejiang Zheneng Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 2917<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 300784 |
| Multi-Utilities — 0.3% | Multi-Utilities — 0.3% | Multi-Utilities — 0.3% |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 62993 | &nbsp;&nbsp; 46477<br>|
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 4193 | &nbsp;&nbsp; 18299<br>|
| Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 64776 |
| Water Utilities — 0.1% | Water Utilities — 0.1% | Water Utilities — 0.1% |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 8601<br>|
| Guangdong Investment Ltd. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 19083<br>|
| Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 27684 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **958872** |
| **Total Common Stocks (Cost — $19,037,718)** | **Total Common Stocks (Cost — $19,037,718)** | &nbsp;&nbsp; **21646238**<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Emerging Market Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Preferred Stocks — 2.8%** | **Preferred Stocks — 2.8%** | **Preferred Stocks — 2.8%** | **Preferred Stocks — 2.8%** |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| Automobiles — 0.2% | Automobiles — 0.2% | Automobiles — 0.2% | Automobiles — 0.2% |
| Hyundai Motor Co.  | &nbsp;&nbsp; 1.533% | &nbsp;&nbsp; 133 | &nbsp;&nbsp; $15461<br> <sup>(f)</sup><br>|
| Hyundai Motor Co., Series 2  | &nbsp;&nbsp; 1.502% | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 24090<br> <sup>(f)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **39551** |
| **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% |
| Petroleo Brasileiro SA - Petrobras  | &nbsp;&nbsp; 0.365% | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 124055<br> <sup>(f)</sup><br>|
| Surgutneftegas PAO  | &nbsp;&nbsp; — | &nbsp;&nbsp; 162582 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)(f)</sup><br>|
| **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **124055** |
| **Financials — 1.6%** | **Financials — 1.6%** | **Financials — 1.6%** | **Financials — 1.6%** |
| Banks — 1.6% | Banks — 1.6% | Banks — 1.6% | Banks — 1.6% |
| Grupo Cibest SA  | &nbsp;&nbsp; 1.222% | &nbsp;&nbsp; 3073 | &nbsp;&nbsp; 40068<br> <sup>(f)</sup><br>|
| Itau Unibanco Holding SA  | &nbsp;&nbsp; 0.038% | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 205417<br> <sup>(f)</sup><br>|
| Itausa SA  | &nbsp;&nbsp; 0.174% | &nbsp;&nbsp; 44800 | &nbsp;&nbsp; 96489<br> <sup>(f)</sup><br>|
| Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 341974 |
| Financial Services — 0.0%†† | Financial Services — 0.0%†† | Financial Services — 0.0%†† | Financial Services — 0.0%†† |
| Grupo de Inversiones Suramericana SA  | &nbsp;&nbsp; 1.056% | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 6980<br> <sup>(f)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **348954** |
| **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 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% |
| Samsung Electronics Co. Ltd.  | &nbsp;&nbsp; 0.553% | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; **52342**<br> <sup>(f)</sup><br>|
| **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** |
| Electric Utilities — 0.3% | Electric Utilities — 0.3% | Electric Utilities — 0.3% | Electric Utilities — 0.3% |
| Centrais Eletricas Brasileiras SA, Class B Shares  | &nbsp;&nbsp; 3.486% | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 14582<br> <sup>(f)</sup><br>|
| Cia Energetica de Minas Gerais  | &nbsp;&nbsp; 0.806% | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 27846<br> <sup>(f)</sup><br>|
| Cia Paranaense de Energia - Copel, Class B Shares  | &nbsp;&nbsp; 3.403% | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 16930<br> <sup>(f)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **59358** |
| **Total Preferred Stocks (Cost — $619,464)** | **Total Preferred Stocks (Cost — $619,464)** | **Total Preferred Stocks (Cost — $619,464)** | &nbsp;&nbsp; **624260** |
| **Total Investments before Short-Term Investments (Cost — $19,657,182)** | **Total Investments before Short-Term Investments (Cost — $19,657,182)** | **Total Investments before Short-Term Investments (Cost — $19,657,182)** | &nbsp;&nbsp; **22270498** |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $2)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 2<br>| &nbsp;&nbsp; **2**<br> <sup>(g)(h)(i)</sup><br>|
| **Total Investments — 99.7% (Cost — $19,657,184)** | **Total Investments — 99.7% (Cost — $19,657,184)** | **Total Investments — 99.7% (Cost — $19,657,184)** | &nbsp;&nbsp; **22270500** |
| Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp; 60361 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$22330861** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Emerging Market Core Dividend Tilt Index 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> | Variable interest entity (VIE). See Note 8 regarding investments made through a VIE structure. At September 30, 2025, the value of these securities was <br> $22,330,861, representing 9.23% of net assets.<br>|
| <sup>(c)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(d)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(e)</sup> | Value is less than $1. |
| <sup>(f)</sup> | Rate shown represents yield-to-maturity. |
| <sup>(g)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(h)</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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $2 and the cost was $2 (Note 6).<br>|
| <sup>(i)</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:** |
| GDR |  | Global Depositary Receipts |
| JSC |  | Joint Stock Company |
| NVDR |  | Non-Voting Depositary Receipt |
| PJSC |  | Private Joint Stock Company |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $67747 | &nbsp;&nbsp;&nbsp; $67985 | &nbsp;&nbsp;&nbsp; **$238** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Communication Services — 5.4%** | **Communication Services — 5.4%** | **Communication Services — 5.4%** |
| Diversified Telecommunication Services — 2.4% | Diversified Telecommunication Services — 2.4% | Diversified Telecommunication Services — 2.4% |
| BT Group PLC | &nbsp;&nbsp; 145027 | &nbsp;&nbsp; $373206<br>|
| Deutsche Telekom AG, Registered Shares | &nbsp;&nbsp; 219772 | &nbsp;&nbsp; 7491312<br>|
| Elisa oyj | &nbsp;&nbsp; 41576 | &nbsp;&nbsp; 2181721<br>|
| HKT Trust & HKT Ltd. | &nbsp;&nbsp; 989964 | &nbsp;&nbsp; 1465784<br>|
| Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp; 92066 | &nbsp;&nbsp; 1082857<br> <sup>(a)</sup><br>|
| Koninklijke KPN NV | &nbsp;&nbsp; 1111730 | &nbsp;&nbsp; 5338776<br>|
| Orange SA | &nbsp;&nbsp; 547945 | &nbsp;&nbsp; 8891365<br>|
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 303600 | &nbsp;&nbsp; 972594<br>|
| Swisscom AG, Registered Shares | &nbsp;&nbsp; 1976 | &nbsp;&nbsp; 1434223<br>|
| Telefonica SA | &nbsp;&nbsp; 1320616 | &nbsp;&nbsp; 6824480<br>|
| Telenor ASA | &nbsp;&nbsp; 178687 | &nbsp;&nbsp; 2962059<br>|
| Telia Co. AB | &nbsp;&nbsp; 665256 | &nbsp;&nbsp; 2538627<br>|
| Telstra Group Ltd. | &nbsp;&nbsp; 1144400 | &nbsp;&nbsp; 3655733<br>|
| TPG Telecom Ltd. | &nbsp;&nbsp; 129187 | &nbsp;&nbsp; 429806<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 45642543 |
| Entertainment — 0.7% | Entertainment — 0.7% | Entertainment — 0.7% |
| Capcom Co. Ltd. | &nbsp;&nbsp; 40104 | &nbsp;&nbsp; 1092449<br>|
| Nintendo Co. Ltd. | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 8063548<br>|
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 63700 | &nbsp;&nbsp; 1372471<br>|
| Toho Co. Ltd. | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 199411<br>|
| Universal Music Group NV | &nbsp;&nbsp; 81671 | &nbsp;&nbsp; 2356861<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 13084740 |
| Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% |
| LY Corp. | &nbsp;&nbsp; 148100 | &nbsp;&nbsp; 477438<br>|
| REA Group Ltd. | &nbsp;&nbsp; 13856 | &nbsp;&nbsp; 2121838<br>|
| SEEK Ltd. | &nbsp;&nbsp; 69791 | &nbsp;&nbsp; 1318701<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 3917977 |
| Media — 0.3% | Media — 0.3% | Media — 0.3% |
| Dentsu Group Inc. | &nbsp;&nbsp; 49100 | &nbsp;&nbsp; 1076520<br>|
| Publicis Groupe SA | &nbsp;&nbsp; 25241 | &nbsp;&nbsp; 2422479<br>|
| WPP PLC | &nbsp;&nbsp; 305898 | &nbsp;&nbsp; 1514656<br>|
| Total Media | Total Media | &nbsp;&nbsp; 5013655 |
| Wireless Telecommunication Services — 1.8% | Wireless Telecommunication Services — 1.8% | Wireless Telecommunication Services — 1.8% |
| KDDI Corp. | &nbsp;&nbsp; 71800 | &nbsp;&nbsp; 1147604<br>|
| SoftBank Corp. | &nbsp;&nbsp; 8068100 | &nbsp;&nbsp; 11893052<br>|
| SoftBank Group Corp. | &nbsp;&nbsp; 82700 | &nbsp;&nbsp; 10463145<br>|
| Tele2 AB, Class B Shares | &nbsp;&nbsp; 161857 | &nbsp;&nbsp; 2762984<br>|
| Vodafone Group PLC | &nbsp;&nbsp; 5765073 | &nbsp;&nbsp; 6687076<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 32953861 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **100612776** |
| **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** |
| Automobile Components — 0.8% | Automobile Components — 0.8% | Automobile Components — 0.8% |
| Bridgestone Corp. | &nbsp;&nbsp; 148100 | &nbsp;&nbsp; 6867243<br>|
| Denso Corp. | &nbsp;&nbsp; 98600 | &nbsp;&nbsp; 1425739<br>|
| Niterra Co. Ltd. | &nbsp;&nbsp; 56900 | &nbsp;&nbsp; 2201487<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 164100 | &nbsp;&nbsp; $4686826<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 15181295 |
| Automobiles — 2.6% | Automobiles — 2.6% | Automobiles — 2.6% |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 30191 | &nbsp;&nbsp; 3030934<br>|
| Ferrari NV | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 237462<br>|
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 346100 | &nbsp;&nbsp; 3587901<br>|
| Isuzu Motors Ltd. | &nbsp;&nbsp; 49100 | &nbsp;&nbsp; 621542<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp; 206902 | &nbsp;&nbsp; 12999081<br>|
| Stellantis NV | &nbsp;&nbsp; 469630 | &nbsp;&nbsp; 4339474<br>|
| Subaru Corp. | &nbsp;&nbsp; 49100 | &nbsp;&nbsp; 1007367<br>|
| Toyota Motor Corp. | &nbsp;&nbsp; 1088600 | &nbsp;&nbsp; 21003932<br>|
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 247100 | &nbsp;&nbsp; 1857203<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 48684896 |
| Broadline Retail — 0.5% | Broadline Retail — 0.5% | Broadline Retail — 0.5% |
| Prosus NV | &nbsp;&nbsp; 19796 | &nbsp;&nbsp; 1394222<br>|
| Wesfarmers Ltd. | &nbsp;&nbsp; 139582 | &nbsp;&nbsp; 8512581<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 9906803 |
| Hotels, Restaurants & Leisure — 0.7% | Hotels, Restaurants & Leisure — 0.7% | Hotels, Restaurants & Leisure — 0.7% |
| Entain PLC | &nbsp;&nbsp; 137602 | &nbsp;&nbsp; 1618686<br>|
| Evolution AB | &nbsp;&nbsp; 53951 | &nbsp;&nbsp; 4436498<br> <sup>(a)</sup><br>|
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 280600 | &nbsp;&nbsp; 1546466<br>|
| Genting Singapore Ltd. | &nbsp;&nbsp; 1583600 | &nbsp;&nbsp; 902844<br>|
| Lottery Corp. Ltd. | &nbsp;&nbsp; 640011 | &nbsp;&nbsp; 2494103<br>|
| Sands China Ltd. | &nbsp;&nbsp; 281600 | &nbsp;&nbsp; 785399<br>|
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 18700 | &nbsp;&nbsp; 1224677<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 13008673 |
| Household Durables — 1.2% | Household Durables — 1.2% | Household Durables — 1.2% |
| Barratt Redrow PLC | &nbsp;&nbsp; 327183 | &nbsp;&nbsp; 1717393<br>|
| Panasonic Holdings Corp. | &nbsp;&nbsp; 112600 | &nbsp;&nbsp; 1227518<br>|
| Persimmon PLC | &nbsp;&nbsp; 86621 | &nbsp;&nbsp; 1351551<br>|
| Sekisui House Ltd. | &nbsp;&nbsp; 177400 | &nbsp;&nbsp; 4044458<br>|
| Sony Group Corp. | &nbsp;&nbsp; 408300 | &nbsp;&nbsp; 11774721<br>|
| Taylor Wimpey PLC | &nbsp;&nbsp; 1000359 | &nbsp;&nbsp; 1387809<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 21503450 |
| Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 13060 | &nbsp;&nbsp; 3982953<br>|
| H & M Hennes & Mauritz AB, Class B Shares | &nbsp;&nbsp; 134632 | &nbsp;&nbsp; 2508666<br>|
| Industria de Diseno Textil SA | &nbsp;&nbsp; 45041 | &nbsp;&nbsp; 2485801<br>|
| Kingfisher PLC | &nbsp;&nbsp; 404894 | &nbsp;&nbsp; 1682689<br>|
| ZOZO Inc. | &nbsp;&nbsp; 128910 | &nbsp;&nbsp; 1187105<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 11847214 |
| Textiles, Apparel & Luxury Goods — 1.5% | Textiles, Apparel & Luxury Goods — 1.5% | Textiles, Apparel & Luxury Goods — 1.5% |
| adidas AG | &nbsp;&nbsp; 986 | &nbsp;&nbsp; 207844<br>|
| Asics Corp. | &nbsp;&nbsp; 75900 | &nbsp;&nbsp; 1989943<br>|
| Cie Financiere Richemont SA, Registered Shares | &nbsp;&nbsp; 35636 | &nbsp;&nbsp; 6789942<br>|
| Kering SA | &nbsp;&nbsp; 5936 | &nbsp;&nbsp; 1970729<br>|
| LPP SA | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 1486390<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Textiles, Apparel & Luxury Goods — continued | Textiles, Apparel & Luxury Goods — continued | Textiles, Apparel & Luxury Goods — continued |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 24251 | &nbsp;&nbsp; $14831606<br>|
| Moncler SpA | &nbsp;&nbsp; 6926 | &nbsp;&nbsp; 405845<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 27682299 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **147814630** |
| **Consumer Staples — 7.4%** | **Consumer Staples — 7.4%** | **Consumer Staples — 7.4%** |
| Beverages — 1.1% | Beverages — 1.1% | Beverages — 1.1% |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 15836 | &nbsp;&nbsp; 945251<br>|
| Budweiser Brewing Co. APAC Ltd. | &nbsp;&nbsp; 494600 | &nbsp;&nbsp; 526359<br> <sup>(a)</sup><br>|
| Carlsberg AS, Class B Shares | &nbsp;&nbsp; 8411 | &nbsp;&nbsp; 978159<br>|
| Diageo PLC | &nbsp;&nbsp; 289563 | &nbsp;&nbsp; 6921329<br>|
| Heineken NV | &nbsp;&nbsp; 4946 | &nbsp;&nbsp; 386003<br>|
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 197600 | &nbsp;&nbsp; 2900078<br>|
| Pernod Ricard SA | &nbsp;&nbsp; 58406 | &nbsp;&nbsp; 5733103<br>|
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 30800 | &nbsp;&nbsp; 964553<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 19354835 |
| Consumer Staples Distribution & Retail — 0.7% | Consumer Staples Distribution & Retail — 0.7% | Consumer Staples Distribution & Retail — 0.7% |
| Coles Group Ltd. | &nbsp;&nbsp; 284613 | &nbsp;&nbsp; 4393128<br>|
| Colruyt Group NV | &nbsp;&nbsp; 5936 | &nbsp;&nbsp; 233795<br>|
| J Sainsbury PLC | &nbsp;&nbsp; 28706 | &nbsp;&nbsp; 129076<br>|
| Kesko oyj, Class A Shares | &nbsp;&nbsp; 25866 | &nbsp;&nbsp; 554968<br>|
| Kesko oyj, Class B Shares | &nbsp;&nbsp; 77711 | &nbsp;&nbsp; 1652718<br>|
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 21500 | &nbsp;&nbsp; 591638<br>|
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 126100 | &nbsp;&nbsp; 1700004<br>|
| Tesco PLC | &nbsp;&nbsp; 345498 | &nbsp;&nbsp; 2072139<br>|
| Woolworths Group Ltd. | &nbsp;&nbsp; 88601 | &nbsp;&nbsp; 1567832<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 12895298 |
| Food Products — 1.9% | Food Products — 1.9% | Food Products — 1.9% |
| Danone SA | &nbsp;&nbsp; 56921 | &nbsp;&nbsp; 4959981<br>|
| Nestle SA, Registered Shares | &nbsp;&nbsp; 250458 | &nbsp;&nbsp; 23001277<br>|
| Orkla ASA | &nbsp;&nbsp; 191557 | &nbsp;&nbsp; 2000465<br>|
| Salmar ASA | &nbsp;&nbsp; 19796 | &nbsp;&nbsp; 1057475<br>|
| WH Group Ltd. | &nbsp;&nbsp; 2225500 | &nbsp;&nbsp; 2411311<br> <sup>(a)</sup><br>|
| Wilmar International Ltd. | &nbsp;&nbsp; 544100 | &nbsp;&nbsp; 1202827<br>|
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 9900 | &nbsp;&nbsp; 161654<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 34794990 |
| Household Products — 0.3% | Household Products — 0.3% | Household Products — 0.3% |
| Essity AB, Class B Shares | &nbsp;&nbsp; 19734 | &nbsp;&nbsp; 515743<br>|
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 71276 | &nbsp;&nbsp; 5486726<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 6002469 |
| Personal Care Products — 1.3% | Personal Care Products — 1.3% | Personal Care Products — 1.3% |
| Kao Corp. | &nbsp;&nbsp; 49100 | &nbsp;&nbsp; 2144727<br>|
| L'Oreal SA | &nbsp;&nbsp; 15341 | &nbsp;&nbsp; 6642460<br>|
| Unilever PLC | &nbsp;&nbsp; 248478 | &nbsp;&nbsp; 14718596<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 23505783 |
| Tobacco — 2.1% | Tobacco — 2.1% | Tobacco — 2.1% |
| British American Tobacco PLC | &nbsp;&nbsp; 356388 | &nbsp;&nbsp; 18937209<br>|
| Imperial Brands PLC | &nbsp;&nbsp; 241057 | &nbsp;&nbsp; 10248437<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Tobacco — continued | Tobacco — continued | Tobacco — continued |
| Japan Tobacco Inc. | &nbsp;&nbsp; 317600 | &nbsp;&nbsp; $10455843<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 39641489 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **136194864** |
| **Energy — 3.8%** | **Energy — 3.8%** | **Energy — 3.8%** |
| Oil, Gas & Consumable Fuels — 3.8% | Oil, Gas & Consumable Fuels — 3.8% | Oil, Gas & Consumable Fuels — 3.8% |
| Aker BP ASA | &nbsp;&nbsp; 93056 | &nbsp;&nbsp; 2360488<br>|
| BP PLC | &nbsp;&nbsp; 1523558 | &nbsp;&nbsp; 8732516<br>|
| Eni SpA | &nbsp;&nbsp; 584080 | &nbsp;&nbsp; 10202445<br>|
| Equinor ASA | &nbsp;&nbsp; 199972 | &nbsp;&nbsp; 4878148<br>|
| Neste oyj | &nbsp;&nbsp; 116816 | &nbsp;&nbsp; 2139178<br>|
| OMV AG | &nbsp;&nbsp; 42071 | &nbsp;&nbsp; 2245266<br>|
| ORLEN SA | &nbsp;&nbsp; 157897 | &nbsp;&nbsp; 3765660<br>|
| Repsol SA | &nbsp;&nbsp; 323223 | &nbsp;&nbsp; 5721490<br>|
| Santos Ltd. | &nbsp;&nbsp; 485579 | &nbsp;&nbsp; 2165831<br>|
| Shell PLC | &nbsp;&nbsp; 230167 | &nbsp;&nbsp; 8200507<br>|
| TotalEnergies SE | &nbsp;&nbsp; 179182 | &nbsp;&nbsp; 10891173<br>|
| Var Energi ASA | &nbsp;&nbsp; 246993 | &nbsp;&nbsp; 824317<br>|
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 583090 | &nbsp;&nbsp; 8899777<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **71026796** |
| **Financials — 28.8%** | **Financials — 28.8%** | **Financials — 28.8%** |
| Banks — 17.6% | Banks — 17.6% | Banks — 17.6% |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 399449 | &nbsp;&nbsp; 8791841<br>|
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 743462 | &nbsp;&nbsp; 14274096<br>|
| Banco BPM SpA | &nbsp;&nbsp; 375194 | &nbsp;&nbsp; 5609853<br>|
| Banco Santander SA | &nbsp;&nbsp; 464789 | &nbsp;&nbsp; 4846331<br>|
| Bank Hapoalim BM | &nbsp;&nbsp; 52961 | &nbsp;&nbsp; 1079260<br>|
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 108896 | &nbsp;&nbsp; 2152208<br>|
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 60881 | &nbsp;&nbsp; 2931739<br>|
| BAWAG Group AG | &nbsp;&nbsp; 21776 | &nbsp;&nbsp; 2865721<br> <sup>(a)</sup><br>|
| BNP Paribas SA | &nbsp;&nbsp; 200962 | &nbsp;&nbsp; 18259956<br>|
| CaixaBank SA | &nbsp;&nbsp; 637041 | &nbsp;&nbsp; 6696287<br>|
| Commonwealth Bank of Australia | &nbsp;&nbsp; 142057 | &nbsp;&nbsp; 15713343<br>|
| Credit Agricole SA | &nbsp;&nbsp; 321243 | &nbsp;&nbsp; 6311139<br>|
| Danske Bank A/S | &nbsp;&nbsp; 191557 | &nbsp;&nbsp; 8168491<br>|
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 13291382<br>|
| DNB Bank ASA | &nbsp;&nbsp; 217297 | &nbsp;&nbsp; 5912740<br>|
| Erste Group Bank AG | &nbsp;&nbsp; 35141 | &nbsp;&nbsp; 3435383<br>|
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 128692 | &nbsp;&nbsp; 2783077<br>|
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 197600 | &nbsp;&nbsp; 3009562<br>|
| HSBC Holdings PLC | &nbsp;&nbsp; 1930931 | &nbsp;&nbsp; 27164944<br>|
| ING Bank Slaski SA | &nbsp;&nbsp; 9401 | &nbsp;&nbsp; 786472<br>|
| ING Groep NV | &nbsp;&nbsp; 406379 | &nbsp;&nbsp; 10540707<br>|
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 2964950 | &nbsp;&nbsp; 19558141<br>|
| Israel Discount Bank Ltd., Class A Shares | &nbsp;&nbsp; 114341 | &nbsp;&nbsp; 1133199<br>|
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 197600 | &nbsp;&nbsp; 2427770<br>|
| KBC Group NV | &nbsp;&nbsp; 29696 | &nbsp;&nbsp; 3539874<br>|
| Lloyds Banking Group PLC | &nbsp;&nbsp; 4793915 | &nbsp;&nbsp; 5409583<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 177697 | &nbsp;&nbsp; $3598563<br> <sup>(b)</sup><br>|
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 1104200 | &nbsp;&nbsp; 17899278<br>|
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 33656 | &nbsp;&nbsp; 2219961<br>|
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 257100 | &nbsp;&nbsp; 8683447<br>|
| National Australia Bank Ltd. | &nbsp;&nbsp; 260853 | &nbsp;&nbsp; 7632664<br>|
| NatWest Group PLC | &nbsp;&nbsp; 1201325 | &nbsp;&nbsp; 8435753<br>|
| Nordea Bank Abp | &nbsp;&nbsp; 850382 | &nbsp;&nbsp; 13951361<br>|
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 522100 | &nbsp;&nbsp; 6657868<br>|
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 242542 | &nbsp;&nbsp; 4711981<br>|
| Santander Bank Polska SA | &nbsp;&nbsp; 11381 | &nbsp;&nbsp; 1483230<br>|
| Skandinaviska Enskilda Banken AB, Class A Shares | &nbsp;&nbsp; 197002 | &nbsp;&nbsp; 3852024<br>|
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 346100 | &nbsp;&nbsp; 9786462<br>|
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 52500 | &nbsp;&nbsp; 1528236<br>|
| Svenska Handelsbanken AB, Class A Shares | &nbsp;&nbsp; 406874 | &nbsp;&nbsp; 5295146<br>|
| Svenska Handelsbanken AB, Class B Shares | &nbsp;&nbsp; 10391 | &nbsp;&nbsp; 232013<br> <sup>(b)</sup><br>|
| Swedbank AB, Class A Shares | &nbsp;&nbsp; 280653 | &nbsp;&nbsp; 8450833<br>|
| UniCredit SpA | &nbsp;&nbsp; 134632 | &nbsp;&nbsp; 10198675<br>|
| United Overseas Bank Ltd. | &nbsp;&nbsp; 240100 | &nbsp;&nbsp; 6440163<br>|
| Westpac Banking Corp. | &nbsp;&nbsp; 304908 | &nbsp;&nbsp; 7874969<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 325625726 |
| Capital Markets — 3.5% | Capital Markets — 3.5% | Capital Markets — 3.5% |
| 3i Group PLC | &nbsp;&nbsp; 63851 | &nbsp;&nbsp; 3514881<br>|
| Amundi SA | &nbsp;&nbsp; 18311 | &nbsp;&nbsp; 1450139<br> <sup>(a)</sup><br>|
| ASX Ltd. | &nbsp;&nbsp; 53951 | &nbsp;&nbsp; 2094945<br>|
| CVC Capital Partners PLC | &nbsp;&nbsp; 107906 | &nbsp;&nbsp; 1879021<br> <sup>(a)</sup><br>|
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 395600 | &nbsp;&nbsp; 3221106<br>|
| EQT AB | &nbsp;&nbsp; 131167 | &nbsp;&nbsp; 4540938<br>|
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 117000 | &nbsp;&nbsp; 6646702<br>|
| ICG PLC | &nbsp;&nbsp; 84146 | &nbsp;&nbsp; 2521648<br>|
| Japan Exchange Group Inc. | &nbsp;&nbsp; 77600 | &nbsp;&nbsp; 868294<br>|
| Julius Baer Group Ltd. | &nbsp;&nbsp; 57416 | &nbsp;&nbsp; 3966044<br>|
| London Stock Exchange Group PLC | &nbsp;&nbsp; 25736 | &nbsp;&nbsp; 2950546<br>|
| Macquarie Group Ltd. | &nbsp;&nbsp; 34151 | &nbsp;&nbsp; 4964221<br>|
| Nomura Holdings Inc. | &nbsp;&nbsp; 494600 | &nbsp;&nbsp; 3635361<br>|
| Nordnet AB publ | &nbsp;&nbsp; 46031 | &nbsp;&nbsp; 1336133<br>|
| Partners Group Holding AG | &nbsp;&nbsp; 6431 | &nbsp;&nbsp; 8353470<br>|
| SBI Holdings Inc. | &nbsp;&nbsp; 82600 | &nbsp;&nbsp; 3599645<br>|
| Schroders PLC | &nbsp;&nbsp; 256893 | &nbsp;&nbsp; 1300367<br>|
| Singapore Exchange Ltd. | &nbsp;&nbsp; 71700 | &nbsp;&nbsp; 919331<br>|
| UBS Group AG, Registered Shares | &nbsp;&nbsp; 168292 | &nbsp;&nbsp; 6876356<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 64639148 |
| Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% |
| Adyen NV | &nbsp;&nbsp; 3461 | &nbsp;&nbsp; 5,551,010<br> \*<sup>(a)</sup><br>|
| Banca Mediolanum SpA | &nbsp;&nbsp; 61376 | &nbsp;&nbsp; 1229591<br>|
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 23261 | &nbsp;&nbsp; 2078574<br>|
| M&G PLC | &nbsp;&nbsp; 671691 | &nbsp;&nbsp; 2287788<br>|
| Nexi SpA | &nbsp;&nbsp; 148987 | &nbsp;&nbsp; 843088<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Financial Services — continued | Financial Services — continued | Financial Services — continued |
| ORIX Corp. | &nbsp;&nbsp; 134100 | &nbsp;&nbsp; $3524909<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 15514960 |
| Insurance — 6.9% | Insurance — 6.9% | Insurance — 6.9% |
| Admiral Group PLC | &nbsp;&nbsp; 73751 | &nbsp;&nbsp; 3328110<br>|
| Ageas SA | &nbsp;&nbsp; 50981 | &nbsp;&nbsp; 3528267<br>|
| AIA Group Ltd. | &nbsp;&nbsp; 625800 | &nbsp;&nbsp; 6004315<br>|
| Allianz SE, Registered Shares | &nbsp;&nbsp; 40586 | &nbsp;&nbsp; 17043884<br>|
| Aviva PLC | &nbsp;&nbsp; 877603 | &nbsp;&nbsp; 8102543<br>|
| AXA SA | &nbsp;&nbsp; 275208 | &nbsp;&nbsp; 13141730<br>|
| Generali | &nbsp;&nbsp; 124732 | &nbsp;&nbsp; 4896572<br>|
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 45041 | &nbsp;&nbsp; 1320832<br>|
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 388064 | &nbsp;&nbsp; 2108953<br>|
| Legal & General Group PLC | &nbsp;&nbsp; 1786890 | &nbsp;&nbsp; 5725330<br>|
| Medibank Private Ltd. | &nbsp;&nbsp; 791477 | &nbsp;&nbsp; 2528337<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | &nbsp;&nbsp; 7421 | &nbsp;&nbsp; 4738270<br>|
| NN Group NV | &nbsp;&nbsp; 78701 | &nbsp;&nbsp; 5539172<br>|
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 240562 | &nbsp;&nbsp; 2084017<br>|
| Poste Italiane SpA | &nbsp;&nbsp; 135622 | &nbsp;&nbsp; 3217394<br> <sup>(a)</sup><br>|
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 160372 | &nbsp;&nbsp; 2403027<br>|
| Sompo Holdings Inc. | &nbsp;&nbsp; 118170 | &nbsp;&nbsp; 3660682<br>|
| Sony Financial Group Inc. | &nbsp;&nbsp; 408300 | &nbsp;&nbsp; 453,406<br> \*<br>|
| Suncorp Group Ltd. | &nbsp;&nbsp; 223732 | &nbsp;&nbsp; 3004119<br>|
| Swiss Life Holding AG, Registered Shares | &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 1803357<br>|
| Swiss Re AG | &nbsp;&nbsp; 47021 | &nbsp;&nbsp; 8690301<br>|
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 148100 | &nbsp;&nbsp; 6286616<br>|
| Tryg A/S | &nbsp;&nbsp; 91571 | &nbsp;&nbsp; 2325022<br>|
| Zurich Insurance Group AG | &nbsp;&nbsp; 22271 | &nbsp;&nbsp; 15859673<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 127793929 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **533573763** |
| **Health Care — 9.2%** | **Health Care — 9.2%** | **Health Care — 9.2%** |
| Biotechnology — 0.4% | Biotechnology — 0.4% | Biotechnology — 0.4% |
| Argenx SE | &nbsp;&nbsp; 3461 | &nbsp;&nbsp; 2,509,951<br> \*<br>|
| CSL Ltd. | &nbsp;&nbsp; 32171 | &nbsp;&nbsp; 4225887<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 6735838 |
| Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% |
| Coloplast A/S, Class B Shares | &nbsp;&nbsp; 41576 | &nbsp;&nbsp; 3553672<br>|
| EssilorLuxottica SA | &nbsp;&nbsp; 14351 | &nbsp;&nbsp; 4654028<br>|
| Hoya Corp. | &nbsp;&nbsp; 12280 | &nbsp;&nbsp; 1702495<br>|
| Koninklijke Philips NV | &nbsp;&nbsp; 119786 | &nbsp;&nbsp; 3242846<br>|
| Smith & Nephew PLC | &nbsp;&nbsp; 18311 | &nbsp;&nbsp; 329710<br>|
| Sysmex Corp. | &nbsp;&nbsp; 73600 | &nbsp;&nbsp; 909254<br>|
| Terumo Corp. | &nbsp;&nbsp; 37500 | &nbsp;&nbsp; 620324<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 15012329 |
| Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 141562 | &nbsp;&nbsp; 2011505<br>|
| Health Care Technology — 0.2% | Health Care Technology — 0.2% | Health Care Technology — 0.2% |
| M3 Inc. | &nbsp;&nbsp; 49100 | &nbsp;&nbsp; 793260<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Technology — continued | Health Care Technology — continued | Health Care Technology — continued |
| Pro Medicus Ltd. | &nbsp;&nbsp; 15341 | &nbsp;&nbsp; $3134460<br>|
| Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 3927720 |
| Life Sciences Tools & Services — 0.0%†† | Life Sciences Tools & Services — 0.0%†† | Life Sciences Tools & Services — 0.0%†† |
| Lonza Group AG, Registered Shares | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 325338<br>|
| Pharmaceuticals — 7.7% | Pharmaceuticals — 7.7% | Pharmaceuticals — 7.7% |
| Astellas Pharma Inc. | &nbsp;&nbsp; 494600 | &nbsp;&nbsp; 5360106<br>|
| AstraZeneca PLC | &nbsp;&nbsp; 143542 | &nbsp;&nbsp; 21608481<br>|
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 64300 | &nbsp;&nbsp; 2807370<br>|
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 133200 | &nbsp;&nbsp; 2989864<br>|
| Eisai Co. Ltd. | &nbsp;&nbsp; 49496 | &nbsp;&nbsp; 1667350<br>|
| Galderma Group AG | &nbsp;&nbsp; 10391 | &nbsp;&nbsp; 1806165<br>|
| GSK PLC | &nbsp;&nbsp; 550915 | &nbsp;&nbsp; 11677585<br>|
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 48506 | &nbsp;&nbsp; 1108815<br>|
| Novartis AG, Registered Shares | &nbsp;&nbsp; 164332 | &nbsp;&nbsp; 20678590<br>|
| Novo Nordisk A/S, Class B Shares | &nbsp;&nbsp; 349953 | &nbsp;&nbsp; 18985534<br>|
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 1446025<br>|
| Orion oyj, Class A Shares | &nbsp;&nbsp; 6926 | &nbsp;&nbsp; 527346<br>|
| Orion oyj, Class B Shares | &nbsp;&nbsp; 23261 | &nbsp;&nbsp; 1780658<br>|
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 4946 | &nbsp;&nbsp; 300457<br>|
| Roche Holding AG | &nbsp;&nbsp; 2471 | &nbsp;&nbsp; 845354<br>|
| Roche Holding AG, Vienna Stock Exchange | &nbsp;&nbsp; 63356 | &nbsp;&nbsp; 20695311<br>|
| Sanofi SA | &nbsp;&nbsp; 172747 | &nbsp;&nbsp; 15943897<br>|
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 18500 | &nbsp;&nbsp; 324628<br>|
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 395600 | &nbsp;&nbsp; 11558479<br>|
| UCB SA | &nbsp;&nbsp; 2471 | &nbsp;&nbsp; 682305<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 142794320 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **170807050** |
| **Industrials — 15.5%** | **Industrials — 15.5%** | **Industrials — 15.5%** |
| Aerospace & Defense — 1.9% | Aerospace & Defense — 1.9% | Aerospace & Defense — 1.9% |
| Airbus SE | &nbsp;&nbsp; 31676 | &nbsp;&nbsp; 7347088<br>|
| BAE Systems PLC | &nbsp;&nbsp; 212347 | &nbsp;&nbsp; 5886108<br>|
| Leonardo SpA  | &nbsp;&nbsp; 14351 | &nbsp;&nbsp; 910908<br>|
| Rheinmetall AG | &nbsp;&nbsp; 3956 | &nbsp;&nbsp; 9224550<br>|
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 553885 | &nbsp;&nbsp; 8873446<br>|
| Saab AB, Class B Shares | &nbsp;&nbsp; 24251 | &nbsp;&nbsp; 1481345<br>|
| Safran SA | &nbsp;&nbsp; 2471 | &nbsp;&nbsp; 871318<br>|
| Thales SA | &nbsp;&nbsp; 3956 | &nbsp;&nbsp; 1239237<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 35834000 |
| Air Freight & Logistics — 0.7% | Air Freight & Logistics — 0.7% | Air Freight & Logistics — 0.7% |
| Deutsche Post AG, Registered Shares | &nbsp;&nbsp; 236602 | &nbsp;&nbsp; 10547597<br>|
| DSV A/S | &nbsp;&nbsp; 7421 | &nbsp;&nbsp; 1477121<br>|
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 98600 | &nbsp;&nbsp; 1020817<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 13045535 |
| Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% |
| AGC Inc. | &nbsp;&nbsp; 60900 | &nbsp;&nbsp; 1989657<br>|
| Daikin Industries Ltd. | &nbsp;&nbsp; 22694 | &nbsp;&nbsp; 2624596<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 4614253 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Rentokil Initial PLC | &nbsp;&nbsp; 494980 | &nbsp;&nbsp; $2504207<br>|
| Construction & Engineering — 0.6% | Construction & Engineering — 0.6% | Construction & Engineering — 0.6% |
| Bouygues SA | &nbsp;&nbsp; 54446 | &nbsp;&nbsp; 2451485<br>|
| Kajima Corp. | &nbsp;&nbsp; 17700 | &nbsp;&nbsp; 517271<br>|
| Obayashi Corp. | &nbsp;&nbsp; 197600 | &nbsp;&nbsp; 3249961<br>|
| Skanska AB, Class B Shares  | &nbsp;&nbsp; 18311 | &nbsp;&nbsp; 474854<br>|
| Vinci SA | &nbsp;&nbsp; 30686 | &nbsp;&nbsp; 4252810<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 10946381 |
| Electrical Equipment — 2.3% | Electrical Equipment — 2.3% | Electrical Equipment — 2.3% |
| ABB Ltd., Registered Shares | &nbsp;&nbsp; 102956 | &nbsp;&nbsp; 7417128<br>|
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 14112 | &nbsp;&nbsp; 950196<br>|
| Fujikura Ltd. | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 5637729<br>|
| Legrand SA | &nbsp;&nbsp; 9401 | &nbsp;&nbsp; 1553092<br>|
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 148100 | &nbsp;&nbsp; 3813687<br>|
| NIDEC Corp. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 1476479<br>|
| Prysmian SpA | &nbsp;&nbsp; 14846 | &nbsp;&nbsp; 1468440<br>|
| Schneider Electric SE | &nbsp;&nbsp; 47516 | &nbsp;&nbsp; 13265514<br>|
| Siemens Energy AG | &nbsp;&nbsp; 55436 | &nbsp;&nbsp; 6,475,949<br> \*<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 42058214 |
| Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% |
| MTR Corp. Ltd. | &nbsp;&nbsp; 493000 | &nbsp;&nbsp; 1671552<br>|
| Industrial Conglomerates — 2.2% | Industrial Conglomerates — 2.2% | Industrial Conglomerates — 2.2% |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 493000 | &nbsp;&nbsp; 3247423<br>|
| DCC PLC | &nbsp;&nbsp; 3956 | &nbsp;&nbsp; 254145<br>|
| Hitachi Ltd. | &nbsp;&nbsp; 436708 | &nbsp;&nbsp; 11621102<br>|
| Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp; 21100 | &nbsp;&nbsp; 469398<br>|
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 30400 | &nbsp;&nbsp; 1915200<br>|
| Keppel Ltd. | &nbsp;&nbsp; 395600 | &nbsp;&nbsp; 2737164<br>|
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 111600 | &nbsp;&nbsp; 2081850<br>|
| Siemens AG, Registered Shares | &nbsp;&nbsp; 70286 | &nbsp;&nbsp; 18928719<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 41255001 |
| Machinery — 3.0% | Machinery — 3.0% | Machinery — 3.0% |
| ANDRITZ AG | &nbsp;&nbsp; 18311 | &nbsp;&nbsp; 1288774<br>|
| Atlas Copco AB, Class A Shares | &nbsp;&nbsp; 100481 | &nbsp;&nbsp; 1697635<br>|
| Atlas Copco AB, Class B Shares | &nbsp;&nbsp; 61871 | &nbsp;&nbsp; 927233<br>|
| Daifuku Co. Ltd. | &nbsp;&nbsp; 73500 | &nbsp;&nbsp; 2360500<br>|
| Daimler Truck Holding AG | &nbsp;&nbsp; 111866 | &nbsp;&nbsp; 4603117<br>|
| FANUC Corp. | &nbsp;&nbsp; 81800 | &nbsp;&nbsp; 2360643<br>|
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 26500 | &nbsp;&nbsp; 849450<br>|
| Hoshizaki Corp. | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 447685<br>|
| IHI Corp. | &nbsp;&nbsp; 77400 | &nbsp;&nbsp; 1446484<br>|
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 27300 | &nbsp;&nbsp; 1806013<br>|
| Komatsu Ltd. | &nbsp;&nbsp; 197600 | &nbsp;&nbsp; 6903992<br>|
| Kone oyj, Class B Shares | &nbsp;&nbsp; 91571 | &nbsp;&nbsp; 6240562<br>|
| Makita Corp. | &nbsp;&nbsp; 71500 | &nbsp;&nbsp; 2326770<br>|
| Metso oyj | &nbsp;&nbsp; 175222 | &nbsp;&nbsp; 2405776<br>|
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 50600 | &nbsp;&nbsp; 955742<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 279700 | &nbsp;&nbsp; $7346422<br>|
| Sandvik AB | &nbsp;&nbsp; 27716 | &nbsp;&nbsp; 771502<br>|
| SKF AB, Class B Shares | &nbsp;&nbsp; 82661 | &nbsp;&nbsp; 2049584<br>|
| SMC Corp. | &nbsp;&nbsp; 1832 | &nbsp;&nbsp; 563549<br>|
| Spirax Group PLC | &nbsp;&nbsp; 20291 | &nbsp;&nbsp; 1861637<br>|
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp; 2360672<br>|
| Toyota Industries Corp. | &nbsp;&nbsp; 4885 | &nbsp;&nbsp; 550404<br>|
| Volvo AB, Class A Shares | &nbsp;&nbsp; 5936 | &nbsp;&nbsp; 170157<br>|
| Volvo AB, Class B Shares | &nbsp;&nbsp; 48011 | &nbsp;&nbsp; 1375739<br>|
| Wartsila oyj Abp | &nbsp;&nbsp; 64841 | &nbsp;&nbsp; 1938989<br>|
| Yaskawa Electric Corp. | &nbsp;&nbsp; 8304 | &nbsp;&nbsp; 177511<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 55786542 |
| Marine Transportation — 0.8% | Marine Transportation — 0.8% | Marine Transportation — 0.8% |
| A.P. Moller - Maersk A/S, Class A Shares | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 1479203<br>|
| A.P. Moller - Maersk A/S, Class B Shares | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 2240749<br>|
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 98600 | &nbsp;&nbsp; 1406044<br>|
| Kuehne + Nagel International AG, Registered Shares | &nbsp;&nbsp; 12866 | &nbsp;&nbsp; 2395649<br>|
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 98600 | &nbsp;&nbsp; 3000362<br>|
| Nippon Yusen KK | &nbsp;&nbsp; 122500 | &nbsp;&nbsp; 4189643<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 14711650 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 395600 | &nbsp;&nbsp; 2000707<br>|
| Professional Services — 1.4% | Professional Services — 1.4% | Professional Services — 1.4% |
| Bureau Veritas SA | &nbsp;&nbsp; 56921 | &nbsp;&nbsp; 1781741<br>|
| Experian PLC | &nbsp;&nbsp; 87611 | &nbsp;&nbsp; 4389962<br>|
| Intertek Group PLC | &nbsp;&nbsp; 38111 | &nbsp;&nbsp; 2422714<br>|
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 113900 | &nbsp;&nbsp; 6141353<br>|
| RELX PLC | &nbsp;&nbsp; 113351 | &nbsp;&nbsp; 5427939<br>|
| SGS SA, Registered Shares | &nbsp;&nbsp; 38111 | &nbsp;&nbsp; 3950726<br>|
| Wolters Kluwer NV | &nbsp;&nbsp; 8411 | &nbsp;&nbsp; 1147902<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 25262337 |
| Trading Companies & Distributors — 1.5% | Trading Companies & Distributors — 1.5% | Trading Companies & Distributors — 1.5% |
| Ashtead Group PLC | &nbsp;&nbsp; 24251 | &nbsp;&nbsp; 1620969<br>|
| Bunzl PLC | &nbsp;&nbsp; 49001 | &nbsp;&nbsp; 1547600<br>|
| ITOCHU Corp. | &nbsp;&nbsp; 98600 | &nbsp;&nbsp; 5625511<br>|
| Marubeni Corp. | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 4256763<br>|
| Mitsubishi Corp. | &nbsp;&nbsp; 231500 | &nbsp;&nbsp; 5534932<br>|
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 76200 | &nbsp;&nbsp; 1898744<br>|
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 49100 | &nbsp;&nbsp; 716793<br>|
| Reece Ltd. | &nbsp;&nbsp; 13856 | &nbsp;&nbsp; 103677<br>|
| Sumitomo Corp. | &nbsp;&nbsp; 148100 | &nbsp;&nbsp; 4300049<br>|
| Toyota Tsusho Corp. | &nbsp;&nbsp; 49100 | &nbsp;&nbsp; 1363769<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 26968807 |
| Transportation Infrastructure — 0.6% | Transportation Infrastructure — 0.6% | Transportation Infrastructure — 0.6% |
| Aena SME SA | &nbsp;&nbsp; 99986 | &nbsp;&nbsp; 2733841<br> <sup>(a)</sup><br>|
| Atlas Arteria Ltd. | &nbsp;&nbsp; 302433 | &nbsp;&nbsp; 984148<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Transportation Infrastructure — continued | Transportation Infrastructure — continued | Transportation Infrastructure — continued |
| Transurban Group | &nbsp;&nbsp; 726636 | &nbsp;&nbsp; $6645775<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 10363764 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **287022950** |
| **Information Technology — 7.8%** | **Information Technology — 7.8%** | **Information Technology — 7.8%** |
| Communications Equipment — 0.2% | Communications Equipment — 0.2% | Communications Equipment — 0.2% |
| Telefonaktiebolaget LM Ericsson, Class B Shares | &nbsp;&nbsp; 391034 | &nbsp;&nbsp; 3236339<br>|
| Electronic Equipment, Instruments & Components — 0.9% | Electronic Equipment, Instruments & Components — 0.9% | Electronic Equipment, Instruments & Components — 0.9% |
| Hexagon AB, Class B Shares | &nbsp;&nbsp; 25736 | &nbsp;&nbsp; 306202<br>|
| Keyence Corp. | &nbsp;&nbsp; 13808 | &nbsp;&nbsp; 5159125<br>|
| Kyocera Corp. | &nbsp;&nbsp; 98600 | &nbsp;&nbsp; 1328264<br>|
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 247100 | &nbsp;&nbsp; 4710770<br>|
| Omron Corp. | &nbsp;&nbsp; 49496 | &nbsp;&nbsp; 1364043<br>|
| TDK Corp. | &nbsp;&nbsp; 247300 | &nbsp;&nbsp; 3597685<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 16466089 |
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| Capgemini SE | &nbsp;&nbsp; 5936 | &nbsp;&nbsp; 861736<br>|
| NEC Corp. | &nbsp;&nbsp; 69800 | &nbsp;&nbsp; 2239782<br>|
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 18190 | &nbsp;&nbsp; 698730<br>|
| Obic Co. Ltd. | &nbsp;&nbsp; 26350 | &nbsp;&nbsp; 919578<br>|
| Otsuka Corp. | &nbsp;&nbsp; 68840 | &nbsp;&nbsp; 1439401<br>|
| SCSK Corp. | &nbsp;&nbsp; 13200 | &nbsp;&nbsp; 395861<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 6555088 |
| Semiconductors & Semiconductor Equipment — 4.6% | Semiconductors & Semiconductor Equipment — 4.6% | Semiconductors & Semiconductor Equipment — 4.6% |
| Advantest Corp. | &nbsp;&nbsp; 83400 | &nbsp;&nbsp; 8273081<br>|
| ASM International NV | &nbsp;&nbsp; 8411 | &nbsp;&nbsp; 5048197<br>|
| ASML Holding NV | &nbsp;&nbsp; 39101 | &nbsp;&nbsp; 38045950<br>|
| Disco Corp. | &nbsp;&nbsp; 22960 | &nbsp;&nbsp; 7230725<br>|
| Infineon Technologies AG | &nbsp;&nbsp; 102461 | &nbsp;&nbsp; 3997003<br>|
| Lasertec Corp. | &nbsp;&nbsp; 22154 | &nbsp;&nbsp; 3045922<br>|
| Renesas Electronics Corp. | &nbsp;&nbsp; 197600 | &nbsp;&nbsp; 2282599<br>|
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 27781 | &nbsp;&nbsp; 2531958<br>|
| STMicroelectronics NV | &nbsp;&nbsp; 41081 | &nbsp;&nbsp; 1151243<br>|
| Tokyo Electron Ltd. | &nbsp;&nbsp; 72884 | &nbsp;&nbsp; 13008919<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 84615597 |
| Software — 1.6% | Software — 1.6% | Software — 1.6% |
| Dassault Systemes SE | &nbsp;&nbsp; 45041 | &nbsp;&nbsp; 1508839<br>|
| Sage Group PLC | &nbsp;&nbsp; 97016 | &nbsp;&nbsp; 1436686<br>|
| SAP SE | &nbsp;&nbsp; 96521 | &nbsp;&nbsp; 25846630<br>|
| Trend Micro Inc. | &nbsp;&nbsp; 12700 | &nbsp;&nbsp; 696550<br>|
| WiseTech Global Ltd. | &nbsp;&nbsp; 9401 | &nbsp;&nbsp; 562304<br>|
| Total Software | Total Software | &nbsp;&nbsp; 30051009 |
| Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% |
| Canon Inc. | &nbsp;&nbsp; 98996 | &nbsp;&nbsp; 2907172<br>|
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 21540 | &nbsp;&nbsp; 536877<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 3444049 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **144368171** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Materials — 5.7%** | **Materials — 5.7%** | **Materials — 5.7%** |
| Chemicals — 1.7% | Chemicals — 1.7% | Chemicals — 1.7% |
| Air Liquide SA | &nbsp;&nbsp; 13361 | &nbsp;&nbsp; $2776556<br>|
| Akzo Nobel NV | &nbsp;&nbsp; 25736 | &nbsp;&nbsp; 1832531<br>|
| Asahi Kasei Corp. | &nbsp;&nbsp; 395600 | &nbsp;&nbsp; 3119316<br>|
| BASF SE | &nbsp;&nbsp; 145027 | &nbsp;&nbsp; 7223540<br>|
| Croda International PLC | &nbsp;&nbsp; 36131 | &nbsp;&nbsp; 1315262<br>|
| DSM-Firmenich AG | &nbsp;&nbsp; 10391 | &nbsp;&nbsp; 885427<br>|
| Givaudan SA, Registered Shares | &nbsp;&nbsp; 433 | &nbsp;&nbsp; 1758884<br>|
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 197600 | &nbsp;&nbsp; 1139025<br>|
| Nitto Denko Corp. | &nbsp;&nbsp; 108996 | &nbsp;&nbsp; 2595652<br>|
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 247100 | &nbsp;&nbsp; 8119825<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 30766018 |
| Construction Materials — 0.6% | Construction Materials — 0.6% | Construction Materials — 0.6% |
| Holcim AG | &nbsp;&nbsp; 116321 | &nbsp;&nbsp; 9844852<br>|
| Metals & Mining — 3.1% | Metals & Mining — 3.1% | Metals & Mining — 3.1% |
| BHP Group Ltd. | &nbsp;&nbsp; 535075 | &nbsp;&nbsp; 15082025<br>|
| Fortescue Ltd. | &nbsp;&nbsp; 472709 | &nbsp;&nbsp; 5852216<br>|
| JFE Holdings Inc. | &nbsp;&nbsp; 168800 | &nbsp;&nbsp; 2076211<br>|
| Nippon Steel Corp. | &nbsp;&nbsp; 1384800 | &nbsp;&nbsp; 5715107<br>|
| Norsk Hydro ASA | &nbsp;&nbsp; 320253 | &nbsp;&nbsp; 2169727<br>|
| Northern Star Resources Ltd. | &nbsp;&nbsp; 111371 | &nbsp;&nbsp; 1751538<br>|
| Rio Tinto Ltd. | &nbsp;&nbsp; 94046 | &nbsp;&nbsp; 7606004<br>|
| Rio Tinto PLC | &nbsp;&nbsp; 246498 | &nbsp;&nbsp; 16219070<br>|
| SSAB AB, Class A Shares | &nbsp;&nbsp; 62861 | &nbsp;&nbsp; 376026<br>|
| SSAB AB, Class B Shares | &nbsp;&nbsp; 171757 | &nbsp;&nbsp; 997111<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 57845035 |
| Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% |
| Mondi PLC | &nbsp;&nbsp; 131662 | &nbsp;&nbsp; 1815040<br>|
| UPM-Kymmene oyj | &nbsp;&nbsp; 156412 | &nbsp;&nbsp; 4276655<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 6091695 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **104547600** |
| **Real Estate — 2.4%** | **Real Estate — 2.4%** | **Real Estate — 2.4%** |
| Diversified REITs — 0.6% | Diversified REITs — 0.6% | Diversified REITs — 0.6% |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 1435100 | &nbsp;&nbsp; 2549162<br>|
| GPT Group | &nbsp;&nbsp; 227197 | &nbsp;&nbsp; 808587<br>|
| Land Securities Group PLC | &nbsp;&nbsp; 222247 | &nbsp;&nbsp; 1741344<br>|
| Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp; 593600 | &nbsp;&nbsp; 658430<br>|
| Mirvac Group | &nbsp;&nbsp; 1125095 | &nbsp;&nbsp; 1692640<br>|
| Stockland | &nbsp;&nbsp; 683076 | &nbsp;&nbsp; 2770576<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 10220739 |
| Industrial REITs — 0.2% | Industrial REITs — 0.2% | Industrial REITs — 0.2% |
| Segro PLC | &nbsp;&nbsp; 363813 | &nbsp;&nbsp; 3210040<br>|
| Warehouses De Pauw CVA | &nbsp;&nbsp; 52466 | &nbsp;&nbsp; 1311859<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 4521899 |
| Office REITs — 0.3% | Office REITs — 0.3% | Office REITs — 0.3% |
| Dexus | &nbsp;&nbsp; 321243 | &nbsp;&nbsp; 1528649<br>|
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 1729857<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Office REITs — continued | Office REITs — continued | Office REITs — continued |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 1719 | &nbsp;&nbsp; $1623730<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 4882236 |
| Real Estate Management & Development — 0.8% | Real Estate Management & Development — 0.8% | Real Estate Management & Development — 0.8% |
| CapitaLand Investment Ltd. | &nbsp;&nbsp; 643100 | &nbsp;&nbsp; 1341870<br>|
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 419000 | &nbsp;&nbsp; 2031346<br>|
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 97884 | &nbsp;&nbsp; 2150751<br>|
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 390500 | &nbsp;&nbsp; 1377220<br>|
| Hulic Co. Ltd. | &nbsp;&nbsp; 148100 | &nbsp;&nbsp; 1624552<br>|
| Sino Land Co. Ltd. | &nbsp;&nbsp; 989600 | &nbsp;&nbsp; 1252835<br>|
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 136092 | &nbsp;&nbsp; 1630221<br>|
| Swire Properties Ltd. | &nbsp;&nbsp; 303600 | &nbsp;&nbsp; 863928<br>|
| Vonovia SE | &nbsp;&nbsp; 66821 | &nbsp;&nbsp; 2084564<br>|
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 397108 | &nbsp;&nbsp; 1173909<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 15531196 |
| Retail REITs — 0.5% | Retail REITs — 0.5% | Retail REITs — 0.5% |
| Link REIT | &nbsp;&nbsp; 742100 | &nbsp;&nbsp; 3815228<br>|
| Scentre Group | &nbsp;&nbsp; 1457232 | &nbsp;&nbsp; 3940383<br>|
| Vicinity Ltd. | &nbsp;&nbsp; 1069659 | &nbsp;&nbsp; 1786469<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 9542080 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **44698150** |
| **Utilities — 4.9%** | **Utilities — 4.9%** | **Utilities — 4.9%** |
| Electric Utilities — 2.7% | Electric Utilities — 2.7% | Electric Utilities — 2.7% |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 178900 | &nbsp;&nbsp; 1174977<br>|
| CLP Holdings Ltd. | &nbsp;&nbsp; 409200 | &nbsp;&nbsp; 3389664<br>|
| EDP SA | &nbsp;&nbsp; 814247 | &nbsp;&nbsp; 3862359<br>|
| Endesa SA | &nbsp;&nbsp; 93056 | &nbsp;&nbsp; 2975163<br>|
| Enel SpA | &nbsp;&nbsp; 1755705 | &nbsp;&nbsp; 16639779<br>|
| Fortum oyj | &nbsp;&nbsp; 127207 | &nbsp;&nbsp; 2407185<br>|
| Iberdrola SA | &nbsp;&nbsp; 339063 | &nbsp;&nbsp; 6416215<br>|
| Origin Energy Ltd. | &nbsp;&nbsp; 522205 | &nbsp;&nbsp; 4326141<br>|
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 399500 | &nbsp;&nbsp; 2530379<br>|
| Redeia Corp. SA | &nbsp;&nbsp; 116816 | &nbsp;&nbsp; 2256534<br>|
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 300948 | &nbsp;&nbsp; 3054516<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 49032912 |
| Gas Utilities — 0.5% | Gas Utilities — 0.5% | Gas Utilities — 0.5% |
| APA Group | &nbsp;&nbsp; 376679 | &nbsp;&nbsp; 2216838<br>|
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 3195000 | &nbsp;&nbsp; 2775976<br>|
| Naturgy Energy Group SA | &nbsp;&nbsp; 31676 | &nbsp;&nbsp; 984822<br>|
| Snam SpA | &nbsp;&nbsp; 632586 | &nbsp;&nbsp; 3804150<br>|
| Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 9781786 |
| Multi-Utilities — 1.4% | Multi-Utilities — 1.4% | Multi-Utilities — 1.4% |
| A2A SpA | &nbsp;&nbsp; 430634 | &nbsp;&nbsp; 1126850<br>|
| E.ON SE | &nbsp;&nbsp; 65831 | &nbsp;&nbsp; 1238783<br>|
| Engie SA | &nbsp;&nbsp; 508345 | &nbsp;&nbsp; 10903807<br>|
| National Grid PLC | &nbsp;&nbsp; 534085 | &nbsp;&nbsp; 7675453<br>|
| Veolia Environnement SA | &nbsp;&nbsp; 138592 | &nbsp;&nbsp; 4719265<br>|
| Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 25664158 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Water Utilities — 0.3% | Water Utilities — 0.3% | Water Utilities — 0.3% | Water Utilities — 0.3% |
| Severn Trent PLC | Severn Trent PLC | &nbsp;&nbsp; 78206 | &nbsp;&nbsp; $2724772<br>|
| United Utilities Group PLC | United Utilities Group PLC | &nbsp;&nbsp; 203932 | &nbsp;&nbsp; 3147641<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 5872413 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **90351269** |
| **Total Common Stocks (Cost — $1,538,944,964)** | **Total Common Stocks (Cost — $1,538,944,964)** | **Total Common Stocks (Cost — $1,538,944,964)** | &nbsp;&nbsp; **1831018019**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |
| Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% |
| Bayerische Motoren Werke AG  | &nbsp;&nbsp; 5.472% | &nbsp;&nbsp; 5936 | &nbsp;&nbsp; 550660<br> <sup>(c)</sup><br>|
| Dr. Ing hc F Porsche AG  | &nbsp;&nbsp; 3.617% | &nbsp;&nbsp; 33161 | &nbsp;&nbsp; 1608441<br> <sup>(a)(c)</sup><br>|
| Volkswagen AG  | &nbsp;&nbsp; 6.916% | &nbsp;&nbsp; 58406 | &nbsp;&nbsp; 6310942<br> <sup>(c)</sup><br>|
| **Total Preferred Stocks (Cost — $8,866,136)** | **Total Preferred Stocks (Cost — $8,866,136)** | **Total Preferred Stocks (Cost — $8,866,136)** | &nbsp;&nbsp; **8470043** |
| **Total Investments before Short-Term Investments (Cost — $1,547,811,100)** | **Total Investments before Short-Term Investments (Cost — $1,547,811,100)** | **Total Investments before Short-Term Investments (Cost — $1,547,811,100)** | &nbsp;&nbsp; **1839488062** |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares (Cost — $3,552,160) <br>| &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 3552160<br>| &nbsp;&nbsp; **3552160**<br> <sup>(d)(e)(f)</sup><br>|
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $332,572)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 332572<br>| &nbsp;&nbsp; **332572**<br> <sup>(d)(e)(f)</sup><br>|
| **Total Short-Term Investments (Cost — $3,884,732)** | **Total Short-Term Investments (Cost — $3,884,732)** | **Total Short-Term Investments (Cost — $3,884,732)** | &nbsp;&nbsp; **3884732** |
| **Total Investments — 99.5% (Cost — $1,551,695,832)** | **Total Investments — 99.5% (Cost — $1,551,695,832)** | **Total Investments — 99.5% (Cost — $1,551,695,832)** | &nbsp;&nbsp; **1843372794** |
| Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp; 8396427 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1851769221** |

---

&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> | A portion or all of the security is on loan at September 30, 2025 (Note 1).  |
| <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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $3,884,732 and the cost was $3,884,732 (Note 6).<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:** |
| CVA |  | Certificaaten van aandelen (Share Certificates) |
| REIT |  | Real Estate Investment Trust |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $9737815 | &nbsp;&nbsp;&nbsp; $9748550 | &nbsp;&nbsp;&nbsp; **$10735** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup>  | **Summary of Investments by Country**<sup>#</sup>  |
| Japan | 22.4<br> %<br>|
| United Kingdom | 12.2 |
| Australia | 9.2 |
| United States | 8.4 |
| Germany | 7.8 |
| France | 7.6 |
| Italy | 4.9 |
| Netherlands | 4.4 |
| Switzerland | 3.5 |
| Spain | 3.0 |
| Sweden | 2.7 |
| Hong Kong | 2.6 |
| Singapore | 2.2 |
| Finland | 2.2 |
| Denmark | 2.1 |
| Norway | 1.3 |
| Poland | 1.0 |
| Belgium | 0.7 |
| Austria | 0.6 |
| Israel | 0.4 |
| Portugal | 0.2 |
| China | 0.2 |
| Macau | 0.1 |
| Luxembourg | 0.1 |
| Short-Term Investments | 0.2 |
|  | **100.0%**<br>|

---

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

# As a percentage of total investments. Please note that the Fund holdings are as of September 30, 2025, and are subject to change. 

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 97.9%** | **Common Stocks — 97.9%** | **Common Stocks — 97.9%** |
| **Communication Services — 7.0%** | **Communication Services — 7.0%** | **Communication Services — 7.0%** |
| Diversified Telecommunication Services — 6.7% | Diversified Telecommunication Services — 6.7% | Diversified Telecommunication Services — 6.7% |
| BCE Inc. | &nbsp;&nbsp; 9440 | &nbsp;&nbsp; $220633<br>|
| HKT Trust & HKT Ltd. | &nbsp;&nbsp; 102500 | &nbsp;&nbsp; 151766<br>|
| Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp; 20352 | &nbsp;&nbsp; 239375<br> <sup>(a)</sup><br>|
| Orange SA | &nbsp;&nbsp; 8744 | &nbsp;&nbsp; 141887<br>|
| Telefonica SA | &nbsp;&nbsp; 73224 | &nbsp;&nbsp; 378396<br>|
| TELUS Corp. | &nbsp;&nbsp; 37584 | &nbsp;&nbsp; 592095<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 1724152 |
| Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% |
| Tele2 AB, Class B Shares | &nbsp;&nbsp; 4304 | &nbsp;&nbsp; 73471<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1797623** |
| **Consumer Discretionary — 10.2%** | **Consumer Discretionary — 10.2%** | **Consumer Discretionary — 10.2%** |
| Automobile Components — 2.1% | Automobile Components — 2.1% | Automobile Components — 2.1% |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 3920 | &nbsp;&nbsp; 140667<br>|
| Magna International Inc. | &nbsp;&nbsp; 4856 | &nbsp;&nbsp; 230077<br>|
| Niterra Co. Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 154762<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 525506 |
| Automobiles — 5.8% | Automobiles — 5.8% | Automobiles — 5.8% |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 17600 | &nbsp;&nbsp; 182453<br>|
| Isuzu Motors Ltd. | &nbsp;&nbsp; 23200 | &nbsp;&nbsp; 293682<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp; 5072 | &nbsp;&nbsp; 318660<br>|
| Renault SA | &nbsp;&nbsp; 9616 | &nbsp;&nbsp; 393198<br>|
| Subaru Corp. | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; 131306<br>|
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 180384<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 1499683 |
| Hotels, Restaurants & Leisure — 2.3% | Hotels, Restaurants & Leisure — 2.3% | Hotels, Restaurants & Leisure — 2.3% |
| MGM China Holdings Ltd. | &nbsp;&nbsp; 124800 | &nbsp;&nbsp; 266750<br>|
| Sands China Ltd. | &nbsp;&nbsp; 17600 | &nbsp;&nbsp; 49088<br>|
| Sodexo SA | &nbsp;&nbsp; 4432 | &nbsp;&nbsp; 278867<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 594705 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2619894** |
| **Consumer Staples — 10.0%** | **Consumer Staples — 10.0%** | **Consumer Staples — 10.0%** |
| Consumer Staples Distribution & Retail — 4.3% | Consumer Staples Distribution & Retail — 4.3% | Consumer Staples Distribution & Retail — 4.3% |
| Carrefour SA | &nbsp;&nbsp; 36388 | &nbsp;&nbsp; 551337<br>|
| J Sainsbury PLC | &nbsp;&nbsp; 92128 | &nbsp;&nbsp; 414252<br>|
| Kesko oyj, Class B Shares | &nbsp;&nbsp; 6304 | &nbsp;&nbsp; 134070<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1099659 |
| Food Products — 1.8% | Food Products — 1.8% | Food Products — 1.8% |
| WH Group Ltd. | &nbsp;&nbsp; 164000 | &nbsp;&nbsp; 177693<br> <sup>(a)</sup><br>|
| Wilmar International Ltd. | &nbsp;&nbsp; 128000 | &nbsp;&nbsp; 282966<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 460659 |
| Household Products — 0.3% | Household Products — 0.3% | Household Products — 0.3% |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 1112 | &nbsp;&nbsp; 85600<br>|
| Tobacco — 3.6% | Tobacco — 3.6% | Tobacco — 3.6% |
| British American Tobacco PLC | &nbsp;&nbsp; 7144 | &nbsp;&nbsp; 379607<br>|
| Imperial Brands PLC | &nbsp;&nbsp; 8136 | &nbsp;&nbsp; 345899<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin International Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Tobacco — continued | Tobacco — continued | Tobacco — continued |
| Japan Tobacco Inc. | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; $210697<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 936203 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2582121** |
| **Energy — 8.6%** | **Energy — 8.6%** | **Energy — 8.6%** |
| Oil, Gas & Consumable Fuels — 8.6% | Oil, Gas & Consumable Fuels — 8.6% | Oil, Gas & Consumable Fuels — 8.6% |
| Enbridge Inc. | &nbsp;&nbsp; 3776 | &nbsp;&nbsp; 190537<br>|
| Eni SpA | &nbsp;&nbsp; 7584 | &nbsp;&nbsp; 132474<br>|
| OMV AG | &nbsp;&nbsp; 8664 | &nbsp;&nbsp; 462385<br>|
| Repsol SA | &nbsp;&nbsp; 23560 | &nbsp;&nbsp; 417044<br>|
| TC Energy Corp. | &nbsp;&nbsp; 2096 | &nbsp;&nbsp; 113989<br>|
| Var Energi ASA | &nbsp;&nbsp; 134792 | &nbsp;&nbsp; 449856<br>|
| Whitecap Resources Inc. | &nbsp;&nbsp; 50312 | &nbsp;&nbsp; 384011<br>|
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 3608 | &nbsp;&nbsp; 55069<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2205365** |
| **Financials — 31.3%** | **Financials — 31.3%** | **Financials — 31.3%** |
| Banks — 16.3% | Banks — 16.3% | Banks — 16.3% |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 38376 | &nbsp;&nbsp; 339992<br>|
| Banco BPM SpA | &nbsp;&nbsp; 25392 | &nbsp;&nbsp; 379658<br>|
| Bank of Nova Scotia | &nbsp;&nbsp; 2344 | &nbsp;&nbsp; 151600<br>|
| Banque Cantonale Vaudoise, Registered Shares | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 132179<br>|
| BNP Paribas SA | &nbsp;&nbsp; 3544 | &nbsp;&nbsp; 322018<br>|
| BPER Banca SpA | &nbsp;&nbsp; 34896 | &nbsp;&nbsp; 386902<br>|
| CaixaBank SA | &nbsp;&nbsp; 20264 | &nbsp;&nbsp; 213006<br>|
| Credit Agricole SA | &nbsp;&nbsp; 22944 | &nbsp;&nbsp; 450758<br>|
| Danske Bank A/S | &nbsp;&nbsp; 11728 | &nbsp;&nbsp; 500113<br>|
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 166638<br>|
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 14584 | &nbsp;&nbsp; 295342<br>|
| Svenska Handelsbanken AB, Class A Shares | &nbsp;&nbsp; 37216 | &nbsp;&nbsp; 484337<br>|
| Swedbank AB, Class A Shares | &nbsp;&nbsp; 12448 | &nbsp;&nbsp; 374826<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 4197369 |
| Capital Markets — 1.4% | Capital Markets — 1.4% | Capital Markets — 1.4% |
| Amundi SA | &nbsp;&nbsp; 4376 | &nbsp;&nbsp; 346557<br> <sup>(a)</sup><br>|
| Financial Services — 4.2% | Financial Services — 4.2% | Financial Services — 4.2% |
| Edenred SE | &nbsp;&nbsp; 5656 | &nbsp;&nbsp; 134245<br>|
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 4568 | &nbsp;&nbsp; 408191<br>|
| M&G PLC | &nbsp;&nbsp; 159168 | &nbsp;&nbsp; 542128<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 1084564 |
| Insurance — 9.4% | Insurance — 9.4% | Insurance — 9.4% |
| Admiral Group PLC | &nbsp;&nbsp; 3392 | &nbsp;&nbsp; 153068<br>|
| ASR Nederland NV | &nbsp;&nbsp; 2552 | &nbsp;&nbsp; 173259<br>|
| Legal & General Group PLC | &nbsp;&nbsp; 177264 | &nbsp;&nbsp; 567967<br>|
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 95441<br>|
| NN Group NV | &nbsp;&nbsp; 4696 | &nbsp;&nbsp; 330516<br>|
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 64520 | &nbsp;&nbsp; 558945<br>|
| Poste Italiane SpA | &nbsp;&nbsp; 12976 | &nbsp;&nbsp; 307833<br> <sup>(a)</sup><br>|
| Swiss Re AG | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 56924<br>|
| Tryg A/S | &nbsp;&nbsp; 3592 | &nbsp;&nbsp; 91202<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Zurich Insurance Group AG | &nbsp;&nbsp; 139 | &nbsp;&nbsp; $98985<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 2434140 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **8062630** |
| **Health Care — 4.7%** | **Health Care — 4.7%** | **Health Care — 4.7%** |
| Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 17760 | &nbsp;&nbsp; 252358<br>|
| Pharmaceuticals — 3.7% | Pharmaceuticals — 3.7% | Pharmaceuticals — 3.7% |
| Astellas Pharma Inc. | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 312113<br>|
| Roche Holding AG, Vienna Stock Exchange | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 188151<br>|
| Sanofi SA | &nbsp;&nbsp; 2496 | &nbsp;&nbsp; 230372<br>|
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 8200 | &nbsp;&nbsp; 239584<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 970220 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1222578** |
| **Industrials — 9.4%** | **Industrials — 9.4%** | **Industrials — 9.4%** |
| Construction & Engineering — 1.7% | Construction & Engineering — 1.7% | Construction & Engineering — 1.7% |
| Bouygues SA | &nbsp;&nbsp; 10080 | &nbsp;&nbsp; 453862<br>|
| Ground Transportation — 1.9% | Ground Transportation — 1.9% | Ground Transportation — 1.9% |
| Ayvens SA | &nbsp;&nbsp; 41328 | &nbsp;&nbsp; 498715<br> <sup>(a)</sup><br>|
| Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% |
| Keppel Ltd. | &nbsp;&nbsp; 19100 | &nbsp;&nbsp; 132153<br>|
| Machinery — 1.5% | Machinery — 1.5% | Machinery — 1.5% |
| Volvo AB, Class B Shares | &nbsp;&nbsp; 13168 | &nbsp;&nbsp; 377325<br>|
| Marine Transportation — 3.8% | Marine Transportation — 3.8% | Marine Transportation — 3.8% |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 23200 | &nbsp;&nbsp; 330834<br>|
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 243437<br>|
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 104000 | &nbsp;&nbsp; 400473<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 974744 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **2436799** |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| Semiconductors & Semiconductor Equipment — 0.1% | Semiconductors & Semiconductor Equipment — 0.1% | Semiconductors & Semiconductor Equipment — 0.1% |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 200 | &nbsp;&nbsp; **29810**<br>|
| **Materials — 6.9%** | **Materials — 6.9%** | **Materials — 6.9%** |
| Chemicals — 1.9% | Chemicals — 1.9% | Chemicals — 1.9% |
| Evonik Industries AG | &nbsp;&nbsp; 28704 | &nbsp;&nbsp; 498151<br>|
| Metals & Mining — 3.7% | Metals & Mining — 3.7% | Metals & Mining — 3.7% |
| Fortescue Ltd. | &nbsp;&nbsp; 19968 | &nbsp;&nbsp; 247207<br>|
| Glencore PLC | &nbsp;&nbsp; 29744 | &nbsp;&nbsp; 136787<br>|
| Rio Tinto Ltd. | &nbsp;&nbsp; 2696 | &nbsp;&nbsp; 218040<br>|
| Rio Tinto PLC | &nbsp;&nbsp; 5112 | &nbsp;&nbsp; 336359<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 938393 |
| Paper & Forest Products — 1.3% | Paper & Forest Products — 1.3% | Paper & Forest Products — 1.3% |
| UPM-Kymmene oyj | &nbsp;&nbsp; 12592 | &nbsp;&nbsp; 344293<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1780837** |
| **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** |
| Real Estate Management & Development — 2.0% | Real Estate Management & Development — 2.0% | Real Estate Management & Development — 2.0% |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 197752<br>|
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 63000 | &nbsp;&nbsp; 222189<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin International Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Real Estate Management & Development — continued | Real Estate Management & Development — continued | Real Estate Management & Development — continued | Real Estate Management & Development — continued |
| Sino Land Co. Ltd. | Sino Land Co. Ltd. | &nbsp;&nbsp; 82500 | &nbsp;&nbsp; $104445<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **524386** |
| **Utilities — 7.7%** | **Utilities — 7.7%** | **Utilities — 7.7%** | **Utilities — 7.7%** |
| Electric Utilities — 3.2% | Electric Utilities — 3.2% | Electric Utilities — 3.2% | Electric Utilities — 3.2% |
| EDP SA | EDP SA | &nbsp;&nbsp; 57792 | &nbsp;&nbsp; 274135<br>|
| Emera Inc. | Emera Inc. | &nbsp;&nbsp; 2272 | &nbsp;&nbsp; 109028<br>|
| Endesa SA | Endesa SA | &nbsp;&nbsp; 8944 | &nbsp;&nbsp; 285955<br>|
| Enel SpA | Enel SpA | &nbsp;&nbsp; 18280 | &nbsp;&nbsp; 173250<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 842368 |
| Gas Utilities — 1.8% | Gas Utilities — 1.8% | Gas Utilities — 1.8% | Gas Utilities — 1.8% |
| APA Group | APA Group | &nbsp;&nbsp; 54904 | &nbsp;&nbsp; 323122<br>|
| Snam SpA | Snam SpA | &nbsp;&nbsp; 22888 | &nbsp;&nbsp; 137640<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 460762 |
| Multi-Utilities — 2.2% | Multi-Utilities — 2.2% | Multi-Utilities — 2.2% | Multi-Utilities — 2.2% |
| Engie SA | Engie SA | &nbsp;&nbsp; 26088 | &nbsp;&nbsp; 559578<br>|
| Water Utilities — 0.5% | Water Utilities — 0.5% | Water Utilities — 0.5% | Water Utilities — 0.5% |
| United Utilities Group PLC | United Utilities Group PLC | &nbsp;&nbsp; 8128 | &nbsp;&nbsp; 125454<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1988162** |
| **Total Common Stocks (Cost — $24,094,906)** | **Total Common Stocks (Cost — $24,094,906)** | **Total Common Stocks (Cost — $24,094,906)** | &nbsp;&nbsp; **25250205**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 1.5%** | **Preferred Stocks — 1.5%** | **Preferred Stocks — 1.5%** | **Preferred Stocks — 1.5%** |
| **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** |
| Automobiles — 1.5% | Automobiles — 1.5% | Automobiles — 1.5% | Automobiles — 1.5% |
| Volkswagen AG (Cost — $422,832) | &nbsp;&nbsp; 6.916% | &nbsp;&nbsp; 3704 | &nbsp;&nbsp; **400228**<br> <sup>(b)</sup><br>|
| **Total Investments — 99.4% (Cost — $24,517,738)** | **Total Investments — 99.4% (Cost — $24,517,738)** | **Total Investments — 99.4% (Cost — $24,517,738)** | &nbsp;&nbsp; **25650433** |
| Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | &nbsp;&nbsp; 150081 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$25800514** |

---

&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> The rate shown represents the yield as of September 30, 2025.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Dividend Booster Index ETF**

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup>  | **Summary of Investments by Country**<sup>#</sup>  |
| France | 16.7<br> %<br>|
| United Kingdom | 12.4 |
| Japan | 10.1 |
| Italy | 9.3 |
| Canada | 7.8 |
| Australia | 6.2 |
| Sweden | 5.2 |
| Spain | 5.0 |
| Germany | 4.7 |
| China | 2.7 |
| Hong Kong | 2.5 |
| Denmark | 2.2 |
| Netherlands | 2.1 |
| Finland | 1.8 |
| United States | 1.8 |
| Austria | 1.8 |
| Norway | 1.8 |
| Belgium | 1.6 |
| Macau | 1.2 |
| Singapore | 1.1 |
| Portugal | 1.1 |
| Switzerland | 0.9 |
|  | **100.0%**<br>|

---

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

# As a percentage of total investments. Please note that the Fund holdings are as of September 30, 2025, and are subject to change. 

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Core Dividend Tilt Index 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 — 9.3%** | **Communication Services — 9.3%** | **Communication Services — 9.3%** |
| Diversified Telecommunication Services — 1.7% | Diversified Telecommunication Services — 1.7% | Diversified Telecommunication Services — 1.7% |
| AT&T Inc. | &nbsp;&nbsp; 21420 | &nbsp;&nbsp; $604901<br>|
| Verizon Communications Inc. | &nbsp;&nbsp; 13636 | &nbsp;&nbsp; 599302<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 1204203 |
| Entertainment — 1.1% | Entertainment — 1.1% | Entertainment — 1.1% |
| Netflix Inc. | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 595,864<br> \*<br>|
| ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 104,721<br> \*<br>|
| Walt Disney Co. | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 70532<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 771117 |
| Interactive Media & Services — 5.8% | Interactive Media & Services — 5.8% | Interactive Media & Services — 5.8% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 5544 | &nbsp;&nbsp; 1347746<br>|
| Alphabet Inc., Class C Shares | &nbsp;&nbsp; 4816 | &nbsp;&nbsp; 1172937<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 2389 | &nbsp;&nbsp; 1754434<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 4275117 |
| Media — 0.7% | Media — 0.7% | Media — 0.7% |
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 14140 | &nbsp;&nbsp; 444279<br>|
| Omnicom Group Inc. | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 61636<br>|
| Trade Desk Inc., Class A Shares | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 23,329<br> \*<br>|
| Total Media | Total Media | &nbsp;&nbsp; 529244 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **6779681** |
| **Consumer Discretionary — 9.1%** | **Consumer Discretionary — 9.1%** | **Consumer Discretionary — 9.1%** |
| Automobiles — 2.3% | Automobiles — 2.3% | Automobiles — 2.3% |
| Ford Motor Co. | &nbsp;&nbsp; 15092 | &nbsp;&nbsp; 180500<br>|
| Tesla Inc. | &nbsp;&nbsp; 3332 | &nbsp;&nbsp; 1,481,807<br> \*<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 1662307 |
| Broadline Retail — 3.5% | Broadline Retail — 3.5% | Broadline Retail — 3.5% |
| Amazon.com Inc. | &nbsp;&nbsp; 10780 | &nbsp;&nbsp; 2,366,965<br> \*<br>|
| eBay Inc. | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 48385<br>|
| MercadoLibre Inc. | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 163,586<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 2578936 |
| Distributors — 0.1% | Distributors — 0.1% | Distributors — 0.1% |
| Genuine Parts Co. | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 73735<br>|
| Pool Corp. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 43410<br>|
| Total Distributors | Total Distributors | &nbsp;&nbsp; 117145 |
| Hotels, Restaurants & Leisure — 1.2% | Hotels, Restaurants & Leisure — 1.2% | Hotels, Restaurants & Leisure — 1.2% |
| Booking Holdings Inc. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 48594<br>|
| Darden Restaurants Inc. | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 85281<br>|
| DoorDash Inc., Class A Shares | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 137,083<br> \*<br>|
| McDonald's Corp. | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 178687<br>|
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 36241<br>|
| Starbucks Corp. | &nbsp;&nbsp; 4536 | &nbsp;&nbsp; 383746<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 869632 |
| Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% |
| Garmin Ltd. | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 137883<br>|
| Specialty Retail — 1.7% | Specialty Retail — 1.7% | Specialty Retail — 1.7% |
| Best Buy Co. Inc. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 52934<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued |
| Carvana Co. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; $95,065<br> \*<br>|
| Home Depot Inc. | &nbsp;&nbsp; 1764 | &nbsp;&nbsp; 714755<br>|
| Lowe's Cos. Inc. | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 197027<br>|
| Ross Stores Inc. | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 29868<br>|
| TJX Cos. Inc. | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 52613<br>|
| Tractor Supply Co. | &nbsp;&nbsp; 1960 | &nbsp;&nbsp; 111465<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 1253727 |
| Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% |
| NIKE Inc., Class B Shares | &nbsp;&nbsp; 1204 | &nbsp;&nbsp; 83955<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **6703585** |
| **Consumer Staples — 6.2%** | **Consumer Staples — 6.2%** | **Consumer Staples — 6.2%** |
| Beverages — 1.7% | Beverages — 1.7% | Beverages — 1.7% |
| Brown-Forman Corp., Class A Shares | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 5274<br>|
| Brown-Forman Corp., Class B Shares | &nbsp;&nbsp; 1204 | &nbsp;&nbsp; 32604<br>|
| Coca-Cola Co. | &nbsp;&nbsp; 6020 | &nbsp;&nbsp; 399247<br>|
| Constellation Brands Inc., Class A Shares | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 11312<br>|
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 4872 | &nbsp;&nbsp; 124285<br>|
| Molson Coors Beverage Co., Class B Shares | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 29141<br>|
| PepsiCo Inc. | &nbsp;&nbsp; 4368 | &nbsp;&nbsp; 613442<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 1215305 |
| Consumer Staples Distribution & Retail — 1.2% | Consumer Staples Distribution & Retail — 1.2% | Consumer Staples Distribution & Retail — 1.2% |
| Costco Wholesale Corp. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 311012<br>|
| Sysco Corp. | &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 124498<br>|
| Target Corp. | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 163254<br>|
| Walmart Inc. | &nbsp;&nbsp; 2492 | &nbsp;&nbsp; 256825<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 855589 |
| Food Products — 0.9% | Food Products — 0.9% | Food Products — 0.9% |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 103709<br>|
| Campbell's Co. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 22106<br>|
| Conagra Brands Inc. | &nbsp;&nbsp; 1792 | &nbsp;&nbsp; 32811<br>|
| General Mills Inc. | &nbsp;&nbsp; 2072 | &nbsp;&nbsp; 104470<br>|
| Hershey Co. | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 99511<br>|
| Hormel Foods Corp. | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 27016<br>|
| JM Smucker Co. | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 42571<br>|
| Kellanova | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 25262<br>|
| Kraft Heinz Co. | &nbsp;&nbsp; 3444 | &nbsp;&nbsp; 89682<br>|
| Mondelez International Inc., Class A Shares | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 68217<br>|
| Tyson Foods Inc., Class A Shares | &nbsp;&nbsp; 1036 | &nbsp;&nbsp; 56255<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 671610 |
| Household Products — 0.9% | Household Products — 0.9% | Household Products — 0.9% |
| Clorox Co. | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 55238<br>|
| Kimberly-Clark Corp. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 156669<br>|
| Procter & Gamble Co. | &nbsp;&nbsp; 2828 | &nbsp;&nbsp; 434522<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 646429 |
| Personal Care Products — 0.2% | Personal Care Products — 0.2% | Personal Care Products — 0.2% |
| Estee Lauder Cos. Inc., Class A Shares | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 51815<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Personal Care Products — continued | Personal Care Products — continued | Personal Care Products — continued |
| Kenvue Inc. | &nbsp;&nbsp; 7392 | &nbsp;&nbsp; $119972<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 171787 |
| Tobacco — 1.3% | Tobacco — 1.3% | Tobacco — 1.3% |
| Altria Group Inc. | &nbsp;&nbsp; 6524 | &nbsp;&nbsp; 430975<br>|
| Philip Morris International Inc. | &nbsp;&nbsp; 3304 | &nbsp;&nbsp; 535909<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 966884 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **4527604** |
| **Energy — 4.6%** | **Energy — 4.6%** | **Energy — 4.6%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Baker Hughes Co. | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 25919<br>|
| Schlumberger NV | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 30796<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 56715 |
| Oil, Gas & Consumable Fuels — 4.5% | Oil, Gas & Consumable Fuels — 4.5% | Oil, Gas & Consumable Fuels — 4.5% |
| Chevron Corp. | &nbsp;&nbsp; 4816 | &nbsp;&nbsp; 747877<br>|
| ConocoPhillips | &nbsp;&nbsp; 1568 | &nbsp;&nbsp; 148317<br>|
| Coterra Energy Inc. | &nbsp;&nbsp; 2940 | &nbsp;&nbsp; 69531<br>|
| Devon Energy Corp. | &nbsp;&nbsp; 2268 | &nbsp;&nbsp; 79516<br>|
| Diamondback Energy Inc. | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 108184<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 119296<br>|
| Exxon Mobil Corp. | &nbsp;&nbsp; 7924 | &nbsp;&nbsp; 893431<br>|
| Kinder Morgan Inc. | &nbsp;&nbsp; 7588 | &nbsp;&nbsp; 214816<br>|
| ONEOK Inc. | &nbsp;&nbsp; 2520 | &nbsp;&nbsp; 183884<br>|
| Phillips 66 | &nbsp;&nbsp; 1596 | &nbsp;&nbsp; 217088<br>|
| Targa Resources Corp. | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 75058<br>|
| Tatneft PJSC | &nbsp;&nbsp; 15990 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Valero Energy Corp. | &nbsp;&nbsp; 924 | &nbsp;&nbsp; 157320<br>|
| Williams Cos. Inc. | &nbsp;&nbsp; 4704 | &nbsp;&nbsp; 297998<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 3312316 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **3369031** |
| **Financials — 12.7%** | **Financials — 12.7%** | **Financials — 12.7%** |
| Banks — 5.4% | Banks — 5.4% | Banks — 5.4% |
| Bank of America Corp. | &nbsp;&nbsp; 10052 | &nbsp;&nbsp; 518583<br>|
| Citigroup Inc. | &nbsp;&nbsp; 5012 | &nbsp;&nbsp; 508718<br>|
| Citizens Financial Group Inc. | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 89309<br>|
| East-West Bancorp Inc. | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 53651<br>|
| Fifth Third Bancorp | &nbsp;&nbsp; 2576 | &nbsp;&nbsp; 114761<br>|
| Huntington Bancshares Inc. | &nbsp;&nbsp; 5544 | &nbsp;&nbsp; 95745<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 3780 | &nbsp;&nbsp; 1192325<br>|
| KeyCorp | &nbsp;&nbsp; 3668 | &nbsp;&nbsp; 68555<br>|
| M&T Bank Corp. | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 116201<br>|
| PNC Financial Services Group Inc. | &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 303806<br>|
| Regions Financial Corp. | &nbsp;&nbsp; 3304 | &nbsp;&nbsp; 87126<br>|
| Truist Financial Corp. | &nbsp;&nbsp; 4984 | &nbsp;&nbsp; 227868<br>|
| US Bancorp | &nbsp;&nbsp; 5936 | &nbsp;&nbsp; 286887<br>|
| Wells Fargo & Co. | &nbsp;&nbsp; 3304 | &nbsp;&nbsp; 276941<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 3940476 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — 5.1% | Capital Markets — 5.1% | Capital Markets — 5.1% |
| Ares Management Corp., Class A Shares | &nbsp;&nbsp; 784 | &nbsp;&nbsp; $125354<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; 2632 | &nbsp;&nbsp; 286783<br>|
| Blackrock Inc. | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 582935<br>|
| Blackstone Inc. | &nbsp;&nbsp; 2772 | &nbsp;&nbsp; 473596<br>|
| Carlyle Group Inc. | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 52668<br>|
| Charles Schwab Corp. | &nbsp;&nbsp; 1708 | &nbsp;&nbsp; 163063<br>|
| Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 113,397<br> \*<br>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 401360<br>|
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 37739<br>|
| KKR & Co. Inc. | &nbsp;&nbsp; 1036 | &nbsp;&nbsp; 134628<br>|
| Morgan Stanley | &nbsp;&nbsp; 3948 | &nbsp;&nbsp; 627574<br>|
| MSCI Inc. | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 158875<br>|
| Nasdaq Inc. | &nbsp;&nbsp; 1456 | &nbsp;&nbsp; 128783<br>|
| Northern Trust Corp. | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 101758<br>|
| Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 140,316<br> \*<br>|
| State Street Corp. | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 129931<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 86218<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 3744978 |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| Capital One Financial Corp. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 53570<br>|
| Synchrony Financial | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 23873<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 77443 |
| Financial Services — 0.9% | Financial Services — 0.9% | Financial Services — 0.9% |
| Apollo Global Management Inc. | &nbsp;&nbsp; 1036 | &nbsp;&nbsp; 138068<br>|
| Block Inc. | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 26,306<br> \*<br>|
| Corebridge Financial Inc. | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 31409<br>|
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 27695<br>|
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 31853<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 420580<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 675911 |
| Insurance — 1.1% | Insurance — 1.1% | Insurance — 1.1% |
| Allstate Corp. | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 60102<br>|
| Cincinnati Financial Corp. | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 92963<br>|
| Fidelity National Financial Inc. | &nbsp;&nbsp; 952 | &nbsp;&nbsp; 57586<br>|
| MetLife Inc. | &nbsp;&nbsp; 2604 | &nbsp;&nbsp; 214492<br>|
| Principal Financial Group Inc. | &nbsp;&nbsp; 868 | &nbsp;&nbsp; 71966<br>|
| Progressive Corp. | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 159036<br>|
| Prudential Financial Inc. | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 145236<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 801381 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management Inc. | &nbsp;&nbsp; 2380 | &nbsp;&nbsp; 48100<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **9288289** |
| **Health Care — 7.7%** | **Health Care — 7.7%** | **Health Care — 7.7%** |
| Biotechnology — 1.9% | Biotechnology — 1.9% | Biotechnology — 1.9% |
| AbbVie Inc. | &nbsp;&nbsp; 3136 | &nbsp;&nbsp; 726110<br>|
| Amgen Inc. | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 434588<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Biotechnology — continued | Biotechnology — continued | Biotechnology — continued |
| Gilead Sciences Inc. | &nbsp;&nbsp; 2268 | &nbsp;&nbsp; $251748<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 1412446 |
| Health Care Equipment & Supplies — 1.0% | Health Care Equipment & Supplies — 1.0% | Health Care Equipment & Supplies — 1.0% |
| Abbott Laboratories | &nbsp;&nbsp; 2380 | &nbsp;&nbsp; 318777<br>|
| Baxter International Inc. | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 17214<br>|
| Becton Dickinson & Co. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 5241<br>|
| Intuitive Surgical Inc. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 50,090<br> \*<br>|
| Medtronic PLC | &nbsp;&nbsp; 3780 | &nbsp;&nbsp; 360007<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 751329 |
| Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% |
| CVS Health Corp. | &nbsp;&nbsp; 4536 | &nbsp;&nbsp; 341969<br>|
| UnitedHealth Group Inc. | &nbsp;&nbsp; 1204 | &nbsp;&nbsp; 415741<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 757710 |
| Pharmaceuticals — 3.8% | Pharmaceuticals — 3.8% | Pharmaceuticals — 3.8% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 7812 | &nbsp;&nbsp; 352321<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 868 | &nbsp;&nbsp; 662284<br>|
| Johnson & Johnson | &nbsp;&nbsp; 3948 | &nbsp;&nbsp; 732038<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 5376 | &nbsp;&nbsp; 451208<br>|
| Pfizer Inc. | &nbsp;&nbsp; 21644 | &nbsp;&nbsp; 551489<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 2749340 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5670825** |
| **Industrials — 5.6%** | **Industrials — 5.6%** | **Industrials — 5.6%** |
| Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% |
| Axon Enterprise Inc. | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 107,646<br> \*<br>|
| General Electric Co. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 75807<br>|
| RTX Corp. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 210836<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 394289 |
| Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% |
| FedEx Corp. | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 158464<br>|
| United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 2884 | &nbsp;&nbsp; 240901<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 399365 |
| Building Products — 0.4% | Building Products — 0.4% | Building Products — 0.4% |
| Carrier Global Corp. | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 66864<br>|
| Johnson Controls International PLC | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; 110829<br>|
| Lennox International Inc. | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 29644<br>|
| Owens Corning | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 31687<br>|
| Trane Technologies PLC | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 78063<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 317087 |
| Commercial Services & Supplies — 0.0%†† | Commercial Services & Supplies — 0.0%†† | Commercial Services & Supplies — 0.0%†† |
| Cintas Corp. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 5747<br>|
| Electrical Equipment — 1.3% | Electrical Equipment — 1.3% | Electrical Equipment — 1.3% |
| Eaton Corp. PLC | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 209580<br>|
| Emerson Electric Co. | &nbsp;&nbsp; 1456 | &nbsp;&nbsp; 190998<br>|
| GE Vernova Inc. | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 223823<br>|
| Hubbell Inc. | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 84341<br>|
| Rockwell Automation Inc. | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 146803<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electrical Equipment — continued | Electrical Equipment — continued | Electrical Equipment — continued |
| Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 756 | &nbsp;&nbsp; $114050<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 969595 |
| Ground Transportation — 0.9% | Ground Transportation — 0.9% | Ground Transportation — 0.9% |
| Norfolk Southern Corp. | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 252344<br>|
| Uber Technologies Inc. | &nbsp;&nbsp; 1876 | &nbsp;&nbsp; 183,792<br> \*<br>|
| Union Pacific Corp. | &nbsp;&nbsp; 868 | &nbsp;&nbsp; 205169<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 641305 |
| Industrial Conglomerates — 0.3% | Industrial Conglomerates — 0.3% | Industrial Conglomerates — 0.3% |
| 3M Co. | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 82556<br>|
| Honeywell International Inc. | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 129668<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 212224 |
| Machinery — 0.8% | Machinery — 0.8% | Machinery — 0.8% |
| Cummins Inc. | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 224701<br>|
| Illinois Tool Works Inc. | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 284750<br>|
| Snap-on Inc. | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 67920<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 577371 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| Southwest Airlines Co. | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 58076<br>|
| Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 90398<br>|
| Paychex Inc. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 159717<br>|
| Paycom Software Inc. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 29140<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 279255 |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Fastenal Co. | &nbsp;&nbsp; 4424 | &nbsp;&nbsp; 216953<br>|
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 6288<br>|
| Watsco Inc. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 56602<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 279843 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **4134157** |
| **Information Technology — 36.5%** | **Information Technology — 36.5%** | **Information Technology — 36.5%** |
| Communications Equipment — 1.1% | Communications Equipment — 1.1% | Communications Equipment — 1.1% |
| Arista Networks Inc. | &nbsp;&nbsp; 1176 | &nbsp;&nbsp; 171,355<br> \*<br>|
| Cisco Systems Inc. | &nbsp;&nbsp; 9744 | &nbsp;&nbsp; 666684<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 838039 |
| Electronic Equipment, Instruments & Components — 0.9% | Electronic Equipment, Instruments & Components — 0.9% | Electronic Equipment, Instruments & Components — 0.9% |
| Amphenol Corp., Class A Shares | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 214830<br>|
| CDW Corp. | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 31219<br>|
| Corning Inc. | &nbsp;&nbsp; 2604 | &nbsp;&nbsp; 213606<br>|
| TE Connectivity PLC | &nbsp;&nbsp; 868 | &nbsp;&nbsp; 190552<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 650207 |
| IT Services — 1.5% | IT Services — 1.5% | IT Services — 1.5% |
| Accenture PLC, Class A Shares | &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 372859<br>|
| Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 114,162<br> \*<br>|
| International Business Machines Corp. | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; 521432<br>|
| MongoDB Inc. | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 17,381<br> \*<br>|
| Okta Inc. | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 17,973<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| IT Services — continued | IT Services — continued | IT Services — continued |
| Snowflake Inc., Class A Shares | &nbsp;&nbsp; 392 | &nbsp;&nbsp; $88,416<br> \*<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 1132223 |
| Semiconductors & Semiconductor Equipment — 14.9% | Semiconductors & Semiconductor Equipment — 14.9% | Semiconductors & Semiconductor Equipment — 14.9% |
| Advanced Micro Devices Inc. | &nbsp;&nbsp; 1372 | &nbsp;&nbsp; 221,976<br> \*<br>|
| Analog Devices Inc. | &nbsp;&nbsp; 1596 | &nbsp;&nbsp; 392137<br>|
| Applied Materials Inc. | &nbsp;&nbsp; 1148 | &nbsp;&nbsp; 235041<br>|
| Broadcom Inc. | &nbsp;&nbsp; 5264 | &nbsp;&nbsp; 1736646<br>|
| Entegris Inc. | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 33655<br>|
| Intel Corp. | &nbsp;&nbsp; 5824 | &nbsp;&nbsp; 195395<br>|
| KLA Corp. | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 259943<br>|
| Lam Research Corp. | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 299936<br>|
| Marvell Technology Inc. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 105928<br>|
| Microchip Technology Inc. | &nbsp;&nbsp; 2044 | &nbsp;&nbsp; 131266<br>|
| Micron Technology Inc. | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 112439<br>|
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 154668<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 29960 | &nbsp;&nbsp; 5589937<br>|
| NXP Semiconductors NV | &nbsp;&nbsp; 952 | &nbsp;&nbsp; 216799<br>|
| QUALCOMM Inc. | &nbsp;&nbsp; 3584 | &nbsp;&nbsp; 596234<br>|
| Teradyne Inc. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 19270<br>|
| Texas Instruments Inc. | &nbsp;&nbsp; 3164 | &nbsp;&nbsp; 581322<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 10882592 |
| Software — 11.0% | Software — 11.0% | Software — 11.0% |
| Adobe Inc. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 39,508<br> \*<br>|
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 241,429<br> \*<br>|
| Atlassian Corp., Class A Shares | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 44,716<br> \*<br>|
| Autodesk Inc. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 35,579<br> \*<br>|
| Bentley Systems Inc., Class B Shares | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 27387<br>|
| Cadence Design Systems Inc. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 88,518<br> \*<br>|
| CrowdStrike Holdings Inc., Class A Shares | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 205,960<br> \*<br>|
| Datadog Inc., Class A Shares | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 55,821<br> \*<br>|
| Fortinet Inc. | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 56,502<br> \*<br>|
| Gen Digital Inc. | &nbsp;&nbsp; 1372 | &nbsp;&nbsp; 38951<br>|
| HubSpot Inc. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 52,394<br> \*<br>|
| Intuit Inc. | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 267701<br>|
| Microsoft Corp. | &nbsp;&nbsp; 9380 | &nbsp;&nbsp; 4858371<br>|
| Oracle Corp. | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 590604<br>|
| Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 3024 | &nbsp;&nbsp; 551,638<br> \*<br>|
| Palo Alto Networks Inc. | &nbsp;&nbsp; 812 | &nbsp;&nbsp; 165,339<br> \*<br>|
| Salesforce Inc. | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 265440<br>|
| ServiceNow Inc. | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 257,678<br> \*<br>|
| Strategy Inc. | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 90,219<br> \*<br>|
| Synopsys Inc. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 13,815<br> \*<br>|
| Workday Inc., Class A Shares | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 26,962<br> \*<br>|
| Zscaler Inc. | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 58,733<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 8033265 |
| Technology Hardware, Storage & Peripherals — 7.1% | Technology Hardware, Storage & Peripherals — 7.1% | Technology Hardware, Storage & Peripherals — 7.1% |
| Apple Inc. | &nbsp;&nbsp; 18088 | &nbsp;&nbsp; 4605747<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued |
| Dell Technologies Inc., Class C Shares | &nbsp;&nbsp; 784 | &nbsp;&nbsp; $111148<br>|
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 4788 | &nbsp;&nbsp; 117593<br>|
| HP Inc. | &nbsp;&nbsp; 3472 | &nbsp;&nbsp; 94543<br>|
| NetApp Inc. | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 79605<br>|
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 158632<br>|
| Super Micro Computer Inc. | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 32,216<br> \*<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 5199484 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **26735810** |
| **Materials — 1.1%** | **Materials — 1.1%** | **Materials — 1.1%** |
| Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% |
| Air Products & Chemicals Inc. | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 167996<br>|
| Dow Inc. | &nbsp;&nbsp; 2772 | &nbsp;&nbsp; 63562<br>|
| DuPont de Nemours Inc. | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; 111241<br>|
| LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp; 1036 | &nbsp;&nbsp; 50805<br>|
| PPG Industries Inc. | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 41203<br>|
| Westlake Corp. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 8631<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 443438 |
| Containers & Packaging — 0.4% | Containers & Packaging — 0.4% | Containers & Packaging — 0.4% |
| Amcor PLC | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 74438<br>|
| International Paper Co. | &nbsp;&nbsp; 2072 | &nbsp;&nbsp; 96141<br>|
| Packaging Corp. of America | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 73224<br>|
| Smurfit WestRock PLC | &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 85821<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 329624 |
| Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 14276<br>|
| Southern Copper Corp. | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 37986<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 52262 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **825324** |
| **Real Estate — 4.4%** | **Real Estate — 4.4%** | **Real Estate — 4.4%** |
| Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% |
| WP Carey Inc. | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 56759<br>|
| Health Care REITs — 0.2% | Health Care REITs — 0.2% | Health Care REITs — 0.2% |
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 46671<br>|
| Healthpeak Properties Inc. | &nbsp;&nbsp; 2688 | &nbsp;&nbsp; 51475<br>|
| Ventas Inc. | &nbsp;&nbsp; 1176 | &nbsp;&nbsp; 82308<br>|
| Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 180454 |
| Industrial REITs — 0.6% | Industrial REITs — 0.6% | Industrial REITs — 0.6% |
| Lineage Inc. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 9737<br>|
| Prologis Inc. | &nbsp;&nbsp; 3528 | &nbsp;&nbsp; 404027<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 413764 |
| Residential REITs — 0.8% | Residential REITs — 0.8% | Residential REITs — 0.8% |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 102766<br>|
| Camden Property Trust | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 44847<br>|
| Equity LifeStyle Properties Inc. | &nbsp;&nbsp; 728 | &nbsp;&nbsp; 44190<br>|
| Equity Residential | &nbsp;&nbsp; 1288 | &nbsp;&nbsp; 83372<br>|
| Essex Property Trust Inc. | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 59956<br>|
| Invitation Homes Inc. | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 65699<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Residential REITs — continued | Residential REITs — continued | Residential REITs — continued |
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 448 | &nbsp;&nbsp; $62599<br>|
| Sun Communities Inc. | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 57792<br>|
| UDR Inc. | &nbsp;&nbsp; 1176 | &nbsp;&nbsp; 43818<br>|
| Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 565039 |
| Retail REITs — 0.7% | Retail REITs — 0.7% | Retail REITs — 0.7% |
| Kimco Realty Corp. | &nbsp;&nbsp; 2632 | &nbsp;&nbsp; 57509<br>|
| Realty Income Corp. | &nbsp;&nbsp; 3304 | &nbsp;&nbsp; 200850<br>|
| Regency Centers Corp. | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 44906<br>|
| Simon Property Group Inc. | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 231210<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 534475 |
| Specialized REITs — 2.0% | Specialized REITs — 2.0% | Specialized REITs — 2.0% |
| American Tower Corp. | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; 258478<br>|
| Crown Castle Inc. | &nbsp;&nbsp; 1652 | &nbsp;&nbsp; 159401<br>|
| Digital Realty Trust Inc. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 217829<br>|
| Equinix Inc. | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 223223<br>|
| Extra Space Storage Inc. | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 106551<br>|
| Iron Mountain Inc. | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 114173<br>|
| Public Storage | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 169844<br>|
| VICI Properties Inc. | &nbsp;&nbsp; 4060 | &nbsp;&nbsp; 132397<br>|
| Weyerhaeuser Co. | &nbsp;&nbsp; 2660 | &nbsp;&nbsp; 65941<br>|
| Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 1447837 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **3198328** |
| **Utilities — 2.6%** | **Utilities — 2.6%** | **Utilities — 2.6%** |
| Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% |
| Alliant Energy Corp. | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; 67949<br>|
| American Electric Power Co. Inc. | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 204750<br>|
| Constellation Energy Corp. | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 64498<br>|
| Duke Energy Corp. | &nbsp;&nbsp; 812 | &nbsp;&nbsp; 100485<br>|
| Edison International | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 85131<br>|
| Entergy Corp. | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 62624<br>|
| Evergy Inc. | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 68114<br>|
| Eversource Energy | &nbsp;&nbsp; 1372 | &nbsp;&nbsp; 97604<br>|
| Exelon Corp. | &nbsp;&nbsp; 3892 | &nbsp;&nbsp; 175179<br>|
| FirstEnergy Corp. | &nbsp;&nbsp; 1988 | &nbsp;&nbsp; 91090<br>|
| NextEra Energy Inc. | &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 152188<br>|
| Southern Co. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 23882<br>|
| Xcel Energy Inc. | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 47422<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 1240916 |
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
| Vistra Corp. | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 43886<br>|
| Multi-Utilities — 0.8% | Multi-Utilities — 0.8% | Multi-Utilities — 0.8% |
| Consolidated Edison Inc. | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 39404<br>|
| Dominion Energy Inc. | &nbsp;&nbsp; 3360 | &nbsp;&nbsp; 205531<br>|
| NiSource Inc. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 7275<br>|
| Public Service Enterprise Group Inc. | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 91138<br>|
| Sempra | &nbsp;&nbsp; 1484 | &nbsp;&nbsp; 133531<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued |
| WEC Energy Group Inc. | WEC Energy Group Inc. | &nbsp;&nbsp; 1148 | &nbsp;&nbsp; $131549<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 608428 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1893230** |
| **Total Investments before Short-Term Investments (Cost — $58,931,414)** | **Total Investments before Short-Term Investments (Cost — $58,931,414)** | **Total Investments before Short-Term Investments (Cost — $58,931,414)** | &nbsp;&nbsp; **73125864** |
|  | Rate |  |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $72,860)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 72860<br>| &nbsp;&nbsp; **72860**<br> <sup>(d)(e)(f)</sup><br>|
| **Total Investments — 99.9% (Cost — $59,004,274)** | **Total Investments — 99.9% (Cost — $59,004,274)** | **Total Investments — 99.9% (Cost — $59,004,274)** | &nbsp;&nbsp; **73198724** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 85543 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$73284267** |

---

&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. |
| <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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $72,860 and the cost was $72,860 (Note 6).<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:** |
| PJSC |  | Private Joint Stock Company |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $100183 | &nbsp;&nbsp;&nbsp; $101082 | &nbsp;&nbsp;&nbsp; **$899** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Communication Services — 6.6%** | **Communication Services — 6.6%** | **Communication Services — 6.6%** |
| Diversified Telecommunication Services — 5.4% | Diversified Telecommunication Services — 5.4% | Diversified Telecommunication Services — 5.4% |
| AT&T Inc. | &nbsp;&nbsp; 6156 | &nbsp;&nbsp; $173846<br>|
| Verizon Communications Inc. | &nbsp;&nbsp; 40716 | &nbsp;&nbsp; 1789468<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 1963314 |
| Media — 1.2% | Media — 1.2% | Media — 1.2% |
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 33933<br>|
| Omnicom Group Inc. | &nbsp;&nbsp; 4779 | &nbsp;&nbsp; 389632<br>|
| Total Media | Total Media | &nbsp;&nbsp; 423565 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2386879** |
| **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** |
| Automobiles — 3.3% | Automobiles — 3.3% | Automobiles — 3.3% |
| Ford Motor Co. | &nbsp;&nbsp; 101061 | &nbsp;&nbsp; 1208690<br>|
| Distributors — 0.1% | Distributors — 0.1% | Distributors — 0.1% |
| Genuine Parts Co. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 37422<br>|
| Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% |
| Darden Restaurants Inc. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 51397<br>|
| McDonald's Corp. | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 34948<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 86345 |
| Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% |
| Lennar Corp., Class A Shares | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 30628<br>|
| PulteGroup Inc. | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 32107<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 62735 |
| Specialty Retail — 3.6% | Specialty Retail — 3.6% | Specialty Retail — 3.6% |
| Best Buy Co. Inc. | &nbsp;&nbsp; 13338 | &nbsp;&nbsp; 1008620<br>|
| Carvana Co. | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 244,451<br> \*<br>|
| Home Depot Inc. | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 32820<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 1285891 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2681083** |
| **Consumer Staples — 14.0%** | **Consumer Staples — 14.0%** | **Consumer Staples — 14.0%** |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |
| Brown-Forman Corp., Class B Shares | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 36558<br>|
| PepsiCo Inc. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 37919<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 74477 |
| Consumer Staples Distribution & Retail — 1.2% | Consumer Staples Distribution & Retail — 1.2% | Consumer Staples Distribution & Retail — 1.2% |
| Target Corp. | &nbsp;&nbsp; 4887 | &nbsp;&nbsp; 438364<br>|
| Food Products — 6.4% | Food Products — 6.4% | Food Products — 6.4% |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 33872<br>|
| General Mills Inc. | &nbsp;&nbsp; 14688 | &nbsp;&nbsp; 740569<br>|
| Hormel Foods Corp. | &nbsp;&nbsp; 9774 | &nbsp;&nbsp; 241809<br>|
| Kraft Heinz Co. | &nbsp;&nbsp; 48465 | &nbsp;&nbsp; 1262029<br>|
| Tyson Foods Inc., Class A Shares | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 33720<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 2311999 |
| Household Products — 1.0% | Household Products — 1.0% | Household Products — 1.0% |
| Clorox Co. | &nbsp;&nbsp; 2727 | &nbsp;&nbsp; 336239<br>|
| Kimberly-Clark Corp. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 33572<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 369811 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Estee Lauder Cos. Inc., Class A Shares | &nbsp;&nbsp; 405 | &nbsp;&nbsp; $35689<br>|
| Tobacco — 5.1% | Tobacco — 5.1% | Tobacco — 5.1% |
| Altria Group Inc. | &nbsp;&nbsp; 27081 | &nbsp;&nbsp; 1788971<br>|
| Philip Morris International Inc. | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 35035<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 1824006 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **5054346** |
| **Energy — 9.7%** | **Energy — 9.7%** | **Energy — 9.7%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Halliburton Co. | &nbsp;&nbsp; 1620 | &nbsp;&nbsp; 39852<br>|
| Oil, Gas & Consumable Fuels — 9.6% | Oil, Gas & Consumable Fuels — 9.6% | Oil, Gas & Consumable Fuels — 9.6% |
| Chevron Corp. | &nbsp;&nbsp; 4185 | &nbsp;&nbsp; 649889<br>|
| ConocoPhillips | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 35755<br>|
| Coterra Energy Inc. | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 35120<br>|
| Devon Energy Corp. | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 35971<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 33299<br>|
| Exxon Mobil Corp. | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 33487<br>|
| Kinder Morgan Inc. | &nbsp;&nbsp; 34425 | &nbsp;&nbsp; 974572<br>|
| ONEOK Inc. | &nbsp;&nbsp; 15309 | &nbsp;&nbsp; 1117098<br>|
| Phillips 66 | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 106504<br>|
| Valero Energy Corp. | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 36776<br>|
| Williams Cos. Inc. | &nbsp;&nbsp; 6534 | &nbsp;&nbsp; 413929<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 3472400 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **3512252** |
| **Financials — 23.3%** | **Financials — 23.3%** | **Financials — 23.3%** |
| Banks — 9.2% | Banks — 9.2% | Banks — 9.2% |
| Citigroup Inc. | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 35626<br>|
| Citizens Financial Group Inc. | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 35883<br>|
| Fifth Third Bancorp | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 34883<br>|
| Huntington Bancshares Inc. | &nbsp;&nbsp; 24651 | &nbsp;&nbsp; 425723<br>|
| KeyCorp | &nbsp;&nbsp; 48114 | &nbsp;&nbsp; 899251<br>|
| M&T Bank Corp. | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 37350<br>|
| Regions Financial Corp. | &nbsp;&nbsp; 19899 | &nbsp;&nbsp; 524736<br>|
| Truist Financial Corp. | &nbsp;&nbsp; 20358 | &nbsp;&nbsp; 930768<br>|
| US Bancorp | &nbsp;&nbsp; 8451 | &nbsp;&nbsp; 408437<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 3332657 |
| Capital Markets — 9.8% | Capital Markets — 9.8% | Capital Markets — 9.8% |
| Ares Management Corp., Class A Shares | &nbsp;&nbsp; 1161 | &nbsp;&nbsp; 185632<br>|
| Blackstone Inc. | &nbsp;&nbsp; 1161 | &nbsp;&nbsp; 198357<br>|
| CME Group Inc. | &nbsp;&nbsp; 4401 | &nbsp;&nbsp; 1189106<br>|
| Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 218,694<br> \*<br>|
| Morgan Stanley | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 34335<br>|
| Northern Trust Corp. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 36342<br>|
| Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 4023 | &nbsp;&nbsp; 576,013<br> \*<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 10746 | &nbsp;&nbsp; 1102970<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 3541449 |
| Consumer Finance — 1.0% | Consumer Finance — 1.0% | Consumer Finance — 1.0% |
| SoFi Technologies Inc. | &nbsp;&nbsp; 12879 | &nbsp;&nbsp; 340,263<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% |
| Affirm Holdings Inc. | &nbsp;&nbsp; 1404 | &nbsp;&nbsp; $102,604<br> \*<br>|
| Insurance — 3.0% | Insurance — 3.0% | Insurance — 3.0% |
| Principal Financial Group Inc. | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 35817<br>|
| Prudential Financial Inc. | &nbsp;&nbsp; 10125 | &nbsp;&nbsp; 1050368<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 1086185 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **8403158** |
| **Health Care — 12.4%** | **Health Care — 12.4%** | **Health Care — 12.4%** |
| Biotechnology — 0.3% | Biotechnology — 0.3% | Biotechnology — 0.3% |
| AbbVie Inc. | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 37510<br>|
| Amgen Inc. | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 35839<br>|
| Gilead Sciences Inc. | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 32967<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 106316 |
| Health Care Equipment & Supplies — 1.2% | Health Care Equipment & Supplies — 1.2% | Health Care Equipment & Supplies — 1.2% |
| Baxter International Inc. | &nbsp;&nbsp; 16578 | &nbsp;&nbsp; 377481<br>|
| Medtronic PLC | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 36001<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 413482 |
| Health Care Providers & Services — 1.6% | Health Care Providers & Services — 1.6% | Health Care Providers & Services — 1.6% |
| Cardinal Health Inc. | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 38141<br>|
| Centene Corp. | &nbsp;&nbsp; 1053 | &nbsp;&nbsp; 37,571<br> \*<br>|
| CVS Health Corp. | &nbsp;&nbsp; 4239 | &nbsp;&nbsp; 319578<br>|
| UnitedHealth Group Inc. | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 186462<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 581752 |
| Pharmaceuticals — 9.3% | Pharmaceuticals — 9.3% | Pharmaceuticals — 9.3% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 26595 | &nbsp;&nbsp; 1199435<br>|
| Johnson & Johnson | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 35044<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 3294 | &nbsp;&nbsp; 276465<br>|
| Pfizer Inc. | &nbsp;&nbsp; 72306 | &nbsp;&nbsp; 1842357<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 3353301 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4454851** |
| **Industrials — 7.5%** | **Industrials — 7.5%** | **Industrials — 7.5%** |
| Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% |
| Lockheed Martin Corp. | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 40436<br>|
| RTX Corp. | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 36143<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 76579 |
| Air Freight & Logistics — 4.9% | Air Freight & Logistics — 4.9% | Air Freight & Logistics — 4.9% |
| United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 21222 | &nbsp;&nbsp; 1772674<br>|
| Electrical Equipment — 0.7% | Electrical Equipment — 0.7% | Electrical Equipment — 0.7% |
| GE Vernova Inc. | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 190619<br>|
| Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 48879<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 239498 |
| Machinery — 1.3% | Machinery — 1.3% | Machinery — 1.3% |
| PACCAR Inc. | &nbsp;&nbsp; 4806 | &nbsp;&nbsp; 472526<br>|
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| Southwest Airlines Co. | &nbsp;&nbsp; 1134 | &nbsp;&nbsp; 36186<br>|
| United Airlines Holdings Inc. | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 31,266<br> \*<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 67452 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| Jacobs Solutions Inc. | &nbsp;&nbsp; 243 | &nbsp;&nbsp; $36416<br>|
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| Fastenal Co. | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 37074<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **2702219** |
| **Information Technology — 7.6%** | **Information Technology — 7.6%** | **Information Technology — 7.6%** |
| Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% |
| Cisco Systems Inc. | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 35099<br>|
| Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% |
| Corning Inc. | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 37652<br>|
| IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% |
| International Business Machines Corp. | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 38092<br>|
| Semiconductors & Semiconductor Equipment — 1.7% | Semiconductors & Semiconductor Equipment — 1.7% | Semiconductors & Semiconductor Equipment — 1.7% |
| Microchip Technology Inc. | &nbsp;&nbsp; 8181 | &nbsp;&nbsp; 525384<br>|
| QUALCOMM Inc. | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 35933<br>|
| Texas Instruments Inc. | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 34725<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 596042 |
| Software — 3.1% | Software — 3.1% | Software — 3.1% |
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 407,412<br> \*<br>|
| Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 1998 | &nbsp;&nbsp; 364,475<br> \*<br>|
| Strategy Inc. | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 344,121<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 1116008 |
| Technology Hardware, Storage & Peripherals — 2.5% | Technology Hardware, Storage & Peripherals — 2.5% | Technology Hardware, Storage & Peripherals — 2.5% |
| HP Inc. | &nbsp;&nbsp; 20682 | &nbsp;&nbsp; 563171<br>|
| Super Micro Computer Inc. | &nbsp;&nbsp; 7425 | &nbsp;&nbsp; 355,954<br> \*<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 919125 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2742018** |
| **Materials — 3.6%** | **Materials — 3.6%** | **Materials — 3.6%** |
| Chemicals — 3.4% | Chemicals — 3.4% | Chemicals — 3.4% |
| Dow Inc. | &nbsp;&nbsp; 24408 | &nbsp;&nbsp; 559675<br>|
| LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp; 13392 | &nbsp;&nbsp; 656744<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 1216419 |
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Amcor PLC | &nbsp;&nbsp; 4320 | &nbsp;&nbsp; 35338<br>|
| Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% |
| Newmont Corp. | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 36422<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1288179** |
| **Utilities — 7.2%** | **Utilities — 7.2%** | **Utilities — 7.2%** |
| Electric Utilities — 5.9% | Electric Utilities — 5.9% | Electric Utilities — 5.9% |
| Edison International | &nbsp;&nbsp; 26406 | &nbsp;&nbsp; 1459724<br>|
| Eversource Energy | &nbsp;&nbsp; 8937 | &nbsp;&nbsp; 635778<br>|
| FirstEnergy Corp. | &nbsp;&nbsp; 864 | &nbsp;&nbsp; 39588<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 2135090 |
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
| Vistra Corp. | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 31739<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Multi-Utilities — 1.2% | Multi-Utilities — 1.2% | Multi-Utilities — 1.2% | Multi-Utilities — 1.2% |
| Dominion Energy Inc. | Dominion Energy Inc. | &nbsp;&nbsp; 6723 | &nbsp;&nbsp; $411246<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2578075** |
| **Total Investments before Short-Term Investments (Cost — $34,061,093)** | **Total Investments before Short-Term Investments (Cost — $34,061,093)** | **Total Investments before Short-Term Investments (Cost — $34,061,093)** | &nbsp;&nbsp; **35803060** |
|  | Rate |  |  |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $178,805)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 178805<br>| &nbsp;&nbsp; **178805**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.8% (Cost — $34,239,898)** | **Total Investments — 99.8% (Cost — $34,239,898)** | **Total Investments — 99.8% (Cost — $34,239,898)** | &nbsp;&nbsp; **35981865** |
| Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp; 86299 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$36068164** |

---

&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 September 30, 2025, the total market value of investments in Affiliated Companies was $178,805 and the cost was $178,805 (Note 6). 

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

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $166705 | &nbsp;&nbsp;&nbsp; $168469 | &nbsp;&nbsp;&nbsp; **$1764** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Large Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 13.0%** | **Communication Services — 13.0%** | **Communication Services — 13.0%** |
| Diversified Telecommunication Services — 2.3% | Diversified Telecommunication Services — 2.3% | Diversified Telecommunication Services — 2.3% |
| AT&T Inc. | &nbsp;&nbsp; 689634 | &nbsp;&nbsp; $19475264<br>|
| Verizon Communications Inc. | &nbsp;&nbsp; 402523 | &nbsp;&nbsp; 17690886<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 37166150 |
| Entertainment — 2.9% | Entertainment — 2.9% | Entertainment — 2.9% |
| Electronic Arts Inc. | &nbsp;&nbsp; 11825 | &nbsp;&nbsp; 2385102<br>|
| Netflix Inc. | &nbsp;&nbsp; 22704 | &nbsp;&nbsp; 27,220,280<br> \*<br>|
| ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 43989 | &nbsp;&nbsp; 6,093,356<br> \*<br>|
| Spotify Technology SA | &nbsp;&nbsp; 15136 | &nbsp;&nbsp; 10,564,928<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 46263666 |
| Interactive Media & Services — 7.4% | Interactive Media & Services — 7.4% | Interactive Media & Services — 7.4% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 167915 | &nbsp;&nbsp; 40820137<br>|
| Alphabet Inc., Class C Shares | &nbsp;&nbsp; 136697 | &nbsp;&nbsp; 33292554<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 62436 | &nbsp;&nbsp; 45851750<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 119964441 |
| Media — 0.3% | Media — 0.3% | Media — 0.3% |
| Fox Corp., Class A Shares | &nbsp;&nbsp; 26015 | &nbsp;&nbsp; 1640506<br>|
| Fox Corp., Class B Shares | &nbsp;&nbsp; 28380 | &nbsp;&nbsp; 1625890<br>|
| Nexstar Media Group Inc. | &nbsp;&nbsp; 7568 | &nbsp;&nbsp; 1496496<br>|
| Total Media | Total Media | &nbsp;&nbsp; 4762892 |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |
| Millicom International Cellular SA | &nbsp;&nbsp; 32164 | &nbsp;&nbsp; 1561241<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **209718390** |
| **Consumer Discretionary — 13.2%** | **Consumer Discretionary — 13.2%** | **Consumer Discretionary — 13.2%** |
| Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% |
| BorgWarner Inc. | &nbsp;&nbsp; 36421 | &nbsp;&nbsp; 1601067<br>|
| Automobiles — 1.9% | Automobiles — 1.9% | Automobiles — 1.9% |
| General Motors Co. | &nbsp;&nbsp; 90343 | &nbsp;&nbsp; 5508213<br>|
| Tesla Inc. | &nbsp;&nbsp; 58179 | &nbsp;&nbsp; 25,873,365<br> \*<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 31381578 |
| Broadline Retail — 3.3% | Broadline Retail — 3.3% | Broadline Retail — 3.3% |
| Amazon.com Inc. | &nbsp;&nbsp; 213796 | &nbsp;&nbsp; 46,943,188<br> \*<br>|
| Dillard's Inc., Class A Shares | &nbsp;&nbsp; 2838 | &nbsp;&nbsp; 1743894<br>|
| eBay Inc. | &nbsp;&nbsp; 49665 | &nbsp;&nbsp; 4517032<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 53204114 |
| Diversified Consumer Services — 0.2% | Diversified Consumer Services — 0.2% | Diversified Consumer Services — 0.2% |
| ADT Inc. | &nbsp;&nbsp; 178321 | &nbsp;&nbsp; 1553176<br>|
| Grand Canyon Education Inc. | &nbsp;&nbsp; 7568 | &nbsp;&nbsp; 1,661,327<br> \*<br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 3214503 |
| Hotels, Restaurants & Leisure — 3.7% | Hotels, Restaurants & Leisure — 3.7% | Hotels, Restaurants & Leisure — 3.7% |
| Booking Holdings Inc. | &nbsp;&nbsp; 3311 | &nbsp;&nbsp; 17876983<br>|
| Boyd Gaming Corp. | &nbsp;&nbsp; 17974 | &nbsp;&nbsp; 1553852<br>|
| Darden Restaurants Inc. | &nbsp;&nbsp; 10378 | &nbsp;&nbsp; 1975556<br>|
| Domino's Pizza Inc. | &nbsp;&nbsp; 3385 | &nbsp;&nbsp; 1461338<br>|
| DoorDash Inc., Class A Shares | &nbsp;&nbsp; 28380 | &nbsp;&nbsp; 7,719,076<br> \*<br>|
| Expedia Group Inc. | &nbsp;&nbsp; 10406 | &nbsp;&nbsp; 2224283<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Large Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| McDonald's Corp. | &nbsp;&nbsp; 45881 | &nbsp;&nbsp; $13942777<br>|
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 25542 | &nbsp;&nbsp; 8264881<br>|
| Travel + Leisure Co. | &nbsp;&nbsp; 24596 | &nbsp;&nbsp; 1463216<br>|
| Yum! Brands Inc. | &nbsp;&nbsp; 21285 | &nbsp;&nbsp; 3235320<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 59717282 |
| Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% |
| Garmin Ltd. | &nbsp;&nbsp; 15136 | &nbsp;&nbsp; 3726786<br>|
| PulteGroup Inc. | &nbsp;&nbsp; 11825 | &nbsp;&nbsp; 1562437<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 5289223 |
| Specialty Retail — 3.4% | Specialty Retail — 3.4% | Specialty Retail — 3.4% |
| AutoZone Inc. | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 5,002,420<br> \*<br>|
| Chewy Inc., Class A Shares | &nbsp;&nbsp; 37367 | &nbsp;&nbsp; 1,511,495<br> \*<br>|
| Five Below Inc. | &nbsp;&nbsp; 10879 | &nbsp;&nbsp; 1,682,981<br> \*<br>|
| Home Depot Inc. | &nbsp;&nbsp; 45881 | &nbsp;&nbsp; 18590523<br>|
| O'Reilly Automotive Inc. | &nbsp;&nbsp; 77572 | &nbsp;&nbsp; 8,363,037<br> \*<br>|
| TJX Cos. Inc. | &nbsp;&nbsp; 105006 | &nbsp;&nbsp; 15177567<br>|
| Ulta Beauty Inc. | &nbsp;&nbsp; 3971 | &nbsp;&nbsp; 2,171,144<br> \*<br>|
| Williams-Sonoma Inc. | &nbsp;&nbsp; 12771 | &nbsp;&nbsp; 2496092<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 54995259 |
| Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% |
| Ralph Lauren Corp. | &nbsp;&nbsp; 5203 | &nbsp;&nbsp; 1631453<br>|
| Tapestry Inc. | &nbsp;&nbsp; 22704 | &nbsp;&nbsp; 2570547<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 4202000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **213605026** |
| **Consumer Staples — 3.3%** | **Consumer Staples — 3.3%** | **Consumer Staples — 3.3%** |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |
| Monster Beverage Corp. | &nbsp;&nbsp; 50138 | &nbsp;&nbsp; 3,374,789<br> \*<br>|
| Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% |
| Dollar General Corp. | &nbsp;&nbsp; 14190 | &nbsp;&nbsp; 1466536<br>|
| Kroger Co. | &nbsp;&nbsp; 54395 | &nbsp;&nbsp; 3666767<br>|
| Sprouts Farmers Market Inc. | &nbsp;&nbsp; 10879 | &nbsp;&nbsp; 1,183,635<br> \*<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 6316938 |
| Food Products — 0.4% | Food Products — 0.4% | Food Products — 0.4% |
| Bunge Global SA | &nbsp;&nbsp; 18447 | &nbsp;&nbsp; 1498819<br>|
| Ingredion Inc. | &nbsp;&nbsp; 11825 | &nbsp;&nbsp; 1443951<br>|
| Pilgrim's Pride Corp. | &nbsp;&nbsp; 35002 | &nbsp;&nbsp; 1425281<br>|
| Seaboard Corp. | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 1407742<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 5775793 |
| Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 29799 | &nbsp;&nbsp; 3705208<br>|
| Tobacco — 2.1% | Tobacco — 2.1% | Tobacco — 2.1% |
| Altria Group Inc. | &nbsp;&nbsp; 217107 | &nbsp;&nbsp; 14342088<br>|
| Philip Morris International Inc. | &nbsp;&nbsp; 126764 | &nbsp;&nbsp; 20561121<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 34903209 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **54075937** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Large Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Energy — 0.8%** | **Energy — 0.8%** | **Energy — 0.8%** |
| Oil, Gas & Consumable Fuels — 0.8% | Oil, Gas & Consumable Fuels — 0.8% | Oil, Gas & Consumable Fuels — 0.8% |
| Antero Midstream Corp. | &nbsp;&nbsp; 86086 | &nbsp;&nbsp; $1673512<br>|
| APA Corp. | &nbsp;&nbsp; 66693 | &nbsp;&nbsp; 1619306<br>|
| Civitas Resources Inc. | &nbsp;&nbsp; 41624 | &nbsp;&nbsp; 1352780<br>|
| Devon Energy Corp. | &nbsp;&nbsp; 57706 | &nbsp;&nbsp; 2023172<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 44462 | &nbsp;&nbsp; 4985080<br>|
| Matador Resources Co. | &nbsp;&nbsp; 30272 | &nbsp;&nbsp; 1360121<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **13013971** |
| **Financials — 11.3%** | **Financials — 11.3%** | **Financials — 11.3%** |
| Banks — 2.5% | Banks — 2.5% | Banks — 2.5% |
| Citigroup Inc. | &nbsp;&nbsp; 194403 | &nbsp;&nbsp; 19731905<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 67166 | &nbsp;&nbsp; 21186171<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 40918076 |
| Capital Markets — 3.6% | Capital Markets — 3.6% | Capital Markets — 3.6% |
| Bank of New York Mellon Corp. | &nbsp;&nbsp; 67639 | &nbsp;&nbsp; 7369945<br>|
| CME Group Inc. | &nbsp;&nbsp; 24596 | &nbsp;&nbsp; 6645593<br>|
| Evercore Inc., Class A Shares | &nbsp;&nbsp; 4730 | &nbsp;&nbsp; 1595524<br>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp; 13717 | &nbsp;&nbsp; 10923533<br>|
| Houlihan Lokey Inc. | &nbsp;&nbsp; 7568 | &nbsp;&nbsp; 1553862<br>|
| Interactive Brokers Group Inc., Class A Shares | &nbsp;&nbsp; 39732 | &nbsp;&nbsp; 2733959<br>|
| Invesco Ltd. | &nbsp;&nbsp; 70950 | &nbsp;&nbsp; 1627593<br>|
| Lazard Inc. | &nbsp;&nbsp; 26961 | &nbsp;&nbsp; 1423001<br>|
| LPL Financial Holdings Inc. | &nbsp;&nbsp; 6622 | &nbsp;&nbsp; 2203073<br>|
| Moody's Corp. | &nbsp;&nbsp; 15609 | &nbsp;&nbsp; 7437376<br>|
| Morgan Stanley | &nbsp;&nbsp; 52030 | &nbsp;&nbsp; 8270689<br>|
| Northern Trust Corp. | &nbsp;&nbsp; 17028 | &nbsp;&nbsp; 2291969<br>|
| SEI Investments Co. | &nbsp;&nbsp; 17501 | &nbsp;&nbsp; 1484960<br>|
| State Street Corp. | &nbsp;&nbsp; 13717 | &nbsp;&nbsp; 1591309<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 14190 | &nbsp;&nbsp; 1456462<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 58608848 |
| Consumer Finance — 1.0% | Consumer Finance — 1.0% | Consumer Finance — 1.0% |
| Capital One Financial Corp. | &nbsp;&nbsp; 44462 | &nbsp;&nbsp; 9451732<br>|
| OneMain Holdings Inc. | &nbsp;&nbsp; 25069 | &nbsp;&nbsp; 1415395<br>|
| SoFi Technologies Inc. | &nbsp;&nbsp; 60071 | &nbsp;&nbsp; 1,587,076<br> \*<br>|
| Synchrony Financial | &nbsp;&nbsp; 43516 | &nbsp;&nbsp; 3091812<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 15546015 |
| Financial Services — 3.9% | Financial Services — 3.9% | Financial Services — 3.9% |
| Berkshire Hathaway Inc., Class B Shares | &nbsp;&nbsp; 34056 | &nbsp;&nbsp; 17,121,314<br> \*<br>|
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 44935 | &nbsp;&nbsp; 25559477<br>|
| MGIC Investment Corp. | &nbsp;&nbsp; 55814 | &nbsp;&nbsp; 1583443<br>|
| Mr Cooper Group Inc. | &nbsp;&nbsp; 9933 | &nbsp;&nbsp; 2093777<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 43043 | &nbsp;&nbsp; 14694019<br>|
| Western Union Co. | &nbsp;&nbsp; 175956 | &nbsp;&nbsp; 1405889<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 62457919 |
| Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% |
| Lincoln National Corp. | &nbsp;&nbsp; 36421 | &nbsp;&nbsp; 1468859<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Large Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| WR Berkley Corp. | &nbsp;&nbsp; 22704 | &nbsp;&nbsp; $1739580<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 3208439 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Rithm Capital Corp. | &nbsp;&nbsp; 125345 | &nbsp;&nbsp; 1427680<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **182166977** |
| **Health Care — 10.8%** | **Health Care — 10.8%** | **Health Care — 10.8%** |
| Biotechnology — 2.7% | Biotechnology — 2.7% | Biotechnology — 2.7% |
| AbbVie Inc. | &nbsp;&nbsp; 113993 | &nbsp;&nbsp; 26393939<br>|
| Exelixis Inc. | &nbsp;&nbsp; 41624 | &nbsp;&nbsp; 1,719,071<br> \*<br>|
| Gilead Sciences Inc. | &nbsp;&nbsp; 118723 | &nbsp;&nbsp; 13178253<br>|
| Halozyme Therapeutics Inc. | &nbsp;&nbsp; 21285 | &nbsp;&nbsp; 1,561,042<br> \*<br>|
| Incyte Corp. | &nbsp;&nbsp; 18447 | &nbsp;&nbsp; 1,564,490<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 44416795 |
| Health Care Equipment & Supplies — 3.9% | Health Care Equipment & Supplies — 3.9% | Health Care Equipment & Supplies — 3.9% |
| Abbott Laboratories | &nbsp;&nbsp; 154198 | &nbsp;&nbsp; 20653280<br>|
| Boston Scientific Corp. | &nbsp;&nbsp; 143319 | &nbsp;&nbsp; 13,992,234<br> \*<br>|
| IDEXX Laboratories Inc. | &nbsp;&nbsp; 6622 | &nbsp;&nbsp; 4,230,730<br> \*<br>|
| Medtronic PLC | &nbsp;&nbsp; 100276 | &nbsp;&nbsp; 9550286<br>|
| ResMed Inc. | &nbsp;&nbsp; 14190 | &nbsp;&nbsp; 3884229<br>|
| Stryker Corp. | &nbsp;&nbsp; 30745 | &nbsp;&nbsp; 11365504<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 63676263 |
| Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% |
| Cardinal Health Inc. | &nbsp;&nbsp; 21758 | &nbsp;&nbsp; 3415136<br>|
| CVS Health Corp. | &nbsp;&nbsp; 56760 | &nbsp;&nbsp; 4279136<br>|
| Encompass Health Corp. | &nbsp;&nbsp; 12771 | &nbsp;&nbsp; 1622173<br>|
| HCA Healthcare Inc. | &nbsp;&nbsp; 12771 | &nbsp;&nbsp; 5443000<br>|
| Labcorp Holdings Inc. | &nbsp;&nbsp; 7568 | &nbsp;&nbsp; 2172470<br>|
| Quest Diagnostics Inc. | &nbsp;&nbsp; 10879 | &nbsp;&nbsp; 2073320<br>|
| Tenet Healthcare Corp. | &nbsp;&nbsp; 9460 | &nbsp;&nbsp; 1,920,758<br> \*<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 20925993 |
| Health Care Technology — 0.3% | Health Care Technology — 0.3% | Health Care Technology — 0.3% |
| Doximity Inc., Class A Shares | &nbsp;&nbsp; 23650 | &nbsp;&nbsp; 1,729,998<br> \*<br>|
| Veeva Systems Inc., Class A Shares | &nbsp;&nbsp; 10406 | &nbsp;&nbsp; 3,100,051<br> \*<br>|
| Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 4830049 |
| Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% |
| Medpace Holdings Inc. | &nbsp;&nbsp; 3784 | &nbsp;&nbsp; 1,945,582<br> \*<br>|
| Pharmaceuticals — 2.5% | Pharmaceuticals — 2.5% | Pharmaceuticals — 2.5% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 180686 | &nbsp;&nbsp; 8148939<br>|
| Corcept Therapeutics Inc. | &nbsp;&nbsp; 22231 | &nbsp;&nbsp; 1,847,618<br> \*<br>|
| Johnson & Johnson | &nbsp;&nbsp; 142846 | &nbsp;&nbsp; 26486505<br>|
| Organon & Co. | &nbsp;&nbsp; 162712 | &nbsp;&nbsp; 1737764<br>|
| Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 42570 | &nbsp;&nbsp; 1501870<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 39722696 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **175517378** |
| **Industrials — 9.0%** | **Industrials — 9.0%** | **Industrials — 9.0%** |
| Aerospace & Defense — 1.2% | Aerospace & Defense — 1.2% | Aerospace & Defense — 1.2% |
| BWX Technologies Inc. | &nbsp;&nbsp; 9460 | &nbsp;&nbsp; 1744140<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Large Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued |
| Curtiss-Wright Corp. | &nbsp;&nbsp; 3784 | &nbsp;&nbsp; $2054485<br>|
| General Dynamics Corp. | &nbsp;&nbsp; 11825 | &nbsp;&nbsp; 4032325<br>|
| Howmet Aerospace Inc. | &nbsp;&nbsp; 42097 | &nbsp;&nbsp; 8260694<br>|
| L3Harris Technologies Inc. | &nbsp;&nbsp; 8514 | &nbsp;&nbsp; 2600261<br>|
| Woodward Inc. | &nbsp;&nbsp; 6149 | &nbsp;&nbsp; 1553914<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 20245819 |
| Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 11825 | &nbsp;&nbsp; 1565630<br>|
| Building Products — 1.0% | Building Products — 1.0% | Building Products — 1.0% |
| Allegion PLC | &nbsp;&nbsp; 9933 | &nbsp;&nbsp; 1761618<br>|
| Armstrong World Industries Inc. | &nbsp;&nbsp; 8041 | &nbsp;&nbsp; 1576117<br>|
| Johnson Controls International PLC | &nbsp;&nbsp; 44935 | &nbsp;&nbsp; 4940603<br>|
| Lennox International Inc. | &nbsp;&nbsp; 3311 | &nbsp;&nbsp; 1752711<br>|
| Trane Technologies PLC | &nbsp;&nbsp; 14663 | &nbsp;&nbsp; 6187199<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 16218248 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Rollins Inc. | &nbsp;&nbsp; 27434 | &nbsp;&nbsp; 1611473<br>|
| Construction & Engineering — 0.7% | Construction & Engineering — 0.7% | Construction & Engineering — 0.7% |
| Comfort Systems USA Inc. | &nbsp;&nbsp; 4257 | &nbsp;&nbsp; 3512792<br>|
| EMCOR Group Inc. | &nbsp;&nbsp; 4730 | &nbsp;&nbsp; 3072324<br>|
| Quanta Services Inc. | &nbsp;&nbsp; 6622 | &nbsp;&nbsp; 2744289<br>|
| Valmont Industries Inc. | &nbsp;&nbsp; 4257 | &nbsp;&nbsp; 1650567<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 10979972 |
| Ground Transportation — 0.9% | Ground Transportation — 0.9% | Ground Transportation — 0.9% |
| Ryder System Inc. | &nbsp;&nbsp; 8041 | &nbsp;&nbsp; 1516854<br>|
| Uber Technologies Inc. | &nbsp;&nbsp; 131967 | &nbsp;&nbsp; 12,928,807<br> \*<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 14445661 |
| Machinery — 2.7% | Machinery — 2.7% | Machinery — 2.7% |
| Allison Transmission Holdings Inc. | &nbsp;&nbsp; 17974 | &nbsp;&nbsp; 1525633<br>|
| Caterpillar Inc. | &nbsp;&nbsp; 43516 | &nbsp;&nbsp; 20763660<br>|
| Illinois Tool Works Inc. | &nbsp;&nbsp; 26961 | &nbsp;&nbsp; 7030350<br>|
| Lincoln Electric Holdings Inc. | &nbsp;&nbsp; 6622 | &nbsp;&nbsp; 1561666<br>|
| Mueller Industries Inc. | &nbsp;&nbsp; 16082 | &nbsp;&nbsp; 1626051<br>|
| Oshkosh Corp. | &nbsp;&nbsp; 11352 | &nbsp;&nbsp; 1472354<br>|
| Parker-Hannifin Corp. | &nbsp;&nbsp; 11352 | &nbsp;&nbsp; 8606519<br>|
| Snap-on Inc. | &nbsp;&nbsp; 4671 | &nbsp;&nbsp; 1618642<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 44204875 |
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| Delta Air Lines Inc. | &nbsp;&nbsp; 29799 | &nbsp;&nbsp; 1691093<br>|
| United Airlines Holdings Inc. | &nbsp;&nbsp; 31691 | &nbsp;&nbsp; 3,058,182<br> \*<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 4749275 |
| Professional Services — 1.0% | Professional Services — 1.0% | Professional Services — 1.0% |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 35948 | &nbsp;&nbsp; 10550738<br>|
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 8514 | &nbsp;&nbsp; 2027779<br>|
| Concentrix Corp. | &nbsp;&nbsp; 29326 | &nbsp;&nbsp; 1353395<br>|
| Leidos Holdings Inc. | &nbsp;&nbsp; 8514 | &nbsp;&nbsp; 1608806<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 15540718 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Large Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — 1.0% | Trading Companies & Distributors — 1.0% | Trading Companies & Distributors — 1.0% |
| Air Lease Corp. | &nbsp;&nbsp; 25542 | &nbsp;&nbsp; $1625748<br>|
| Fastenal Co. | &nbsp;&nbsp; 137643 | &nbsp;&nbsp; 6750013<br>|
| MSC Industrial Direct Co. Inc., Class A Shares | &nbsp;&nbsp; 17028 | &nbsp;&nbsp; 1568960<br>|
| United Rentals Inc. | &nbsp;&nbsp; 3047 | &nbsp;&nbsp; 2908849<br>|
| W.W. Grainger Inc. | &nbsp;&nbsp; 4142 | &nbsp;&nbsp; 3947160<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 16800730 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **146362401** |
| **Information Technology — 33.9%** | **Information Technology — 33.9%** | **Information Technology — 33.9%** |
| Communications Equipment — 2.6% | Communications Equipment — 2.6% | Communications Equipment — 2.6% |
| Arista Networks Inc. | &nbsp;&nbsp; 107371 | &nbsp;&nbsp; 15,645,028<br> \*<br>|
| Cisco Systems Inc. | &nbsp;&nbsp; 312180 | &nbsp;&nbsp; 21359356<br>|
| F5 Inc. | &nbsp;&nbsp; 6149 | &nbsp;&nbsp; 1,987,295<br> \*<br>|
| Lumentum Holdings Inc. | &nbsp;&nbsp; 11825 | &nbsp;&nbsp; 1,924,046<br> \*<br>|
| Ubiquiti Inc. | &nbsp;&nbsp; 2838 | &nbsp;&nbsp; 1874726<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 42790451 |
| Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% |
| Amphenol Corp., Class A Shares | &nbsp;&nbsp; 118250 | &nbsp;&nbsp; 14633437<br>|
| Corning Inc. | &nbsp;&nbsp; 79937 | &nbsp;&nbsp; 6557232<br>|
| Flex Ltd. | &nbsp;&nbsp; 28853 | &nbsp;&nbsp; 1,672,608<br> \*<br>|
| TD SYNNEX Corp. | &nbsp;&nbsp; 10406 | &nbsp;&nbsp; 1703983<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 24567260 |
| IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% |
| Amdocs Ltd. | &nbsp;&nbsp; 17974 | &nbsp;&nbsp; 1474767<br>|
| Semiconductors & Semiconductor Equipment — 13.4% | Semiconductors & Semiconductor Equipment — 13.4% | Semiconductors & Semiconductor Equipment — 13.4% |
| Broadcom Inc. | &nbsp;&nbsp; 130135 | &nbsp;&nbsp; 42932838<br>|
| KLA Corp. | &nbsp;&nbsp; 9460 | &nbsp;&nbsp; 10203556<br>|
| Lam Research Corp. | &nbsp;&nbsp; 94560 | &nbsp;&nbsp; 12661584<br>|
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 3311 | &nbsp;&nbsp; 3048239<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 603548 | &nbsp;&nbsp; 112609986<br>|
| QUALCOMM Inc. | &nbsp;&nbsp; 108317 | &nbsp;&nbsp; 18019616<br>|
| Skyworks Solutions Inc. | &nbsp;&nbsp; 20812 | &nbsp;&nbsp; 1602108<br>|
| Texas Instruments Inc. | &nbsp;&nbsp; 81829 | &nbsp;&nbsp; 15034442<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 216112369 |
| Software — 9.4% | Software — 9.4% | Software — 9.4% |
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 13244 | &nbsp;&nbsp; 9,516,344<br> \*<br>|
| DocuSign Inc. | &nbsp;&nbsp; 20339 | &nbsp;&nbsp; 1,466,238<br> \*<br>|
| Dropbox Inc., Class A Shares | &nbsp;&nbsp; 52503 | &nbsp;&nbsp; 1,586,116<br> \*<br>|
| Fortinet Inc. | &nbsp;&nbsp; 59125 | &nbsp;&nbsp; 4,971,230<br> \*<br>|
| Microsoft Corp. | &nbsp;&nbsp; 205282 | &nbsp;&nbsp; 106325812<br>|
| Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 148995 | &nbsp;&nbsp; 27,179,668<br> \*<br>|
| Pegasystems Inc. | &nbsp;&nbsp; 28380 | &nbsp;&nbsp; 1631850<br>|
| Total Software | Total Software | &nbsp;&nbsp; 152677258 |
| Technology Hardware, Storage & Peripherals — 6.9% | Technology Hardware, Storage & Peripherals — 6.9% | Technology Hardware, Storage & Peripherals — 6.9% |
| Apple Inc. | &nbsp;&nbsp; 398266 | &nbsp;&nbsp; 101410471<br>|
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 122507 | &nbsp;&nbsp; 3008772<br>|
| HP Inc. | &nbsp;&nbsp; 89870 | &nbsp;&nbsp; 2447160<br>|
| NetApp Inc. | &nbsp;&nbsp; 19866 | &nbsp;&nbsp; 2353326<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Large Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued |
| Western Digital Corp. | &nbsp;&nbsp; 19393 | &nbsp;&nbsp; $2328324<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 111548053 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **549170158** |
| **Materials — 1.4%** | **Materials — 1.4%** | **Materials — 1.4%** |
| Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% |
| CF Industries Holdings Inc. | &nbsp;&nbsp; 17974 | &nbsp;&nbsp; 1612268<br>|
| Mosaic Co. | &nbsp;&nbsp; 45881 | &nbsp;&nbsp; 1591153<br>|
| NewMarket Corp. | &nbsp;&nbsp; 1892 | &nbsp;&nbsp; 1566973<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 4770394 |
| Metals & Mining — 1.1% | Metals & Mining — 1.1% | Metals & Mining — 1.1% |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 45881 | &nbsp;&nbsp; 3226811<br>|
| Newmont Corp. | &nbsp;&nbsp; 104060 | &nbsp;&nbsp; 8773299<br>|
| Royal Gold Inc. | &nbsp;&nbsp; 8514 | &nbsp;&nbsp; 1707738<br>|
| Southern Copper Corp. | &nbsp;&nbsp; 16082 | &nbsp;&nbsp; 1951711<br>|
| Steel Dynamics Inc. | &nbsp;&nbsp; 12771 | &nbsp;&nbsp; 1780661<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 17440220 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **22210614** |
| **Real Estate — 2.1%** | **Real Estate — 2.1%** | **Real Estate — 2.1%** |
| Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% |
| WP Carey Inc. | &nbsp;&nbsp; 24123 | &nbsp;&nbsp; 1629991<br>|
| Health Care REITs — 0.7% | Health Care REITs — 0.7% | Health Care REITs — 0.7% |
| Omega Healthcare Investors Inc. | &nbsp;&nbsp; 37367 | &nbsp;&nbsp; 1577634<br>|
| Welltower Inc. | &nbsp;&nbsp; 53449 | &nbsp;&nbsp; 9521405<br>|
| Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 11099039 |
| Office REITs — 0.4% | Office REITs — 0.4% | Office REITs — 0.4% |
| Cousins Properties Inc. | &nbsp;&nbsp; 52030 | &nbsp;&nbsp; 1505748<br>|
| Highwoods Properties Inc. | &nbsp;&nbsp; 48719 | &nbsp;&nbsp; 1550238<br>|
| Kilroy Realty Corp. | &nbsp;&nbsp; 37367 | &nbsp;&nbsp; 1578756<br>|
| Vornado Realty Trust | &nbsp;&nbsp; 40205 | &nbsp;&nbsp; 1629509<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 6264251 |
| Retail REITs — 0.5% | Retail REITs — 0.5% | Retail REITs — 0.5% |
| Agree Realty Corp. | &nbsp;&nbsp; 21285 | &nbsp;&nbsp; 1512086<br>|
| NNN REIT Inc. | &nbsp;&nbsp; 35475 | &nbsp;&nbsp; 1510171<br>|
| Realty Income Corp. | &nbsp;&nbsp; 84667 | &nbsp;&nbsp; 5146907<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 8169164 |
| Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% |
| EPR Properties | &nbsp;&nbsp; 27434 | &nbsp;&nbsp; 1591446<br>|
| Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 32164 | &nbsp;&nbsp; 1499164<br>|
| VICI Properties Inc. | &nbsp;&nbsp; 109263 | &nbsp;&nbsp; 3563067<br>|
| Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 6653677 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **33816122** |
| **Utilities — 1.1%** | **Utilities — 1.1%** | **Utilities — 1.1%** |
| Electric Utilities — 0.5% | Electric Utilities — 0.5% | Electric Utilities — 0.5% |
| Entergy Corp. | &nbsp;&nbsp; 40678 | &nbsp;&nbsp; 3790783<br>|
| Evergy Inc. | &nbsp;&nbsp; 21758 | &nbsp;&nbsp; 1654043<br>|
| NRG Energy Inc. | &nbsp;&nbsp; 17974 | &nbsp;&nbsp; 2910889<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 8355715 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Large Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% |
| Atmos Energy Corp. | Atmos Energy Corp. | &nbsp;&nbsp; 13717 | &nbsp;&nbsp; $2342178<br>|
| National Fuel Gas Co. | National Fuel Gas Co. | &nbsp;&nbsp; 17974 | &nbsp;&nbsp; 1660258<br>|
| UGI Corp. | UGI Corp. | &nbsp;&nbsp; 44935 | &nbsp;&nbsp; 1494538<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 5496974 |
| Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% |
| Vistra Corp. | Vistra Corp. | &nbsp;&nbsp; 17974 | &nbsp;&nbsp; 3521466<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **17374155** |
| **Total Investments before Short-Term Investments (Cost — $1,227,478,249)** | **Total Investments before Short-Term Investments (Cost — $1,227,478,249)** | **Total Investments before Short-Term Investments (Cost — $1,227,478,249)** | &nbsp;&nbsp; **1617031129** |
|  | Rate |  |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $918,579)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 918579<br>| &nbsp;&nbsp; **918579**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.9% (Cost — $1,228,396,828)** | **Total Investments — 99.9% (Cost — $1,228,396,828)** | **Total Investments — 99.9% (Cost — $1,228,396,828)** | &nbsp;&nbsp; **1617949708** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 816498 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1618766206** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | 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 <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2025, the total market value of <br> investments in Affiliated Companies was $918,579 and the cost was $918,579 (Note 6).<br>|
| <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:** |
| REIT |  | Real Estate Investment Trust |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $1000146 | &nbsp;&nbsp;&nbsp; $1010812 | &nbsp;&nbsp;&nbsp; **$10666** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Mid Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 3.2%** | **Communication Services — 3.2%** | **Communication Services — 3.2%** |
| Entertainment — 1.3% | Entertainment — 1.3% | Entertainment — 1.3% |
| Electronic Arts Inc. | &nbsp;&nbsp; 115812 | &nbsp;&nbsp; $23359280<br>|
| Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% |
| Pinterest Inc., Class A Shares | &nbsp;&nbsp; 191576 | &nbsp;&nbsp; 6,163,000<br> \*<br>|
| Media — 1.4% | Media — 1.4% | Media — 1.4% |
| Fox Corp., Class A Shares | &nbsp;&nbsp; 127512 | &nbsp;&nbsp; 8040906<br>|
| Fox Corp., Class B Shares | &nbsp;&nbsp; 61600 | &nbsp;&nbsp; 3529064<br>|
| Nexstar Media Group Inc. | &nbsp;&nbsp; 8624 | &nbsp;&nbsp; 1705310<br>|
| Omnicom Group Inc. | &nbsp;&nbsp; 143528 | &nbsp;&nbsp; 11701838<br>|
| Total Media | Total Media | &nbsp;&nbsp; 24977118 |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |
| Millicom International Cellular SA | &nbsp;&nbsp; 33264 | &nbsp;&nbsp; 1614635<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **56114033** |
| **Consumer Discretionary — 19.2%** | **Consumer Discretionary — 19.2%** | **Consumer Discretionary — 19.2%** |
| Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% |
| Lear Corp. | &nbsp;&nbsp; 16016 | &nbsp;&nbsp; 1611370<br>|
| Broadline Retail — 1.6% | Broadline Retail — 1.6% | Broadline Retail — 1.6% |
| Dillard's Inc., Class A Shares | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; 1135559<br>|
| eBay Inc. | &nbsp;&nbsp; 227920 | &nbsp;&nbsp; 20729324<br>|
| Etsy Inc. | &nbsp;&nbsp; 32648 | &nbsp;&nbsp; 2,167,501<br> \*<br>|
| Macy's Inc. | &nbsp;&nbsp; 225456 | &nbsp;&nbsp; 4042426<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 28074810 |
| Distributors — 1.5% | Distributors — 1.5% | Distributors — 1.5% |
| Genuine Parts Co. | &nbsp;&nbsp; 94864 | &nbsp;&nbsp; 13148150<br>|
| LKQ Corp. | &nbsp;&nbsp; 179256 | &nbsp;&nbsp; 5474478<br>|
| Pool Corp. | &nbsp;&nbsp; 22792 | &nbsp;&nbsp; 7067116<br>|
| Total Distributors | Total Distributors | &nbsp;&nbsp; 25689744 |
| Diversified Consumer Services — 0.7% | Diversified Consumer Services — 0.7% | Diversified Consumer Services — 0.7% |
| Duolingo Inc. | &nbsp;&nbsp; 11088 | &nbsp;&nbsp; 3,568,562<br> \*<br>|
| Grand Canyon Education Inc. | &nbsp;&nbsp; 17868 | &nbsp;&nbsp; 3,922,384<br> \*<br>|
| H&R Block Inc. | &nbsp;&nbsp; 97944 | &nbsp;&nbsp; 4953028<br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 12443974 |
| Hotels, Restaurants & Leisure — 3.2% | Hotels, Restaurants & Leisure — 3.2% | Hotels, Restaurants & Leisure — 3.2% |
| Darden Restaurants Inc. | &nbsp;&nbsp; 34496 | &nbsp;&nbsp; 6566659<br>|
| Expedia Group Inc. | &nbsp;&nbsp; 77004 | &nbsp;&nbsp; 16459605<br>|
| Texas Roadhouse Inc. | &nbsp;&nbsp; 57288 | &nbsp;&nbsp; 9518401<br>|
| Wendy's Co. | &nbsp;&nbsp; 112728 | &nbsp;&nbsp; 1032588<br>|
| Wingstop Inc. | &nbsp;&nbsp; 17248 | &nbsp;&nbsp; 4340977<br>|
| Yum! Brands Inc. | &nbsp;&nbsp; 115808 | &nbsp;&nbsp; 17602816<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 55521046 |
| Household Durables — 3.5% | Household Durables — 3.5% | Household Durables — 3.5% |
| Garmin Ltd. | &nbsp;&nbsp; 81932 | &nbsp;&nbsp; 20173297<br>|
| NVR Inc. | &nbsp;&nbsp; 1685 | &nbsp;&nbsp; 13,538,402<br> \*<br>|
| PulteGroup Inc. | &nbsp;&nbsp; 127516 | &nbsp;&nbsp; 16848689<br>|
| Somnigroup International Inc. | &nbsp;&nbsp; 126900 | &nbsp;&nbsp; 10701477<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 61261865 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Mid Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Leisure Products — 0.2% | Leisure Products — 0.2% | Leisure Products — 0.2% |
| Hasbro Inc. | &nbsp;&nbsp; 40660 | &nbsp;&nbsp; $3084061<br>|
| YETI Holdings Inc. | &nbsp;&nbsp; 24024 | &nbsp;&nbsp; 797,116<br> \*<br>|
| Total Leisure Products | Total Leisure Products | &nbsp;&nbsp; 3881177 |
| Specialty Retail — 5.5% | Specialty Retail — 5.5% | Specialty Retail — 5.5% |
| AutoNation Inc. | &nbsp;&nbsp; 17868 | &nbsp;&nbsp; 3,908,982<br> \*<br>|
| Bath & Body Works Inc. | &nbsp;&nbsp; 146608 | &nbsp;&nbsp; 3776622<br>|
| Best Buy Co. Inc. | &nbsp;&nbsp; 174944 | &nbsp;&nbsp; 13229265<br>|
| Dick's Sporting Goods Inc. | &nbsp;&nbsp; 40044 | &nbsp;&nbsp; 8898578<br>|
| Gap Inc. | &nbsp;&nbsp; 129976 | &nbsp;&nbsp; 2780187<br>|
| Murphy USA Inc. | &nbsp;&nbsp; 13552 | &nbsp;&nbsp; 5261699<br>|
| Tractor Supply Co. | &nbsp;&nbsp; 344348 | &nbsp;&nbsp; 19583071<br>|
| Ulta Beauty Inc. | &nbsp;&nbsp; 35332 | &nbsp;&nbsp; 19,317,771<br> \*<br>|
| Williams-Sonoma Inc. | &nbsp;&nbsp; 97948 | &nbsp;&nbsp; 19143937<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 95900112 |
| Textiles, Apparel & Luxury Goods — 2.9% | Textiles, Apparel & Luxury Goods — 2.9% | Textiles, Apparel & Luxury Goods — 2.9% |
| Columbia Sportswear Co. | &nbsp;&nbsp; 20328 | &nbsp;&nbsp; 1063154<br>|
| Crocs Inc. | &nbsp;&nbsp; 40656 | &nbsp;&nbsp; 3,396,809<br> \*<br>|
| Deckers Outdoor Corp. | &nbsp;&nbsp; 104104 | &nbsp;&nbsp; 10,553,023<br> \*<br>|
| Lululemon Athletica Inc. | &nbsp;&nbsp; 35728 | &nbsp;&nbsp; 6,357,083<br> \*<br>|
| Ralph Lauren Corp. | &nbsp;&nbsp; 30184 | &nbsp;&nbsp; 9464495<br>|
| Tapestry Inc. | &nbsp;&nbsp; 168788 | &nbsp;&nbsp; 19110177<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 49944741 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **334328839** |
| **Consumer Staples — 9.0%** | **Consumer Staples — 9.0%** | **Consumer Staples — 9.0%** |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |
| Brown-Forman Corp., Class A Shares | &nbsp;&nbsp; 12936 | &nbsp;&nbsp; 348108<br>|
| Coca-Cola Consolidated Inc. | &nbsp;&nbsp; 33264 | &nbsp;&nbsp; 3897210<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 4245318 |
| Consumer Staples Distribution & Retail — 4.7% | Consumer Staples Distribution & Retail — 4.7% | Consumer Staples Distribution & Retail — 4.7% |
| Albertsons Cos. Inc., Class A Shares | &nbsp;&nbsp; 378224 | &nbsp;&nbsp; 6622702<br>|
| BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp; 98560 | &nbsp;&nbsp; 9,190,720<br> \*<br>|
| Casey's General Stores Inc. | &nbsp;&nbsp; 22796 | &nbsp;&nbsp; 12887035<br>|
| Dollar General Corp. | &nbsp;&nbsp; 136756 | &nbsp;&nbsp; 14133733<br>|
| Kroger Co. | &nbsp;&nbsp; 244552 | &nbsp;&nbsp; 16485250<br>|
| Sprouts Farmers Market Inc. | &nbsp;&nbsp; 34496 | &nbsp;&nbsp; 3,753,165<br> \*<br>|
| Sysco Corp. | &nbsp;&nbsp; 228536 | &nbsp;&nbsp; 18817654<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 81890259 |
| Food Products — 2.8% | Food Products — 2.8% | Food Products — 2.8% |
| Flowers Foods Inc. | &nbsp;&nbsp; 152768 | &nbsp;&nbsp; 1993622<br>|
| General Mills Inc. | &nbsp;&nbsp; 263040 | &nbsp;&nbsp; 13262477<br>|
| Hershey Co. | &nbsp;&nbsp; 94248 | &nbsp;&nbsp; 17629088<br>|
| Ingredion Inc. | &nbsp;&nbsp; 28952 | &nbsp;&nbsp; 3535329<br>|
| Kellanova | &nbsp;&nbsp; 149072 | &nbsp;&nbsp; 12226885<br>|
| Pilgrim's Pride Corp. | &nbsp;&nbsp; 12936 | &nbsp;&nbsp; 526754<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 49174155 |
| Household Products — 0.6% | Household Products — 0.6% | Household Products — 0.6% |
| Clorox Co. | &nbsp;&nbsp; 83160 | &nbsp;&nbsp; 10253628<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Mid Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Personal Care Products — 0.7% | Personal Care Products — 0.7% | Personal Care Products — 0.7% |
| BellRing Brands Inc. | &nbsp;&nbsp; 58520 | &nbsp;&nbsp; $2,127,202<br> \*<br>|
| Kenvue Inc. | &nbsp;&nbsp; 585816 | &nbsp;&nbsp; 9507794<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 11634996 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **157198356** |
| **Energy — 4.1%** | **Energy — 4.1%** | **Energy — 4.1%** |
| Oil, Gas & Consumable Fuels — 4.1% | Oil, Gas & Consumable Fuels — 4.1% | Oil, Gas & Consumable Fuels — 4.1% |
| Antero Midstream Corp. | &nbsp;&nbsp; 264264 | &nbsp;&nbsp; 5137292<br>|
| APA Corp. | &nbsp;&nbsp; 242088 | &nbsp;&nbsp; 5877897<br>|
| Cheniere Energy Inc. | &nbsp;&nbsp; 70224 | &nbsp;&nbsp; 16501235<br>|
| Devon Energy Corp. | &nbsp;&nbsp; 403480 | &nbsp;&nbsp; 14146009<br>|
| DT Midstream Inc. | &nbsp;&nbsp; 58520 | &nbsp;&nbsp; 6616271<br>|
| Ovintiv Inc. | &nbsp;&nbsp; 174944 | &nbsp;&nbsp; 7064239<br>|
| Permian Resources Corp. | &nbsp;&nbsp; 192192 | &nbsp;&nbsp; 2460058<br>|
| Texas Pacific Land Corp. | &nbsp;&nbsp; 12247 | &nbsp;&nbsp; 11434289<br>|
| Viper Energy Inc., Class A Shares | &nbsp;&nbsp; 60988 | &nbsp;&nbsp; 2330961<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **71568251** |
| **Financials — 14.4%** | **Financials — 14.4%** | **Financials — 14.4%** |
| Banks — 0.6% | Banks — 0.6% | Banks — 0.6% |
| Columbia Banking System Inc. | &nbsp;&nbsp; 131208 | &nbsp;&nbsp; 3377294<br>|
| Commerce Bancshares Inc. | &nbsp;&nbsp; 59136 | &nbsp;&nbsp; 3533967<br>|
| Prosperity Bancshares Inc. | &nbsp;&nbsp; 60984 | &nbsp;&nbsp; 4046289<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 10957550 |
| Capital Markets — 3.2% | Capital Markets — 3.2% | Capital Markets — 3.2% |
| Affiliated Managers Group Inc. | &nbsp;&nbsp; 20944 | &nbsp;&nbsp; 4993678<br>|
| FactSet Research Systems Inc. | &nbsp;&nbsp; 16020 | &nbsp;&nbsp; 4589570<br>|
| Invesco Ltd. | &nbsp;&nbsp; 220528 | &nbsp;&nbsp; 5058912<br>|
| Janus Henderson Group PLC | &nbsp;&nbsp; 82544 | &nbsp;&nbsp; 3674033<br>|
| MSCI Inc. | &nbsp;&nbsp; 29568 | &nbsp;&nbsp; 16777179<br>|
| SEI Investments Co. | &nbsp;&nbsp; 85008 | &nbsp;&nbsp; 7212929<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 124436 | &nbsp;&nbsp; 12772111<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 55078412 |
| Consumer Finance — 1.8% | Consumer Finance — 1.8% | Consumer Finance — 1.8% |
| Ally Financial Inc. | &nbsp;&nbsp; 168788 | &nbsp;&nbsp; 6616490<br>|
| OneMain Holdings Inc. | &nbsp;&nbsp; 72072 | &nbsp;&nbsp; 4069185<br>|
| Synchrony Financial | &nbsp;&nbsp; 275972 | &nbsp;&nbsp; 19607810<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 30293485 |
| Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% |
| MGIC Investment Corp. | &nbsp;&nbsp; 230384 | &nbsp;&nbsp; 6535994<br>|
| Western Union Co. | &nbsp;&nbsp; 318472 | &nbsp;&nbsp; 2544592<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 9080586 |
| Insurance — 8.3% | Insurance — 8.3% | Insurance — 8.3% |
| Allstate Corp. | &nbsp;&nbsp; 79464 | &nbsp;&nbsp; 17056948<br>|
| Arch Capital Group Ltd. | &nbsp;&nbsp; 175560 | &nbsp;&nbsp; 15928559<br>|
| Cincinnati Financial Corp. | &nbsp;&nbsp; 110268 | &nbsp;&nbsp; 17433371<br>|
| CNA Financial Corp. | &nbsp;&nbsp; 14784 | &nbsp;&nbsp; 686865<br>|
| Everest Group Ltd. | &nbsp;&nbsp; 33880 | &nbsp;&nbsp; 11865792<br>|
| Globe Life Inc. | &nbsp;&nbsp; 69608 | &nbsp;&nbsp; 9951856<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Mid Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Hartford Insurance Group Inc. | &nbsp;&nbsp; 128132 | &nbsp;&nbsp; $17091527<br>|
| Kinsale Capital Group Inc. | &nbsp;&nbsp; 17248 | &nbsp;&nbsp; 7334884<br>|
| Markel Group Inc. | &nbsp;&nbsp; 3965 | &nbsp;&nbsp; 7,578,542<br> \*<br>|
| Old Republic International Corp. | &nbsp;&nbsp; 154616 | &nbsp;&nbsp; 6566542<br>|
| Principal Financial Group Inc. | &nbsp;&nbsp; 64680 | &nbsp;&nbsp; 5362619<br>|
| Prudential Financial Inc. | &nbsp;&nbsp; 109036 | &nbsp;&nbsp; 11311395<br>|
| Unum Group | &nbsp;&nbsp; 114576 | &nbsp;&nbsp; 8911721<br>|
| WR Berkley Corp. | &nbsp;&nbsp; 96096 | &nbsp;&nbsp; 7362875<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 144443496 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **249853529** |
| **Health Care — 13.2%** | **Health Care — 13.2%** | **Health Care — 13.2%** |
| Biotechnology — 3.7% | Biotechnology — 3.7% | Biotechnology — 3.7% |
| Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp; 41276 | &nbsp;&nbsp; 18,821,856<br> \*<br>|
| Exelixis Inc. | &nbsp;&nbsp; 152772 | &nbsp;&nbsp; 6,309,483<br> \*<br>|
| Halozyme Therapeutics Inc. | &nbsp;&nbsp; 43120 | &nbsp;&nbsp; 3,162,421<br> \*<br>|
| Incyte Corp. | &nbsp;&nbsp; 136140 | &nbsp;&nbsp; 11,546,033<br> \*<br>|
| Neurocrine Biosciences Inc. | &nbsp;&nbsp; 81316 | &nbsp;&nbsp; 11,415,140<br> \*<br>|
| United Therapeutics Corp. | &nbsp;&nbsp; 32032 | &nbsp;&nbsp; 13,428,135<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 64683068 |
| Health Care Equipment & Supplies — 2.8% | Health Care Equipment & Supplies — 2.8% | Health Care Equipment & Supplies — 2.8% |
| IDEXX Laboratories Inc. | &nbsp;&nbsp; 32648 | &nbsp;&nbsp; 20,858,481<br> \*<br>|
| Inspire Medical Systems Inc. | &nbsp;&nbsp; 16016 | &nbsp;&nbsp; 1,188,387<br> \*<br>|
| ResMed Inc. | &nbsp;&nbsp; 67764 | &nbsp;&nbsp; 18549040<br>|
| STERIS PLC | &nbsp;&nbsp; 32032 | &nbsp;&nbsp; 7925998<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 48521906 |
| Health Care Providers & Services — 3.6% | Health Care Providers & Services — 3.6% | Health Care Providers & Services — 3.6% |
| Acadia Healthcare Co. Inc. | &nbsp;&nbsp; 62832 | &nbsp;&nbsp; 1,555,720<br> \*<br>|
| Cencora Inc. | &nbsp;&nbsp; 57288 | &nbsp;&nbsp; 17904219<br>|
| Chemed Corp. | &nbsp;&nbsp; 9240 | &nbsp;&nbsp; 4137117<br>|
| Encompass Health Corp. | &nbsp;&nbsp; 91784 | &nbsp;&nbsp; 11658404<br>|
| Molina Healthcare Inc. | &nbsp;&nbsp; 16016 | &nbsp;&nbsp; 3,064,822<br> \*<br>|
| Tenet Healthcare Corp. | &nbsp;&nbsp; 68992 | &nbsp;&nbsp; 14,008,136<br> \*<br>|
| Universal Health Services Inc., Class B Shares | &nbsp;&nbsp; 48048 | &nbsp;&nbsp; 9822933<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 62151351 |
| Life Sciences Tools & Services — 1.8% | Life Sciences Tools & Services — 1.8% | Life Sciences Tools & Services — 1.8% |
| Mettler-Toledo International Inc. | &nbsp;&nbsp; 14276 | &nbsp;&nbsp; 17,525,360<br> \*<br>|
| Waters Corp. | &nbsp;&nbsp; 46200 | &nbsp;&nbsp; 13,851,222<br> \*<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 31376582 |
| Pharmaceuticals — 1.3% | Pharmaceuticals — 1.3% | Pharmaceuticals — 1.3% |
| Corcept Therapeutics Inc. | &nbsp;&nbsp; 27720 | &nbsp;&nbsp; 2,303,809<br> \*<br>|
| Organon & Co. | &nbsp;&nbsp; 221156 | &nbsp;&nbsp; 2361946<br>|
| Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 297532 | &nbsp;&nbsp; 10496929<br>|
| Viatris Inc. | &nbsp;&nbsp; 762624 | &nbsp;&nbsp; 7549978<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 22712662 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **229445569** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Mid Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Industrials — 19.7%** | **Industrials — 19.7%** | **Industrials — 19.7%** |
| Aerospace & Defense — 0.6% | Aerospace & Defense — 0.6% | Aerospace & Defense — 0.6% |
| HEICO Corp. | &nbsp;&nbsp; 12936 | &nbsp;&nbsp; $4176000<br>|
| HEICO Corp., Class A Shares | &nbsp;&nbsp; 22792 | &nbsp;&nbsp; 5791219<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 9967219 |
| Air Freight & Logistics — 1.3% | Air Freight & Logistics — 1.3% | Air Freight & Logistics — 1.3% |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 82548 | &nbsp;&nbsp; 10929355<br>|
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 97328 | &nbsp;&nbsp; 11931440<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 22860795 |
| Building Products — 1.6% | Building Products — 1.6% | Building Products — 1.6% |
| Allegion PLC | &nbsp;&nbsp; 59136 | &nbsp;&nbsp; 10487770<br>|
| Armstrong World Industries Inc. | &nbsp;&nbsp; 22176 | &nbsp;&nbsp; 4346718<br>|
| Lennox International Inc. | &nbsp;&nbsp; 24640 | &nbsp;&nbsp; 13043430<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 27877918 |
| Commercial Services & Supplies — 1.7% | Commercial Services & Supplies — 1.7% | Commercial Services & Supplies — 1.7% |
| Rollins Inc. | &nbsp;&nbsp; 217448 | &nbsp;&nbsp; 12772896<br>|
| Veralto Corp. | &nbsp;&nbsp; 152156 | &nbsp;&nbsp; 16221351<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 28994247 |
| Ground Transportation — 1.5% | Ground Transportation — 1.5% | Ground Transportation — 1.5% |
| Knight-Swift Transportation Holdings Inc. | &nbsp;&nbsp; 47440 | &nbsp;&nbsp; 1874355<br>|
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 104104 | &nbsp;&nbsp; 14655761<br>|
| Ryder System Inc. | &nbsp;&nbsp; 25256 | &nbsp;&nbsp; 4764292<br>|
| Saia Inc. | &nbsp;&nbsp; 15400 | &nbsp;&nbsp; 4,610,144<br> \*<br>|
| Schneider National Inc., Class B Shares | &nbsp;&nbsp; 34496 | &nbsp;&nbsp; 729935<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 26634487 |
| Machinery — 3.9% | Machinery — 3.9% | Machinery — 3.9% |
| Allison Transmission Holdings Inc. | &nbsp;&nbsp; 70224 | &nbsp;&nbsp; 5960613<br>|
| Cummins Inc. | &nbsp;&nbsp; 51744 | &nbsp;&nbsp; 21855113<br>|
| Donaldson Co. Inc. | &nbsp;&nbsp; 79464 | &nbsp;&nbsp; 6504128<br>|
| Otis Worldwide Corp. | &nbsp;&nbsp; 174944 | &nbsp;&nbsp; 15995130<br>|
| Snap-on Inc. | &nbsp;&nbsp; 36960 | &nbsp;&nbsp; 12807749<br>|
| Toro Co. | &nbsp;&nbsp; 67144 | &nbsp;&nbsp; 5116373<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 68239106 |
| Passenger Airlines — 2.2% | Passenger Airlines — 2.2% | Passenger Airlines — 2.2% |
| Delta Air Lines Inc. | &nbsp;&nbsp; 344348 | &nbsp;&nbsp; 19541749<br>|
| United Airlines Holdings Inc. | &nbsp;&nbsp; 196508 | &nbsp;&nbsp; 18,963,022<br> \*<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 38504771 |
| Professional Services — 3.5% | Professional Services — 3.5% | Professional Services — 3.5% |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp; 117660 | &nbsp;&nbsp; 11760117<br>|
| CACI International Inc., Class A Shares | &nbsp;&nbsp; 12320 | &nbsp;&nbsp; 6,144,970<br> \*<br>|
| Concentrix Corp. | &nbsp;&nbsp; 28336 | &nbsp;&nbsp; 1307706<br>|
| Genpact Ltd. | &nbsp;&nbsp; 129360 | &nbsp;&nbsp; 5418890<br>|
| Leidos Holdings Inc. | &nbsp;&nbsp; 68996 | &nbsp;&nbsp; 13037484<br>|
| ManpowerGroup Inc. | &nbsp;&nbsp; 30192 | &nbsp;&nbsp; 1144277<br>|
| Paychex Inc. | &nbsp;&nbsp; 105340 | &nbsp;&nbsp; 13352898<br>|
| Paycom Software Inc. | &nbsp;&nbsp; 33268 | &nbsp;&nbsp; 6924402<br>|
| Robert Half Inc. | &nbsp;&nbsp; 72688 | &nbsp;&nbsp; 2469938<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 61560682 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Mid Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — 3.4% | Trading Companies & Distributors — 3.4% | Trading Companies & Distributors — 3.4% |
| Fastenal Co. | &nbsp;&nbsp; 403480 | &nbsp;&nbsp; $19786659<br>|
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 91172 | &nbsp;&nbsp; 20475408<br>|
| MSC Industrial Direct Co. Inc., Class A Shares | &nbsp;&nbsp; 36960 | &nbsp;&nbsp; 3405494<br>|
| W.W. Grainger Inc. | &nbsp;&nbsp; 15312 | &nbsp;&nbsp; 14591724<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 58259285 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **342898510** |
| **Information Technology — 10.8%** | **Information Technology — 10.8%** | **Information Technology — 10.8%** |
| Communications Equipment — 0.8% | Communications Equipment — 0.8% | Communications Equipment — 0.8% |
| F5 Inc. | &nbsp;&nbsp; 40656 | &nbsp;&nbsp; 13,139,613<br> \*<br>|
| Ubiquiti Inc. | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 813834<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 13953447 |
| Electronic Equipment, Instruments & Components — 1.1% | Electronic Equipment, Instruments & Components — 1.1% | Electronic Equipment, Instruments & Components — 1.1% |
| Avnet Inc. | &nbsp;&nbsp; 49280 | &nbsp;&nbsp; 2576358<br>|
| CDW Corp. | &nbsp;&nbsp; 77616 | &nbsp;&nbsp; 12362677<br>|
| Ingram Micro Holding Corp. | &nbsp;&nbsp; 6160 | &nbsp;&nbsp; 132378<br>|
| Vontier Corp. | &nbsp;&nbsp; 109032 | &nbsp;&nbsp; 4576073<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 19647486 |
| IT Services — 2.6% | IT Services — 2.6% | IT Services — 2.6% |
| Amdocs Ltd. | &nbsp;&nbsp; 75768 | &nbsp;&nbsp; 6216764<br>|
| Gartner Inc. | &nbsp;&nbsp; 38192 | &nbsp;&nbsp; 10,039,531<br> \*<br>|
| GoDaddy Inc., Class A Shares | &nbsp;&nbsp; 91784 | &nbsp;&nbsp; 12,558,805<br> \*<br>|
| VeriSign Inc. | &nbsp;&nbsp; 60988 | &nbsp;&nbsp; 17050415<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 45865515 |
| Semiconductors & Semiconductor Equipment — 1.0% | Semiconductors & Semiconductor Equipment — 1.0% | Semiconductors & Semiconductor Equipment — 1.0% |
| Cirrus Logic Inc. | &nbsp;&nbsp; 34496 | &nbsp;&nbsp; 4,322,004<br> \*<br>|
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 14168 | &nbsp;&nbsp; 13043628<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 17365632 |
| Software — 3.3% | Software — 3.3% | Software — 3.3% |
| Appfolio Inc., Class A Shares | &nbsp;&nbsp; 12936 | &nbsp;&nbsp; 3,565,938<br> \*<br>|
| DocuSign Inc. | &nbsp;&nbsp; 109032 | &nbsp;&nbsp; 7,860,117<br> \*<br>|
| Dolby Laboratories Inc., Class A Shares | &nbsp;&nbsp; 43120 | &nbsp;&nbsp; 3120594<br>|
| Dropbox Inc., Class A Shares | &nbsp;&nbsp; 112732 | &nbsp;&nbsp; 3,405,634<br> \*<br>|
| Fair Isaac Corp. | &nbsp;&nbsp; 9646 | &nbsp;&nbsp; 14,435,528<br> \*<br>|
| Manhattan Associates Inc. | &nbsp;&nbsp; 53592 | &nbsp;&nbsp; 10,985,288<br> \*<br>|
| Nutanix Inc., Class A Shares | &nbsp;&nbsp; 118272 | &nbsp;&nbsp; 8,798,254<br> \*<br>|
| Pegasystems Inc. | &nbsp;&nbsp; 42508 | &nbsp;&nbsp; 2444210<br>|
| RingCentral Inc., Class A Shares | &nbsp;&nbsp; 26488 | &nbsp;&nbsp; 750,670<br> \*<br>|
| Teradata Corp. | &nbsp;&nbsp; 52984 | &nbsp;&nbsp; 1,139,686<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 56505919 |
| Technology Hardware, Storage & Peripherals — 2.0% | Technology Hardware, Storage & Peripherals — 2.0% | Technology Hardware, Storage & Peripherals — 2.0% |
| HP Inc. | &nbsp;&nbsp; 567952 | &nbsp;&nbsp; 15465333<br>|
| NetApp Inc. | &nbsp;&nbsp; 158928 | &nbsp;&nbsp; 18826611<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 34291944 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **187629943** |
| **Materials — 1.4%** | **Materials — 1.4%** | **Materials — 1.4%** |
| Chemicals — 0.7% | Chemicals — 0.7% | Chemicals — 0.7% |
| NewMarket Corp. | &nbsp;&nbsp; 3994 | &nbsp;&nbsp; 3307871<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Mid Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| RPM International Inc. | &nbsp;&nbsp; 78848 | &nbsp;&nbsp; $9294602<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 12602473 |
| Containers & Packaging — 0.7% | Containers & Packaging — 0.7% | Containers & Packaging — 0.7% |
| Avery Dennison Corp. | &nbsp;&nbsp; 52364 | &nbsp;&nbsp; 8491870<br>|
| Sealed Air Corp. | &nbsp;&nbsp; 99792 | &nbsp;&nbsp; 3527647<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 12019517 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **24621990** |
| **Real Estate — 3.5%** | **Real Estate — 3.5%** | **Real Estate — 3.5%** |
| Diversified REITs — 0.5% | Diversified REITs — 0.5% | Diversified REITs — 0.5% |
| WP Carey Inc. | &nbsp;&nbsp; 124432 | &nbsp;&nbsp; 8407870<br>|
| Health Care REITs — 0.4% | Health Care REITs — 0.4% | Health Care REITs — 0.4% |
| Omega Healthcare Investors Inc. | &nbsp;&nbsp; 152768 | &nbsp;&nbsp; 6449865<br>|
| Industrial REITs — 0.4% | Industrial REITs — 0.4% | Industrial REITs — 0.4% |
| EastGroup Properties Inc. | &nbsp;&nbsp; 16016 | &nbsp;&nbsp; 2710868<br>|
| STAG Industrial Inc.  | &nbsp;&nbsp; 114576 | &nbsp;&nbsp; 4043387<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 6754255 |
| Office REITs — 0.5% | Office REITs — 0.5% | Office REITs — 0.5% |
| Cousins Properties Inc. | &nbsp;&nbsp; 90552 | &nbsp;&nbsp; 2620575<br>|
| Highwoods Properties Inc. | &nbsp;&nbsp; 81316 | &nbsp;&nbsp; 2587475<br>|
| Kilroy Realty Corp. | &nbsp;&nbsp; 76384 | &nbsp;&nbsp; 3227224<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 8435274 |
| Residential REITs — 1.1% | Residential REITs — 1.1% | Residential REITs — 1.1% |
| American Homes 4 Rent, Class A Shares | &nbsp;&nbsp; 99792 | &nbsp;&nbsp; 3318084<br>|
| Camden Property Trust | &nbsp;&nbsp; 70840 | &nbsp;&nbsp; 7564295<br>|
| Equity LifeStyle Properties Inc. | &nbsp;&nbsp; 128136 | &nbsp;&nbsp; 7777855<br>|
| Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 18660234 |
| Retail REITs — 0.3% | Retail REITs — 0.3% | Retail REITs — 0.3% |
| NNN REIT Inc. | &nbsp;&nbsp; 131208 | &nbsp;&nbsp; 5585525<br>|
| Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% |
| Lamar Advertising Co., Class A Shares | &nbsp;&nbsp; 48664 | &nbsp;&nbsp; 5957447<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **60250470** |
| **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** |
| Gas Utilities — 0.3% | Gas Utilities — 0.3% | Gas Utilities — 0.3% |
| National Fuel Gas Co. | &nbsp;&nbsp; 59752 | &nbsp;&nbsp; 5519292<br>|
| Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% |
| AES Corp. | &nbsp;&nbsp; 212520 | &nbsp;&nbsp; 2796763<br>|
| Water Utilities — 0.9% | Water Utilities — 0.9% | Water Utilities — 0.9% |
| American Water Works Co. Inc. | &nbsp;&nbsp; 116428 | &nbsp;&nbsp; 16205614<br>|
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **24521669** |
| **Total Investments before Short-Term Investments (Cost — $1,631,087,183)** | **Total Investments before Short-Term Investments (Cost — $1,631,087,183)** | &nbsp;&nbsp; **1738431159** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Mid Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $814,338)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 814338<br>| &nbsp;&nbsp; **$814338**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.9% (Cost — $1,631,901,521)** | **Total Investments — 99.9% (Cost — $1,631,901,521)** | **Total Investments — 99.9% (Cost — $1,631,901,521)** | &nbsp;&nbsp; **1739245497** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 1349848 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1740595345** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | 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 <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2025, the total market value of <br> investments in Affiliated Companies was $814,338 and the cost was $814,338 (Note 6).<br>|
| <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:** |
| REIT |  | Real Estate Investment Trust |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| E-mini S&P MidCap 400 Index | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $1978538 | &nbsp;&nbsp;&nbsp; $1971720 | &nbsp;&nbsp;&nbsp; **$(6818)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Multifactor Index 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 — 3.0%** | **Communication Services — 3.0%** | **Communication Services — 3.0%** |
| Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% |
| IDT Corp., Class B Shares | &nbsp;&nbsp; 1760 | &nbsp;&nbsp; $92066<br>|
| Entertainment — 0.4% | Entertainment — 0.4% | Entertainment — 0.4% |
| Cinemark Holdings Inc. | &nbsp;&nbsp; 7968 | &nbsp;&nbsp; 223263<br>|
| Playstudios Inc. | &nbsp;&nbsp; 8736 | &nbsp;&nbsp; 8,409<br> \*<br>|
| Playtika Holding Corp. | &nbsp;&nbsp; 3328 | &nbsp;&nbsp; 12946<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 244618 |
| Interactive Media & Services — 0.9% | Interactive Media & Services — 0.9% | Interactive Media & Services — 0.9% |
| Arena Group Holdings Inc. | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 3,326<br> \*<br>|
| Cargurus Inc. | &nbsp;&nbsp; 7904 | &nbsp;&nbsp; 294,266<br> \*<br>|
| EverQuote Inc., Class A Shares | &nbsp;&nbsp; 2464 | &nbsp;&nbsp; 56,352<br> \*<br>|
| Shutterstock Inc. | &nbsp;&nbsp; 2592 | &nbsp;&nbsp; 54043<br>|
| Travelzoo | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 3,460<br> \*<br>|
| Yelp Inc. | &nbsp;&nbsp; 6976 | &nbsp;&nbsp; 217,651<br> \*<br>|
| ZipRecruiter Inc., Class A Shares | &nbsp;&nbsp; 7296 | &nbsp;&nbsp; 30,789<br> \*<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 659887 |
| Media — 1.0% | Media — 1.0% | Media — 1.0% |
| AMC Networks Inc., Class A Shares | &nbsp;&nbsp; 3008 | &nbsp;&nbsp; 24,786<br> \*<br>|
| Cable One Inc. | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 45325<br>|
| Gambling.com Group Ltd. | &nbsp;&nbsp; 1696 | &nbsp;&nbsp; 13,873<br> \*<br>|
| Ibotta Inc., Class A Shares | &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 28,518<br> \*<br>|
| John Wiley & Sons Inc., Class A Shares | &nbsp;&nbsp; 4448 | &nbsp;&nbsp; 180010<br>|
| Scholastic Corp. | &nbsp;&nbsp; 2336 | &nbsp;&nbsp; 63960<br>|
| TEGNA Inc. | &nbsp;&nbsp; 16320 | &nbsp;&nbsp; 331786<br>|
| Total Media | Total Media | &nbsp;&nbsp; 688258 |
| Wireless Telecommunication Services — 0.6% | Wireless Telecommunication Services — 0.6% | Wireless Telecommunication Services — 0.6% |
| Spok Holdings Inc. | &nbsp;&nbsp; 1888 | &nbsp;&nbsp; 32568<br>|
| Telephone and Data Systems Inc. | &nbsp;&nbsp; 9888 | &nbsp;&nbsp; 388005<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 420573 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2105402** |
| **Consumer Discretionary — 16.5%** | **Consumer Discretionary — 16.5%** | **Consumer Discretionary — 16.5%** |
| Automobile Components — 1.5% | Automobile Components — 1.5% | Automobile Components — 1.5% |
| Dorman Products Inc. | &nbsp;&nbsp; 2208 | &nbsp;&nbsp; 344,183<br> \*<br>|
| LCI Industries | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 208656<br>|
| Patrick Industries Inc. | &nbsp;&nbsp; 2848 | &nbsp;&nbsp; 294569<br>|
| Standard Motor Products Inc. | &nbsp;&nbsp; 2304 | &nbsp;&nbsp; 94049<br>|
| XPEL Inc. | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 74,077<br> \*<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 1015534 |
| Broadline Retail — 0.0%†† | Broadline Retail — 0.0%†† | Broadline Retail — 0.0%†† |
| Savers Value Village Inc. | &nbsp;&nbsp; 1856 | &nbsp;&nbsp; 24,592<br> \*<br>|
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| Weyco Group Inc. | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 19258<br>|
| Diversified Consumer Services — 3.8% | Diversified Consumer Services — 3.8% | Diversified Consumer Services — 3.8% |
| Adtalem Global Education Inc. | &nbsp;&nbsp; 3744 | &nbsp;&nbsp; 578,261<br> \*<br>|
| American Public Education Inc. | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 50,522<br> \*<br>|
| Frontdoor Inc. | &nbsp;&nbsp; 7456 | &nbsp;&nbsp; 501,714<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Small Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Diversified Consumer Services — continued | Diversified Consumer Services — continued | Diversified Consumer Services — continued |
| Laureate Education Inc. | &nbsp;&nbsp; 5952 | &nbsp;&nbsp; $187,726<br> \*<br>|
| Lincoln Educational Services Corp. | &nbsp;&nbsp; 3168 | &nbsp;&nbsp; 74,448<br> \*<br>|
| Mister Car Wash Inc. | &nbsp;&nbsp; 4736 | &nbsp;&nbsp; 25,243<br> \*<br>|
| Perdoceo Education Corp. | &nbsp;&nbsp; 8032 | &nbsp;&nbsp; 302485<br>|
| Strategic Education Inc. | &nbsp;&nbsp; 2208 | &nbsp;&nbsp; 189910<br>|
| Stride Inc. | &nbsp;&nbsp; 4352 | &nbsp;&nbsp; 648,187<br> \*<br>|
| Universal Technical Institute Inc. | &nbsp;&nbsp; 4352 | &nbsp;&nbsp; 141,657<br> \*<br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 2700153 |
| Hotels, Restaurants & Leisure — 1.8% | Hotels, Restaurants & Leisure — 1.8% | Hotels, Restaurants & Leisure — 1.8% |
| Bloomin' Brands Inc. | &nbsp;&nbsp; 10848 | &nbsp;&nbsp; 77780<br>|
| Cheesecake Factory Inc. | &nbsp;&nbsp; 6304 | &nbsp;&nbsp; 344451<br>|
| Cracker Barrel Old Country Store Inc.  | &nbsp;&nbsp; 2816 | &nbsp;&nbsp; 124073<br>|
| Jack in the Box Inc. | &nbsp;&nbsp; 1792 | &nbsp;&nbsp; 35428<br>|
| Monarch Casino & Resort Inc. | &nbsp;&nbsp; 1472 | &nbsp;&nbsp; 155796<br>|
| Nathan's Famous Inc. | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 31893<br>|
| Papa John's International Inc. | &nbsp;&nbsp; 3360 | &nbsp;&nbsp; 161784<br>|
| Portillo's Inc., Class A Shares | &nbsp;&nbsp; 5568 | &nbsp;&nbsp; 35,914<br> \*<br>|
| Potbelly Corp. | &nbsp;&nbsp; 2592 | &nbsp;&nbsp; 44,168<br> \*<br>|
| Rush Street Interactive Inc. | &nbsp;&nbsp; 4224 | &nbsp;&nbsp; 86,507<br> \*<br>|
| Super Group SGHC Ltd. | &nbsp;&nbsp; 9152 | &nbsp;&nbsp; 120806<br>|
| Target Hospitality Corp. | &nbsp;&nbsp; 2816 | &nbsp;&nbsp; 23,880<br> \*<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1242480 |
| Household Durables — 1.5% | Household Durables — 1.5% | Household Durables — 1.5% |
| Bassett Furniture Industries Inc. | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 7007<br>|
| Cricut Inc., Class A Shares | &nbsp;&nbsp; 3424 | &nbsp;&nbsp; 21537<br>|
| Ethan Allen Interiors Inc. | &nbsp;&nbsp; 2656 | &nbsp;&nbsp; 78246<br>|
| Flexsteel Industries Inc. | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 16315<br>|
| Hamilton Beach Brands Holding Co., Class A Shares | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 9657<br>|
| Helen of Troy Ltd. | &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 50,803<br> \*<br>|
| Installed Building Products Inc. | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 552518<br>|
| La-Z-Boy Inc. | &nbsp;&nbsp; 4416 | &nbsp;&nbsp; 151557<br>|
| Lovesac Co. | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 21,670<br> \*<br>|
| Sonos Inc. | &nbsp;&nbsp; 10912 | &nbsp;&nbsp; 172,410<br> \*<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 1081720 |
| Leisure Products — 0.6% | Leisure Products — 0.6% | Leisure Products — 0.6% |
| Acushnet Holdings Corp. | &nbsp;&nbsp; 3328 | &nbsp;&nbsp; 261215<br>|
| Escalade Inc. | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 11338<br>|
| JAKKS Pacific Inc. | &nbsp;&nbsp; 832 | &nbsp;&nbsp; 15583<br>|
| Marine Products Corp. | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 7948<br>|
| Smith & Wesson Brands Inc. | &nbsp;&nbsp; 4064 | &nbsp;&nbsp; 39949<br>|
| Sturm Ruger & Co. Inc. | &nbsp;&nbsp; 1536 | &nbsp;&nbsp; 66770<br>|
| Total Leisure Products | Total Leisure Products | &nbsp;&nbsp; 402803 |
| Specialty Retail — 5.3% | Specialty Retail — 5.3% | Specialty Retail — 5.3% |
| Abercrombie & Fitch Co., Class A Shares | &nbsp;&nbsp; 5312 | &nbsp;&nbsp; 454,442<br> \*<br>|
| Academy Sports & Outdoors Inc. | &nbsp;&nbsp; 6624 | &nbsp;&nbsp; 331333<br>|
| American Eagle Outfitters Inc. | &nbsp;&nbsp; 16832 | &nbsp;&nbsp; 287996<br>|
| BARK Inc. | &nbsp;&nbsp; 7680 | &nbsp;&nbsp; 6,381<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued |
| Buckle Inc. | &nbsp;&nbsp; 3680 | &nbsp;&nbsp; $215869<br>|
| Build-A-Bear Workshop Inc. | &nbsp;&nbsp; 1536 | &nbsp;&nbsp; 100163<br>|
| Caleres Inc. | &nbsp;&nbsp; 3552 | &nbsp;&nbsp; 46318<br>|
| Designer Brands Inc., Class A Shares | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 11328<br>|
| Envela Corp. | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 2,749<br> \*<br>|
| Genesco Inc. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 30,613<br> \*<br>|
| Group 1 Automotive Inc. | &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 532012<br>|
| Haverty Furniture Cos. Inc. | &nbsp;&nbsp; 1632 | &nbsp;&nbsp; 35790<br>|
| J Jill Inc. | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 12074<br>|
| Monro Inc. | &nbsp;&nbsp; 3008 | &nbsp;&nbsp; 54054<br>|
| ODP Corp. | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 89,120<br> \*<br>|
| RealReal Inc. | &nbsp;&nbsp; 7840 | &nbsp;&nbsp; 83,339<br> \*<br>|
| Revolve Group Inc. | &nbsp;&nbsp; 4448 | &nbsp;&nbsp; 94,742<br> \*<br>|
| Sally Beauty Holdings Inc. | &nbsp;&nbsp; 12672 | &nbsp;&nbsp; 206,300<br> \*<br>|
| Shoe Carnival Inc. | &nbsp;&nbsp; 1632 | &nbsp;&nbsp; 33929<br>|
| Signet Jewelers Ltd. | &nbsp;&nbsp; 4032 | &nbsp;&nbsp; 386749<br>|
| Sleep Number Corp. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 12,804<br> \*<br>|
| Sonic Automotive Inc., Class A Shares | &nbsp;&nbsp; 1472 | &nbsp;&nbsp; 112004<br>|
| Tile Shop Holdings Inc. | &nbsp;&nbsp; 3104 | &nbsp;&nbsp; 18,779<br> \*<br>|
| Torrid Holdings Inc. | &nbsp;&nbsp; 1952 | &nbsp;&nbsp; 3,416<br> \*<br>|
| Upbound Group Inc. | &nbsp;&nbsp; 5888 | &nbsp;&nbsp; 139133<br>|
| Urban Outfitters Inc. | &nbsp;&nbsp; 3040 | &nbsp;&nbsp; 217,147<br> \*<br>|
| Victoria's Secret & Co. | &nbsp;&nbsp; 4832 | &nbsp;&nbsp; 131,141<br> \*<br>|
| Winmark Corp. | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 79643<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 3729368 |
| Textiles, Apparel & Luxury Goods — 2.0% | Textiles, Apparel & Luxury Goods — 2.0% | Textiles, Apparel & Luxury Goods — 2.0% |
| Carter's Inc. | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 55989<br>|
| Ermenegildo Zegna NV | &nbsp;&nbsp; 2880 | &nbsp;&nbsp; 27216<br>|
| Figs Inc., Class A Shares | &nbsp;&nbsp; 11744 | &nbsp;&nbsp; 78,567<br> \*<br>|
| G-III Apparel Group Ltd. | &nbsp;&nbsp; 3968 | &nbsp;&nbsp; 105,589<br> \*<br>|
| Kontoor Brands Inc. | &nbsp;&nbsp; 6560 | &nbsp;&nbsp; 523291<br>|
| Movado Group Inc. | &nbsp;&nbsp; 1696 | &nbsp;&nbsp; 32173<br>|
| Oxford Industries Inc. | &nbsp;&nbsp; 1664 | &nbsp;&nbsp; 67459<br>|
| Rocky Brands Inc. | &nbsp;&nbsp; 736 | &nbsp;&nbsp; 21925<br>|
| Steven Madden Ltd. | &nbsp;&nbsp; 7808 | &nbsp;&nbsp; 261412<br>|
| Superior Group of Cos. Inc. | &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 10977<br>|
| Wolverine World Wide Inc. | &nbsp;&nbsp; 7744 | &nbsp;&nbsp; 212495<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 1397093 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **11613001** |
| **Consumer Staples — 5.8%** | **Consumer Staples — 5.8%** | **Consumer Staples — 5.8%** |
| Beverages — 0.4% | Beverages — 0.4% | Beverages — 0.4% |
| National Beverage Corp. | &nbsp;&nbsp; 2592 | &nbsp;&nbsp; 95,697<br> \*<br>|
| Vita Coco Co. Inc. | &nbsp;&nbsp; 3360 | &nbsp;&nbsp; 142,699<br> \*<br>|
| Zevia PBC, Class A Shares | &nbsp;&nbsp; 1568 | &nbsp;&nbsp; 4,265<br> \*<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 242661 |
| Consumer Staples Distribution & Retail — 1.5% | Consumer Staples Distribution & Retail — 1.5% | Consumer Staples Distribution & Retail — 1.5% |
| Chefs' Warehouse Inc. | &nbsp;&nbsp; 1856 | &nbsp;&nbsp; 108,260<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Small Cap Multifactor Index 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 |
| Grocery Outlet Holding Corp. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; $77,040<br> \*<br>|
| Ingles Markets Inc., Class A Shares | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 104618<br>|
| Natural Grocers by Vitamin Cottage Inc. | &nbsp;&nbsp; 1184 | &nbsp;&nbsp; 47360<br>|
| PriceSmart Inc. | &nbsp;&nbsp; 2784 | &nbsp;&nbsp; 337393<br>|
| United Natural Foods Inc. | &nbsp;&nbsp; 5952 | &nbsp;&nbsp; 223,914<br> \*<br>|
| Village Super Market Inc., Class A Shares | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 43039<br>|
| Weis Markets Inc. | &nbsp;&nbsp; 1888 | &nbsp;&nbsp; 135691<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1077315 |
| Food Products — 1.8% | Food Products — 1.8% | Food Products — 1.8% |
| Cal-Maine Foods Inc. | &nbsp;&nbsp; 4896 | &nbsp;&nbsp; 460714<br>|
| Fresh Del Monte Produce Inc.  | &nbsp;&nbsp; 2368 | &nbsp;&nbsp; 82217<br>|
| J & J Snack Foods Corp. | &nbsp;&nbsp; 1376 | &nbsp;&nbsp; 132220<br>|
| John B Sanfilippo & Son Inc. | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 57595<br>|
| Lifeway Foods Inc. | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 10,660<br> \*<br>|
| Mama's Creations Inc. | &nbsp;&nbsp; 2816 | &nbsp;&nbsp; 29,596<br> \*<br>|
| Marzetti Co. | &nbsp;&nbsp; 1888 | &nbsp;&nbsp; 326227<br>|
| Tootsie Roll Industries Inc. | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 37560<br>|
| Vital Farms Inc. | &nbsp;&nbsp; 3040 | &nbsp;&nbsp; 125,096<br> \*<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 1261885 |
| Household Products — 1.0% | Household Products — 1.0% | Household Products — 1.0% |
| Central Garden & Pet Co. | &nbsp;&nbsp; 992 | &nbsp;&nbsp; 32,389<br> \*<br>|
| Central Garden & Pet Co., Class A Shares | &nbsp;&nbsp; 5536 | &nbsp;&nbsp; 163,478<br> \*<br>|
| Energizer Holdings Inc. | &nbsp;&nbsp; 6912 | &nbsp;&nbsp; 172040<br>|
| Oil-Dri Corp. of America | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 56645<br>|
| WD-40 Co. | &nbsp;&nbsp; 1536 | &nbsp;&nbsp; 303514<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 728066 |
| Personal Care Products — 0.7% | Personal Care Products — 0.7% | Personal Care Products — 0.7% |
| Edgewell Personal Care Co. | &nbsp;&nbsp; 4320 | &nbsp;&nbsp; 87955<br>|
| FitLife Brands Inc. | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 3,819<br> \*<br>|
| Herbalife Ltd. | &nbsp;&nbsp; 5408 | &nbsp;&nbsp; 45,644<br> \*<br>|
| Interparfums Inc. | &nbsp;&nbsp; 2272 | &nbsp;&nbsp; 223519<br>|
| Lifevantage Corp. | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 5293<br>|
| Medifast Inc. | &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 13,998<br> \*<br>|
| Nature's Sunshine Products Inc. | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 23,342<br> \*<br>|
| Nu Skin Enterprises Inc., Class A Shares | &nbsp;&nbsp; 5824 | &nbsp;&nbsp; 70995<br>|
| USANA Health Sciences Inc. | &nbsp;&nbsp; 1248 | &nbsp;&nbsp; 34,382<br> \*<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 508947 |
| Tobacco — 0.4% | Tobacco — 0.4% | Tobacco — 0.4% |
| Turning Point Brands Inc. | &nbsp;&nbsp; 1536 | &nbsp;&nbsp; 151849<br>|
| Universal Corp. | &nbsp;&nbsp; 2592 | &nbsp;&nbsp; 144815<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 296664 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **4115538** |
| **Energy — 3.2%** | **Energy — 3.2%** | **Energy — 3.2%** |
| Energy Equipment & Services — 0.8% | Energy Equipment & Services — 0.8% | Energy Equipment & Services — 0.8% |
| Archrock Inc. | &nbsp;&nbsp; 13376 | &nbsp;&nbsp; 351923<br>|
| Atlas Energy Solutions Inc. | &nbsp;&nbsp; 5568 | &nbsp;&nbsp; 63308<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Energy Equipment & Services — continued | Energy Equipment & Services — continued | Energy Equipment & Services — continued |
| Kodiak Gas Services Inc. | &nbsp;&nbsp; 3808 | &nbsp;&nbsp; $140782<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 556013 |
| Oil, Gas & Consumable Fuels — 2.4% | Oil, Gas & Consumable Fuels — 2.4% | Oil, Gas & Consumable Fuels — 2.4% |
| Ardmore Shipping Corp. | &nbsp;&nbsp; 3424 | &nbsp;&nbsp; 40643<br>|
| California Resources Corp. | &nbsp;&nbsp; 6336 | &nbsp;&nbsp; 336949<br>|
| Evolution Petroleum Corp. | &nbsp;&nbsp; 2659 | &nbsp;&nbsp; 12816<br>|
| FLEX LNG Ltd. | &nbsp;&nbsp; 1472 | &nbsp;&nbsp; 37094<br>|
| International Seaways Inc. | &nbsp;&nbsp; 3808 | &nbsp;&nbsp; 175473<br>|
| Magnolia Oil & Gas Corp., Class A Shares | &nbsp;&nbsp; 15776 | &nbsp;&nbsp; 376573<br>|
| Nordic American Tankers Ltd. | &nbsp;&nbsp; 9536 | &nbsp;&nbsp; 29943<br>|
| Northern Oil & Gas Inc. | &nbsp;&nbsp; 8896 | &nbsp;&nbsp; 220621<br>|
| PrimeEnergy Resources Corp. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 5,345<br> \*<br>|
| Riley Exploration Permian Inc. | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 31231<br>|
| Scorpio Tankers Inc. | &nbsp;&nbsp; 3968 | &nbsp;&nbsp; 222406<br>|
| SFL Corp. Ltd. | &nbsp;&nbsp; 11712 | &nbsp;&nbsp; 88191<br>|
| Teekay Tankers Ltd., Class A Shares | &nbsp;&nbsp; 2080 | &nbsp;&nbsp; 105144<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1682429 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2238442** |
| **Financials — 13.7%** | **Financials — 13.7%** | **Financials — 13.7%** |
| Banks — 3.7% | Banks — 3.7% | Banks — 3.7% |
| Bank First Corp. | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 50465<br>|
| Bank of Marin Bancorp | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; 32632<br>|
| Bank7 Corp. | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 16287<br>|
| Central Pacific Financial Corp. | &nbsp;&nbsp; 2272 | &nbsp;&nbsp; 68932<br>|
| Chemung Financial Corp. | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 20168<br>|
| Citizens & Northern Corp. | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 28526<br>|
| City Holding Co. | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 158554<br>|
| Eagle Bancorp Inc. | &nbsp;&nbsp; 2817 | &nbsp;&nbsp; 56960<br>|
| First Busey Corp. | &nbsp;&nbsp; 4480 | &nbsp;&nbsp; 103712<br>|
| First Business Financial Services Inc. | &nbsp;&nbsp; 768 | &nbsp;&nbsp; 39368<br>|
| First Capital Inc. | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 7328<br>|
| First Community Bankshares Inc. | &nbsp;&nbsp; 1376 | &nbsp;&nbsp; 47885<br>|
| First Interstate BancSystem Inc., Class A Shares | &nbsp;&nbsp; 4672 | &nbsp;&nbsp; 148897<br>|
| First United Corp. | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 10590<br>|
| Heritage Commerce Corp. | &nbsp;&nbsp; 5024 | &nbsp;&nbsp; 49888<br>|
| Home Bancorp Inc. | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 33030<br>|
| Home BancShares Inc. | &nbsp;&nbsp; 18496 | &nbsp;&nbsp; 523437<br>|
| Kearny Financial Corp. | &nbsp;&nbsp; 4320 | &nbsp;&nbsp; 28382<br>|
| Middlefield Banc Corp. | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 11524<br>|
| NBT Bancorp Inc. | &nbsp;&nbsp; 4864 | &nbsp;&nbsp; 203121<br>|
| Nicolet Bankshares Inc. | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 81776<br>|
| Northeast Community Bancorp Inc. | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 23038<br>|
| Northwest Bancshares Inc. | &nbsp;&nbsp; 11872 | &nbsp;&nbsp; 147094<br>|
| OceanFirst Financial Corp. | &nbsp;&nbsp; 4864 | &nbsp;&nbsp; 85460<br>|
| Parke Bancorp Inc. | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 20688<br>|
| Peoples Bancorp Inc. | &nbsp;&nbsp; 3360 | &nbsp;&nbsp; 100766<br>|
| Preferred Bank | &nbsp;&nbsp; 1184 | &nbsp;&nbsp; 107022<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Small Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Riverview Bancorp Inc. | &nbsp;&nbsp; 928 | &nbsp;&nbsp; $4983<br>|
| Southern Missouri Bancorp Inc. | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 42048<br>|
| Stock Yards Bancorp Inc. | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 156778<br>|
| Tompkins Financial Corp. | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 84749<br>|
| TrustCo Bank Corp. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 66211<br>|
| United Security Bancshares | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 6270<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 2566569 |
| Capital Markets — 1.1% | Capital Markets — 1.1% | Capital Markets — 1.1% |
| Artisan Partners Asset Management Inc., Class A Shares | &nbsp;&nbsp; 5568 | &nbsp;&nbsp; 241651<br>|
| Donnelley Financial Solutions Inc. | &nbsp;&nbsp; 2432 | &nbsp;&nbsp; 125,078<br> \*<br>|
| GCM Grosvenor Inc., Class A Shares | &nbsp;&nbsp; 3776 | &nbsp;&nbsp; 45576<br>|
| PJT Partners Inc., Class A Shares | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 341242<br>|
| Value Line Inc. | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 2579<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 756126 |
| Consumer Finance — 1.6% | Consumer Finance — 1.6% | Consumer Finance — 1.6% |
| Bread Financial Holdings Inc. | &nbsp;&nbsp; 2560 | &nbsp;&nbsp; 142771<br>|
| Consumer Portfolio Services Inc. | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 6,810<br> \*<br>|
| Enova International Inc. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 276,216<br> \*<br>|
| FirstCash Holdings Inc. | &nbsp;&nbsp; 3520 | &nbsp;&nbsp; 557639<br>|
| Medallion Financial Corp. | &nbsp;&nbsp; 992 | &nbsp;&nbsp; 10019<br>|
| NerdWallet Inc., Class A Shares | &nbsp;&nbsp; 3584 | &nbsp;&nbsp; 38,564<br> \*<br>|
| Regional Management Corp. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 41142<br>|
| World Acceptance Corp. | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 70,531<br> \*<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 1143692 |
| Financial Services — 3.8% | Financial Services — 3.8% | Financial Services — 3.8% |
| Banco Latinoamericano de Comercio Exterior SA, Class E Shares | &nbsp;&nbsp; 2688 | &nbsp;&nbsp; 123567<br>|
| Cass Information Systems Inc. | &nbsp;&nbsp; 1088 | &nbsp;&nbsp; 42791<br>|
| Enact Holdings Inc. | &nbsp;&nbsp; 3488 | &nbsp;&nbsp; 133730<br>|
| Essent Group Ltd. | &nbsp;&nbsp; 11296 | &nbsp;&nbsp; 717974<br>|
| Flywire Corp. | &nbsp;&nbsp; 5472 | &nbsp;&nbsp; 74,091<br> \*<br>|
| International Money Express Inc. | &nbsp;&nbsp; 3680 | &nbsp;&nbsp; 51,410<br> \*<br>|
| Jackson Financial Inc., Class A Shares | &nbsp;&nbsp; 7296 | &nbsp;&nbsp; 738574<br>|
| NMI Holdings Inc. | &nbsp;&nbsp; 7488 | &nbsp;&nbsp; 287,090<br> \*<br>|
| Pagseguro Digital Ltd., Class A Shares | &nbsp;&nbsp; 8320 | &nbsp;&nbsp; 83200<br>|
| Payoneer Global Inc. | &nbsp;&nbsp; 13792 | &nbsp;&nbsp; 83,442<br> \*<br>|
| Remitly Global Inc. | &nbsp;&nbsp; 7648 | &nbsp;&nbsp; 124,662<br> \*<br>|
| StoneCo Ltd., Class A Shares | &nbsp;&nbsp; 11072 | &nbsp;&nbsp; 209,371<br> \*<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 2669902 |
| Insurance — 2.5% | Insurance — 2.5% | Insurance — 2.5% |
| Bowhead Specialty Holdings Inc. | &nbsp;&nbsp; 992 | &nbsp;&nbsp; 26,824<br> \*<br>|
| CNO Financial Group Inc. | &nbsp;&nbsp; 9312 | &nbsp;&nbsp; 368290<br>|
| Donegal Group Inc., Class A Shares | &nbsp;&nbsp; 768 | &nbsp;&nbsp; 14891<br>|
| Genworth Financial Inc. | &nbsp;&nbsp; 39008 | &nbsp;&nbsp; 347,171<br> \*<br>|
| Goosehead Insurance Inc., Class A Shares | &nbsp;&nbsp; 1536 | &nbsp;&nbsp; 114309<br>|
| Hamilton Insurance Group Ltd., Class B Shares | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 79,360<br> \*<br>|
| Mercury General Corp. | &nbsp;&nbsp; 2528 | &nbsp;&nbsp; 214324<br>|
| Palomar Holdings Inc. | &nbsp;&nbsp; 1312 | &nbsp;&nbsp; 153,176<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Selective Insurance Group Inc. | &nbsp;&nbsp; 5824 | &nbsp;&nbsp; $472152<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 1790497 |
| Mortgage Real Estate Investment Trusts (REITs) — 1.0% | Mortgage Real Estate Investment Trusts (REITs) — 1.0% | Mortgage Real Estate Investment Trusts (REITs) — 1.0% |
| ACRES Commercial Realty Corp. | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 6,094<br> \*<br>|
| AG Mortgage Investment Trust Inc. | &nbsp;&nbsp; 1312 | &nbsp;&nbsp; 9499<br>|
| Apollo Commercial Real Estate Finance Inc. | &nbsp;&nbsp; 8320 | &nbsp;&nbsp; 84281<br>|
| Ares Commercial Real Estate Corp. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 18040<br>|
| Blackstone Mortgage Trust Inc., Class A Shares | &nbsp;&nbsp; 19680 | &nbsp;&nbsp; 362309<br>|
| Chicago Atlantic Real Estate Finance Inc. | &nbsp;&nbsp; 1472 | &nbsp;&nbsp; 18827<br>|
| Chimera Investment Corp. | &nbsp;&nbsp; 3872 | &nbsp;&nbsp; 51188<br>|
| KKR Real Estate Finance Trust Inc. | &nbsp;&nbsp; 6592 | &nbsp;&nbsp; 59328<br>|
| Lument Finance Trust Inc. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 4848<br>|
| Nexpoint Real Estate Finance Inc. | &nbsp;&nbsp; 768 | &nbsp;&nbsp; 10890<br>|
| Seven Hills Realty Trust | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 11877<br>|
| TPG RE Finance Trust Inc. | &nbsp;&nbsp; 6848 | &nbsp;&nbsp; 58619<br>|
| Total Mortgage Real Estate Investment Trusts (REITs) | Total Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp; 695800 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **9622586** |
| **Health Care — 9.7%** | **Health Care — 9.7%** | **Health Care — 9.7%** |
| Biotechnology — 2.7% | Biotechnology — 2.7% | Biotechnology — 2.7% |
| ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp; 13856 | &nbsp;&nbsp; 295,687<br> \*<br>|
| Alkermes PLC | &nbsp;&nbsp; 18464 | &nbsp;&nbsp; 553,920<br> \*<br>|
| Amicus Therapeutics Inc. | &nbsp;&nbsp; 13504 | &nbsp;&nbsp; 106,411<br> \*<br>|
| BioCryst Pharmaceuticals Inc. | &nbsp;&nbsp; 11424 | &nbsp;&nbsp; 86,708<br> \*<br>|
| Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp; 12224 | &nbsp;&nbsp; 240,813<br> \*<br>|
| Fennec Pharmaceuticals Inc. | &nbsp;&nbsp; 2112 | &nbsp;&nbsp; 19,768<br> \*<br>|
| MiMedx Group Inc. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 94,928<br> \*<br>|
| Myriad Genetics Inc. | &nbsp;&nbsp; 4320 | &nbsp;&nbsp; 31,234<br> \*<br>|
| Organogenesis Holdings Inc. | &nbsp;&nbsp; 7552 | &nbsp;&nbsp; 31,869<br> \*<br>|
| Protagonist Therapeutics Inc. | &nbsp;&nbsp; 3232 | &nbsp;&nbsp; 214,702<br> \*<br>|
| Protalix BioTherapeutics Inc. | &nbsp;&nbsp; 3264 | &nbsp;&nbsp; 7,246<br> \*<br>|
| Puma Biotechnology Inc. | &nbsp;&nbsp; 4096 | &nbsp;&nbsp; 21,750<br> \*<br>|
| Rigel Pharmaceuticals Inc. | &nbsp;&nbsp; 1664 | &nbsp;&nbsp; 47,141<br> \*<br>|
| Vanda Pharmaceuticals Inc. | &nbsp;&nbsp; 5632 | &nbsp;&nbsp; 28,104<br> \*<br>|
| Vericel Corp. | &nbsp;&nbsp; 4096 | &nbsp;&nbsp; 128,901<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 1909182 |
| Health Care Equipment & Supplies — 2.5% | Health Care Equipment & Supplies — 2.5% | Health Care Equipment & Supplies — 2.5% |
| Artivion Inc. | &nbsp;&nbsp; 3488 | &nbsp;&nbsp; 147,682<br> \*<br>|
| AtriCure Inc. | &nbsp;&nbsp; 5088 | &nbsp;&nbsp; 179,352<br> \*<br>|
| Axogen Inc. | &nbsp;&nbsp; 4320 | &nbsp;&nbsp; 77,069<br> \*<br>|
| CONMED Corp. | &nbsp;&nbsp; 3136 | &nbsp;&nbsp; 147486<br>|
| Electromed Inc. | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 10,213<br> \*<br>|
| Embecta Corp. | &nbsp;&nbsp; 6528 | &nbsp;&nbsp; 92110<br>|
| iRadimed Corp. | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 68313<br>|
| Lantheus Holdings Inc. | &nbsp;&nbsp; 4864 | &nbsp;&nbsp; 249,474<br> \*<br>|
| LeMaitre Vascular Inc. | &nbsp;&nbsp; 1952 | &nbsp;&nbsp; 170819<br>|
| LENSAR Inc. | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 5,533<br> \*<br>|
| Merit Medical Systems Inc. | &nbsp;&nbsp; 5280 | &nbsp;&nbsp; 439,454<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Small Cap Multifactor Index 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 |
| Pro-Dex Inc. | &nbsp;&nbsp; 96 | &nbsp;&nbsp; $3,250<br> \*<br>|
| SANUWAVE Health Inc. | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 11,994<br> \*<br>|
| Semler Scientific Inc. | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 19,200<br> \*<br>|
| Surmodics Inc. | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 34,433<br> \*<br>|
| Tactile Systems Technology Inc. | &nbsp;&nbsp; 2464 | &nbsp;&nbsp; 34,102<br> \*<br>|
| Treace Medical Concepts Inc. | &nbsp;&nbsp; 4480 | &nbsp;&nbsp; 30,061<br> \*<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1720545 |
| Health Care Providers & Services — 2.9% | Health Care Providers & Services — 2.9% | Health Care Providers & Services — 2.9% |
| Ardent Health Inc. | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 19,928<br> \*<br>|
| Community Health Systems Inc. | &nbsp;&nbsp; 13088 | &nbsp;&nbsp; 42,013<br> \*<br>|
| Concentra Group Holdings Parent Inc. | &nbsp;&nbsp; 8352 | &nbsp;&nbsp; 174807<br>|
| CorVel Corp. | &nbsp;&nbsp; 2784 | &nbsp;&nbsp; 215,537<br> \*<br>|
| Cross Country Healthcare Inc. | &nbsp;&nbsp; 3072 | &nbsp;&nbsp; 43,622<br> \*<br>|
| Hims & Hers Health Inc. | &nbsp;&nbsp; 11584 | &nbsp;&nbsp; 657,045<br> \*<br>|
| LifeStance Health Group Inc. | &nbsp;&nbsp; 6976 | &nbsp;&nbsp; 38,368<br> \*<br>|
| National HealthCare Corp. | &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 147756<br>|
| National Research Corp. | &nbsp;&nbsp; 1664 | &nbsp;&nbsp; 21266<br>|
| Option Care Health Inc. | &nbsp;&nbsp; 13952 | &nbsp;&nbsp; 387,308<br> \*<br>|
| Pediatrix Medical Group Inc. | &nbsp;&nbsp; 9408 | &nbsp;&nbsp; 157,584<br> \*<br>|
| Performant Healthcare Inc. | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 61,840<br> \*<br>|
| Progyny Inc. | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 68,864<br> \*<br>|
| SBC Medical Group Holdings Inc. | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 694<br> \*<br>|
| Sonida Senior Living Inc. | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 10,645<br> \*<br>|
| Viemed Healthcare Inc. | &nbsp;&nbsp; 3680 | &nbsp;&nbsp; 24,987<br> \*<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 2072264 |
| Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% |
| HealthStream Inc. | &nbsp;&nbsp; 1568 | &nbsp;&nbsp; 44280<br>|
| TruBridge Inc. | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 9,682<br> \*<br>|
| Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 53962 |
| Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% |
| Niagen Bioscience Inc. | &nbsp;&nbsp; 5120 | &nbsp;&nbsp; 47,770<br> \*<br>|
| Pharmaceuticals — 1.4% | Pharmaceuticals — 1.4% | Pharmaceuticals — 1.4% |
| Collegium Pharmaceutical Inc. | &nbsp;&nbsp; 2688 | &nbsp;&nbsp; 94,053<br> \*<br>|
| Harmony Biosciences Holdings Inc. | &nbsp;&nbsp; 3936 | &nbsp;&nbsp; 108,476<br> \*<br>|
| Indivior PLC | &nbsp;&nbsp; 7520 | &nbsp;&nbsp; 181,307<br> \*<br>|
| Innoviva Inc. | &nbsp;&nbsp; 5632 | &nbsp;&nbsp; 102,784<br> \*<br>|
| Pacira BioSciences Inc. | &nbsp;&nbsp; 2144 | &nbsp;&nbsp; 55,251<br> \*<br>|
| Phibro Animal Health Corp., Class A Shares | &nbsp;&nbsp; 2176 | &nbsp;&nbsp; 88041<br>|
| Prestige Consumer Healthcare Inc. | &nbsp;&nbsp; 5408 | &nbsp;&nbsp; 337,459<br> \*<br>|
| SIGA Technologies Inc. | &nbsp;&nbsp; 4832 | &nbsp;&nbsp; 44213<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 1011584 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **6815307** |
| **Industrials — 19.5%** | **Industrials — 19.5%** | **Industrials — 19.5%** |
| Aerospace & Defense — 1.0% | Aerospace & Defense — 1.0% | Aerospace & Defense — 1.0% |
| Byrna Technologies Inc. | &nbsp;&nbsp; 992 | &nbsp;&nbsp; 21,983<br> \*<br>|
| Cadre Holdings Inc. | &nbsp;&nbsp; 1408 | &nbsp;&nbsp; 51406<br>|
| Moog Inc., Class A Shares | &nbsp;&nbsp; 2656 | &nbsp;&nbsp; 551571<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued |
| National Presto Industries Inc. | &nbsp;&nbsp; 485 | &nbsp;&nbsp; $54393<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 679353 |
| Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% |
| Hub Group Inc., Class A Shares | &nbsp;&nbsp; 2784 | &nbsp;&nbsp; 95881<br>|
| Radiant Logistics Inc. | &nbsp;&nbsp; 3168 | &nbsp;&nbsp; 18,691<br> \*<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 114572 |
| Building Products — 1.7% | Building Products — 1.7% | Building Products — 1.7% |
| Apogee Enterprises Inc. | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 83655<br>|
| CSW Industrials Inc. | &nbsp;&nbsp; 1536 | &nbsp;&nbsp; 372864<br>|
| Griffon Corp. | &nbsp;&nbsp; 2848 | &nbsp;&nbsp; 216875<br>|
| Resideo Technologies Inc. | &nbsp;&nbsp; 13024 | &nbsp;&nbsp; 562,376<br> \*<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 1235770 |
| Commercial Services & Supplies — 2.5% | Commercial Services & Supplies — 2.5% | Commercial Services & Supplies — 2.5% |
| Acme United Corp. | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 6589<br>|
| BrightView Holdings Inc. | &nbsp;&nbsp; 4672 | &nbsp;&nbsp; 62,605<br> \*<br>|
| Brink's Co. | &nbsp;&nbsp; 4288 | &nbsp;&nbsp; 501096<br>|
| Cimpress PLC | &nbsp;&nbsp; 1856 | &nbsp;&nbsp; 117,002<br> \*<br>|
| CompX International Inc. | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 4493<br>|
| Deluxe Corp. | &nbsp;&nbsp; 4704 | &nbsp;&nbsp; 91069<br>|
| Ennis Inc. | &nbsp;&nbsp; 2944 | &nbsp;&nbsp; 53816<br>|
| HNI Corp. | &nbsp;&nbsp; 4928 | &nbsp;&nbsp; 230877<br>|
| Interface Inc. | &nbsp;&nbsp; 4864 | &nbsp;&nbsp; 140764<br>|
| Liquidity Services Inc. | &nbsp;&nbsp; 2304 | &nbsp;&nbsp; 63,199<br> \*<br>|
| MillerKnoll Inc. | &nbsp;&nbsp; 6592 | &nbsp;&nbsp; 116942<br>|
| NL Industries Inc. | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 4772<br>|
| Steelcase Inc., Class A Shares | &nbsp;&nbsp; 9024 | &nbsp;&nbsp; 155213<br>|
| UniFirst Corp. | &nbsp;&nbsp; 1376 | &nbsp;&nbsp; 230054<br>|
| Virco Mfg. Corp. | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 7440<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 1785931 |
| Construction & Engineering — 1.3% | Construction & Engineering — 1.3% | Construction & Engineering — 1.3% |
| Bowman Consulting Group Ltd. | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 48,799<br> \*<br>|
| IES Holdings Inc. | &nbsp;&nbsp; 768 | &nbsp;&nbsp; 305,395<br> \*<br>|
| Primoris Services Corp. | &nbsp;&nbsp; 3968 | &nbsp;&nbsp; 544925<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 899119 |
| Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% |
| Matthews International Corp., Class A Shares | &nbsp;&nbsp; 2752 | &nbsp;&nbsp; 66819<br>|
| Electrical Equipment — 0.2% | Electrical Equipment — 0.2% | Electrical Equipment — 0.2% |
| Allient Inc. | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 64440<br>|
| LSI Industries Inc. | &nbsp;&nbsp; 2432 | &nbsp;&nbsp; 57419<br>|
| Preformed Line Products Co. | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 43938<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 165797 |
| Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% |
| Covenant Logistics Group Inc. | &nbsp;&nbsp; 1792 | &nbsp;&nbsp; 38815<br>|
| Heartland Express Inc. | &nbsp;&nbsp; 5472 | &nbsp;&nbsp; 45855<br>|
| PAMT Corp. | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 7,661<br> \*<br>|
| Werner Enterprises Inc. | &nbsp;&nbsp; 7232 | &nbsp;&nbsp; 190346<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 282677 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Small Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — 6.7% | Machinery — 6.7% | Machinery — 6.7% |
| Alamo Group Inc. | &nbsp;&nbsp; 928 | &nbsp;&nbsp; $177155<br>|
| Atmus Filtration Technologies Inc. | &nbsp;&nbsp; 6592 | &nbsp;&nbsp; 297233<br>|
| Blue Bird Corp. | &nbsp;&nbsp; 1568 | &nbsp;&nbsp; 90,238<br> \*<br>|
| Douglas Dynamics Inc. | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 35011<br>|
| Enerpac Tool Group Corp. | &nbsp;&nbsp; 4320 | &nbsp;&nbsp; 177120<br>|
| ESCO Technologies Inc. | &nbsp;&nbsp; 2688 | &nbsp;&nbsp; 567464<br>|
| Federal Signal Corp. | &nbsp;&nbsp; 4448 | &nbsp;&nbsp; 529267<br>|
| Franklin Electric Co. Inc. | &nbsp;&nbsp; 4448 | &nbsp;&nbsp; 423450<br>|
| Gorman-Rupp Co. | &nbsp;&nbsp; 1856 | &nbsp;&nbsp; 86137<br>|
| Hillenbrand Inc. | &nbsp;&nbsp; 6272 | &nbsp;&nbsp; 169595<br>|
| Hyster-Yale Inc. | &nbsp;&nbsp; 992 | &nbsp;&nbsp; 36565<br>|
| Kadant Inc. | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 333290<br>|
| Luxfer Holdings PLC | &nbsp;&nbsp; 2464 | &nbsp;&nbsp; 34250<br>|
| Mueller Water Products Inc., Class A Shares | &nbsp;&nbsp; 14176 | &nbsp;&nbsp; 361772<br>|
| Omega Flex Inc. | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 12973<br>|
| REV Group Inc. | &nbsp;&nbsp; 4096 | &nbsp;&nbsp; 232120<br>|
| Standex International Corp. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 223766<br>|
| Tennant Co. | &nbsp;&nbsp; 1888 | &nbsp;&nbsp; 153041<br>|
| Watts Water Technologies Inc., Class A Shares | &nbsp;&nbsp; 2688 | &nbsp;&nbsp; 750705<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 4691152 |
| Marine Transportation — 0.1% | Marine Transportation — 0.1% | Marine Transportation — 0.1% |
| Costamare Inc. | &nbsp;&nbsp; 4352 | &nbsp;&nbsp; 51833<br>|
| Safe Bulkers Inc. | &nbsp;&nbsp; 5728 | &nbsp;&nbsp; 25432<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 77265 |
| Professional Services — 4.1% | Professional Services — 4.1% | Professional Services — 4.1% |
| Barrett Business Services Inc. | &nbsp;&nbsp; 2592 | &nbsp;&nbsp; 114877<br>|
| CRA International Inc. | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 133459<br>|
| CSG Systems International Inc. | &nbsp;&nbsp; 3392 | &nbsp;&nbsp; 218377<br>|
| Exponent Inc. | &nbsp;&nbsp; 5248 | &nbsp;&nbsp; 364631<br>|
| Forrester Research Inc. | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 10,176<br> \*<br>|
| Franklin Covey Co. | &nbsp;&nbsp; 1184 | &nbsp;&nbsp; 22,981<br> \*<br>|
| Heidrick & Struggles International Inc. | &nbsp;&nbsp; 2368 | &nbsp;&nbsp; 117855<br>|
| Huron Consulting Group Inc. | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 234,832<br> \*<br>|
| IBEX Holdings Ltd. | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 37,603<br> \*<br>|
| ICF International Inc. | &nbsp;&nbsp; 1856 | &nbsp;&nbsp; 172237<br>|
| Innodata Inc. | &nbsp;&nbsp; 2176 | &nbsp;&nbsp; 167,704<br> \*<br>|
| Insperity Inc. | &nbsp;&nbsp; 3584 | &nbsp;&nbsp; 176333<br>|
| Kelly Services Inc., Class A Shares | &nbsp;&nbsp; 2976 | &nbsp;&nbsp; 39045<br>|
| Kforce Inc. | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 67155<br>|
| Korn Ferry | &nbsp;&nbsp; 5920 | &nbsp;&nbsp; 414282<br>|
| Legalzoom.com Inc. | &nbsp;&nbsp; 14112 | &nbsp;&nbsp; 146,483<br> \*<br>|
| Mistras Group Inc. | &nbsp;&nbsp; 2144 | &nbsp;&nbsp; 21,097<br> \*<br>|
| RCM Technologies Inc. | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 6,797<br> \*<br>|
| Resources Connection Inc. | &nbsp;&nbsp; 3776 | &nbsp;&nbsp; 19069<br>|
| Upwork Inc. | &nbsp;&nbsp; 11360 | &nbsp;&nbsp; 210,955<br> \*<br>|
| WNS Holdings Ltd. | &nbsp;&nbsp; 2144 | &nbsp;&nbsp; 163,523<br> \*<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 2859471 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — 1.2% | Trading Companies & Distributors — 1.2% | Trading Companies & Distributors — 1.2% |
| DXP Enterprises Inc. | &nbsp;&nbsp; 1312 | &nbsp;&nbsp; $156,220<br> \*<br>|
| Global Industrial Co. | &nbsp;&nbsp; 1760 | &nbsp;&nbsp; 64539<br>|
| Karat Packaging Inc. | &nbsp;&nbsp; 736 | &nbsp;&nbsp; 18555<br>|
| McGrath RentCorp. | &nbsp;&nbsp; 2304 | &nbsp;&nbsp; 270259<br>|
| Rush Enterprises Inc., Class A Shares | &nbsp;&nbsp; 5632 | &nbsp;&nbsp; 301143<br>|
| Rush Enterprises Inc., Class B Shares | &nbsp;&nbsp; 832 | &nbsp;&nbsp; 47773<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 858489 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **13716415** |
| **Information Technology — 15.8%** | **Information Technology — 15.8%** | **Information Technology — 15.8%** |
| Communications Equipment — 1.0% | Communications Equipment — 1.0% | Communications Equipment — 1.0% |
| Aviat Networks Inc. | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 26,415<br> \*<br>|
| BK Technologies Corp. | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 13,517<br> \*<br>|
| Calix Inc. | &nbsp;&nbsp; 5440 | &nbsp;&nbsp; 333,853<br> \*<br>|
| Harmonic Inc. | &nbsp;&nbsp; 11040 | &nbsp;&nbsp; 112,387<br> \*<br>|
| Viavi Solutions Inc. | &nbsp;&nbsp; 15712 | &nbsp;&nbsp; 199,385<br> \*<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 685557 |
| Electronic Equipment, Instruments & Components — 3.0% | Electronic Equipment, Instruments & Components — 3.0% | Electronic Equipment, Instruments & Components — 3.0% |
| Badger Meter Inc. | &nbsp;&nbsp; 2656 | &nbsp;&nbsp; 474309<br>|
| Belden Inc. | &nbsp;&nbsp; 3520 | &nbsp;&nbsp; 423350<br>|
| Climb Global Solutions Inc. | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 47464<br>|
| ePlus Inc.  | &nbsp;&nbsp; 2560 | &nbsp;&nbsp; 181786<br>|
| Frequency Electronics Inc. | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 10,851<br> \*<br>|
| M-Tron Industries Inc. | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 7,101<br> \*<br>|
| Napco Security Technologies Inc. | &nbsp;&nbsp; 3360 | &nbsp;&nbsp; 144312<br>|
| OSI Systems Inc. | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 398,784<br> \*<br>|
| PC Connection Inc. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 65461<br>|
| Plexus Corp. | &nbsp;&nbsp; 2368 | &nbsp;&nbsp; 342,626<br> \*<br>|
| Richardson Electronics Ltd. | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 11278<br>|
| Vishay Precision Group Inc. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 33,845<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 2141167 |
| IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% |
| Crexendo Inc. | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 4,160<br> \*<br>|
| Hackett Group Inc. | &nbsp;&nbsp; 2656 | &nbsp;&nbsp; 50491<br>|
| Information Services Group Inc. | &nbsp;&nbsp; 3936 | &nbsp;&nbsp; 22632<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 77283 |
| Semiconductors & Semiconductor Equipment — 2.0% | Semiconductors & Semiconductor Equipment — 2.0% | Semiconductors & Semiconductor Equipment — 2.0% |
| Axcelis Technologies Inc. | &nbsp;&nbsp; 3168 | &nbsp;&nbsp; 309,323<br> \*<br>|
| NVE Corp. | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 31330<br>|
| Rambus Inc. | &nbsp;&nbsp; 10496 | &nbsp;&nbsp; 1,093,683<br> \*<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 1434336 |
| Software — 9.5% | Software — 9.5% | Software — 9.5% |
| A10 Networks Inc. | &nbsp;&nbsp; 8896 | &nbsp;&nbsp; 161462<br>|
| ACI Worldwide Inc. | &nbsp;&nbsp; 9344 | &nbsp;&nbsp; 493,083<br> \*<br>|
| Agilysys Inc. | &nbsp;&nbsp; 2176 | &nbsp;&nbsp; 229,024<br> \*<br>|
| Appian Corp., Class A Shares | &nbsp;&nbsp; 1856 | &nbsp;&nbsp; 56,738<br> \*<br>|
| Asana Inc., Class A Shares | &nbsp;&nbsp; 4352 | &nbsp;&nbsp; 58,143<br> \*<br>|
| AvePoint Inc. | &nbsp;&nbsp; 10240 | &nbsp;&nbsp; 153,702<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Small Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Software — continued | Software — continued | Software — continued |
| BlackLine Inc. | &nbsp;&nbsp; 3936 | &nbsp;&nbsp; $209,002<br> \*<br>|
| Box Inc., Class A Shares | &nbsp;&nbsp; 15264 | &nbsp;&nbsp; 492,569<br> \*<br>|
| Clear Secure Inc., Class A Shares | &nbsp;&nbsp; 9152 | &nbsp;&nbsp; 305494<br>|
| Commvault Systems Inc. | &nbsp;&nbsp; 3584 | &nbsp;&nbsp; 676,588<br> \*<br>|
| Consensus Cloud Solutions Inc. | &nbsp;&nbsp; 1856 | &nbsp;&nbsp; 54,511<br> \*<br>|
| Daily Journal Corp. | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 59,538<br> \*<br>|
| Domo Inc., Class B Shares | &nbsp;&nbsp; 2752 | &nbsp;&nbsp; 43,592<br> \*<br>|
| eGain Corp. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 15,887<br> \*<br>|
| InterDigital Inc. | &nbsp;&nbsp; 2720 | &nbsp;&nbsp; 939026<br>|
| LiveRamp Holdings Inc. | &nbsp;&nbsp; 3008 | &nbsp;&nbsp; 81,637<br> \*<br>|
| Mitek Systems Inc. | &nbsp;&nbsp; 3872 | &nbsp;&nbsp; 37,829<br> \*<br>|
| OneSpan Inc. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 63560<br>|
| Ooma Inc. | &nbsp;&nbsp; 3008 | &nbsp;&nbsp; 36,066<br> \*<br>|
| Progress Software Corp. | &nbsp;&nbsp; 4224 | &nbsp;&nbsp; 185560<br>|
| Qualys Inc. | &nbsp;&nbsp; 4224 | &nbsp;&nbsp; 558,962<br> \*<br>|
| Rapid7 Inc. | &nbsp;&nbsp; 3040 | &nbsp;&nbsp; 57,000<br> \*<br>|
| Red Violet Inc. | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 28424<br>|
| Rimini Street Inc. | &nbsp;&nbsp; 6208 | &nbsp;&nbsp; 29,053<br> \*<br>|
| Sapiens International Corp. NV | &nbsp;&nbsp; 3104 | &nbsp;&nbsp; 133472<br>|
| SEMrush Holdings Inc., Class A Shares | &nbsp;&nbsp; 3488 | &nbsp;&nbsp; 24,695<br> \*<br>|
| SoundThinking Inc. | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 5,403<br> \*<br>|
| Sprinklr Inc., Class A Shares | &nbsp;&nbsp; 5152 | &nbsp;&nbsp; 39,773<br> \*<br>|
| SPS Commerce Inc. | &nbsp;&nbsp; 3648 | &nbsp;&nbsp; 379,903<br> \*<br>|
| Varonis Systems Inc. | &nbsp;&nbsp; 9792 | &nbsp;&nbsp; 562,746<br> \*<br>|
| WM Technology Inc. | &nbsp;&nbsp; 8800 | &nbsp;&nbsp; 10,208<br> \*<br>|
| Workiva Inc. | &nbsp;&nbsp; 4640 | &nbsp;&nbsp; 399,411<br> \*<br>|
| Yext Inc. | &nbsp;&nbsp; 10304 | &nbsp;&nbsp; 87,790<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 6669851 |
| Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% |
| CompoSecure Inc., Class A Shares | &nbsp;&nbsp; 3552 | &nbsp;&nbsp; 73,953<br> \*<br>|
| CPI Card Group Inc. | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 7,752<br> \*<br>|
| Immersion Corp. | &nbsp;&nbsp; 3040 | &nbsp;&nbsp; 22313<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 104018 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **11112212** |
| **Materials — 2.0%** | **Materials — 2.0%** | **Materials — 2.0%** |
| Chemicals — 1.3% | Chemicals — 1.3% | Chemicals — 1.3% |
| Hawkins Inc. | &nbsp;&nbsp; 1696 | &nbsp;&nbsp; 309893<br>|
| Innospec Inc. | &nbsp;&nbsp; 2272 | &nbsp;&nbsp; 175308<br>|
| Sensient Technologies Corp. | &nbsp;&nbsp; 4352 | &nbsp;&nbsp; 408435<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 893636 |
| Containers & Packaging — 0.3% | Containers & Packaging — 0.3% | Containers & Packaging — 0.3% |
| Greif Inc., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 143424<br>|
| Greif Inc., Class B Shares | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 29573<br>|
| Myers Industries Inc. | &nbsp;&nbsp; 3680 | &nbsp;&nbsp; 62339<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 235336 |
| Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% |
| Caledonia Mining Corp. PLC | &nbsp;&nbsp; 1472 | &nbsp;&nbsp; 53301<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Ryerson Holding Corp. | &nbsp;&nbsp; 2336 | &nbsp;&nbsp; $53401<br>|
| SunCoke Energy Inc. | &nbsp;&nbsp; 7456 | &nbsp;&nbsp; 60841<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 167543 |
| Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% |
| Sylvamo Corp. | &nbsp;&nbsp; 3168 | &nbsp;&nbsp; 140089<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1436604** |
| **Real Estate — 5.3%** | **Real Estate — 5.3%** | **Real Estate — 5.3%** |
| Diversified REITs — 1.3% | Diversified REITs — 1.3% | Diversified REITs — 1.3% |
| American Assets Trust Inc. | &nbsp;&nbsp; 4608 | &nbsp;&nbsp; 93635<br>|
| Broadstone Net Lease Inc. | &nbsp;&nbsp; 19040 | &nbsp;&nbsp; 340245<br>|
| Essential Properties Realty Trust Inc. | &nbsp;&nbsp; 15808 | &nbsp;&nbsp; 470446<br>|
| NexPoint Diversified Real Estate Trust | &nbsp;&nbsp; 1568 | &nbsp;&nbsp; 5786<br>|
| One Liberty Properties Inc. | &nbsp;&nbsp; 1312 | &nbsp;&nbsp; 29021<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 939133 |
| Health Care REITs — 1.3% | Health Care REITs — 1.3% | Health Care REITs — 1.3% |
| CareTrust REIT Inc. | &nbsp;&nbsp; 18208 | &nbsp;&nbsp; 631453<br>|
| Community Healthcare Trust Inc. | &nbsp;&nbsp; 2784 | &nbsp;&nbsp; 42595<br>|
| LTC Properties Inc. | &nbsp;&nbsp; 4064 | &nbsp;&nbsp; 149799<br>|
| Strawberry Fields REIT Inc. | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 4330<br>|
| Universal Health Realty Income Trust | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; 52645<br>|
| Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 880822 |
| Industrial REITs — 0.4% | Industrial REITs — 0.4% | Industrial REITs — 0.4% |
| Innovative Industrial Properties Inc. | &nbsp;&nbsp; 2816 | &nbsp;&nbsp; 150881<br>|
| LXP Industrial Trust | &nbsp;&nbsp; 14016 | &nbsp;&nbsp; 125583<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 276464 |
| Office REITs — 0.8% | Office REITs — 0.8% | Office REITs — 0.8% |
| Brandywine Realty Trust | &nbsp;&nbsp; 14624 | &nbsp;&nbsp; 60982<br>|
| COPT Defense Properties | &nbsp;&nbsp; 5504 | &nbsp;&nbsp; 159946<br>|
| NET Lease Office Properties | &nbsp;&nbsp; 1088 | &nbsp;&nbsp; 32270<br>|
| Paramount Group Inc. | &nbsp;&nbsp; 16800 | &nbsp;&nbsp; 109,872<br> \*<br>|
| Peakstone Realty Trust | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 41984<br>|
| Piedmont Realty Trust Inc., Class A Shares | &nbsp;&nbsp; 12384 | &nbsp;&nbsp; 111456<br>|
| Postal Realty Trust Inc., Class A Shares | &nbsp;&nbsp; 1088 | &nbsp;&nbsp; 17071<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 533581 |
| Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% |
| Compass Inc., Class A Shares | &nbsp;&nbsp; 32192 | &nbsp;&nbsp; 258,502<br> \*<br>|
| RMR Group Inc., Class A Shares | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 28692<br>|
| Transcontinental Realty Investors Inc. | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 4,428<br> \*<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 291622 |
| Residential REITs — 0.2% | Residential REITs — 0.2% | Residential REITs — 0.2% |
| Elme Communities | &nbsp;&nbsp; 7360 | &nbsp;&nbsp; 124089<br>|
| Retail REITs — 0.6% | Retail REITs — 0.6% | Retail REITs — 0.6% |
| SITE Centers Corp. | &nbsp;&nbsp; 3520 | &nbsp;&nbsp; 31715<br>|
| Tanger Inc. | &nbsp;&nbsp; 11872 | &nbsp;&nbsp; 401749<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 433464 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Small Cap Multifactor Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% |
| Four Corners Property Trust Inc. | Four Corners Property Trust Inc. | &nbsp;&nbsp; 9952 | &nbsp;&nbsp; $242829<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **3722004** |
| **Utilities — 5.3%** | **Utilities — 5.3%** | **Utilities — 5.3%** | **Utilities — 5.3%** |
| Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% |
| MGE Energy Inc. | MGE Energy Inc. | &nbsp;&nbsp; 3232 | &nbsp;&nbsp; 272070<br>|
| Portland General Electric Co. | Portland General Electric Co. | &nbsp;&nbsp; 7584 | &nbsp;&nbsp; 333696<br>|
| TXNM Energy Inc. | TXNM Energy Inc. | &nbsp;&nbsp; 10016 | &nbsp;&nbsp; 566405<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 1172171 |
| Gas Utilities — 1.6% | Gas Utilities — 1.6% | Gas Utilities — 1.6% | Gas Utilities — 1.6% |
| Northwest Natural Holding Co. | Northwest Natural Holding Co. | &nbsp;&nbsp; 3808 | &nbsp;&nbsp; 171093<br>|
| Southwest Gas Holdings Inc. | Southwest Gas Holdings Inc. | &nbsp;&nbsp; 6336 | &nbsp;&nbsp; 496362<br>|
| Spire Inc. | Spire Inc. | &nbsp;&nbsp; 5440 | &nbsp;&nbsp; 443469<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 1110924 |
| Multi-Utilities — 1.0% | Multi-Utilities — 1.0% | Multi-Utilities — 1.0% | Multi-Utilities — 1.0% |
| Avista Corp. | Avista Corp. | &nbsp;&nbsp; 7712 | &nbsp;&nbsp; 291591<br>|
| Northwestern Energy Group Inc. | Northwestern Energy Group Inc. | &nbsp;&nbsp; 6240 | &nbsp;&nbsp; 365727<br>|
| Unitil Corp. | Unitil Corp. | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 68918<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 726236 |
| Water Utilities — 1.0% | Water Utilities — 1.0% | Water Utilities — 1.0% | Water Utilities — 1.0% |
| American States Water Co. | American States Water Co. | &nbsp;&nbsp; 3712 | &nbsp;&nbsp; 272164<br>|
| California Water Service Group | California Water Service Group | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 256984<br>|
| H2O America | H2O America | &nbsp;&nbsp; 3104 | &nbsp;&nbsp; 151165<br>|
| York Water Co. | York Water Co. | &nbsp;&nbsp; 1568 | &nbsp;&nbsp; 47698<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 728011 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3737342** |
| **Total Investments before Short-Term Investments (Cost — $63,775,510)** | **Total Investments before Short-Term Investments (Cost — $63,775,510)** | **Total Investments before Short-Term Investments (Cost — $63,775,510)** | &nbsp;&nbsp; **70234853** |
|  | Rate |  |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $66,219)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 66219<br>| &nbsp;&nbsp; **66219**<br> <sup>(b)(c)(d)</sup><br>|
| **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** | **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** | **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** | **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $18,375) <br>| &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 18375<br>| &nbsp;&nbsp; **18375**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Short-Term Investments (Cost — $84,594)** | **Total Short-Term Investments (Cost — $84,594)** | **Total Short-Term Investments (Cost — $84,594)** | &nbsp;&nbsp; **84594** |
| **Total Investments — 99.9% (Cost — $63,860,104)** | **Total Investments — 99.9% (Cost — $63,860,104)** | **Total Investments — 99.9% (Cost — $63,860,104)** | &nbsp;&nbsp; **70319447** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 36836 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$70356283** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | A portion or all of the security is on loan at September 30, 2025 (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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $84,594 and the cost was $84,594 (Note 6).<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;

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Multifactor Index ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| REIT |  | Real Estate Investment Trust |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Micro E-mini Russell 2000 Index | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $48497 | &nbsp;&nbsp;&nbsp; $49110 | &nbsp;&nbsp;&nbsp; **$613** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Assets and Liabilities (unaudited)

September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin Emerging <br>Market Core Dividend <br>Tilt Index ETF<br>| Franklin International <br>Core Dividend <br>Tilt Index ETF<br>| Franklin International <br>Dividend Booster <br>Index ETF<br>| Franklin U.S. <br>Core Dividend Tilt <br>Index ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value <br> (Cost — $19,657,182, $1,547,811,100, <br> $24,517,738 and $58,931,414, <br> respectively)<br>| &nbsp;&nbsp; $22270498 | &nbsp;&nbsp; $1839488062 <br><sup>†</sup><br>| &nbsp;&nbsp; $25650433 | &nbsp;&nbsp; $73125864 |
| Investments in affiliated securities, at <br> value (Cost — $2, $3,884,732, $0 and <br> $72,860, respectively)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3884732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72860 |
| Foreign currency, at value (Cost — <br> $462,081, $4,238,688, $48,196 and $0, <br> respectively)<br>| &nbsp;&nbsp; 462048 | &nbsp;&nbsp; 4255746 | &nbsp;&nbsp; 46499 | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 37 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10412 |
| Dividends receivable from unaffiliated <br> investments<br>| &nbsp;&nbsp; 19453 | &nbsp;&nbsp; 7518687 | &nbsp;&nbsp; 139069 | &nbsp;&nbsp; 71640 |
| Deposits with brokers for open futures <br> contracts<br>| &nbsp;&nbsp; 1957 | &nbsp;&nbsp; 293362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6278 |
| Receivable from brokers — net variation <br> margin on open futures contracts<br>| &nbsp;&nbsp; 602 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 381 |
| Dividends receivable from affiliated <br> investments<br>| &nbsp;&nbsp; 80 | &nbsp;&nbsp; 6093 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 350 |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 14903691 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| European Union tax reclaims <br> receivable (Note 1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 117678 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **22754640** | &nbsp;&nbsp; **1870468088** | &nbsp;&nbsp; **25836126** | &nbsp;&nbsp; **73287785** |
| **Liabilities:** |  |  |  |  |
| Due to broker | &nbsp;&nbsp; 319368 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due to custodian | &nbsp;&nbsp; 71179 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31360 | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; 16756 | &nbsp;&nbsp; 14913379 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued foreign capital gains tax | &nbsp;&nbsp; 13051 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment management fee payable | &nbsp;&nbsp; 3425 | &nbsp;&nbsp; 133007 | &nbsp;&nbsp; 4252 | &nbsp;&nbsp; 3518 |
| Payable to brokers — net variation <br> margin on open futures contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 70901 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| European Union tax reclaim contingent <br> fees payable (Note 1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 29420 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable upon return of securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 3552160 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **423779** | &nbsp;&nbsp; **18698867** | &nbsp;&nbsp; **35612** | &nbsp;&nbsp; **3518** |
| **Total Net Assets** | &nbsp;&nbsp; **$22330861** | &nbsp;&nbsp; **$1851769221** | &nbsp;&nbsp; **$25800514** | &nbsp;&nbsp; **$73284267** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $49879290 | &nbsp;&nbsp; $1577575707 | &nbsp;&nbsp; $23290340 | &nbsp;&nbsp; $59799998 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (27548429) | &nbsp;&nbsp; 274193514 | &nbsp;&nbsp; 2510174 | &nbsp;&nbsp; 13484269 |
| **Total Net Assets** | &nbsp;&nbsp; **$22330861** | &nbsp;&nbsp; **$1851769221** | &nbsp;&nbsp; **$25800514** | &nbsp;&nbsp; **$73284267** |
| **Shares Outstanding** | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 49700000 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 1400000 |
| **Net Asset Value** | $31.90 | $37.26 | $32.25 | $52.35 |
| **† Includes securities loaned** | &nbsp;&nbsp; — | &nbsp;&nbsp; 3382079 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Assets and Liabilities (unaudited) (cont'd)

September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin U.S. <br>Dividend Booster <br>Index ETF <br>| Franklin U.S. <br>Large Cap Multifactor <br>Index ETF<br>| Franklin U.S. <br>Mid Cap Multifactor <br>Index ETF<br>| Franklin U.S. <br>Small Cap Multifactor <br>Index ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value <br> (Cost — $34,061,093, $1,227,478,249, <br> $1,631,087,183 and $63,775,510, <br> respectively)<br>| &nbsp;&nbsp; $35803060 | &nbsp;&nbsp; $1617031129 | &nbsp;&nbsp; $1738431159 | &nbsp;&nbsp; $70234853 <br><sup>†</sup><br>|
| Investments in affiliated securities, at <br> value (Cost — $178,805, $918,579, <br> $814,338 and $84,594, respectively)<br>| &nbsp;&nbsp; 178805 | &nbsp;&nbsp; 918579 | &nbsp;&nbsp; 814338 | &nbsp;&nbsp; 84594 |
| Cash | &nbsp;&nbsp; 1128 | &nbsp;&nbsp; 83410 | &nbsp;&nbsp; 38741 | &nbsp;&nbsp; 442 |
| Dividends receivable from unaffiliated <br> investments<br>| &nbsp;&nbsp; 76194 | &nbsp;&nbsp; 862313 | &nbsp;&nbsp; 1600647 | &nbsp;&nbsp; 83204 |
| Deposits with brokers for open futures <br> contracts<br>| &nbsp;&nbsp; 10464 | &nbsp;&nbsp; 62782 | &nbsp;&nbsp; 129463 | &nbsp;&nbsp; 3682 |
| Receivable from brokers — net variation <br> margin on open futures contracts<br>| &nbsp;&nbsp; 635 | &nbsp;&nbsp; 3808 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102 |
| Dividends receivable from affiliated <br> investments<br>| &nbsp;&nbsp; 598 | &nbsp;&nbsp; 4188 | &nbsp;&nbsp; 6756 | &nbsp;&nbsp; 405 |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42116 |
| Receivable from brokers — net variation <br> margin on centrally cleared swap contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2230 | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **36070884** | &nbsp;&nbsp; **1618966209** | &nbsp;&nbsp; **1741023334** | &nbsp;&nbsp; **70449398** |
| **Liabilities:** |  |  |  |  |
| Investment management fee payable | &nbsp;&nbsp; 2720 | &nbsp;&nbsp; 200003 | &nbsp;&nbsp; 427989 | &nbsp;&nbsp; 19862 |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54878 |
| Payable upon return of securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18375 |
| **Total Liabilities** | &nbsp;&nbsp; **2720** | &nbsp;&nbsp; **200003** | &nbsp;&nbsp; **427989** | &nbsp;&nbsp; **93115** |
| **Total Net Assets** | &nbsp;&nbsp; **$36068164** | &nbsp;&nbsp; **$1618766206** | &nbsp;&nbsp; **$1740595345** | &nbsp;&nbsp; **$70356283** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $33119494 | &nbsp;&nbsp; $1235688835 | &nbsp;&nbsp; $1629626062 | &nbsp;&nbsp; $66554368 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 2948670 | &nbsp;&nbsp; 383077371 | &nbsp;&nbsp; 110969283 | &nbsp;&nbsp; 3801915 |
| **Total Net Assets** | &nbsp;&nbsp; **$36068164** | &nbsp;&nbsp; **$1618766206** | &nbsp;&nbsp; **$1740595345** | &nbsp;&nbsp; **$70356283** |
| **Shares Outstanding** | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 23650000 | &nbsp;&nbsp; 30800000 | &nbsp;&nbsp; 1600000 |
| **Net Asset Value** | $26.72 | $68.45 | $56.51 | $43.97 |
| **† Includes securities loaned** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17655 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Operations (unaudited)

For the Six Months Ended September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin Emerging <br>Market Core Dividend <br>Tilt Index ETF<br>| Franklin International <br>Core Dividend <br>Tilt Index ETF<br>| Franklin International <br>Dividend Booster <br>Index ETF<br>| Franklin U.S. <br>Core Dividend Tilt <br>Index ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $473563 | &nbsp;&nbsp; $37757144 | &nbsp;&nbsp; $1233730 | &nbsp;&nbsp; $583296 |
| Dividends from affiliated investments | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 35078 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 1219 |
| European Union tax reclaims (Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; (3615)\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending income from affiliated <br> investments<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 14816 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (53710) | &nbsp;&nbsp; (3638717) | &nbsp;&nbsp; (94007) | (246) |
| **Total Investment Income** | &nbsp;&nbsp; **420022** | &nbsp;&nbsp; **34164706** | &nbsp;&nbsp; **1140016** | &nbsp;&nbsp; **584269** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 16601 | &nbsp;&nbsp; 705247 | &nbsp;&nbsp; 19438 | &nbsp;&nbsp; 18377 |
| European Union tax reclaim contingent <br> fees (Note 1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (904)\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Expenses** | &nbsp;&nbsp; **16601** | &nbsp;&nbsp; **704343** | &nbsp;&nbsp; **19438** | &nbsp;&nbsp; **18377** |
| Less: Fee waivers and/or expense <br> reimbursements (Note 2)<br>| (109) | &nbsp;&nbsp; (5330) | &nbsp;&nbsp; — | (31) |
| **Net Expenses** | &nbsp;&nbsp; **16492** | &nbsp;&nbsp; **699013** | &nbsp;&nbsp; **19438** | &nbsp;&nbsp; **18346** |
| **Net Investment Income** | &nbsp;&nbsp; **403530** | &nbsp;&nbsp; **33465693** | &nbsp;&nbsp; **1120578** | &nbsp;&nbsp; **565923** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated <br> securities<br>| &nbsp;&nbsp; 451,531<br> †<br>| &nbsp;&nbsp; 7754792 | &nbsp;&nbsp; 1282265 | &nbsp;&nbsp; 93525 |
| Futures contracts | &nbsp;&nbsp; 12164 | &nbsp;&nbsp; 1123545 | &nbsp;&nbsp; 9563 | &nbsp;&nbsp; 11460 |
| Foreign currency transactions | &nbsp;&nbsp; (7213) | &nbsp;&nbsp; 375567 | &nbsp;&nbsp; 4607 | &nbsp;&nbsp; — |
| **Net Realized Gain**  | &nbsp;&nbsp; **456482** | &nbsp;&nbsp; **9253904** | &nbsp;&nbsp; **1296435** | &nbsp;&nbsp; **104985** |
| Change in Net Unrealized Appreciation <br> (Depreciation) From:<br>|  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 2,398,696<br> ‡<br>| &nbsp;&nbsp; 208886762 | &nbsp;&nbsp; 1035076 | &nbsp;&nbsp; 11432666 |
| Futures contracts | &nbsp;&nbsp; 2135 | &nbsp;&nbsp; 336125 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1308 |
| Foreign currencies | &nbsp;&nbsp; 5601 | &nbsp;&nbsp; 236157 | &nbsp;&nbsp; 1546 | &nbsp;&nbsp; 1927 |
| **Change in Net Unrealized** <br> **Appreciation (Depreciation)** <br>| &nbsp;&nbsp; **2406432** | &nbsp;&nbsp; **209459044** | &nbsp;&nbsp; **1036622** | &nbsp;&nbsp; **11435901** |
| **Net Gain on Investments, Futures** <br> **Contracts and Foreign Currency** <br> **Transactions** <br>| &nbsp;&nbsp; **2862914** | &nbsp;&nbsp; **218712948** | &nbsp;&nbsp; **2333057** | &nbsp;&nbsp; **11540886** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$3266444** | &nbsp;&nbsp; **$252178641** | &nbsp;&nbsp; **$3453635** | &nbsp;&nbsp; **$12106809** |

---

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

---

| | |
|:---|:---|
| † | Net of foreign capital gains tax of $45,610. |
| ‡ | Net of change in accrued foreign capital gains tax of $(31232).  |
| \* | Reversal of excess European Union tax reclaim and Contingency fees related to the filing of European Union tax reclaims for the period ended <br> September 30, 2025.<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Operations (unaudited) (cont'd)

For the Six Months Ended September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin U.S. <br>Dividend Booster <br>Index ETF <br>| Franklin U.S. <br>Large Cap Multifactor <br>Index ETF<br>| Franklin U.S. <br>Mid Cap Multifactor <br>Index ETF<br>| Franklin U.S. <br>Small Cap Multifactor <br>Index ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $878457 | &nbsp;&nbsp; $10174908 | &nbsp;&nbsp; $14224911 | &nbsp;&nbsp; $502760 |
| Dividends from affiliated investments | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 49351 | &nbsp;&nbsp; 51518 | &nbsp;&nbsp; 1822 |
| Securities lending income from affiliated <br> investments<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 13340 | &nbsp;&nbsp; 5208 | &nbsp;&nbsp; 897 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3760) | (388) |
| **Total Investment Income** | &nbsp;&nbsp; **879497** | &nbsp;&nbsp; **10237599** | &nbsp;&nbsp; **14277877** | &nbsp;&nbsp; **505091** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 12074 | &nbsp;&nbsp; 1122916 | &nbsp;&nbsp; 2450200 | &nbsp;&nbsp; 89071 |
| **Total Expenses** | &nbsp;&nbsp; **12074** | &nbsp;&nbsp; **1122916** | &nbsp;&nbsp; **2450200** | &nbsp;&nbsp; **89071** |
| Less: Fee waivers and/or expense <br> reimbursements (Note 2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3188) | &nbsp;&nbsp; (5500) | (336) |
| **Net Expenses** | &nbsp;&nbsp; **12074** | &nbsp;&nbsp; **1119728** | &nbsp;&nbsp; **2444700** | &nbsp;&nbsp; **88735** |
| **Net Investment Income** | &nbsp;&nbsp; **867423** | &nbsp;&nbsp; **9117871** | &nbsp;&nbsp; **11833177** | &nbsp;&nbsp; **416356** |
| **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** |
| Net Realized Gain From: |  |  |  |  |
| Investment transactions in unaffiliated <br> securities<br>| &nbsp;&nbsp; 1081443 | &nbsp;&nbsp; 120970541 | &nbsp;&nbsp; 28717595 | &nbsp;&nbsp; 40035 |
| Futures contracts | &nbsp;&nbsp; 15428 | &nbsp;&nbsp; 322466 | &nbsp;&nbsp; 181588 | &nbsp;&nbsp; 12194 |
| **Net Realized Gain**  | &nbsp;&nbsp; **1096871** | &nbsp;&nbsp; **121293007** | &nbsp;&nbsp; **28899183** | &nbsp;&nbsp; **52229** |
| Change in Net Unrealized Appreciation <br> (Depreciation) From:<br>|  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 1785940 | &nbsp;&nbsp; 165327557 | &nbsp;&nbsp; 85542431 | &nbsp;&nbsp; 5335421 |
| Futures contracts | &nbsp;&nbsp; 1764 | &nbsp;&nbsp; 14566 | &nbsp;&nbsp; (33678) | &nbsp;&nbsp; 613 |
| **Change in Net Unrealized** <br> **Appreciation (Depreciation)** <br>| &nbsp;&nbsp; **1787704** | &nbsp;&nbsp; **165342123** | &nbsp;&nbsp; **85508753** | &nbsp;&nbsp; **5336034** |
| **Net Gain on Investments and Futures** <br> **Contracts** <br>| &nbsp;&nbsp; **2884575** | &nbsp;&nbsp; **286635130** | &nbsp;&nbsp; **114407936** | &nbsp;&nbsp; **5388263** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$3751998** | &nbsp;&nbsp; **$295753001** | &nbsp;&nbsp; **$126241113** | &nbsp;&nbsp; **$5804619** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

Franklin Emerging Market Core Dividend Tilt Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $403530 | $540580 |
| Net realized gain  | &nbsp;&nbsp; 456482 | 195251 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 2406432 | 601993 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **3266444** | **1337824** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (415364) | (657583) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(415364)** | **(657583)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (200,000 and 0 shares issued, respectively)  | &nbsp;&nbsp; 5961328 |  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **5961328** | **—** |
| **Increase in Net Assets** | &nbsp;&nbsp; **8812408** | **680241** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 13518453 | 12838212 |
| **End of period** | &nbsp;&nbsp; **$22330861** | **$13518453** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin International Core Dividend Tilt Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $33465693 | $35494570 |
| Net realized gain (loss)  | &nbsp;&nbsp; 9253904 | (8427390) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 209459044 | 17711407 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **252178641** | **44778587** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (37501494) | (38523649) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(37501494)** | **(38523649)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (11,500,000 and 16,200,000 shares issued, respectively)  | &nbsp;&nbsp; 405747565 | 523258748 |
| Cost of shares repurchased (1,100,000 and 800,000 shares repurchased, respectively)  | &nbsp;&nbsp; (37803503)<br>| (26564471)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **367944062** | **496694277** |
| **Increase in Net Assets** | &nbsp;&nbsp; **582621209** | **502949215** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1269148012 | 766198797 |
| **End of period** | &nbsp;&nbsp; **$1851769221** | **$1269148012** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin International Dividend Booster Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31<sup>(a)</sup> <br>|
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1120578 | $62226 |
| Net realized gain  | &nbsp;&nbsp; 1296435 | 279450 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 1036622 | 97475 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **3453635** | **439151** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1065621) | (5532) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1065621)** | **(5532)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (900,000 and 300,000 shares issued, respectively)  | &nbsp;&nbsp; 27536117 | 7926353 |
| Cost of shares repurchased (300,000 and 100,000 shares repurchased, respectively)  | &nbsp;&nbsp; (9680866)<br>| (2802723)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **17855251** | **5123630** |
| **Increase in Net Assets** | &nbsp;&nbsp; **20243265** | **5557249** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 5557249 |  |
| **End of period** | &nbsp;&nbsp; **$25800514** | **$5557249** |

---

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

<sup>(a)</sup> For the period January 21, 2025 (inception date) through March 31, 2025.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin U.S. Core Dividend Tilt Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $565923 | $926841 |
| Net realized gain  | &nbsp;&nbsp; 104985 | 8860501 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 11435901 | (6700708) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **12106809** | **3086634** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (535028) | (974631) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(535028)** | **(974631)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (250,000 and 550,000 shares issued, respectively)  | &nbsp;&nbsp; 11489763 | 24873761 |
| Cost of shares repurchased (0 and 950,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (39296808)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **11489763** | **(14423047)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **23061544** | **(12311044)** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 50222723 | 62533767 |
| **End of period** | &nbsp;&nbsp; **$73284267** | **$50222723** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin U.S. Dividend Booster Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31<sup>(a)</sup> <br>|
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $867423 | $11413 |
| Net realized gain (loss)  | &nbsp;&nbsp; 1096871 | (2230) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 1787704 | (43973) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **3751998** | **(34790)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (761280) | (7258) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(761280)** | **(7258)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,650,000 and 50,000 shares issued, respectively)  | &nbsp;&nbsp; 40955245 | 1277343 |
| Cost of shares repurchased (350,000 and 0 shares repurchased, respectively)  | &nbsp;&nbsp; (9113094)<br>|  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **31842151** | **1277343** |
| **Increase in Net Assets** | &nbsp;&nbsp; **34832869** | **1235295** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1235295 |  |
| **End of period** | &nbsp;&nbsp; **$36068164** | **$1235295** |

---

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

<sup>(a)</sup> For the period January 21, 2025 (inception date) through March 31, 2025.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin U.S. Large Cap Multifactor Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $9117871 | $17825338 |
| Net realized gain  | &nbsp;&nbsp; 121293007 | 105350161 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 165342123 | (33093150) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **295753001** | **90082349** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (9588281) | (17114556) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(9588281)** | **(17114556)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (5,100,000 and 7,250,000 shares issued, respectively)  | &nbsp;&nbsp; 326143792 | 415707272 |
| Cost of shares repurchased (6,200,000 and 6,600,000 shares repurchased, respectively)  | &nbsp;&nbsp; (390725373)<br>| (375306585)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(64581581)** | **40400687** |
| **Increase in Net Assets** | &nbsp;&nbsp; **221583139** | **113368480** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1397183067 | 1283814587 |
| **End of period** | &nbsp;&nbsp; **$1618766206** | **$1397183067** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin U.S. Mid Cap Multifactor Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $11833177 | $16015205 |
| Net realized gain  | &nbsp;&nbsp; 28899183 | 35484031 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 85508753 | (69822862) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **126241113** | **(18323626)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (12971973) | (14786439) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(12971973)** | **(14786439)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (6,100,000 and 20,900,000 shares issued, respectively)  | &nbsp;&nbsp; 323809466 | 1134557591 |
| Cost of shares repurchased (3,000,000 and 4,650,000 shares repurchased, respectively)  | &nbsp;&nbsp; (163136098)<br>| (246782343)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **160673368** | **887775248** |
| **Increase in Net Assets** | &nbsp;&nbsp; **273942508** | **854665183** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1466652837 | 611987654 |
| **End of period** | &nbsp;&nbsp; **$1740595345** | **$1466652837** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin U.S. Small Cap Multifactor Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $416356 | $546293 |
| Net realized gain  | &nbsp;&nbsp; 52229 | 2925172 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 5336034 | (4402823) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **5804619** | **(931358)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (316636) | (606537) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(316636)** | **(606537)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (600,000 and 450,000 shares issued, respectively)  | &nbsp;&nbsp; 25667599 | 18229373 |
| Cost of shares repurchased (100,000 and 250,000 shares repurchased, respectively)  | &nbsp;&nbsp; (4102504)<br>| (9897829)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **21565095** | **8331544** |
| **Increase in Net Assets** | &nbsp;&nbsp; **27053078** | **6793649** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 43303205 | 36509556 |
| **End of period** | &nbsp;&nbsp; **$70356283** | **$43303205** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights

Franklin Emerging Market Core Dividend Tilt Index ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $27.04 | &nbsp;&nbsp;&nbsp; $25.68 | &nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp; $28.33 | &nbsp;&nbsp;&nbsp; $30.78 | &nbsp;&nbsp;&nbsp; $22.20 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net realized and unrealized gain (loss) | 4.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.55 |
| **Total income (loss) from operations** | **5.50** | &nbsp;&nbsp;&nbsp;&nbsp;**2.68** | &nbsp;&nbsp;&nbsp;&nbsp;**2.93** | &nbsp;&nbsp;&nbsp; **(3.03)** | &nbsp;&nbsp;&nbsp; **(1.23)** | &nbsp;&nbsp;&nbsp;&nbsp;**9.39** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.64)**<br>| &nbsp;&nbsp;&nbsp; **(1.32)**<br>| &nbsp;&nbsp;&nbsp; **(1.13)**<br>| &nbsp;&nbsp;&nbsp; **(1.42)**<br>| &nbsp;&nbsp;&nbsp; **(1.22)**<br>| &nbsp;&nbsp;&nbsp; **(0.81)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $31.90 | &nbsp;&nbsp;&nbsp; $27.04 | &nbsp;&nbsp;&nbsp; $25.68 | &nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp; $28.33 | &nbsp;&nbsp;&nbsp; $30.78 |
| **Total return, based on NAV**<sup>3</sup> <br>| **20.45%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.53%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12.67%**<br>| &nbsp;&nbsp;&nbsp; **(10.36)%**<br>| &nbsp;&nbsp;&nbsp; **(4.21)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **42.57%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $22331 | &nbsp;&nbsp;&nbsp; $13518 | &nbsp;&nbsp;&nbsp; $12838 | &nbsp;&nbsp;&nbsp; $11939 | &nbsp;&nbsp;&nbsp; $17000 | &nbsp;&nbsp;&nbsp; $24627 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.19 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Net expenses | 0.19 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 <br><sup>56</sup><br>|
| Net investment income | 4.62 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **34%**<br>| &nbsp;&nbsp;&nbsp; **53%**<br>| &nbsp;&nbsp;&nbsp; **51%**<br>| &nbsp;&nbsp;&nbsp; **111%**<br>| &nbsp;&nbsp;&nbsp; **34%**<br>| &nbsp;&nbsp;&nbsp; **37%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin International Core Dividend Tilt Index ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $32.06 | &nbsp;&nbsp;&nbsp; $28.63 | &nbsp;&nbsp;&nbsp; $28.65 | &nbsp;&nbsp;&nbsp; $26.52 | &nbsp;&nbsp;&nbsp; $22.55 |
| **Income from operations:** | **Income from operations:** |  |  |  |  |  |
| Net investment income | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Net realized and unrealized gain | 5.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 |
| **Total income from operations** | **5.79** | &nbsp;&nbsp;&nbsp;&nbsp;**1.58** | &nbsp;&nbsp;&nbsp;&nbsp;**4.38** | &nbsp;&nbsp;&nbsp;&nbsp;**1.64** | &nbsp;&nbsp;&nbsp;&nbsp;**2.93** | &nbsp;&nbsp;&nbsp;&nbsp;**6.00** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.12)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.82)**<br>| &nbsp;&nbsp;&nbsp; **(1.35)**<br>| &nbsp;&nbsp;&nbsp; **(0.95)**<br>| &nbsp;&nbsp;&nbsp; **(1.66)**<br>| &nbsp;&nbsp;&nbsp; **(0.80)**<br>| &nbsp;&nbsp;&nbsp; **(2.03)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $37.26 | &nbsp;&nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $32.06 | &nbsp;&nbsp;&nbsp; $28.63 | &nbsp;&nbsp;&nbsp; $28.65 | &nbsp;&nbsp;&nbsp; $26.52 |
| **Total return, based on NAV**<sup>3</sup> <br>| **18.12%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **5.14%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15.64%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6.56%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11.13%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **27.54%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $1851769 | &nbsp;&nbsp;&nbsp; $1269148 | &nbsp;&nbsp;&nbsp; $766199 | &nbsp;&nbsp;&nbsp; $240459 | &nbsp;&nbsp;&nbsp; $17192 | &nbsp;&nbsp;&nbsp; $13260 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.09 %<sup>4,5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net expenses | 0.09 <br><sup>4567</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>467</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11 <br><sup>467</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>67</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net investment income | 4.27 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 |
| **Portfolio turnover rate**<sup>8</sup> <br>| &nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp;&nbsp; **26%**<br>| &nbsp;&nbsp;&nbsp; **21%**<br>| &nbsp;&nbsp;&nbsp; **49%**<br>| &nbsp;&nbsp;&nbsp; **30%**<br>| &nbsp;&nbsp;&nbsp; **42%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would not have changed for the six month ended September 30, 2025 and for the year ended March 31, 2025 and would have been 0.09% and 0.09%, respectively, for the year ended March 31, 2024. 

<sup>5</sup> Annualized.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin International Dividend Booster Index ETF

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

---

| | | |
|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>13</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $27.79 | &nbsp;&nbsp;&nbsp; $25.38 |
| **Income from operations:** | **Income from operations:** |  |
| Net investment income | 1.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain | 3.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| **Total income from operations** | **5.68** | &nbsp;&nbsp;&nbsp;&nbsp;**2.43** |
| **Less distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(1.22)**<br>| &nbsp;&nbsp;&nbsp; **(0.02)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $32.25 | &nbsp;&nbsp;&nbsp; $27.79 |
| **Total return, based on NAV**<sup>4</sup> <br>| **20.70%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **9.57%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $25801 | &nbsp;&nbsp;&nbsp; $5557 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |
| Gross expenses<sup>5</sup> <br>| 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses<sup>5</sup> <br>| 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income<sup>5</sup> <br>| 10.95 | &nbsp;&nbsp;&nbsp;&nbsp;5.94 |
| **Portfolio turnover rate**<sup>6</sup> <br>| &nbsp;&nbsp; **36%**<br>| &nbsp;&nbsp;&nbsp; **25%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> For the period January 21, 2025 (inception date) through March 31, 2025.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin U.S. Core Dividend Tilt Index ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $43.67 | &nbsp;&nbsp;&nbsp; $40.34 | &nbsp;&nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $36.29 | &nbsp;&nbsp;&nbsp; $33.29 | &nbsp;&nbsp;&nbsp; $23.32 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Net realized and unrealized gain (loss) | 8.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp; (3.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;9.95 |
| **Total income (loss) from operations** | **9.08** | &nbsp;&nbsp;&nbsp;&nbsp;**4.29** | &nbsp;&nbsp;&nbsp;&nbsp;**8.84** | &nbsp;&nbsp;&nbsp; **(3.00)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.01** | &nbsp;&nbsp;&nbsp;&nbsp;**10.87** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.40)**<br>| &nbsp;&nbsp;&nbsp; **(0.96)**<br>| &nbsp;&nbsp;&nbsp; **(0.79)**<br>| &nbsp;&nbsp;&nbsp; **(1.00)**<br>| &nbsp;&nbsp;&nbsp; **(1.01)**<br>| &nbsp;&nbsp;&nbsp; **(0.90)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $52.35 | &nbsp;&nbsp;&nbsp; $43.67 | &nbsp;&nbsp;&nbsp; $40.34 | &nbsp;&nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $36.29 | &nbsp;&nbsp;&nbsp; $33.29 |
| **Total return, based on NAV**<sup>3</sup> <br>| **20.84%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.64%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **27.72%**<br>| &nbsp;&nbsp;&nbsp; **(8.09)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12.14%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **47.20%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $73284 | &nbsp;&nbsp;&nbsp; $50233 | &nbsp;&nbsp;&nbsp; $62534 | &nbsp;&nbsp;&nbsp; $24219 | &nbsp;&nbsp;&nbsp; $30851 | &nbsp;&nbsp;&nbsp; $26632 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.06 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Net expenses | 0.06 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 <br><sup>56</sup><br>|
| Net investment income | 1.85 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **15%**<br>| &nbsp;&nbsp;&nbsp; **18%**<br>| &nbsp;&nbsp;&nbsp; **18%**<br>| &nbsp;&nbsp;&nbsp; **131%**<br>| &nbsp;&nbsp;&nbsp; **28%**<br>| &nbsp;&nbsp;&nbsp; **42%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin U.S. Dividend Booster Index ETF

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

---

| | | |
|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>13</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.71 | &nbsp;&nbsp;&nbsp; $25.55 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |
| Net investment income | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 1.69 | &nbsp;&nbsp;&nbsp; (0.92)<br>|
| **Total income (loss) from operations** | **2.52** | &nbsp;&nbsp;&nbsp; **(0.69)** |
| **Less distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.51)**<br>| &nbsp;&nbsp;&nbsp; **(0.15)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $26.72 | &nbsp;&nbsp;&nbsp; $24.71 |
| **Total return, based on NAV**<sup>4</sup> <br>| **10.30%**<br>| &nbsp;&nbsp;&nbsp; **(2.72)%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $36068 | &nbsp;&nbsp;&nbsp; $1235 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |
| Gross expenses<sup>5</sup> <br>| 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses<sup>5</sup> <br>| 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income<sup>5</sup> <br>| 6.47 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| **Portfolio turnover rate**<sup>6</sup> <br>| &nbsp;&nbsp; **35%**<br>| &nbsp;&nbsp;&nbsp; **18%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> For the period January 21, 2025 (inception date) through March 31, 2025.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin U.S. Large Cap Multifactor Index ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $56.45 | &nbsp;&nbsp;&nbsp; $53.27 | &nbsp;&nbsp;&nbsp; $41.37 | &nbsp;&nbsp;&nbsp; $44.86 | &nbsp;&nbsp;&nbsp; $40.04 | &nbsp;&nbsp;&nbsp; $27.61 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gain (loss) | 11.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;11.89 | &nbsp;&nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;12.49 |
| **Total income (loss) from operations** | **12.37** | &nbsp;&nbsp;&nbsp;&nbsp;**3.87** | &nbsp;&nbsp;&nbsp;&nbsp;**12.58** | &nbsp;&nbsp;&nbsp; **(2.66)** | &nbsp;&nbsp;&nbsp;&nbsp;**5.66** | &nbsp;&nbsp;&nbsp;&nbsp;**13.21** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.37)**<br>| &nbsp;&nbsp;&nbsp; **(0.69)**<br>| &nbsp;&nbsp;&nbsp; **(0.68)**<br>| &nbsp;&nbsp;&nbsp; **(0.83)**<br>| &nbsp;&nbsp;&nbsp; **(0.84)**<br>| &nbsp;&nbsp;&nbsp; **(0.78)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $68.45 | &nbsp;&nbsp;&nbsp; $56.45 | &nbsp;&nbsp;&nbsp; $53.27 | &nbsp;&nbsp;&nbsp; $41.37 | &nbsp;&nbsp;&nbsp; $44.86 | &nbsp;&nbsp;&nbsp; $40.04 |
| **Total return, based on NAV**<sup>3</sup> <br>| **21.96%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.25%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **30.68%**<br>| &nbsp;&nbsp;&nbsp; **(5.79)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **14.19%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **48.22%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $1619 | &nbsp;&nbsp;&nbsp; $1397 | &nbsp;&nbsp;&nbsp; $1284 | &nbsp;&nbsp;&nbsp; $860 | &nbsp;&nbsp;&nbsp; $967 | &nbsp;&nbsp;&nbsp; $1353 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.15 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.15 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net investment income | 1.22 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **25%**<br>| &nbsp;&nbsp;&nbsp; **53%**<br>| &nbsp;&nbsp;&nbsp; **56%**<br>| &nbsp;&nbsp;&nbsp; **52%**<br>| &nbsp;&nbsp;&nbsp; **68%**<br>| &nbsp;&nbsp;&nbsp; **25%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin U.S. Mid Cap Multifactor Index ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $52.95 | &nbsp;&nbsp;&nbsp; $53.45 | &nbsp;&nbsp;&nbsp; $43.31 | &nbsp;&nbsp;&nbsp; $44.90 | &nbsp;&nbsp;&nbsp; $40.84 | &nbsp;&nbsp;&nbsp; $24.94 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gain (loss) | 3.59 | &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;15.86 |
| **Total income (loss) from operations** | **3.98** | &nbsp;&nbsp;&nbsp;&nbsp;**0.22** | &nbsp;&nbsp;&nbsp;&nbsp;**10.75** | &nbsp;&nbsp;&nbsp; **(1.02)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.57** | &nbsp;&nbsp;&nbsp;&nbsp;**16.31** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.42)**<br>| &nbsp;&nbsp;&nbsp; **(0.72)**<br>| &nbsp;&nbsp;&nbsp; **(0.61)**<br>| &nbsp;&nbsp;&nbsp; **(0.57)**<br>| &nbsp;&nbsp;&nbsp; **(0.51)**<br>| &nbsp;&nbsp;&nbsp; **(0.41)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $56.51 | &nbsp;&nbsp;&nbsp; $52.95 | &nbsp;&nbsp;&nbsp; $53.45 | &nbsp;&nbsp;&nbsp; $43.31 | &nbsp;&nbsp;&nbsp; $44.90 | &nbsp;&nbsp;&nbsp; $40.84 |
| **Total return, based on NAV**<sup>3</sup> <br>| **7.53%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **0.41%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **25.04%**<br>| &nbsp;&nbsp;&nbsp; **(2.17)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11.18%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **65.69%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $1740595 | &nbsp;&nbsp;&nbsp; $1466653 | &nbsp;&nbsp;&nbsp; $611988 | &nbsp;&nbsp;&nbsp; $166748 | &nbsp;&nbsp;&nbsp; $62855 | &nbsp;&nbsp;&nbsp; $36759 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.30 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.30 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net investment income | 1.45 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **16%**<br>| &nbsp;&nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **23%**<br>| &nbsp;&nbsp;&nbsp; **25%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin U.S. Small Cap Multifactor Index ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $39.37 | &nbsp;&nbsp;&nbsp; $40.57 | &nbsp;&nbsp;&nbsp; $34.10 | &nbsp;&nbsp;&nbsp; $36.16 | &nbsp;&nbsp;&nbsp; $36.53 | &nbsp;&nbsp;&nbsp; $20.48 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | 4.48 | &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.41 | &nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.15 |
| **Total income (loss) from operations** | **4.82** | &nbsp;&nbsp;&nbsp; **(0.60)** | &nbsp;&nbsp;&nbsp;&nbsp;**6.96** | &nbsp;&nbsp;&nbsp; **(1.56)** | &nbsp;&nbsp;&nbsp;&nbsp;**0.02** | &nbsp;&nbsp;&nbsp;&nbsp;**16.43** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.22)**<br>| &nbsp;&nbsp;&nbsp; **(0.60)**<br>| &nbsp;&nbsp;&nbsp; **(0.49)**<br>| &nbsp;&nbsp;&nbsp; **(0.50)**<br>| &nbsp;&nbsp;&nbsp; **(0.39)**<br>| &nbsp;&nbsp;&nbsp; **(0.38)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $43.97 | &nbsp;&nbsp;&nbsp; $39.37 | &nbsp;&nbsp;&nbsp; $40.57 | &nbsp;&nbsp;&nbsp; $34.10 | &nbsp;&nbsp;&nbsp; $36.16 | &nbsp;&nbsp;&nbsp; $36.53 |
| **Total return, based on NAV**<sup>3</sup> <br>| **12.26%**<br>| &nbsp;&nbsp;&nbsp; **(1.52)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **20.59%**<br>| &nbsp;&nbsp;&nbsp; **(4.21)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **0.02%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **80.74%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $70356 | &nbsp;&nbsp;&nbsp; $43303 | &nbsp;&nbsp;&nbsp; $36510 | &nbsp;&nbsp;&nbsp; $17048 | &nbsp;&nbsp;&nbsp; $16273 | &nbsp;&nbsp;&nbsp; $14613 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.35 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.35 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net investment income | 1.64 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **12%**<br>| &nbsp;&nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **29%**<br>| &nbsp;&nbsp;&nbsp; **28%**<br>| &nbsp;&nbsp;&nbsp; **35%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin Emerging Market Core Dividend Tilt Index ETF ("Emerging Market Core Dividend Tilt Index ETF"), Franklin International Core Dividend Tilt Index ETF ("International Core Dividend Tilt Index ETF"), Franklin International Dividend Booster Index ETF ("International Dividend Booster Index ETF") (formerly Franklin International Dividend Multiplier Index ETF), Franklin U.S. Core Dividend Tilt Index ETF ("U.S. Core Dividend Tilt Index ETF"), Franklin U.S. Dividend Booster Index ETF ("U.S. Dividend Booster Index ETF") (formerly Franklin U.S. Dividend Multiplier Index ETF) Franklin U.S. Large Cap Multifactor Index ETF ("U.S. Large Cap Multifactor Index ETF"), Franklin U.S. Mid Cap Multifactor Index ETF ("U.S. Mid Cap Multifactor Index ETF") and Franklin U.S. Small Cap Multifactor Index ETF ("U.S. Small Cap Multifactor Index ETF") (the "Funds") are separate diversified investment series of Franklin Templeton ETF Trust (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.&nbsp;&nbsp;&nbsp;&nbsp;

The Funds are 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 the Emerging Market Core Dividend Tilt Index ETF, International Core Dividend Tilt Index ETF, International Dividend Booster Index ETF, U.S. Core Dividend Tilt Index ETF and U.S. Dividend Booster Index ETF are listed for trading on NYSE Arca. Inc. Shares of the U.S. Large Cap Multifactor Index ETF, U.S.Mid Cap Multifactor Index ETF and U.S. Small Cap Multifactor Index ETF are listed for trading on Cboe BZX Exchange, Inc., a national securities exchange. 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.

Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index.

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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities 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. 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. 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 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").

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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 carried at fair value:

**Emerging Market Core Dividend Tilt Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Energy | &nbsp;&nbsp; $1391111 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $1391111 |
| Financials | &nbsp;&nbsp; 5661882 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 5661882 |
| Materials | &nbsp;&nbsp; 883296 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 883296 |
| Utilities | &nbsp;&nbsp; 958872 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 958872 |
| Other Common Stocks | &nbsp;&nbsp; 12751077 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12751077 |
| Preferred Stocks: |  |  |  |  |
| Energy | &nbsp;&nbsp; 124055 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 124055 |
| Other Preferred Stocks | &nbsp;&nbsp; 500205 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 500205 |
| Total Long-Term Investments | &nbsp;&nbsp; 22270498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 22270498 |

---

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | Quoted Prices<br> (Level 1)<br>| Other Significant<br> Observable Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments† | &nbsp;&nbsp; $2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2 |
| **Total Investments** | &nbsp;&nbsp; **$22270500** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$22270500** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $238 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $238 |
| **Total** | &nbsp;&nbsp; **$22270738** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$22270738** |

---

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

---

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

---

**International Core Dividend Tilt Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1831018019 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1831018019 |
| Preferred Stocks | &nbsp;&nbsp; 8470043 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8470043 |
| Total Long-Term Investments | &nbsp;&nbsp; 1839488062 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1839488062 |
| Short-Term Investments†: |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 332572 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 332572 |
| Investments from Cash Collateral Received for Loaned <br> Securities<br>| &nbsp;&nbsp; 3552160 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3552160 |
| Total Short-Term Investments | &nbsp;&nbsp; 3884732 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3884732 |
| **Total Investments** | &nbsp;&nbsp; **$1843372794** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1843372794** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $10735 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $10735 |
| **Total** | &nbsp;&nbsp; **$1843383529** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1843383529** |

---

&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.

**International Dividend Booster Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $25250205 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $25250205 |
| Preferred Stocks | &nbsp;&nbsp; 400228 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 400228 |
| **Total Investments** | &nbsp;&nbsp; **$25650433** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$25650433** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

**U.S. Core Dividend Tilt Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Energy | &nbsp;&nbsp; $3369031 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $3369031 |
| Other Common Stocks | &nbsp;&nbsp; 69756833 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69756833 |
| Total Long-Term Investments | &nbsp;&nbsp; 73125864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 73125864 |
| Short-Term Investments† | &nbsp;&nbsp; 72860 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 72860 |
| **Total Investments** | &nbsp;&nbsp; **$73198724** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$73198724** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $899 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $899 |
| **Total** | &nbsp;&nbsp; **$73199623** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$73199623** |

---

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

---

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

---

**U.S. Dividend Booster Index ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $35803060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $35803060 |
| Short-Term Investments† | &nbsp;&nbsp; 178805 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 178805 |
| **Total Investments** | &nbsp;&nbsp; **$35981865** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$35981865** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $1764 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1764 |
| **Total** | &nbsp;&nbsp; **$35983629** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$35983629** |

---

&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.

**U.S. Large Cap Multifactor Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $1617031129 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1617031129 |
| Short-Term Investments† | &nbsp;&nbsp; 918579 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 918579 |
| **Total Investments** | &nbsp;&nbsp; **$1617949708** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1617949708** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $10666 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $10666 |
| **Total** | &nbsp;&nbsp; **$1617960374** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1617960374** |

---

&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.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

**U.S. Mid Cap Multifactor Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $1738431159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1738431159 |
| Short-Term Investments† | &nbsp;&nbsp; 814338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 814338 |
| **Total Investments** | &nbsp;&nbsp; **$1739245497** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1739245497** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $6818 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $6818 |

---

&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.

**U.S. Small Cap Multifactor Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $70234853 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $70234853 |
| Short-Term Investments†: |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 66219 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66219 |
| Investments from Cash Collateral Received for Loaned Securities | &nbsp;&nbsp; 18375 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18375 |
| Total Short-Term Investments | &nbsp;&nbsp; 84594 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 84594 |
| **Total Investments** | &nbsp;&nbsp; **$70319447** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$70319447** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $613 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $613 |
| **Total** | &nbsp;&nbsp; **$70320060** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$70320060** |

---

&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.

**(b) Futures contracts.** The Funds use futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Funds are required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Funds each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statements of Operations and the Funds recognize a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Funds may not be able to enter into a closing transaction because of an illiquid secondary market.

**(c) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

The Funds do not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

**(d) Foreign investment risks.** The Funds' investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(e) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Funds may invest in certain securities or engage in other transactions where the Funds are exposed to counterparty credit risk in addition to broader market risks. The Funds may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Funds' subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Funds to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Funds have entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Funds' net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Funds under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedules of Investments.

As of September 30, 2025, the Funds did not have any open OTC derivative transactions with credit related contingent features in a net liability position.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

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

**(f) Securities lending.** Certain or all Funds participate in an agency based securities lending program to earn additional income. The Funds receive cash collateral against the loaned securities in an amount equal to at least 102% of the fair value of the loaned securities. Collateral is maintained over the life of the loan in an amount not less than 100% of the fair value of loaned securities, as determined at the close of Funds business each day; any additional collateral required due to changes in security values is delivered to the Funds on the next business day. The collateral is deposited into a joint cash account with other funds and is used to invest in a money market fund managed by Franklin Advisers, Inc. ("Franklin Advisers"), an affiliate of the Funds. These securities received as collateral are held in segregated accounts with the Funds' custodian. The Funds cannot repledge or resell these securities received as collateral. As such, the non-cash collateral is excluded from the Statements of Assets and Liabilities. The Funds may receive income from the investment of cash collateral, in addition to lending fees paid by the borrower. Income from securities loaned, net of fees paid to the securities lending agent and/or third-party vendor, is reported separately in the Statements of Operations. The Funds bear the market risk with respect to the collateral investment, securities loaned, and the risk that the agent may default on its obligations to the Funds. If the borrower defaults on its obligation to return the securities loaned, the Funds have the right to repurchase the securities in the open market using the collateral received. The securities lending agent has agreed to indemnify the Funds in the event of default by a third party borrower.

**(g) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Funds may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(h) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Funds are generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Funds' records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

**(i) Distributions to shareholders.** Distributions from net investment income of the Funds, if any, are declared and paid on a quarterly basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(j) Federal and other taxes.** It is the Funds' policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Funds intend to distribute their taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Funds' financial statements.

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2025, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. Realized gains upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. As of September 30, 2025, there were $13,051 for Emerging Market Core Dividend Tilt Index ETF of capital gains tax liabilities accrued on unrealized gains.

As a result of several court cases, in certain countries across the European Union, International Core Dividend Tilt Index ETF filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("EU reclaims"). Income recognized, if any, for EU reclaims is reflected as European Union tax reclaims in the Statements of Operations and any related receivable is reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Any fees associated with these filings are reflected as European Union tax reclaims contingency fees in the Statements of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

reclaims received by International Core Dividend Tilt Index ETF, if any, reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns.

**(k) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**(l) Guarantees and indemnifications.** Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisory Services, LLC ("FASL") is each Fund's investment manager. Franklin Templeton Institutional, LLC ("FT Institutional") is each Fund's subadviser. Franklin Templeton Services, LLC ("Franklin Templeton Services") is each Fund's Administrative manager. FASL, FT Institutional and Franklin Templeton Services are subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with FASL, Franklin Templeton Services provides administrative services to the Funds. The fee is paid by FASL based on the Funds' average daily net assets, and is not an additional expense of the Funds.

Under a subadvisory agreement, FT Institutional provides subadvisory services to the Funds. The subadvisory fee is paid by FASL based on the Funds' average daily net assets and is not an additional expense of the Funds.

The Funds pay a unified management fee to FASL whereby FASL has agreed to reimburse the Funds' acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Funds, including custody, transfer agency, and Trustee fees and expenses, among others, but excluding payments under the Funds' Rule 12b-1 plan (if any), brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), taxes, interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), litigation expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), and other non-routine or extraordinary expenses. The fee is calculated daily and paid monthly according to the terms of the management agreement

Each Fund pays gross effective investment management fee, calculated daily and paid monthly according to the terms of the management agreement, at an annual rate of each Funds' average daily net assets as follows:

---

| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| Emerging Market Core Dividend Tilt Index ETF | &nbsp;&nbsp; 0.19% |
| International Core Dividend Tilt Index ETF | &nbsp;&nbsp; 0.09% |
| International Dividend Booster Index ETF | &nbsp;&nbsp; 0.19% |
| U.S. Core Dividend Tilt Index ETF | &nbsp;&nbsp; 0.06% |
| U.S. Dividend Booster Index ETF | &nbsp;&nbsp; 0.09% |
| U.S. Large Cap Multifactor Index ETF | &nbsp;&nbsp; 0.15% |
| U.S. Mid Cap Multifactor Index ETF | &nbsp;&nbsp; 0.30% |
| U.S. Small Cap Multifactor Index ETF | &nbsp;&nbsp; 0.35% |

---

FASL pays FT Institutional for its services to the Funds. With respect to each Fund, FASL pays FT Institutional a monthly fee equal to 50% of the net investment advisory fee payable by each Fund to FASL (the "Net Investment Advisory Fee"), calculated daily. The Net Investment Advisory Fee is equal to (i) 96% of an amount equal to the total investment management fees payable to FASL, minus any Fund fees and/or expenses waived or reimbursed by FASL, including as part of each Fund's unitary management fee structure pursuant to the investment management agreement between FASL and the Trust, on behalf of each Fund, minus (ii) any fees payable by FASL to Franklin Templeton Services for fund administrative services.

The manager has agreed to waive the Funds' management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver").

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

During the six months ended September 30, 2025, fees waived and/or expenses reimbursed, all of which was an affiliated money market fund waiver, amounted to as follows:

---

| | |
|:---|:---|
| Emerging Market Core Dividend Tilt Index ETF | &nbsp;&nbsp; $109 |
| International Core Dividend Tilt Index ETF | &nbsp;&nbsp; 5330 |
| U.S. Core Dividend Tilt Index ETF | &nbsp;&nbsp; 31 |
| U.S. Large Cap Multifactor Index ETF | &nbsp;&nbsp; 3188 |
| U.S. Mid Cap Multifactor Index ETF | &nbsp;&nbsp; 5500 |
| U.S. Small Cap Multifactor Index ETF | &nbsp;&nbsp; 336 |

---

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Funds on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, each Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Funds, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the six months ended September 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| Emerging Market Core Dividend Tilt Index ETF | &nbsp;&nbsp; $11359479 | &nbsp;&nbsp; $6010414 |
| International Core Dividend Tilt Index ETF | &nbsp;&nbsp; 282077075 | &nbsp;&nbsp; 258726869 |
| International Dividend Booster Index ETF | &nbsp;&nbsp; 7751386 | &nbsp;&nbsp; 7087338 |
| U.S. Core Dividend Tilt Index ETF | &nbsp;&nbsp; 9231226 | &nbsp;&nbsp; 9205861 |
| U.S. Dividend Booster Index ETF  | &nbsp;&nbsp; 8789970 | &nbsp;&nbsp; 8947483 |
| U.S. Large Cap Multifactor Index ETF | &nbsp;&nbsp; 374826411 | &nbsp;&nbsp; 375200497 |
| U.S. Mid Cap Multifactor Index ETF | &nbsp;&nbsp; 258893629 | &nbsp;&nbsp; 411629277 |
| U.S. Small Cap Multifactor Index ETF | &nbsp;&nbsp; 6591188 | &nbsp;&nbsp; 6493554 |

---

During the six months ended September 30, 2025, in-kind transactions (Note 5) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Contributions | Redemptions | Realized Gain (Loss)\* |
| Emerging Market Core Dividend Tilt Index ETF | &nbsp;&nbsp; $589225 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Core Dividend Tilt Index ETF | &nbsp;&nbsp; 383041370 | &nbsp;&nbsp; $38901776 | &nbsp;&nbsp; $13897761 |
| International Dividend Booster Index ETF | &nbsp;&nbsp; 26857035 | &nbsp;&nbsp; 9704243 | &nbsp;&nbsp; 1371787 |
| U.S. Core Dividend Tilt Index ETF | &nbsp;&nbsp; 11454876 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Dividend Booster Index ETF  | &nbsp;&nbsp; 41080221 | &nbsp;&nbsp; 9217097 | &nbsp;&nbsp; 1206357 |
| U.S. Large Cap Multifactor Index ETF | &nbsp;&nbsp; 321751796 | &nbsp;&nbsp; 386435558 | &nbsp;&nbsp; 124134602 |
| U.S. Mid Cap Multifactor Index ETF | &nbsp;&nbsp; 322260182 | &nbsp;&nbsp; 8578636 | &nbsp;&nbsp; 41351156 |
| U.S. Small Cap Multifactor Index ETF | &nbsp;&nbsp; 25614284 | &nbsp;&nbsp; 4123615 | &nbsp;&nbsp; 1709350 |

---

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

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Funds.

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

At September 30, 2025, in connection with securities lending transactions, certain or all Funds loaned investments and received cash collateral as follows:

---

| | |
|:---|:---|
| **Securities Lending Transactions**<sup>(a)</sup> | &nbsp;&nbsp; **Equity** <br>**Investments**<sup>(b)</sup><br>|
| International Core Dividend Tilt Index ETF | &nbsp;&nbsp; $3552160 |
| U.S. Small Cap Multifactor Index ETF | &nbsp;&nbsp; $18375 |

---

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

<sup>(a)</sup> The agreements can be terminated at any time.

<sup>(b)</sup> The gross amount of recognized liability for such transactions is included in payable upon return of securities loaned in the Statements of Assets and Liabilities. 

At September 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Emerging Market Core Dividend Tilt Index ETF | Emerging Market Core Dividend Tilt Index ETF | Emerging Market Core Dividend Tilt Index ETF | Emerging Market Core Dividend Tilt Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $19825901 | &nbsp;&nbsp; $4530387 | &nbsp;&nbsp; $(2085788)<br>| &nbsp;&nbsp; $2444599 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 238 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International Core Dividend Tilt Index ETF | International Core Dividend Tilt Index ETF | International Core Dividend Tilt Index ETF | International Core Dividend Tilt Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $1559871722 | &nbsp;&nbsp; $324582742 | &nbsp;&nbsp; $(41081670)<br>| &nbsp;&nbsp; $283501072 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 10735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10735 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International Dividend Booster Index ETF | International Dividend Booster Index ETF | International Dividend Booster Index ETF | International Dividend Booster Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $24527466 | &nbsp;&nbsp; $1408127 | &nbsp;&nbsp; $(285160)<br>| &nbsp;&nbsp; $1122967 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Core Dividend Tilt Index ETF | U.S. Core Dividend Tilt Index ETF | U.S. Core Dividend Tilt Index ETF | U.S. Core Dividend Tilt Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $59018305 | &nbsp;&nbsp; $15923487 | &nbsp;&nbsp; $(1743068)<br>| &nbsp;&nbsp; $14180419 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 899 | &nbsp;&nbsp; — | &nbsp;&nbsp; 899 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Dividend Booster Index ETF  | U.S. Dividend Booster Index ETF  | U.S. Dividend Booster Index ETF  | U.S. Dividend Booster Index ETF  |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $34240139 | &nbsp;&nbsp; $2515898 | &nbsp;&nbsp; $(774172)<br>| &nbsp;&nbsp; $1741726 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1764 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1764 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Large Cap Multifactor Index ETF | U.S. Large Cap Multifactor Index ETF | U.S. Large Cap Multifactor Index ETF | U.S. Large Cap Multifactor Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $1228739012 | &nbsp;&nbsp; $400579100 | &nbsp;&nbsp; $(11368404)<br>| &nbsp;&nbsp; $389210696 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 10666 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10666 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Mid Cap Multifactor Index ETF | U.S. Mid Cap Multifactor Index ETF | U.S. Mid Cap Multifactor Index ETF | U.S. Mid Cap Multifactor Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $1632850336 | &nbsp;&nbsp; $206005556 | &nbsp;&nbsp; $(99610395)<br>| &nbsp;&nbsp; $106395161 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6818)<br>| &nbsp;&nbsp; (6818)<br>|

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Small Cap Multifactor Index ETF | U.S. Small Cap Multifactor Index ETF | U.S. Small Cap Multifactor Index ETF | U.S. Small Cap Multifactor Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $63933491 | &nbsp;&nbsp; $9885593 | &nbsp;&nbsp; $(3499637)<br>| &nbsp;&nbsp; $6385956 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 613 | &nbsp;&nbsp; — | &nbsp;&nbsp; 613 |

---

**4. Derivative instruments and hedging activities** 

**Emerging Market Core Dividend Tilt Index ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $238 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $12164 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $2135 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $69286 |

---

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

\* Based on the average of the market values at each month-end during the period.

**International Core Dividend Tilt Index ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $10735 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $1123545 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $336125 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $9069431 |

---

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

\* Based on the average of the market values at each month-end during the period.

**International Dividend Booster Index ETF**

At September 30, 2025, the Fund did not have any derivative instruments outstanding.

The following table provides information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $9563 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy)† | &nbsp;&nbsp; $75862 |

---

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

\* Based on the average of the market values at each month-end during the period. <br> † At September 30, 2025, there were no open positions held in this derivative.

**U.S. Core Dividend Tilt Index ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $899 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $11460 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $1308 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $82957 |

---

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

\* Based on the average of the market values at each month-end during the period.

**U.S. Dividend Booster Index ETF** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $1764 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $15428 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $1764 |

---

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $87418 |

---

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

\* Based on the average of the market values at each month-end during the period.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

**U.S. Large Cap Multifactor Index ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $10666 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $322466 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $14566 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $1833825 |

---

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

\* Based on the average of the market values at each month-end during the period.

**U.S. Mid Cap Multifactor Index ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $6818 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $181588 |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(33678)<br>|

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $2550100 |

---

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

\* Based on the average of the market values at each month-end during the period.

**U.S. Small Cap Multifactor Index ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $613 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $12194 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $613 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $45351 |

---

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

\* Based on the average of the market values at each month-end during the period.

**5. Fund share transactions**

At September 30, 2025, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Each Fund's shares are issued and redeemed by the Funds only in Creation Units or Creation Unit aggregations, where 50,000 shares of each Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of each Fund on each transaction date. Transactions in capital shares of the Funds are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Funds' Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

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

**6. Transactions with affiliated company**

As defined in the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended September 30, 2025. The following transactions were effected in such company for the six months ended September 30, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Emerging Market Core Dividend Tilt <br> Index ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Emerging Market Core Dividend Tilt <br> Index ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $7 | $240702 | 240702 | $240707 | 240707 |  | $169 |  | $2 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 5850350 | 5850350 | 5850350 | 5850350 |  |  |  |  |
|  | **$7** | **$6091052** |  | **$6091057** |  | **—** | **$169** | **—** | **$2** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| International Core <br> Dividend Tilt Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| International Core <br> Dividend Tilt Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $441748 | $61756099 | 61756099 | $61865275 | 61865275 |  | $35078 |  | $332572 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| 3560250 | 76582850 | 76582850 | 76590940 | 76590940 |  | 14816 |  | 3552160 |
|  | **$4001998** | **$138338949** |  | **$138456215** |  | **—** | **$49894** | **—** | **$3884732** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| International Dividend Booster <br> Index ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| International Dividend Booster <br> Index ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $13 | $1093339 | 1093339 | $1093352 | 1093352 |  | $293 |  |  |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Core Dividend Tilt Index ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| U.S. Core Dividend Tilt Index ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $34773 | $1103658 | 1103658 | $1065571 | 1065571 |  | $1219 |  | $72860 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Dividend Booster Index ETF  | Affiliate <br>Value at <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>September 30, <br>2025 |
| U.S. Dividend Booster Index ETF  | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $2958 | $737055 | 737055 | $561208 | 561208 |  | $1040 |  | $178805 |

---

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

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

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Large Cap Multifactor <br> Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| U.S. Large Cap Multifactor <br> Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $401882 | $22369837 | 22369837 | $21853140 | 21853140 |  | $49351 |  | $918579 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| 796250 | 35000617 | 35000617 | 35796867 | 35796867 |  | 13340 |  |  |
|  | **$1198132** | **$57370454** |  | **$57650007** |  | **—** | **$62691** | **—** | **$918579** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Mid Cap Multifactor <br> Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| U.S. Mid Cap Multifactor <br> Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $1731422 | $32063243 | 32063243 | $32980327 | 32980327 |  | $51518 |  | $814338 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| 490875 | 42421784 | 42421784 | 42912659 | 42912659 |  | 5208 |  |  |
|  | **$2222297** | **$74485027** |  | **$75892986** |  | **—** | **$56726** | **—** | **$814338** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Small Cap Multifactor Index <br> ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| U.S. Small Cap Multifactor Index <br> ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $158 | $1609665 | 1609665 | $1543604 | 1543604 |  | $1822 |  | $66219 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| 7400 | 5914546 | 5914546 | 5903571 | 5903571 |  | 897 |  | 18375 |
|  | **$7558** | **$7524211** |  | **$7447175** |  | **—** | **$2719** | **—** | **$84594** |

---

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

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

**7. Capital loss carryforwards**

As of March 31, 2025, the following Funds had capital loss carryforwards remaining, which have no expiration date, that will be available to offset future taxable capital gains. The capital loss carryforwards were as follows:

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss Carryforwards<br>|
| Emerging Market Core Dividend Tilt Index ETF | &nbsp;&nbsp; $30509922 |
| International Core Dividend Tilt Index ETF | &nbsp;&nbsp; 25308341 |
| International Dividend Booster Index ETF | &nbsp;&nbsp; 31404 |
| U.S. Core Dividend Tilt Index ETF | &nbsp;&nbsp; 908575 |
| U.S. Dividend Booster Index ETF  | &nbsp;&nbsp; 1989 |
| U.S. Large Cap Multifactor Index ETF | &nbsp;&nbsp; 128720031 |
| U.S. Mid Cap Multifactor Index ETF | &nbsp;&nbsp; 26298349 |
| U.S. Small Cap Multifactor Index ETF | &nbsp;&nbsp; 2750687 |

---

**8. Concentration of risk**

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local, regional and global economic, political and social conditions,

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

which may result in greater market volatility. Political and financial uncertainty in many foreign regions may increase market volatility and the economic risk of investing in foreign securities. In addition, certain foreign securities may not be as liquid as U.S. securities.

Certain investments in Chinese companies are made through a special structure known as a variable interest entity (VIE). In a VIE structure, foreign investors, such as Emerging Market Core Dividend Tilt Index ETF will only own stock in a shell company rather than directly in the VIE, which must be owned by Chinese nationals (and/or Chinese companies) to obtain the licenses and/or assets required to operate in a restricted or prohibited sector in China. The value of the shell company is derived from its ability to consolidate the VIE into its financials pursuant to contractual arrangements that allow the shell company to exert a degree of control over, and obtain economic benefits arising from, the VIE without formal legal ownership. While VIEs are a longstanding industry practice and are well known by Chinese officials and regulators, the structure historically has not been formally recognized under Chinese law and it is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the structure. It is also uncertain whether the contractual arrangements, which may be subject to conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent losses, and in turn, adversely affect the Funds' returns and net asset value.

**9. Recent accounting pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

**10. Operating segments**

Each Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Funds within the Funds' investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Funds' operating results and allocating resources in accordance with the Funds' investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. The Funds' Schedules of Investments provides details of the Funds' investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> Fund. |

---

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Franklin Templeton ETF Trust

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Board Approval of Management and

Subadvisory Agreements (unaudited)

**Franklin Templeton ETF Trust**

**Franklin Emerging Market Core Dividend Tilt Index ETF**

**Franklin International Core Dividend Tilt Index ETF**

**Franklin U.S. Core Dividend Tilt Index ETF**

**Franklin U.S. Large Cap Multifactor Index ETF**

**Franklin U.S. Mid Cap Multifactor Index ETF**

**Franklin U.S. Small Cap Multifactor Index ETF**

(each a Fund)

At an in-person meeting held on May 21, 2025 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the continuance of (i) the investment management agreement between Franklin Advisory Services, LLC (FAS) and the Trust, on behalf of each Fund and (ii) the investment sub-advisory agreement between FAS and Franklin Templeton Institutional, LLC (FTI) on behalf of each Fund (each a Management Agreement) for an additional one-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the renewal of each Management Agreement. Although the Management Agreements for the Funds were considered at the same Board meeting, the Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate. FAS and FTI are each referred to herein as a Manager.

In considering the continuance of each Management Agreement, the Board reviewed and considered information provided by each Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information provided in response to a detailed set of requests for information submitted to each Manager by Independent Trustee counsel on behalf of the Independent Trustees in connection with the annual contract renewal process. In addition, prior to the Meeting, the Independent Trustees held a virtual contract renewal meeting at which the Independent Trustees first conferred amongst themselves and Independent Trustee counsel about contract renewal matters, and then met with management to request additional information that the Independent Trustees also considered prior to and at the Meeting. The Board further considered all of the factors it deemed relevant in approving the continuance of each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by each Manager; (ii) the investment performance of each Fund, as well as each Fund's tracking error against a specified benchmark index as of a recent period; (iii) the costs of the services provided and profits realized by each Manager and its affiliates from the relationship with each Fund; (iv) the extent to which economies of scale are realized as each Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund investors.

In approving the continuance of each Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of each Management Agreement are fair and reasonable and that the continuance of the Management Agreement is in the best interests of the applicable Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services**

The Board reviewed the information it received regarding the nature, extent and quality of investment management services provided by each Manager and its affiliates to the Funds and their shareholders. This information included, among other things, the qualifications, background and experience of the senior management and investment personnel of each Manager, as well as information on succession planning where appropriate; the structure of investment personnel compensation; oversight of third-party service providers; investment performance reports and related financial information for each Fund; reports on expenses and shareholder services; legal and compliance matters; risk controls; pricing and other services provided by each Manager and its affiliates; and management fees charged by each Manager and its affiliates to US funds and other accounts, including management's explanation of differences among accounts where relevant. The Board acknowledged the ongoing integration of acquired third-party fund families into the Franklin Templeton (FT) family of funds

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Franklin Templeton ETF Trust

------

and management's continued development of strategies to address evolving changes in domestic policy and continuing geopolitical concerns.

The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the FT family of funds. The Board noted the financial position of Franklin Resources, Inc. (FRI), the Managers' parent, and its commitment to the registered fund business as evidenced by its continued introduction of new funds, reassessment of the fund offerings in response to FT acquisitions and the market environment, as well as its evaluation of ways to incorporate private assets into more traditional investment vehicles. The Board specifically noted FT's commitment to technological innovation and advancement, including its continued focus on developing potential use cases for tokenization and the blockchain and the use of artificial intelligence tools to help streamline day-to-day tasks.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by each Manager and its affiliates to the Funds and their shareholders.

**Fund Performance**

The Board reviewed and considered the performance results of each Fund for various time periods ended December 31, 2024. The Board considered the performance returns for each Fund in comparison to the performance returns of registered funds deemed comparable to the Fund included in a universe (Performance Universe) selected by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the registered funds included in a Performance Universe. The Board also reviewed and considered Fund performance reports provided and discussions that occurred with portfolio managers at Board meetings throughout the year. The Board referenced earlier discussions with management on matters related to, among other things, the expansion and rationalization of the overall product line, including investments in novel asset classes, as well as the growth in assets from internal and external clients. In addition, the Board acknowledged information provided regarding management's strategy to grow market share through the use of innovative data and technology and investments in marketing and distribution. The Board noted management's high level of client engagement and the strength of its internal audit and compliance program. A summary of each Fund's performance results is below.

<u>Franklin Emerging Market Core Dividend Tilt Index ETF and Franklin U.S. Large Cap Multifactor Index ETF</u> - The Performance Universe for the Franklin Emerging Market Core Dividend Tilt Index ETF included the Fund and all retail and institutional emerging markets funds and exchange-traded funds. The Performance Universe for the Franklin U.S. Large Cap Multifactor Index ETF included the Fund and all retail and institutional large-cap core funds and exchange-traded funds. The Franklin Emerging Market Core Dividend Tilt Index ETF commenced operations on June 1, 2016 and the Franklin U.S. Large Cap Multifactor Index ETF commenced operations on April 26, 2017, and thus have been in operation for less than 10 years. The Board noted that each Fund's annualized total return for the one- and three-year periods was above the median of its respective Performance Universe, but for the five-year period was below the median of its respective Performance Universe. The Board noted that for the one-year period the Franklin Emerging Market Core Dividend Tilt Index ETF and Franklin U.S. Large Cap Multifactor Index ETF were 13.08% and 24.23%, respectively. The Board noted that, in light of each Fund's use of a "passive" or indexing investment approach, management evaluates each Fund based on its tracking error against a specified benchmark. The Board also noted that for the one-year period ended December 31, 2024, Franklin U.S. Large Cap Multifactor Index ETF's tracking error was within the tolerance anticipated for the Fund, and that the Franklin Emerging Market Core Dividend Tilt Index ETF was 34.0 basis points outside the tolerance anticipated for this Fund. The Board discussed the tracking error of the Franklin Emerging Market Core Dividend Tilt Index ETF with management and management explained that the Fund's tracking error was outside the tolerance anticipated due, in part, to taxes and fees. The Board concluded that the Franklin U.S. Large Cap Multifactor Index ETF's performance was satisfactory and the Franklin Emerging Market Core Dividend Tilt Index ETF's Management Agreements should be continued for an additional one-year period, while management's efforts continue to be closely monitored.

<u>Franklin International Core Dividend Tilt Index ETF and Franklin U.S. Mid Cap Multifactor Index ETF</u> - The Performance Universe for the Franklin International Core Dividend Tilt Index ETF included the Fund and all retail and institutional international large-cap core funds and exchange-traded funds. The Performance Universe for the Franklin U.S. Mid Cap Multifactor Index ETF included the Fund and all retail and institutional mid-cap core funds and exchange-traded funds. The Franklin International Core Dividend Tilt Index ETF commenced operations on June 1, 2016 and the Franklin U.S. Mid Cap Multifactor Index ETF commenced operations on April 26, 2017, and thus have been in operation for less than 10 years. The Board

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Franklin Templeton ETF Trust

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

noted that each Fund's annualized total return for the three- and five-year periods was above the median of its respective Performance Universe, but for the one-year period was below the median of its respective Performance Universe. The Board further noted that, in light of the Fund's use of a "passive" or indexing investment approach, management evaluates the Fund based on its tracking error against a specified benchmark. The Board also noted that for the one-year period ended December 31, 2024, the Franklin International Core Dividend Tilt Index ETF's tracking error was within the tolerance anticipated, and that the Franklin U.S. Mid Cap Multifactor Index ETF's tracking error was 0.1 basis points outside the tolerance anticipated for this Fund. The Board discussed the tracking error of the Franklin U.S. Mid Cap Multifactor Index ETF with management and management explained that the Fund's tracking error was outside the tolerance anticipated due, in part, to fees. The Board concluded that the Franklin International Core Dividend Tilt Index ETF's performance was satisfactory and the Franklin U.S. Mid Cap Multifactor Index ETF's performance was acceptable.

<u>Franklin U.S. Core Dividend Tilt Index ETF</u> - The Performance Universe for the Fund included the Fund and all retail and institutional equity income funds and exchange-traded funds. The Fund commenced operations on June 1, 2016, and thus has been in operation for less than 10 years. The Board noted that the Fund's annualized total return for the one-, three- and five-year periods was above the median of its Performance Universe. The Board further noted that, in light of the Fund's use of a "passive" or indexing investment approach, management evaluates the Fund based on its tracking error against a specified benchmark. The Board also noted that for the one-year period ended December 31, 2024, the Fund's tracking error was within the tolerance anticipated for the Fund. The Board concluded that the Fund's performance was satisfactory.

<u>Franklin U.S. Small Cap Multifactor Index ETF</u> - The Performance Universe for the Franklin U.S. Small Cap Multifactor Index ETF included the Fund and all retail and institutional small-cap core funds and exchange-traded funds. The Franklin U.S. Small Cap Multifactor Index ETF commenced operations on April 26, 2017, and thus has been in operation for less than 10 years. The Board noted that each Fund's annualized total return for the one-, three- and five-year periods was below the median of its Performance Universe. The Board discussed this performance with management and management explained that the Fund has a disciplined adherence to its small-cap investment strategy whereas many of the top-performing funds in the Performance Universe implement a SMID-cap investment strategy. Management further explained that mid-cap stocks have generally delivered stronger risk-adjusted returns than small-cap stocks and that the Fund only had approximately 4% of its portfolio allocated to mid-cap stocks during the relevant periods. The Board further noted that, in light of the Fund's use of a "passive" or indexing investment approach, management evaluates the Fund based on its tracking error against a specified benchmark. The Board also noted that for the one-year period ended December 31, 2024, the tracking error for the Fund was 5.9 basis points outside the tolerance anticipated for this Fund. The Board discussed the tracking error of the Fund with management and management explained that the Fund's tracking error was outside the tolerance anticipated due, in part, to fees. The Board further noted that the Fund's one-year annualized total return was 8.67%. The Board concluded that the Fund's Management Agreements should be continued for an additional one-year period, while management's efforts continue to be closely monitored.

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding each Fund's actual total expense ratio, noting that each Fund pays a Unified Fee (as defined below). The Board considered the actual total expense ratio and, separately, the contractual management fee rate, without the effect of fee waivers, if any (Management Rate), of each Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-traded funds deemed comparable to and with a similar expense structure to the Fund selected by Broadridge (Expense Group). Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report, which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in an Expense Group.

<u>Franklin Emerging Market Core Dividend Tilt Index ETF, Franklin International Core Dividend Tilt Index ETF, Franklin U.S. Core</u> <u>Dividend Tilt Index ETF, Franklin U.S. Large Cap Multifactor Index ETF and Franklin U.S. Mid Cap Multifactor Index ETF</u> – The Expense Group for each of these Funds was as follows:

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Franklin Templeton ETF Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin Emerging Market Core Dividend Tilt Index ETF was comprised of strategic beta exchange-traded funds, which included the Fund, which is currently classified as an emerging markets fund, one global equity income fund, and five international equity income funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin International Core Dividend Tilt Index ETF was comprised of strategic beta exchange-traded funds, which included the Fund, which is currently classified as an international large-cap core fund, eight international equity income funds, one international multi-cap value fund, and one international multi-cap growth fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin U.S. Core Dividend Tilt Index ETF was comprised of strategic beta exchange-traded funds, which included the Fund and 11 other equity income funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin U.S. Large Cap Multifactor Index ETF was comprised of strategic beta exchange-traded funds, which included the Fund, six other large-cap core funds, and one large-cap growth fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin U.S. Mid Cap Multifactor Index ETF was comprised of strategic beta exchange-traded funds, which included the Fund, four other mid-cap core funds, and one mid-cap value fund.

The Board noted that the Management Rate and actual total expense ratio for each Fund were below the medians and in the first quintile (least expensive) of its respective Expense Group. The Board further noted that the Funds have a unified management fee (Unified Fee) and that pursuant to the Unified Fee arrangement FAS reimburses each Fund for all of its acquired fund fees and expenses (if any) and pays all of the ordinary operating expenses of each Fund, except for (i) the Fund's Unified Fee, (ii) future Rule 12b-1 fees (if any), (iii) brokerage expenses, (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses (Unified Fee Arrangement). The Board noted that FTI is paid by FAS out of the Unified Fee FAS receives from each Fund and that the allocation of the fee between FAS and FTI reflected the services provided by each Manager to each Fund. The Board concluded that the Management Rate charged to each Fund and the sub-advisory fee paid to FTI are reasonable.

<u>Franklin U.S. Small Cap Multifactor Index ETF</u> - The Expense Group for the Fund was comprised of strategic beta exchange-traded funds, which included the Fund and nine other small-cap core funds. The Board noted that the Management Rate and actual total expense ratio for the Fund were above the medians of its Expense Group. The Board further noted that the Fund's Management Rate and actual total expense ratio were approximately three basis points above the medians of its Expense Group. The Board discussed the above median Management Rate and actual total expense ratio with management and management explained that the lower cost funds in the Expense Group are often large-cap or single-factor peers, while the Fund uses a custom multifactor approach which is complex and segment specific. The Board further noted that the Fund has a Unified Fee and discussed the terms of the Unified Fee Arrangement. The Board noted that FTI is paid by FAS out of the Unified Fee FAS receives from the Fund and that the allocation of the fee between FAS and FTI reflected the services provided by each Manager to the Fund. The Board concluded that the Management Rate charged to the Fund and the sub-advisory fee paid to FTI are reasonable.

**Profitability**

The Board reviewed and considered information regarding the profits realized by each Manager and its affiliates in connection with the operation of each Fund. In this respect, the Board considered the Fund profitability analysis that addresses the overall profitability of FT's US fund business, as well as its profits in providing investment management and other services to each of the individual Funds during the 12-month period ended September 30, 2024 (the most recent fiscal year-end for FRI). The Board noted that although management continually makes refinements to its methodologies used in calculating profitability in response to organizational and product-related changes, the overall methodology has remained consistent with that used in the Funds' profitability report presentations from prior years. The Board also noted that an independent registered public accounting firm has been engaged to periodically review and assess the allocation methodologies to be used solely by the Funds' Board with respect to the profitability analysis.

The Board noted management's belief that costs incurred in establishing the infrastructure necessary for the type of fund operations conducted by each Manager and its affiliates may not be fully reflected in the expenses allocated to each Fund in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost

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Franklin Templeton ETF Trust

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

savings and efficiencies initiated by management. As part of this evaluation, the Board considered management's outsourcing of certain operations, which effort has required considerable up-front expenditures, but over the long run, is expected to result in greater efficiencies. The Board also noted management's expenditures in improving shareholder services provided to the Funds, as well as the need to implement systems and meet additional regulatory and compliance requirements resulting from recent US Securities and Exchange Commission and other regulatory requirements.

The Board also considered the extent to which each Manager and its affiliates might derive ancillary benefits from fund operations, including potential benefits resulting from personnel and systems enhancements necessitated by fund growth, as well as increased leverage with service providers and counterparties. Based upon its consideration of all these factors, the Board concluded that the level of profits realized by each Manager and its affiliates from providing services to each Fund was not excessive in view of the nature, extent and quality of services provided to each Fund.

**Economies of Scale**

The Board reviewed and considered the extent to which each Manager may realize economies of scale, if any, as each Fund grows larger and whether each Fund's management fee structure reflects any economies of scale for the benefit of shareholders. The Board considered that each Fund would likely experience benefits from the Unified Fee at the Fund's projected asset levels because of the applicable Manager's contractual requirement to bear most of the Fund's ordinary operating expenses. The Board noted that, under the Unified Fee, it is not anticipated that any of the Funds will generate significant, if any, profit for the applicable Manager and/or its affiliates for some time. The Board also considered management's view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments the Managers incur across the FT family of funds as a whole. The Board also noted that, as of December 31, 2024, each Fund (except for the Franklin International Core Dividend Tilt Index ETF, the Franklin U.S. Large Cap Multifactor Index ETF and Franklin U.S. Mid Cap Multifactor Index ETF) had net assets below $50 million and thus did not have an asset size that would likely enable them to achieve economies of scale. The Board also noted management's representation that for the fiscal year ended September 30, 2024, none of these Funds experienced a profit. The Board recognized that there would not likely be any economies of scale for these Funds until their assets grow. The Board also noted management's representation that, while the Franklin International Core Dividend Tilt Index ETF, the Franklin U.S. Large Cap Multifactor Index ETF and the Franklin U.S. Mid Cap Multifactor Index ETF had net assets of approximately $972 million, $1.47 billion, and $1.29 billion, respectively, as of December 31, 2024, only the Franklin U.S. Mid Cap Multifactor Index ETF experienced a profit for the fiscal year ended September 30, 2024. The Board concluded that to the extent economies of scale may be realized by each Manager and its affiliates, each Fund's management fee structure provided a sharing of benefits with a Fund and its shareholders as the Fund grows.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the continuance of each Management Agreement for an additional one-year period.

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Franklin Templeton ETF Trust

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Franklin Templeton ETF Trust

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisory Services, LLC

**Subadviser**

Franklin Templeton Institutional, LLC

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Franklin Templeton ETF Trust**

Franklin Emerging Market Core Dividend Tilt Index ETF

Franklin International Core Dividend Tilt Index ETF

Franklin International Dividend Booster Index ETF

Franklin U.S. Core Dividend Tilt Index ETF

Franklin U.S. Dividend Booster Index ETF

Franklin U.S. Large Cap Multifactor Index ETF

Franklin U.S. Mid Cap Multifactor Index ETF

Franklin U.S. Small Cap Multifactor Index ETF

The Funds are a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin Templeton ETF Trust

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Funds at (800) DIAL BEN/342-5236.

Information on how the Funds voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Funds at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin Templeton ETF Trust. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current prospectus.

**Investors should consider each Fund's investment objectives, risks, charges and expenses carefully before investing. Each prospectus contains this and other important information about the Funds. Please read the prospectuses carefully before investing.**

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

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**ETF-SFSOI 11/25**© 2025 Franklin Templeton. All rights reserved.

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![](img3a7171851.gif)

**Franklin Templeton ETF Trust**

**Financial Statements and Other Important Information**

**Semi-Annual** \| September 30, 2025 ![](imge10c543c2.gif)

**Franklin Disruptive Commerce ETF**

**Franklin Dividend Growth ETF**

**Franklin Dynamic Municipal Bond ETF**

**Franklin Exponential Data ETF**

**Franklin Focused Growth ETF**

**Franklin Genomic Advancements ETF**

**Franklin High Yield Corporate ETF**

**Franklin Income Equity Focus ETF**

**Franklin Income Focus ETF**

**Franklin Intelligent Machines ETF**

**Franklin International Aggregate Bond ETF**

**Franklin Investment Grade Corporate ETF**

**Franklin Multisector Income ETF** 

**Franklin Municipal Green Bond ETF**

**Franklin Senior Loan ETF**

**Franklin Systematic Style Premia ETF**

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

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

**Franklin Ultra Short Bond ETF**

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**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_f0921aec-635a-4331-bc51-636831ce0913_SOI-Header-SOI-4995_1) | **1** |
| [Statements of Assets and Liabilities](#xx_f0921aec-635a-4331-bc51-636831ce0913_SAL-Header-SAL_1) | **166** |
| [Statements of Operations](#xx_f0921aec-635a-4331-bc51-636831ce0913_SOP-Header-SOP_1) | **171** |
| [Statements of Changes in Net Assets](#xx_f0921aec-635a-4331-bc51-636831ce0913_SOC-Header-SOC-4995_1) | **176** |
| [Financial Highlights](#xx_f0921aec-635a-4331-bc51-636831ce0913_FH-Header-Financialhighlights-4995_1) | **195** |
| [Notes to Financial Statements](#xx_f0921aec-635a-4331-bc51-636831ce0913_NTF-Header-Notestofinancialstatements-4995_1) | **214** |
| [Changes in and Disagreements with Accountants](#xx_f0921aec-635a-4331-bc51-636831ce0913_TSR-TOCTSRDisclosures-4995_1) | **245** |
| [Results of Meeting(s) of Shareholders](#xx_f0921aec-635a-4331-bc51-636831ce0913_TSR-TOCTSRDisclosures-4995_1) | **245** |
| [Remuneration Paid to Directors, Officers and Others](#xx_f0921aec-635a-4331-bc51-636831ce0913_TSR-TOCTSRDisclosures-4995_1) | **245** |
| [Board Approval of Management and Subadvisory](#xx_f0921aec-635a-4331-bc51-636831ce0913_BAMSA-TOC-Mgmtandsubadvisoryagreements-4995_1) [Agreements](#xx_f0921aec-635a-4331-bc51-636831ce0913_BAMSA-TOC-Mgmtandsubadvisoryagreements-4995_1) | **246** |

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**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

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Schedules of Investments (unaudited)

September 30, 2025

 **Franklin Disruptive Commerce ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Communication Services — 17.3%** | **Communication Services — 17.3%** | **Communication Services — 17.3%** |
| Entertainment — 9.8% | Entertainment — 9.8% | Entertainment — 9.8% |
| Netflix Inc. | &nbsp;&nbsp; 256 | &nbsp;&nbsp; $306,923<br> \*<br>|
| Nintendo Co. Ltd., ADR | &nbsp;&nbsp; 3876 | &nbsp;&nbsp; 82714<br>|
| ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 1917 | &nbsp;&nbsp; 265,543<br> \*<br>|
| Roku Inc. | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 87,814<br> \*<br>|
| Spotify Technology SA | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 116,566<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 859560 |
| Interactive Media & Services — 7.5% | Interactive Media & Services — 7.5% | Interactive Media & Services — 7.5% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 609 | &nbsp;&nbsp; 148048<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 343690<br>|
| Scout24 SE | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 37577<br> <sup>(a)</sup><br>|
| Tencent Holdings Ltd. | &nbsp;&nbsp; 1356 | &nbsp;&nbsp; 115550<br> <sup>(b)</sup><br>|
| Trustpilot Group PLC | &nbsp;&nbsp; 2327 | &nbsp;&nbsp; 7,092<br> \*<sup>(a)</sup><br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 651957 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1511517** |
| **Consumer Discretionary — 39.5%** | **Consumer Discretionary — 39.5%** | **Consumer Discretionary — 39.5%** |
| Broadline Retail — 21.2% | Broadline Retail — 21.2% | Broadline Retail — 21.2% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 2514 | &nbsp;&nbsp; 57192<br> <sup>(b)</sup><br>|
| Amazon.com Inc. | &nbsp;&nbsp; 3140 | &nbsp;&nbsp; 689,450<br> \*<br>|
| Coupang Inc. | &nbsp;&nbsp; 3401 | &nbsp;&nbsp; 109,512<br> \*<br>|
| eBay Inc. | &nbsp;&nbsp; 1273 | &nbsp;&nbsp; 115779<br>|
| Etsy Inc. | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 14,141<br> \*<br>|
| Global-e Online Ltd. | &nbsp;&nbsp; 1811 | &nbsp;&nbsp; 64,762<br> \*<br>|
| MercadoLibre Inc. | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 355,215<br> \*<br>|
| Naspers Ltd., Class N Shares | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 61994<br>|
| PDD Holdings Inc., ADR | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 46,524<br> \*<sup>(b)</sup><br>|
| Prosus NV | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 67894<br>|
| Sea Ltd., ADR | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; 271,312<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 1853775 |
| Diversified Consumer Services — 0.3% | Diversified Consumer Services — 0.3% | Diversified Consumer Services — 0.3% |
| Duolingo Inc. | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 28,644<br> \*<br>|
| Hotels, Restaurants & Leisure — 13.0% | Hotels, Restaurants & Leisure — 13.0% | Hotels, Restaurants & Leisure — 13.0% |
| Airbnb Inc., Class A Shares | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 36,547<br> \*<br>|
| Booking Holdings Inc. | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 323956<br>|
| Delivery Hero SE | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 7,429<br> \*<sup>(a)</sup><br>|
| DoorDash Inc., Class A Shares | &nbsp;&nbsp; 1987 | &nbsp;&nbsp; 540,444<br> \*<br>|
| Expedia Group Inc. | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 84217<br>|
| MakeMyTrip Ltd. | &nbsp;&nbsp; 1271 | &nbsp;&nbsp; 118,966<br> \*<br>|
| Meituan, Class B Shares | &nbsp;&nbsp; 2068 | &nbsp;&nbsp; 27,776<br> \*<sup>(a)(b)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1139335 |
| Specialty Retail — 5.0% | Specialty Retail — 5.0% | Specialty Retail — 5.0% |
| Carvana Co. | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 283,684<br> \*<br>|
| Chewy Inc., Class A Shares | &nbsp;&nbsp; 3436 | &nbsp;&nbsp; 138,986<br> \*<br>|
| ZOZO Inc. | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 17497<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 440167 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3461921** |

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See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Disruptive Commerce ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** |
| Consumer Staples Distribution & Retail — 3.5% | Consumer Staples Distribution & Retail — 3.5% | Consumer Staples Distribution & Retail — 3.5% |
| Costco Wholesale Corp. | &nbsp;&nbsp; 181 | &nbsp;&nbsp; $167539<br>|
| Maplebear Inc. | &nbsp;&nbsp; 1488 | &nbsp;&nbsp; 54,699<br> \*<br>|
| Walmart Inc. | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 83479<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **305717** |
| **Financials — 12.4%** | **Financials — 12.4%** | **Financials — 12.4%** |
| Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% |
| Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 70,198<br> \*<br>|
| Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 101,514<br> \*<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 171712 |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| Dave Inc. | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 7,775<br> \*<br>|
| Financial Services — 10.3% | Financial Services — 10.3% | Financial Services — 10.3% |
| Adyen NV, ADR | &nbsp;&nbsp; 5324 | &nbsp;&nbsp; 85,131<br> \*<br>|
| Affirm Holdings Inc. | &nbsp;&nbsp; 3061 | &nbsp;&nbsp; 223,698<br> \*<br>|
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 39317<br>|
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 183726<br>|
| PayPal Holdings Inc. | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 29,976<br> \*<br>|
| Shift4 Payments Inc., Class A Shares | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 52,013<br> \*<br>|
| Toast Inc., Class A Shares | &nbsp;&nbsp; 3492 | &nbsp;&nbsp; 127,493<br> \*<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 161131<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 902485 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1081972** |
| **Health Care — 1.2%** | **Health Care — 1.2%** | **Health Care — 1.2%** |
| Health Care Technology — 1.2% | Health Care Technology — 1.2% | Health Care Technology — 1.2% |
| Doximity Inc., Class A Shares | &nbsp;&nbsp; 1495 | &nbsp;&nbsp; **109,359**<br> \*<br>|
| **Industrials — 6.1%** | **Industrials — 6.1%** | **Industrials — 6.1%** |
| Commercial Services & Supplies — 0.9% | Commercial Services & Supplies — 0.9% | Commercial Services & Supplies — 0.9% |
| ACV Auctions Inc., Class A Shares | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 11,337<br> \*<br>|
| Copart Inc. | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 19,607<br> \*<br>|
| Liquidity Services Inc. | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 8,777<br> \*<br>|
| RB Global Inc. | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 42152<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 81873 |
| Ground Transportation — 3.5% | Ground Transportation — 3.5% | Ground Transportation — 3.5% |
| Lyft Inc., Class A Shares | &nbsp;&nbsp; 1042 | &nbsp;&nbsp; 22,935<br> \*<br>|
| Uber Technologies Inc. | &nbsp;&nbsp; 2560 | &nbsp;&nbsp; 250,803<br> \*<br>|
| XPO Inc. | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 36,454<br> \*<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 310192 |
| Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% |
| TransUnion | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 30077<br>|
| Trading Companies & Distributors — 1.3% | Trading Companies & Distributors — 1.3% | Trading Companies & Distributors — 1.3% |
| Fastenal Co. | &nbsp;&nbsp; 1537 | &nbsp;&nbsp; 75374<br>|
| W.W. Grainger Inc. | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 34307<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 109681 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **531823** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Disruptive Commerce ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Information Technology — 19.6%** | **Information Technology — 19.6%** | **Information Technology — 19.6%** |
| IT Services — 9.1% | IT Services — 9.1% | IT Services — 9.1% |
| GoDaddy Inc., Class A Shares | &nbsp;&nbsp; 144 | &nbsp;&nbsp; $19,703<br> \*<br>|
| Shopify Inc., Class A Shares | &nbsp;&nbsp; 5029 | &nbsp;&nbsp; 747,360<br> \*<br>|
| Wix.com Ltd. | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 27,533<br> \*<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 794596 |
| Software — 10.5% | Software — 10.5% | Software — 10.5% |
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 753 | &nbsp;&nbsp; 541,061<br> \*<br>|
| Descartes Systems Group Inc. | &nbsp;&nbsp; 683 | &nbsp;&nbsp; 64,359<br> \*<br>|
| Fair Isaac Corp. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 14,965<br> \*<br>|
| HubSpot Inc. | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 23,858<br> \*<br>|
| Life360 Inc. | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; 139,572<br> \*<br>|
| Manhattan Associates Inc. | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 113,149<br> \*<br>|
| Samsara Inc., Class A Shares | &nbsp;&nbsp; 676 | &nbsp;&nbsp; 25,181<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 922145 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1716741** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Industrial REITs — 0.1% | Industrial REITs — 0.1% | Industrial REITs — 0.1% |
| Prologis Inc. | &nbsp;&nbsp; 70 | &nbsp;&nbsp; **8016**<br>|
| **Total Investments — 99.7% (Cost — $6,965,004)** | **Total Investments — 99.7% (Cost — $6,965,004)** | &nbsp;&nbsp; **8727066** |
| Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp; 28286 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$8755352** |

---

&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. 

<sup>(b)</sup> Variable interest entity (VIE). See Note 10 regarding investments made through a VIE structure. At September 30, 2025, the value of these securities was $247,042, representing 2.8% of net assets. 

&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 Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 — 7.7%** | **Consumer Discretionary — 7.7%** | **Consumer Discretionary — 7.7%** |
| Hotels, Restaurants & Leisure — 3.4% | Hotels, Restaurants & Leisure — 3.4% | Hotels, Restaurants & Leisure — 3.4% |
| Marriott International Inc., Class A Shares | &nbsp;&nbsp; 279 | &nbsp;&nbsp; $72663<br>|
| McDonald's Corp. | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 97548<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 170211 |
| Household Durables — 1.2% | Household Durables — 1.2% | Household Durables — 1.2% |
| DR Horton Inc. | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 63043<br>|
| Specialty Retail — 3.1% | Specialty Retail — 3.1% | Specialty Retail — 3.1% |
| Lowe's Cos. Inc. | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 85446<br>|
| Tractor Supply Co. | &nbsp;&nbsp; 1207 | &nbsp;&nbsp; 68642<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 154088 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **387342** |
| **Consumer Staples — 10.4%** | **Consumer Staples — 10.4%** | **Consumer Staples — 10.4%** |
| Beverages — 2.4% | Beverages — 2.4% | Beverages — 2.4% |
| Coca-Cola Co. | &nbsp;&nbsp; 1812 | &nbsp;&nbsp; 120172<br>|
| Consumer Staples Distribution & Retail — 5.4% | Consumer Staples Distribution & Retail — 5.4% | Consumer Staples Distribution & Retail — 5.4% |
| Casey's General Stores Inc. | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 85929<br>|
| Walmart Inc. | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 187569<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 273498 |
| Household Products — 2.6% | Household Products — 2.6% | Household Products — 2.6% |
| Procter & Gamble Co. | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 133982<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **527652** |
| **Energy — 3.5%** | **Energy — 3.5%** | **Energy — 3.5%** |
| Oil, Gas & Consumable Fuels — 3.5% | Oil, Gas & Consumable Fuels — 3.5% | Oil, Gas & Consumable Fuels — 3.5% |
| Chevron Corp. | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 121747<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 508 | &nbsp;&nbsp; 56957<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **178704** |
| **Financials — 18.0%** | **Financials — 18.0%** | **Financials — 18.0%** |
| Banks — 4.2% | Banks — 4.2% | Banks — 4.2% |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 664 | &nbsp;&nbsp; 209446<br>|
| Capital Markets — 6.4% | Capital Markets — 6.4% | Capital Markets — 6.4% |
| Charles Schwab Corp. | &nbsp;&nbsp; 1041 | &nbsp;&nbsp; 99384<br>|
| Morgan Stanley | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 132891<br>|
| Nasdaq Inc. | &nbsp;&nbsp; 1052 | &nbsp;&nbsp; 93049<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 325324 |
| Financial Services — 5.5% | Financial Services — 5.5% | Financial Services — 5.5% |
| Apollo Global Management Inc. | &nbsp;&nbsp; 736 | &nbsp;&nbsp; 98087<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 181614<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 279701 |
| Insurance — 1.9% | Insurance — 1.9% | Insurance — 1.9% |
| Marsh & McLennan Cos. Inc. | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 97742<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **912213** |
| **Health Care — 13.2%** | **Health Care — 13.2%** | **Health Care — 13.2%** |
| Health Care Equipment & Supplies — 6.1% | Health Care Equipment & Supplies — 6.1% | Health Care Equipment & Supplies — 6.1% |
| Abbott Laboratories | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 114117<br>|
| STERIS PLC | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 75964<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Stryker Corp. | &nbsp;&nbsp; 318 | &nbsp;&nbsp; $117555<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 307636 |
| Life Sciences Tools & Services — 1.9% | Life Sciences Tools & Services — 1.9% | Life Sciences Tools & Services — 1.9% |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 98944<br>|
| Pharmaceuticals — 5.2% | Pharmaceuticals — 5.2% | Pharmaceuticals — 5.2% |
| Eli Lilly & Co. | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 155652<br>|
| Johnson & Johnson | &nbsp;&nbsp; 571 | &nbsp;&nbsp; 105875<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 261527 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **668107** |
| **Industrials — 10.4%** | **Industrials — 10.4%** | **Industrials — 10.4%** |
| Aerospace & Defense — 2.6% | Aerospace & Defense — 2.6% | Aerospace & Defense — 2.6% |
| RTX Corp. | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 130517<br>|
| Building Products — 1.5% | Building Products — 1.5% | Building Products — 1.5% |
| Carrier Global Corp. | &nbsp;&nbsp; 1324 | &nbsp;&nbsp; 79043<br>|
| Commercial Services & Supplies — 1.7% | Commercial Services & Supplies — 1.7% | Commercial Services & Supplies — 1.7% |
| Cintas Corp. | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 85183<br>|
| Machinery — 2.7% | Machinery — 2.7% | Machinery — 2.7% |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 135709<br>|
| Trading Companies & Distributors — 1.9% | Trading Companies & Distributors — 1.9% | Trading Companies & Distributors — 1.9% |
| W.W. Grainger Inc. | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 94343<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **524795** |
| **Information Technology — 28.9%** | **Information Technology — 28.9%** | **Information Technology — 28.9%** |
| Electronic Equipment, Instruments & Components — 1.7% | Electronic Equipment, Instruments & Components — 1.7% | Electronic Equipment, Instruments & Components — 1.7% |
| Amphenol Corp., Class A Shares | &nbsp;&nbsp; 689 | &nbsp;&nbsp; 85264<br>|
| IT Services — 1.9% | IT Services — 1.9% | IT Services — 1.9% |
| Accenture PLC, Class A Shares | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 95681<br>|
| Semiconductors & Semiconductor Equipment — 7.4% | Semiconductors & Semiconductor Equipment — 7.4% | Semiconductors & Semiconductor Equipment — 7.4% |
| Broadcom Inc. | &nbsp;&nbsp; 828 | &nbsp;&nbsp; 273165<br>|
| Texas Instruments Inc. | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 101419<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 374584 |
| Software — 14.1% | Software — 14.1% | Software — 14.1% |
| Microsoft Corp. | &nbsp;&nbsp; 788 | &nbsp;&nbsp; 408145<br>|
| Oracle Corp. | &nbsp;&nbsp; 747 | &nbsp;&nbsp; 210086<br>|
| Roper Technologies Inc. | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 94751<br>|
| Total Software | Total Software | &nbsp;&nbsp; 712982 |
| Technology Hardware, Storage & Peripherals — 3.8% | Technology Hardware, Storage & Peripherals — 3.8% | Technology Hardware, Storage & Peripherals — 3.8% |
| Apple Inc. | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 192500<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1461011** |
| **Materials — 4.1%** | **Materials — 4.1%** | **Materials — 4.1%** |
| Chemicals — 4.1% | Chemicals — 4.1% | Chemicals — 4.1% |
| Linde PLC | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 147725<br>|
| Sherwin-Williams Co. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 58172<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **205897** |
| **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** |
| Electric Utilities — 2.3% | Electric Utilities — 2.3% | Electric Utilities — 2.3% |
| NextEra Energy Inc. | &nbsp;&nbsp; 1553 | &nbsp;&nbsp; **117236**<br>|
| **Total Investments before Short-Term Investments (Cost — $4,935,329)** | **Total Investments before Short-Term Investments (Cost — $4,935,329)** | &nbsp;&nbsp; **4982957** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $74,906)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 74906<br>| &nbsp;&nbsp; **$74906**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 100.0% (Cost — $5,010,235)** | **Total Investments — 100.0% (Cost — $5,010,235)** | **Total Investments — 100.0% (Cost — $5,010,235)** | &nbsp;&nbsp; **5057863** |
| Liabilities in Excess of Other Assets — (0.0)%†† | Liabilities in Excess of Other Assets — (0.0)%†† | Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp; (306)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$5057557** |

---

&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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $74,906 and the cost was $74,906 (Note 6).<br>|
| <sup>(c)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **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 — 92.8%** | **Municipal Bonds — 92.8%** | **Municipal Bonds — 92.8%** | **Municipal Bonds — 92.8%** | **Municipal Bonds — 92.8%** |
| Alabama — 6.3% | Alabama — 6.3% | Alabama — 6.3% | Alabama — 6.3% | Alabama — 6.3% |
| Black Belt Energy Gas District, AL, Gas Project Revenue Bonds: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; $9835000 | &nbsp;&nbsp; $10730277<br> <sup>(a)(b)</sup><br>|
| Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206837<br> <sup>(a)(b)</sup><br>|
| Energy Southeast, A Cooperative District Energy, AL, Supply Revenue: |  |  |  |  |
| Series A-1 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 2185000 | &nbsp;&nbsp; 2405705<br> <sup>(a)(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 5225000 | &nbsp;&nbsp; 5728047<br> <sup>(a)(b)</sup><br>|
| Series B-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp; 1042527<br> <sup>(a)(b)</sup><br>|
| 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; 1097794<br>|
| MidCity Improvement District, AL, Special Assessment Revenue: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 576651<br>|
| Series 2024 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 237856<br> <sup>(c)</sup><br>|
| Mobile County, AL, Revenue, Gomesa Project, Series 2020  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87776<br> <sup>(c)</sup><br>|
| 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; 2707080<br>|
| 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; 3186684<br> <sup>(a)(b)</sup><br>|
| Southeast Energy Authority, AL, Commodity Supply Revenue, Series A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 917943<br> <sup>(a)(b)</sup><br>|
| Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 6960000 | &nbsp;&nbsp; 7353557<br> <sup>(a)(b)</sup><br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 11730000 | &nbsp;&nbsp; 12373703<br>|
| Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 9735000 | &nbsp;&nbsp; 10412685<br> <sup>(a)(b)</sup><br>|
| Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 2665000 | &nbsp;&nbsp; 2908642<br> <sup>(a)(b)</sup><br>|
| Total Alabama | Total Alabama | Total Alabama | Total Alabama | &nbsp;&nbsp; 61973764 |
| Alaska — 0.4% | Alaska — 0.4% | Alaska — 0.4% | Alaska — 0.4% | Alaska — 0.4% |
| Alaska Railroad Corp. Cruise Port Revenue: |  |  |  |  |
| Series 2025, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 528130<br> <sup>(d)</sup><br>|
| Series 2025, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1050276<br> <sup>(d)</sup><br>|
| Series 2025, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1046649<br> <sup>(d)</sup><br>|
| Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue, Asset <br> Backed Senior Bonds, Class 1, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 946384<br>|
| Total Alaska | Total Alaska | Total Alaska | Total Alaska | &nbsp;&nbsp; 3571439 |
| Arizona — 0.8% | Arizona — 0.8% | Arizona — 0.8% | Arizona — 0.8% | Arizona — 0.8% |
| Chandler, AZ, IDA Revenue, Intel Corp. Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 2425000 | &nbsp;&nbsp; 2466178<br> <sup>(a)(b)(d)</sup><br>|
| Glendale, AZ, IDA Revenue, People of Faith Inc. Obligated Group, Series 2020 A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 156632<br>|
| Maricopa County, AZ, IDA Revenue, Grand Canyon University Project T  | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 2925000 | &nbsp;&nbsp; 3069893<br> <sup>(c)</sup><br>|
| Sierra Vista, AZ, Industrial Development Authority Revenue: |  |  |  |  |
| American Leadership Academy Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1651338<br> <sup>(c)</sup><br>|
| Georgetown Community Development Authority Project | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 245208<br> <sup>(c)</sup><br>|
| Tempe Industrial Development Authority Revenue, Friendship Village of Tempe <br> Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 226049<br>|
| Total Arizona | Total Arizona | Total Arizona | Total Arizona | &nbsp;&nbsp; 7815298 |
| Arkansas — 0.4% | Arkansas — 0.4% | Arkansas — 0.4% | Arkansas — 0.4% | Arkansas — 0.4% |
| Arkansas Development Finance Authority Health Care Revenue: |  |  |  |  |
| Baptist Memorial Health Care Corp., Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 142213<br>|
| Baptist Memorial Health Care Corp., Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2494053<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Arkansas — continued | Arkansas — continued | Arkansas — continued | Arkansas — continued | Arkansas — continued |
| Arkansas Development Finance Authority Hospital Revenue: |  |  |  |  |
| Washington Regional Medical Center, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; $1475000 | &nbsp;&nbsp; $1523654<br>|
| Washington Regional Medical Center, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 164753<br>|
| Total Arkansas | Total Arkansas | Total Arkansas | Total Arkansas | &nbsp;&nbsp; 4324673 |
| California — 6.6% | California — 6.6% | California — 6.6% | California — 6.6% | California — 6.6% |
| California State Community Choice Financing Authority Revenue: |  |  |  |  |
| Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp; 1997269<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 8870000 | &nbsp;&nbsp; 9467675<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series E | &nbsp;&nbsp; 4.437% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 4595000 | &nbsp;&nbsp; 4627149<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series F | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1095543<br> <sup>(a)(b)</sup><br>|
| 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; 468029<br> <sup>(c)</sup><br>|
| California State Community Housing Agency Essential Housing Revenue: |  |  |  |  |
| Junior Bonds Aster, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/43 | &nbsp;&nbsp; 2630000 | &nbsp;&nbsp; 2383992<br> <sup>(c)</sup><br>|
| Junior Bonds Fountains, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/46 | &nbsp;&nbsp; 2510000 | &nbsp;&nbsp; 2115749<br> <sup>(c)</sup><br>|
| Junior Bonds Glendale Properties, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 2320000 | &nbsp;&nbsp; 1760850<br> <sup>(c)</sup><br>|
| Junior Revenue Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 871963<br> <sup>(c)</sup><br>|
| The Arbors, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 4520000 | &nbsp;&nbsp; 4178557<br> <sup>(c)</sup><br>|
| Verdant Green Valley, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp; 1760731<br> <sup>(c)</sup><br>|
| California State CSCDA Community Improvement Authority, Essential Housing <br> Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88460<br> <sup>(c)</sup><br>|
| 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; 1000339<br>|
| California State Infrastructure & Economic Development Bank Revenue, Senior <br> Subordinated Secured Revenue, Brightline West Passenger Rail Project, <br> Refunding  | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1328116<br> <sup>(a)(b)(c)(d)</sup><br>|
| California State MFA Revenue: |  |  |  |  |
| 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; 122314<br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128395<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103516<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/29 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp; 502967<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/29 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 476945<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/31 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 113458<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/31 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 272913<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/36 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp; 832114<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1402186<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A, AG | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/31/35 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 144017<br> <sup>(d)</sup><br>|
| Special Tax Revenue, Series C | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/34 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65086<br>|
| Special Tax Revenue, Series C | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 431623<br>|
| Special Tax Revenue, Series C | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 675474<br>|
| Special Tax Revenue, Series D | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 284128<br>|
| 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; 2,813<br> \*<sup>(c)(d)(e)(f)(g)</sup><br>|
| California State School Finance Authority Revenue: |  |  |  |  |
| Aspire Public School, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1449999<br> <sup>(c)</sup><br>|
| Classical Academy, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 155606<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Community High School Foundation Inc., Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $51934<br> <sup>(c)(h)</sup><br>|
| Community High School Foundation Inc., Series 2017, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50784<br> <sup>(c)</sup><br>|
| John Adams Academies, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 248096<br> <sup>(c)</sup><br>|
| California Statewide CDA, Community Improvement Authority Revenue, <br> Renaissance at City Center, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 3830000 | &nbsp;&nbsp; 3559983<br> <sup>(c)</sup><br>|
| CMFA Special Finance Agency Essential Housing Revenue: |  |  |  |  |
| Junior Bonds Solana At Grand, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 5340000 | &nbsp;&nbsp; 4632122<br> <sup>(c)</sup><br>|
| Junior Bonds Solana At Grand, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 4565000 | &nbsp;&nbsp; 4158773<br> <sup>(c)</sup><br>|
| Junior Bonds Solana At Grand, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 3005000 | &nbsp;&nbsp; 2707036<br> <sup>(c)</sup><br>|
| Junior Bonds Solana At Grand, Series 2022 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 1790000 | &nbsp;&nbsp; 1506492<br> <sup>(c)</sup><br>|
| CSCDA, CA, Improvement Authority Revenue: |  |  |  |  |
| Essential Housing, Jefferson-Anaheim Social Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 139835<br> <sup>(c)</sup><br>|
| Essential Housing, Mezzanine Lien, Waterscape Apartments Social Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp; 1216995<br> <sup>(c)</sup><br>|
| Essential Housing, Mezzanine Lien,Towne-Glendale Social Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 906357<br> <sup>(c)</sup><br>|
| Elsinore Valley Municipal Water Special Tax Revenue, Community Facilities <br> District No 2020, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100794<br> <sup>(c)</sup><br>|
| Long Beach, CA, Bond Finance Authority Revenue, Natural Gas Purchase, <br> Series B (3 mo. Term SOFR x 0.670 + 0.262%) | &nbsp;&nbsp; 4.447% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3036004<br> <sup>(b)</sup><br>|
| River Islands, CA, Public Financing Authority, Special Tax Revenue: |  |  |  |  |
| Community Facilities District No 2003-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532962<br>|
| Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 452351<br>|
| 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; 99419<br> <sup>(c)</sup><br>|
| Southern California Public Power Authority, Natural Gas Project Revenue, <br> Project Number 1, Series A  | &nbsp;&nbsp; 4.524% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp; 1358396<br> <sup>(b)</sup><br>|
| Total California | Total California | Total California | Total California | &nbsp;&nbsp; 65066309 |
| Colorado — 1.8% | Colorado — 1.8% | Colorado — 1.8% | Colorado — 1.8% | Colorado — 1.8% |
| 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; 601557<br>|
| 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; 201403<br>|
| Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| Commonspirit Health Initiatives, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 1560000 | &nbsp;&nbsp; 1566127<br>|
| Commonspirit Health Initiatives, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp; 685073<br>|
| Commonspirit Health Initiatives, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp; 1371555<br>|
| Commonspirit Health Initiatives, Series A-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2064792<br>|
| Improvement and Refunding Revenue, Christian Living Neighborhoods, <br> Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99660<br>|
| Improvement Second Tier Bonds, Bethesda Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 1575000 | &nbsp;&nbsp; 1555310<br>|
| Denver, CO, Health & Hospital Authority Revenue: |  |  |  |  |
| Series 2017, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 199949<br> <sup>(c)</sup><br>|
| Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1019092<br>|
| Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1182817<br>|
| Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp; 1697489<br>|
| Series 2019, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 990000 | &nbsp;&nbsp; 994689<br>|
| E-470 Public Highway Authority Revenue, CO, Senior Bonds, Series B, <br> Refunding (SOFR x 0.670 + 0.750%) | &nbsp;&nbsp; 3.537% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997965<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 — continued | Colorado — continued | Colorado — continued | Colorado — continued | Colorado — continued |
| Kinston Metropolitan District, CO, GO, Series A, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; $560000 | &nbsp;&nbsp; $562030<br> <sup>(c)(i)</sup><br>|
| Southern Ute Indian Tribe Reservation, CO, GO, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1405264<br> <sup>(c)</sup><br>|
| Southglenn Metropolitan District, CO, GO, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100091<br>|
| Southlands Metropolitan District No 1, CO, GO: |  |  |  |  |
| Series A | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 158421<br>|
| Series A, Refunding | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98973<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 310328<br>|
| 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; 1269000 | &nbsp;&nbsp; 1284016<br>|
| Total Colorado | Total Colorado | Total Colorado | Total Colorado | &nbsp;&nbsp; 18156601 |
| Connecticut — 0.7% | Connecticut — 0.7% | Connecticut — 0.7% | Connecticut — 0.7% | Connecticut — 0.7% |
| Connecticut State HEFA Revenue: |  |  |  |  |
| Masonicare Issue, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp; 1156441<br>|
| Masonicare Issue, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp; 5136409<br>|
| McLean Affiliates Obligated Group, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100313<br> <sup>(c)</sup><br>|
| Sacred Heart University Issue, Series I-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5181<br>|
| Total Connecticut | Total Connecticut | Total Connecticut | Total Connecticut | &nbsp;&nbsp; 6398344 |
| Delaware — 0.2% | Delaware — 0.2% | Delaware — 0.2% | Delaware — 0.2% | Delaware — 0.2% |
| 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; 899072<br>|
| 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; 1015517<br>|
| 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; 102200<br>|
| Total Delaware | Total Delaware | Total Delaware | Total Delaware | &nbsp;&nbsp; 2016789 |
| 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%†† |
| District of Columbia Revenue: |  |  |  |  |
| DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/33 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 282396<br> <sup>(d)</sup><br>|
| DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/36 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28251<br> <sup>(d)</sup><br>|
| DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/37 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 135153<br> <sup>(d)</sup><br>|
| Total District of Columbia | Total District of Columbia | Total District of Columbia | Total District of Columbia | &nbsp;&nbsp; 445800 |
| Florida — 11.7% | Florida — 11.7% | Florida — 11.7% | Florida — 11.7% | Florida — 11.7% |
| 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; 185000 | &nbsp;&nbsp; 189410<br>|
| 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; 99065<br> <sup>(c)</sup><br>|
| Astonia, FL, Community Development District Polk County, Special Assessment <br> Revenue, Assessment Area One, Series 2020  | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 144973<br> <sup>(c)</sup><br>|
| 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; 34726<br>|
| 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; 98494<br> <sup>(c)</sup><br>|
| 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; 1206437<br>|
| Babcock Ranch, FL, Community Independent Special District Revenue: |  |  |  |  |
| Charlotte County, Special Assessment Revenue, Assessment Area Three | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 142380<br>|
| Charlotte County, Special Assessment Revenue, Assessment Area Two | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49326<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Charlotte County, Special Assessment Revenue, Series 2022 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; $525000 | &nbsp;&nbsp; $527029<br>|
| Charlotte County, Special Assessment Revenue, Series 2022 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56026<br>|
| 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; 823977<br>|
| 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; 98827<br>|
| 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; 95271<br>|
| 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; 105915<br>|
| Brevard County, FL, Health Facilities Authority Hospital Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/47 | &nbsp;&nbsp; 1615000 | &nbsp;&nbsp; 1620994<br>|
| 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; 250084<br> <sup>(c)</sup><br>|
| 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; 678199<br>|
| Capital Projects, FL, Finance Authority Revenue: |  |  |  |  |
| Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1074186<br>|
| Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 1555000 | &nbsp;&nbsp; 1649801<br>|
| Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1047537<br>|
| Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1040140<br>|
| Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 982236<br> <sup>(c)</sup><br>|
| Capital Trust, FL, Agency Inc. Revenue: |  |  |  |  |
| Academir Charter Schools Inc. | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 116948<br> <sup>(c)</sup><br>|
| Lease Revenue, South Tech Schools Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 981794<br> <sup>(c)</sup><br>|
| Liza Jackson Preparatory School Inc. | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 212112<br>|
| Liza Jackson Preparatory School Inc. | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 220746<br>|
| University Bridge LLC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200533<br> <sup>(c)</sup><br>|
| University Bridge LLC | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 4375000 | &nbsp;&nbsp; 4329381<br> <sup>(c)</sup><br>|
| Capital Trust, FL, Agency Inc. Senior Revenue: |  |  |  |  |
| 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; 82187<br> <sup>(c)</sup><br>|
| WFCS Portfolio Projects, Series A-1 | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 260058<br> <sup>(c)</sup><br>|
| Capital Trust, FL, Authority Educational Facilities Revenue: |  |  |  |  |
| Academir Charter Schools Inc., Series A | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 1785000 | &nbsp;&nbsp; 1794257<br> <sup>(c)</sup><br>|
| Academir Charter Schools Inc., Series A | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1009728<br> <sup>(c)</sup><br>|
| Bonds Gulf Coast Portfolio, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 716505<br> <sup>(c)</sup><br>|
| Tech Student Housing I LLC, Institute of Technology Project, Series A | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 443961<br> <sup>(c)</sup><br>|
| Tech Student Housing I LLC, Institute of Technology Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 336668<br> <sup>(c)</sup><br>|
| 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; 244223<br>|
| 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; 500000 | &nbsp;&nbsp; 489507<br> <sup>(c)</sup><br>|
| 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; 41718<br>|
| 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; 1000307<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 |
| 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; $416123<br>|
| Charlotte County, FL, IDA Revenue, Town & Country Utilities Project  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 511105<br> <sup>(d)</sup><br>|
| Coddington, FL, Community Development District Revenue, Capital <br> Improvement, Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 287426<br>|
| Connerton, FL, East Community Development District Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 168712<br>|
| Assessment Area Two | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503657<br>|
| 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; 287420<br>|
| Coral Keys, FL, Community Development District, Special Assessment Revenue, <br> Series 2020  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 163093<br>|
| 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; 98128<br>|
| Cordova Palms, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One, Series 2022 | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50489<br>|
| Series 2021 | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94525<br>|
| Creekview, FL, Community Development District, Special Assessment Revenue, <br> Series 2024  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 462944<br>|
| 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; 700000 | &nbsp;&nbsp; 691094<br>|
| 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; 304457<br> <sup>(c)</sup><br>|
| Cypress Bluff, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One, Series 2025 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 653181<br>|
| Series 2020 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 54434<br> <sup>(c)</sup><br>|
| 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; 55237<br>|
| Cypress Ridge, FL, Community Development District, Special Assessment <br> Revenue, Series 2023  | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 353667<br>|
| Darby, FL, Community Development District, Special Assessment Revenue, <br> Series 2024A-2  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 312294<br>|
| Del Webb Oak Creek, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| Series 2023 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 106928<br>|
| Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 373166<br> <sup>(c)(i)</sup><br>|
| 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; 433809<br>|
| Downtown Doral South, FL, Community Development District, Special <br> Assessment Revenue, Series 2018  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 217174<br> <sup>(c)</sup><br>|
| 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; 97777<br> <sup>(c)</sup><br>|
| East 547, FL, Community Development District, Special Assessment Revenue, <br> Series 2024  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145029<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| 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; $97604<br>|
| 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; 1025897<br>|
| Edgewater East, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2021 | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96456<br>|
| Series 2022 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123610<br>|
| 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; 96503<br> <sup>(c)</sup><br>|
| 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; 292732<br>|
| Epperson North, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2021 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 76571<br>|
| Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 137292<br>|
| Escambia, FL, County Health Facilities Authority Revenue: |  |  |  |  |
| Baptist Health Care Corp. Obligated Group, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1021530<br>|
| Baptist Hospital Inc. Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 2240000 | &nbsp;&nbsp; 2348351<br>|
| Baptist Hospital Inc. Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202582<br>|
| 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; 125216<br>|
| Everlands, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 738913<br> <sup>(c)</sup><br>|
| Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 276216<br>|
| Florida State Development Finance Corp. Revenue: |  |  |  |  |
| Brightline Passenger Rail Project, Series 2024, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 10/11/25 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 499000<br> <sup>(a)(b)(c)(d)</sup><br>|
| Brightline Passenger Rail Project, Series 2025 | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/31/25 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 298191<br> <sup>(a)(b)(c)(d)</sup><br>|
| Glenridge on Palmer Ranch Obligated Group, Series 2021, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210429<br> <sup>(c)</sup><br>|
| Health Jacksonville Project, Series 2022, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/37 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 886397<br>|
| Health Jacksonville Project, Series 2022, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/39 | &nbsp;&nbsp; 2640000 | &nbsp;&nbsp; 2718613<br>|
| Mayflower Retirement Community Project, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98094<br> <sup>(c)</sup><br>|
| Florida State Housing Finance Corp. Revenue: |  |  |  |  |
| Homeowner Mortgage Revenue, Series 3, GNMA/FNMA/FHLMC | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 437870<br>|
| Homeowner Mortgage Revenue, Series 5, GNMA/FNMA/FHLMC | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 900468<br> <sup>(i)</sup><br>|
| 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; 1018118<br> <sup>(c)</sup><br>|
| 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; 221742<br> <sup>(d)</sup><br>|
| Flow Way, FL, Community Development District, Special Assessment Revenue, <br> Series 2024, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998205<br>|
| 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; 143905<br> <sup>(c)</sup><br>|
| 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; 522574<br>|
| 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; 612483<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 |
| 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; $150980<br>|
| 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; 439258<br>|
| 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; 142562<br>|
| Hammock Oaks, FL, Community Development District, Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 122645<br>|
| Hammock 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; 99036<br>|
| 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; 500000 | &nbsp;&nbsp; 499445<br>|
| 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; 502155<br>|
| Hawkstone, FL, Community Development District, Special Assessment <br> Revenue, Series 2023  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81479<br>|
| 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; 99426<br>|
| 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; 460813<br>|
| 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; 193961<br>|
| Hillcrest Preserve, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 239918<br> <sup>(c)</sup><br>|
| 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; 24788<br>|
| Holly Hill Road East, FL, Community Development District, Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24999<br>|
| Hunt Club Grove, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One, Series 2024 | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 228790<br>|
| Assessment Area One, Series 2024 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 183261<br>|
| 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; 548210<br>|
| 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; 95335<br>|
| 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; 1467253<br>|
| Juniper Cove, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501247<br>|
| Kelly Park, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Assessment Area One Project, Series 2023 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 185116<br>|
| Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 643285<br>|
| Keys Edge, FL, Community Development District, Special Assessment Revenue, <br> Assessment Area One Project  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 464130<br>|
| Kindred, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Series 2020 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 152911<br>|
| Series 2023 | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 326067<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Kingman Gate, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2020 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; $110000 | &nbsp;&nbsp; $109702<br>|
| Series 2021 | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19859<br>|
| 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; 440137<br>|
| 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; 994815<br>|
| 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; 168803<br>|
| 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; 475031<br>|
| Lakes of Sarasota, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| Assessment Area One Project | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 132368<br>|
| Assessment Area Two Project | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 79687<br>|
| Series 2024 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 417364<br>|
| Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 626560<br>|
| 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; 597051<br> <sup>(c)</sup><br>|
| Lakewood Ranch Stewardship District, FL, Special Assessment Revenue: |  |  |  |  |
| Azario Project | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 172507<br>|
| Lakewood Ranch Southeast Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp; 845505<br>|
| Lorraine Lakes Project | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 58857<br> <sup>(c)</sup><br>|
| Northeast Sector Project - Phase 2, Refunding | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97871<br> <sup>(c)</sup><br>|
| Palm Grove Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 584172<br>|
| Star Farms At Lakewood Ranch Project – Phase 1/2 | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94413<br>|
| Taylor Ranch Project | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 527531<br>|
| Villages of Lakewood Ranch South Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 461233<br>|
| 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; 215000 | &nbsp;&nbsp; 210214<br>|
| Lawson Dunes, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65375<br>|
| Lee County, FL, IDA, Healthcare Facilities Revenue, Shell Point Obligated Group  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1007313<br>|
| Longleaf, FL, Community Development District, Capital Improvement Revenue: |  |  |  |  |
| Assessment Area One Project, Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 143138<br> <sup>(c)</sup><br>|
| Assessment Area Two Project, Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252487<br>|
| Los Cayos, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 270679<br>|
| LT Ranch, FL, Community Development District, Capital Improvement Revenue, <br> Phase 2 Assessment Area  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 106362<br>|
| 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; 505000 | &nbsp;&nbsp; 492261<br>|
| 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; 493159<br>|
| 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; 248053<br>|
| 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; 48419<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 |
| Marion Ranch, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; $185000 | &nbsp;&nbsp; $189465<br>|
| Series 2024 | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 915000 | &nbsp;&nbsp; 922693<br>|
| 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; 66830<br>|
| Miami, FL, HFA Revenue, Miami Jewish Health Systems Inc. Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149380<br>|
| Middleton A, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 215042<br>|
| Mirada II, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92526<br>|
| Newport Isles, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 428829<br>|
| Newton Road, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp; 836784<br> <sup>(c)(i)</sup><br>|
| Normandy, FL, Community Development District, Capital Improvement Revenue: |  |  |  |  |
| Assessment Area One Project, Series 2024 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 440609<br> <sup>(c)</sup><br>|
| Assessment Area One Project, Series 2024 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 324045<br> <sup>(c)</sup><br>|
| 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; 85796<br> <sup>(c)</sup><br>|
| 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; 148836<br>|
| Okaloosa County, FL, IDR, Air Force Enlisted Village Inc. Project  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 403614<br> <sup>(c)(i)</sup><br>|
| Old Hickory, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97477<br>|
| Orlando, FL, Contract Tourist Development Tax Revenue, Series 2025, AG  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/50 | &nbsp;&nbsp; 2560000 | &nbsp;&nbsp; 2727233<br>|
| 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; 495592<br>|
| Palermo, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Assessment Area Two Project, Series 2025 | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp; 752170<br>|
| Series 2023 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66248<br>|
| Palm Beach County, FL, Health Facilities Authority Hospital Revenue, Jupiter <br> Medical Center Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 195536<br>|
| Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 329278<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 965000 | &nbsp;&nbsp; 1015570<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 610802<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25892<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 639232<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 91707<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 146999<br>|
| Lifespace Communities Inc. | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 1295000 | &nbsp;&nbsp; 1296203<br>|
| Lifespace Communities Inc. | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/41 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 625175<br>|
| Lifespace Communities Inc., Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 307000 | &nbsp;&nbsp; 307133<br>|
| Lifespace Communities Inc., Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp; 697741<br>|
| Palm Coast Park, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200975<br>|
| Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 261273<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Palm Gate, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; $595000 | &nbsp;&nbsp; $581353<br>|
| 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; 96942<br>|
| Parrish Lakes II, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 484851<br>|
| Parrish Lakes, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| Assessment Area Three Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 265258<br>|
| Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 156597<br>|
| Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998263<br>|
| Parrish Plantation, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area Three Project | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204399<br>|
| Series 2021 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96776<br>|
| Series 2024 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 82074<br>|
| Pasadena Ridge, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 242525<br>|
| Peace Creek Village, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp; 830869<br>|
| Series 2025 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 331911<br>|
| Peace Crossing, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 329030<br>|
| 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; 149688<br>|
| Pioneer Ranch, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 531987<br>|
| 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; 541515<br> <sup>(c)</sup><br>|
| 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; 98729<br>|
| Reflection Bay, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 212071<br>|
| Regal Village, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 229593<br>|
| Reserve at Van Oaks, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 182361<br>|
| Reunion East, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95015<br>|
| 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; 120000 | &nbsp;&nbsp; 120424<br> <sup>(c)</sup><br>|
| River Hall, FL, Community Development District, Capital Improvement Revenue: |  |  |  |  |
| Assessment Area Five Project | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 592007<br> <sup>(c)</sup><br>|
| Assessment Area Four Project | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 179155<br>|
| River Landing, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 631799<br>|
| 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; 95471<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 |
| 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; $99134<br> <sup>(c)</sup><br>|
| Rolling Oaks, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 230225<br> <sup>(c)</sup><br>|
| Rye Ranch, FL, Community Development District, Special Assessment Revenue, <br> Assessment Area One Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41045<br> <sup>(c)</sup><br>|
| 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; 78594<br>|
| Saltmeadows, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 166828<br>|
| Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 234828<br> <sup>(c)</sup><br>|
| Sanctuary Cove, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 69283<br>|
| Sandmine Road, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One Project, Series 2020 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99770<br> <sup>(c)</sup><br>|
| Assessment Area Two Project, Series 2021 | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24704<br>|
| Sandridge, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99543<br>|
| 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; 161627<br>|
| Sawyers Landing, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150349<br>|
| 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; 308120<br>|
| 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; 20497<br> <sup>(c)</sup><br>|
| Sebastian Isles, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 171372<br>|
| Sherwood Manor, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 97287<br>|
| 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; 98613<br>|
| Silver Oaks, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 209402<br>|
| Six Mile Creek, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| Assessment Area Two Project, Series 2021, Refunding | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72122<br>|
| Series 2024 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 472611<br>|
| 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; 309692<br> <sup>(c)</sup><br>|
| Sorrento Pines, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One Project | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46022<br>|
| Assessment Area One Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 183087<br>|
| 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; 1390749<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Southern Groves No 5, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| Port St. Lucie, Series 2022 | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $527586<br>|
| Port St. Lucie, Series 2024 | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 354630<br>|
| 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; 363927<br>|
| St Augustine Lakes, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96831<br>|
| St. Johns County, Series 2022 | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 448731<br>|
| Stillwater, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94996<br> <sup>(c)</sup><br>|
| Stonegate Preserve, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 716104<br>|
| 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; 173140<br> <sup>(c)</sup><br>|
| Summer Woods, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72163<br>|
| 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; 405000 | &nbsp;&nbsp; 413810<br>|
| 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; 136131<br>|
| Tamarindo, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95375<br>|
| Terreno, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 552193<br>|
| 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; 144952<br>|
| Tohoqua, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Phase 2 Project | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97347<br>|
| Phase 4A/5A Project | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 59545<br>|
| 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; 94076<br>|
| Trevesta, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96280<br> <sup>(c)</sup><br>|
| Twisted Oaks Pointe, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One Project | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 740000 | &nbsp;&nbsp; 746378<br>|
| Assessment Area Two Project | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 174589<br>|
| Two Lakes, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 276572<br> <sup>(c)</sup><br>|
| 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; 510846<br>|
| Two Rivers West, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Pasco County, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 249888<br>|
| Pasco County, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158707<br>|
| Varrea South, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| Series 2025 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 241183<br> <sup>(c)</sup><br>|
| Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 593483<br> <sup>(c)</sup><br>|
| V-Dana, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Assessment Area One Project, Series 2021 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96776<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 |
| Assessment Area Two Project, Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $496946<br>|
| 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; 998205<br>|
| 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; 551827<br> <sup>(c)</sup><br>|
| Veranda, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Veranda Estates Project, Series 2021, Refunding | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 67076<br> <sup>(c)</sup><br>|
| Veranda Estates Project, Series 2024, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 178882<br>|
| Verano No 2, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp; 558772<br>|
| Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 818021<br>|
| 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; 169106<br>|
| 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; 122196<br>|
| 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; 78705<br>|
| Village No 5, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Phase 1 Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1119243<br>|
| Phase 2 Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 1535000 | &nbsp;&nbsp; 1522483<br>|
| Villamar, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Assessment Area Five Project, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 190041<br>|
| Assessment Area Six Project, Series 2024 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 189445<br>|
| Waterford, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp; 491800<br>|
| Waterset South, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Hillsborough County, Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105267<br>|
| Hillsborough County, Series 2022 | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260183<br>|
| Hillsborough County, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 298371<br> <sup>(c)(i)</sup><br>|
| 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; 345507<br> <sup>(c)</sup><br>|
| West Villages Improvement District, FL, Special Assessment Revenue: |  |  |  |  |
| Assessment Area One | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 423840<br>|
| Unit of Development No 7 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94504<br>|
| Unit of Development No 8 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 270189<br>|
| Unit of Development No 8 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 241070<br>|
| Willowbrook, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 208902<br>|
| 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; 494510<br>|
| Windsor Cay, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 226131<br>|
| Windward, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99127<br>|
| 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; 165997<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| 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; $560297<br>|
| Woodland Preserve, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 623491<br> <sup>(c)</sup><br>|
| Woodland Ranch Estates, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499050<br>|
| Yarborough Lane, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253567<br>|
| Series 2025 | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 241175<br>|
| Zephyrhills, FL, Abbott Square Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208522<br>|
| Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp; 767945<br>|
| Total Florida | Total Florida | Total Florida | Total Florida | &nbsp;&nbsp; 115290577 |
| Georgia — 2.5% | Georgia — 2.5% | Georgia — 2.5% | Georgia — 2.5% | Georgia — 2.5% |
| DeKalb County, GA, Housing Authority Revenue, The Avenues of North Decatur, <br> Series 2024, Refunding  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1993365<br>|
| 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; 340241<br> <sup>(c)</sup><br>|
| Georgia State Housing & Finance Authority, Series C  | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2050562<br>|
| Main Street Natural Gas Inc., GA, Gas Project Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 3175000 | &nbsp;&nbsp; 3383930<br> <sup>(a)(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp; 1606949<br> <sup>(a)(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; 11954593<br> <sup>(a)(b)</sup><br>|
| Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp; 1525407<br> <sup>(a)(b)</sup><br>|
| Series E, LIQ - Royal Bank Of Canada | &nbsp;&nbsp; 4.487% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp; 1292328<br> <sup>(a)(b)</sup><br>|
| 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; 204777<br>|
| Total Georgia | Total Georgia | Total Georgia | Total Georgia | &nbsp;&nbsp; 24352152 |
| Idaho — 0.1% | Idaho — 0.1% | Idaho — 0.1% | Idaho — 0.1% | Idaho — 0.1% |
| Idaho State Housing & Finance Association: |  |  |  |  |
| Nonprofit Facilities Revenue, College of Idaho Project, Series 2023, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 380299<br> <sup>(c)</sup><br>|
| Nonprofit Facilities Revenue, White Pine Charter School Project, <br> Series 2023, School Board Guaranty | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 314444<br>|
| Total Idaho | Total Idaho | Total Idaho | Total Idaho | &nbsp;&nbsp; 694743 |
| Illinois — 12.3% | Illinois — 12.3% | Illinois — 12.3% | Illinois — 12.3% | Illinois — 12.3% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement: |  |  |  |  |
| Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 1040567<br>|
| Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp; 927190<br>|
| Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp; 2425389<br>|
| Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1050104<br>|
| Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15645<br>|
| Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/45 | &nbsp;&nbsp; 1295000 | &nbsp;&nbsp; 1277251<br>|
| Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax <br> Revenue, Series 2023  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7284493<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 |
| Chicago, IL, Board of Education, GO: |  |  |  |  |
| Dedicated, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $2145073<br>|
| Dedicated, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10273557<br>|
| Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2080256<br>|
| Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 1925000 | &nbsp;&nbsp; 1937515<br>|
| Dedicated, Series A, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496897<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 2220000 | &nbsp;&nbsp; 2163507<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 479372<br>|
| Series A, Refunding, NATL | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 2445000 | &nbsp;&nbsp; 2482058<br>|
| Chicago, IL, GO: |  |  |  |  |
| Chicago Works, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 2385000 | &nbsp;&nbsp; 2443274<br>|
| Chicago Works, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 8495000 | &nbsp;&nbsp; 8667008<br>|
| Colleges Capital Improvement 1999, NATL | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 153024<br>|
| Housing and Economic Development, Series F | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp; 1674553<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 458305<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 2195000 | &nbsp;&nbsp; 2273054<br>|
| Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3704890<br>|
| Series C | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2407504<br>|
| Chicago, IL, Midway International Airport: |  |  |  |  |
| Senior Lien, Series A, Refunding, BAM | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 827370<br> <sup>(d)</sup><br>|
| Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41366<br> <sup>(d)</sup><br>|
| Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1793659<br> <sup>(d)</sup><br>|
| Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |
| Senior Lien, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp; 3919548<br> <sup>(d)</sup><br>|
| Trips Obligated Group, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1525779<br> <sup>(d)</sup><br>|
| Trips Obligated Group, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1078251<br> <sup>(d)</sup><br>|
| Illinois State Finance Authority Revenue: |  |  |  |  |
| Chicago School Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 431169<br>|
| Chicago School Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 140025<br>|
| Chicago School Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1066363<br>|
| Chicago School Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 180300<br>|
| Chicago School Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 1084696<br>|
| Learn Charter, School Project, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258184<br>|
| Learn Charter, School Project, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 262753<br>|
| Rosalind Franklin University Woodlands Apartment Project, Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 4050000 | &nbsp;&nbsp; 4101733<br> <sup>(c)</sup><br>|
| Series 2019, Refunding (1 mo. USD LIBOR x 0.680 + 0.500%) | &nbsp;&nbsp; 4.062% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999355<br> <sup>(a)(b)</sup><br>|
| Series B-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 1081424<br> <sup>(a)(b)</sup><br>|
| Surface Freight Transfer Facilites, Centerpoint Joliet Terminal Railroad <br> Project | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/2/35 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1540782<br> <sup>(a)(b)(c)(d)</sup><br>|
| Westminster Village, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp; 972719<br> <sup>(c)</sup><br>|
| Westminster Village, Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 1185000 | &nbsp;&nbsp; 1156533<br>|
| 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; 2379543<br>|
| Illinois State, GO: |  |  |  |  |
| NATL | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 669706<br>|
| Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 943343<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; $6710000 | &nbsp;&nbsp; $6805146<br>|
| Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/47 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp; 5756006<br>|
| Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3102822<br>|
| Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 3020000 | &nbsp;&nbsp; 3112162<br>|
| Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 5180000 | &nbsp;&nbsp; 5334402<br>|
| Metropolitan Pier & Exposition Authority, IL, Revenue: |  |  |  |  |
| McCormick Place Expansion Project, Series A, NATL | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 253014<br>|
| McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/42 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 358541<br>|
| McCormick Place Expansion Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3507139<br>|
| Northeastern Illinois State University: |  |  |  |  |
| Participation Capital Improvement Projects, BAM | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; 1759626<br>|
| Participation Capital Improvement Projects, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; 1687870<br>|
| Northern Illinois State University: |  |  |  |  |
| Participation Energy Savings Projects, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp; 1165559<br>|
| Participation Energy Savings Projects, BAM | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2092712<br>|
| 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; 1451187<br> <sup>(c)</sup><br>|
| Village of Villa Park, IL, Tax Increment Revenue, Garden Station Redevelopment <br> Project  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/31/38 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 84945<br>|
| Total Illinois | Total Illinois | Total Illinois | Total Illinois | &nbsp;&nbsp; 120786218 |
| Indiana — 0.8% | Indiana — 0.8% | Indiana — 0.8% | Indiana — 0.8% | Indiana — 0.8% |
| 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; 839288<br> <sup>(c)</sup><br>|
| Indiana State Finance Authority Revenue: |  |  |  |  |
| 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; 156365<br>|
| Marquette Project, Series A, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 3205000 | &nbsp;&nbsp; 3172552<br>|
| Senior Living Masonic Home Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp; 1636347<br>|
| 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; 656053<br> <sup>(c)</sup><br>|
| 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; 1069460<br>|
| 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; 96978<br> <sup>(c)</sup><br>|
| Valparaiso, IN, Multifamily Housing Revenue, Green Oaks Project, Series 2021  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 443051<br> <sup>(c)</sup><br>|
| Total Indiana | Total Indiana | Total Indiana | Total Indiana | &nbsp;&nbsp; 8070094 |
| Iowa — 1.4% | Iowa — 1.4% | Iowa — 1.4% | Iowa — 1.4% | Iowa — 1.4% |
| 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; 521658<br>|
| Iowa Finance Authority: |  |  |  |  |
| Lifespace Communities Inc., Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp; 618584<br>|
| Lifespace Communities Inc., Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/41 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1057147<br>|
| Lifespace Communities Inc., Series 2018 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/15/38 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 400158<br>|
| Lifespace Communities Inc., Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 349755<br>|
| Lifespace Communities Inc., Series 2021, Refunding | &nbsp;&nbsp; 3.462% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 489335<br> <sup>(a)(b)</sup><br>|
| Lifespace Communities Inc., Series 2023, Refunding | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 125759<br>|
| Lifespace Communities Inc., Series 2023, Refunding | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 1221218<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Iowa — continued | Iowa — continued | Iowa — continued | Iowa — continued | Iowa — continued |
| Lifespace Communities Inc., Series 2023, Refunding | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 5/15/38 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $568468<br>|
| Presbyterian Homes Mill Pond Project, Series 2025, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999473<br> <sup>(i)</sup><br>|
| Iowa State Finance Authority Revenue, Midwestern Disaster Area, Iowa <br> Fertilizer Co. Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 2425000 | &nbsp;&nbsp; 2793586<br> <sup>(a)(b)</sup><br>|
| 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; 4783497<br>|
| Total Iowa | Total Iowa | Total Iowa | Total Iowa | &nbsp;&nbsp; 13928638 |
| Kansas — 0.4% | Kansas — 0.4% | Kansas — 0.4% | Kansas — 0.4% | Kansas — 0.4% |
| 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; 2502759<br> <sup>(c)</sup><br>|
| 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; 1850000 | &nbsp;&nbsp; 1809538<br>|
| Total Kansas | Total Kansas | Total Kansas | Total Kansas | &nbsp;&nbsp; 4312297 |
| Kentucky — 0.4% | Kentucky — 0.4% | Kentucky — 0.4% | Kentucky — 0.4% | Kentucky — 0.4% |
| Kentucky Public Energy Authority, Gas Supply Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 3.987% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp; 1287554<br> <sup>(a)(b)</sup><br>|
| Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2165000 | &nbsp;&nbsp; 2347045<br> <sup>(a)(b)</sup><br>|
| Total Kentucky | Total Kentucky | Total Kentucky | Total Kentucky | &nbsp;&nbsp; 3634599 |
| Louisiana — 0.4% | Louisiana — 0.4% | Louisiana — 0.4% | Louisiana — 0.4% | Louisiana — 0.4% |
| Lakeshore Villages Master, LA, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| Parish of St. Tammany, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 251349<br>|
| Parish of St. Tammany, Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp; 730710<br>|
| Louisiana 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; 160000 | &nbsp;&nbsp; 138990<br> <sup>(c)</sup><br>|
| Westlake Chemical Corp, Refunding | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp; 1588375<br>|
| New Orleans Aviation Board, LA, General Airport Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 1096166<br> <sup>(d)</sup><br>|
| Total Louisiana | Total Louisiana | Total Louisiana | Total Louisiana | &nbsp;&nbsp; 3805590 |
| Maine — 0.1% | Maine — 0.1% | Maine — 0.1% | Maine — 0.1% | Maine — 0.1% |
| Maine State, ME, Housing Authority Revenue, Social Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 991880<br>|
| Maryland — 0.3% | Maryland — 0.3% | Maryland — 0.3% | Maryland — 0.3% | Maryland — 0.3% |
| Baltimore, MD, Special Obligation Revenue: |  |  |  |  |
| Harbor Point Project, Series 2016, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 135102<br>|
| Harbor Point Project, Series 2019, Refunding | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97453<br> <sup>(c)</sup><br>|
| 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; 111881<br>|
| Maryland State EDC, Private Activity Revenue: |  |  |  |  |
| Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/36 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 679501<br> <sup>(d)</sup><br>|
| Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/36 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 446034<br> <sup>(d)</sup><br>|
| Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/38 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258433<br> <sup>(d)</sup><br>|
| Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/39 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 556534<br> <sup>(d)</sup><br>|
| 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; 687247<br> <sup>(c)</sup><br>|
| Total Maryland | Total Maryland | Total Maryland | Total Maryland | &nbsp;&nbsp; 2972185 |
| Massachusetts — 1.0% | Massachusetts — 1.0% | Massachusetts — 1.0% | Massachusetts — 1.0% | Massachusetts — 1.0% |
| Massachusetts State DFA Revenue: |  |  |  |  |
| Bonds Lasell Village Inc., Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1152644<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Massachusetts — continued | Massachusetts — continued | Massachusetts — continued | Massachusetts — continued | Massachusetts — continued |
| Bonds Salem Community Corp., Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; $200000 | &nbsp;&nbsp; $203334<br>|
| CHF Merrimack Inc., Merrimack College Student Housing Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202264<br> <sup>(c)</sup><br>|
| CHF Merrimack Inc., Merrimack College Student Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1464474<br> <sup>(c)</sup><br>|
| Foxborough Regional Charter School, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40514<br>|
| Seven Hills Foundation and Affiliates, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 429319<br>|
| WGBH Educational Foundation, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5746619<br>|
| Massachusetts State Educational Financing Authority Revenue  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 165509<br> <sup>(d)</sup><br>|
| Total Massachusetts | Total Massachusetts | Total Massachusetts | Total Massachusetts | &nbsp;&nbsp; 9404677 |
| Michigan — 2.7% | Michigan — 2.7% | Michigan — 2.7% | Michigan — 2.7% | Michigan — 2.7% |
| 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; 1376180<br>|
| Detroit, MI, GO, Unlimited Tax, Series C  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 408648<br>|
| Grand Rapids, MI, EDC: |  |  |  |  |
| Beacon Hill At Eastgate Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 216486<br>|
| Beacon Hill At Eastgate Project, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 39119<br>|
| Kalamazoo, MI, EDC Revenue, Revel Creek Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1075683<br>|
| Michigan State Finance Authority Revenue: |  |  |  |  |
| Lawrence Technology University, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 94955<br>|
| Lawrence Technology University, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 283061<br>|
| 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; 1434547<br>|
| 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; 9457580<br>|
| University of Detroit Mercy, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 848320<br>|
| University of Detroit Mercy, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp; 731928<br>|
| Michigan State HDA Revenue: |  |  |  |  |
| Rental Housing | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 3365000 | &nbsp;&nbsp; 3448231<br>|
| Single-Family Mortgage | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2505291<br> <sup>(i)</sup><br>|
| Michigan State Strategic Fund Ltd. Obligation Revenue: |  |  |  |  |
| I-75 Improvement Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/33 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51824<br> <sup>(d)</sup><br>|
| I-75 Improvement Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/48 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98598<br> <sup>(d)</sup><br>|
| I-75 Improvement Project, AG | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/30/35 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 672722<br> <sup>(d)</sup><br>|
| I-75 Improvement Project, AG | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/31/38 | &nbsp;&nbsp; 3975000 | &nbsp;&nbsp; 3932981<br> <sup>(d)</sup><br>|
| Total Michigan | Total Michigan | Total Michigan | Total Michigan | &nbsp;&nbsp; 26676154 |
| Minnesota — 1.1% | Minnesota — 1.1% | Minnesota — 1.1% | Minnesota — 1.1% | Minnesota — 1.1% |
| Duluth EDA Revenue, St. Louis County, Minnesota, Benedictine Health System, <br> Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 120967<br>|
| Minneapolis & St. Paul, Metropolitan Airports Commission Revenue, <br> Subordinate, Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6231971<br> <sup>(d)</sup><br>|
| Minnesota State Municipal Gas Agency Revenue, Minnesota Community <br> Energy Commodity Supply, LIQ - Royal Bank Of Canada  | &nbsp;&nbsp; 3.787% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1400067<br> <sup>(a)(b)</sup><br>|
| 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; 3002752<br>|
| Total Minnesota | Total Minnesota | Total Minnesota | Total Minnesota | &nbsp;&nbsp; 10755757 |
| Mississippi — 0.2% | Mississippi — 0.2% | Mississippi — 0.2% | Mississippi — 0.2% | Mississippi — 0.2% |
| Mississippi Home Corp., Mortgage Revenue, GNMA/FNMA/FHLMC  | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1523424<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Mississippi — continued | Mississippi — continued | Mississippi — continued | Mississippi — continued | Mississippi — continued |
| 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; $156621<br> <sup>(c)</sup><br>|
| Total Mississippi | Total Mississippi | Total Mississippi | Total Mississippi | &nbsp;&nbsp; 1680045 |
| Missouri — 0.1% | Missouri — 0.1% | Missouri — 0.1% | Missouri — 0.1% | Missouri — 0.1% |
| Missouri State HEFA Revenue: |  |  |  |  |
| Baptist University, Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499070<br> <sup>(c)</sup><br>|
| 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; 25000 | &nbsp;&nbsp; 21813<br>|
| 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; 248597<br>|
| 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; 107859<br>|
| Total Missouri | Total Missouri | Total Missouri | Total Missouri | &nbsp;&nbsp; 877339 |
| Nebraska — 0.5% | Nebraska — 0.5% | Nebraska — 0.5% | Nebraska — 0.5% | Nebraska — 0.5% |
| 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; 4938819<br>|
| Nevada — 0.7% | Nevada — 0.7% | Nevada — 0.7% | Nevada — 0.7% | Nevada — 0.7% |
| Henderson, NV, Local Improvement District No T-22, Rainbow Canyon Phase II, <br> Local Improvement Bonds, Series 2023  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp; 971581<br>|
| 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; 143342<br>|
| 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; 950000 | &nbsp;&nbsp; 949467<br>|
| 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; 187193<br>|
| 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; 143303<br> <sup>(c)</sup><br>|
| Reno-Tahoe Airport Authority Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1655000 | &nbsp;&nbsp; 1738010<br> <sup>(d)</sup><br>|
| Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1043714<br> <sup>(d)</sup><br>|
| Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp; 773561<br> <sup>(d)</sup><br>|
| Tahoe-Douglas Visitors Authority, NV, Revenue: |  |  |  |  |
| Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; 774115<br>|
| Series 2020 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 269162<br>|
| Total Nevada | Total Nevada | Total Nevada | Total Nevada | &nbsp;&nbsp; 6993448 |
| New Hampshire — 0.5% | New Hampshire — 0.5% | New Hampshire — 0.5% | New Hampshire — 0.5% | New Hampshire — 0.5% |
| National Finance Authority, NH, Revenue, Grace Christian School Project | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp; 4444289<br>|
| New Jersey — 0.8% | New Jersey — 0.8% | New Jersey — 0.8% | New Jersey — 0.8% | New Jersey — 0.8% |
| New Jersey State EDA Revenue: |  |  |  |  |
| New Jersey American Water Company Inc. Project, Refunding | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 12/3/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92110<br> <sup>(a)(b)(d)</sup><br>|
| Provident Group, Kean Properties | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100750<br>|
| Provident Group, Kean Properties | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49715<br>|
| New Jersey State EDA, Special Facility Revenue, Continental Airlines Inc. <br> Project  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 175241<br> <sup>(d)</sup><br>|
| New Jersey State Higher Education, Student Assistance Authority Revenue: |  |  |  |  |
| Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp; 3264983<br> <sup>(d)</sup><br>|
| Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 834846<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 Jersey — continued | New Jersey — continued | New Jersey — continued | New Jersey — continued | New Jersey — continued |
| New Jersey State Transportation Trust Fund Authority Revenue, Transportation <br> System, Series A, Refunding  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; $3460000 | &nbsp;&nbsp; $3460088<br>|
| 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; 289854<br>|
| Total New Jersey | Total New Jersey | Total New Jersey | Total New Jersey | &nbsp;&nbsp; 8267587 |
| New Mexico — 0.1% | New Mexico — 0.1% | New Mexico — 0.1% | New Mexico — 0.1% | New Mexico — 0.1% |
| New Mexico State Hospital Equipment Loan Council Revenue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001615<br>|
| New York — 6.1% | New York — 6.1% | New York — 6.1% | New York — 6.1% | New York — 6.1% |
| 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; 1204574<br> <sup>(d)</sup><br>|
| MTA, NY, Transportation Revenue, Green Bonds, Series C-1, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 6560000 | &nbsp;&nbsp; 6616331<br>|
| New York City, NY, HDC: |  |  |  |  |
| Tax-Exempt Bonds | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/15/43 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 668825<br>|
| Tax-Exempt Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/15/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1032180<br>|
| New York City, NY, Transportation Development Corp. Revenue, American <br> Airlines Inc., John F. Kennedy International Airport Project, Refunding  | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 29726<br> <sup>(d)</sup><br>|
| New York State Dormitory Authority Revenue, New York University  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66821<br>|
| 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; 260599<br> <sup>(a)(b)(c)(d)</sup><br>|
| New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |  |
| American Airlines Inc., John F. Kennedy International Airport Project 2021, <br> Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 197446<br> <sup>(d)</sup><br>|
| Delta Air Lines Inc. | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp; 1434952<br> <sup>(d)</sup><br>|
| Delta Air Lines Inc. | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 13145000 | &nbsp;&nbsp; 13288110<br> <sup>(d)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp; 2001649<br> <sup>(d)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 2140000 | &nbsp;&nbsp; 2237213<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/38 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1325961<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/42 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 383408<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/43 | &nbsp;&nbsp; 4930000 | &nbsp;&nbsp; 5044358<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1083379<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, AG | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/30/42 | &nbsp;&nbsp; 4455000 | &nbsp;&nbsp; 4336087<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/43 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15532<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264006<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 1079649<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 371932<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 2905000 | &nbsp;&nbsp; 2980653<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 3050000 | &nbsp;&nbsp; 3108344<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp; 1228941<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Project, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62300<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 632052<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **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 |
| John F. Kennedy International Airport Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; $2685000 | &nbsp;&nbsp; $2517541<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1380000 | &nbsp;&nbsp; 1252173<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 443039<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 616302<br> <sup>(d)</sup><br>|
| Terminal 4 John F. Kennedy International Airport Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 462381<br> <sup>(d)</sup><br>|
| Oneida Indian Nation of New York: |  |  |  |  |
| Series A | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2588433<br> <sup>(c)</sup><br>|
| Tax Exempt Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 266543<br> <sup>(c)</sup><br>|
| Suffolk Regional Off-Track Betting Corp., NY, Revenue, Tax Exempt General <br> Obligations  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1011190<br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 60112630 |
| North Carolina — 0.2% | North Carolina — 0.2% | North Carolina — 0.2% | North Carolina — 0.2% | North Carolina — 0.2% |
| North Carolina State Medical Care Commission, Retirement Facilities Revenue: |  |  |  |  |
| Penick Village Project | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 405109<br>|
| Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1509234<br>|
| Series B | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 350115<br>|
| Total North Carolina | Total North Carolina | Total North Carolina | Total North Carolina | &nbsp;&nbsp; 2264458 |
| North Dakota — 1.3% | North Dakota — 1.3% | North Dakota — 1.3% | North Dakota — 1.3% | North Dakota — 1.3% |
| 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; 2047141<br>|
| Grand Forks, ND, Health Care System Revenue: |  |  |  |  |
| Altru Health System, Refunding, AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 511166<br>|
| Altru Health System, Series 2021, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 1385000 | &nbsp;&nbsp; 1484839<br>|
| Altru Health System, Series 2021, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 163704<br>|
| Altru Health System, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 2150349<br>|
| Altru Health System, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp; 1824062<br>|
| Horace, ND, GO, Temporary Improvement Bonds, Series B, Refunding  | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000418<br>|
| North Dakota State HFA Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1022167<br>|
| Series C | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1012534<br>|
| Series D | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1983369<br>|
| Total North Dakota | Total North Dakota | Total North Dakota | Total North Dakota | &nbsp;&nbsp; 13199749 |
| Ohio — 2.3% | Ohio — 2.3% | Ohio — 2.3% | Ohio — 2.3% | Ohio — 2.3% |
| Akron Bath & Copley Joint Township Hospital District Revenue: |  |  |  |  |
| 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; 565936<br>|
| 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; 133015<br>|
| Columbus Ohio Metropolitan Housing Authority Affordable Housing Revenue, <br> Cobblestone Manor Project  | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/42 | &nbsp;&nbsp; 2220000 | &nbsp;&nbsp; 2203528<br>|
| Columbus Ohio Metropolitan Housing Authority General Revenue: |  |  |  |  |
| Canals Edge Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5259306<br>|
| Eden Park Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 1910000 | &nbsp;&nbsp; 1932957<br>|
| Waldren Woods Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 498888<br>|
| 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; 450000 | &nbsp;&nbsp; 452225<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Ohio — continued | Ohio — continued | Ohio — continued | Ohio — continued | Ohio — continued |
| 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; $102679<br>|
| Franklin County, OH, Revenue, Health Care Facilities: |  |  |  |  |
| Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 226329<br>|
| The Wesley Communities Obligated Group Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102658<br>|
| The Wesley Communities Obligated Group Project, Unrefunded | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 195310<br>|
| Hamilton County, OH, Revenue: |  |  |  |  |
| Life Enriching Communities Project, Series 2025, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 498100<br>|
| Life Enriching Communities Project, Series 2025, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 451249<br>|
| Ohio State Air Quality Development Authority Revenue, Duke Energy Corp. <br> Project, Series B, Refunding  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 3565000 | &nbsp;&nbsp; 3639651<br> <sup>(a)(b)(d)</sup><br>|
| Ohio State HFA Revenue, Middletown Phase One Project  | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105095<br>|
| Ohio State Higher Educational Facility Commission Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 885000 | &nbsp;&nbsp; 935826<br>|
| Ohio State Hospital Revenue: |  |  |  |  |
| Premier Health Partners Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1061521<br>|
| Premier Health Partners Obligated Group, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp; 1255215<br>|
| Premier Health Partners Obligated Group, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 935000 | &nbsp;&nbsp; 861938<br>|
| 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; 1043238<br>|
| West Central Ohio State Port Authority Revenue, Reserve At Honey Creek <br> Phase I Project, Step bond (0.000% to 12/1/28 then 5.500%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp; 803351<br>|
| Total Ohio | Total Ohio | Total Ohio | Total Ohio | &nbsp;&nbsp; 22328015 |
| Oklahoma — 0.1% | Oklahoma — 0.1% | Oklahoma — 0.1% | Oklahoma — 0.1% | Oklahoma — 0.1% |
| 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; 1322012<br> <sup>(d)</sup><br>|
| Pennsylvania — 2.4% | Pennsylvania — 2.4% | Pennsylvania — 2.4% | Pennsylvania — 2.4% | Pennsylvania — 2.4% |
| 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; 2318531<br>|
| 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; 40000 | &nbsp;&nbsp; 40430<br> <sup>(h)</sup><br>|
| Allentown, PA, Commercial and Industrial Development Authority Revenue: |  |  |  |  |
| 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; 2085261<br> <sup>(c)</sup><br>|
| 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; 471270<br> <sup>(c)</sup><br>|
| Allentown, PA, Neighborhood Improvement Zone Development Authority <br> Revenue: |  |  |  |  |
| City Center Project, Series 2018, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103045<br> <sup>(c)</sup><br>|
| City Center Project, Series 2022, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204325<br> <sup>(c)</sup><br>|
| City Center Project, Series 2025, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 633916<br> <sup>(c)</sup><br>|
| Berks County, PA, Municipal Authority Revenue: |  |  |  |  |
| Tower Health Project, Series A-1 | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/30/34 | &nbsp;&nbsp; 84000 | &nbsp;&nbsp; 82971<br>|
| Tower Health Project, Series A-2 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/34 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 43945<br>|
| Tower Health Project, Series A-3 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/39 | &nbsp;&nbsp; 1034000 | &nbsp;&nbsp; 936228<br>|
| 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; 200291<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **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 |
| Chester County, IL, IDA Revenue, Notes Avon Grove Charter School, <br> Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1011890<br>|
| 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; 101616<br>|
| Montgomery County, PA, HEFA Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/52 | &nbsp;&nbsp; 4685000 | &nbsp;&nbsp; 4726251<br>|
| Pennsylvania HFA: |  |  |  |  |
| Family Mortgage Revenue | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 3430000 | &nbsp;&nbsp; 3522676<br>|
| Family Mortgage Revenue | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1486880<br>|
| Family Mortgage Revenue | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1484690<br>|
| Pennsylvania Higher Education Assistance Agency, Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1588207<br> <sup>(d)</sup><br>|
| Pennsylvania State Economic Development Financing Authority Revenue: |  |  |  |  |
| Capital Region Parking System, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502490<br>|
| Exempt Facilities Bonds, PPL Energy Supply LLC Project, Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1006915<br> <sup>(a)(b)</sup><br>|
| Sewage Sludge Disposal, Philadelphia Biosolids Facility Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp; 501836<br>|
| University of Pittsburgh, Refunding | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149061<br>|
| Philadelphia, PA, IDA Revenue  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 76,750<br> \*<sup>(e)</sup><br>|
| Philadelphia, PA, Redevelopment Authority Revenue, BAM-TCRS  | &nbsp;&nbsp; 2.799% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 444308<br>|
| Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | &nbsp;&nbsp; 23723783 |
| Puerto Rico — 0.9% | Puerto Rico — 0.9% | Puerto Rico — 0.9% | Puerto Rico — 0.9% | Puerto Rico — 0.9% |
| Puerto Rico Commonwealth, GO: |  |  |  |  |
| CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 12391 | &nbsp;&nbsp; 8865<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 130932 | &nbsp;&nbsp; 135561<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 787027 | &nbsp;&nbsp; 842272<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 2312058 | &nbsp;&nbsp; 2563650<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 709628 | &nbsp;&nbsp; 702185<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 1028772 | &nbsp;&nbsp; 1004250<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 663885 | &nbsp;&nbsp; 630666<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 722607 | &nbsp;&nbsp; 647802<br>|
| Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 39833 | &nbsp;&nbsp; 26390<br> <sup>(b)</sup><br>|
| Puerto Rico Electric Power Authority Revenue: |  |  |  |  |
| Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 171340<br>|
| Refunding, NATL | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 176356<br>|
| Puerto Rico GDB Debt Recovery Authority Revenue  | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/20/40 | &nbsp;&nbsp; 1416879 | &nbsp;&nbsp; 1377828<br>|
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control <br> Facilities Finance Authority: |  |  |  |  |
| Housing Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 148322<br>|
| Housing Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 112691<br>|
| Housing Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 180877<br>|
| Housing Revenue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94800<br>|
| Housing Revenue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 389905<br>|
| Housing Revenue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89950<br>|
| Total Puerto Rico | Total Puerto Rico | Total Puerto Rico | Total Puerto Rico | &nbsp;&nbsp; 9303710 |
| Rhode Island — 0.2% | Rhode Island — 0.2% | Rhode Island — 0.2% | Rhode Island — 0.2% | Rhode Island — 0.2% |
| Rhode Island State Student Loan Authority Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1502456<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 Carolina — 1.2% | South Carolina — 1.2% | South Carolina — 1.2% | South Carolina — 1.2% | South Carolina — 1.2% |
| 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; $416130<br>|
| 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; 780108<br> <sup>(c)(i)</sup><br>|
| 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; 4569025<br>|
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue: |  |  |  |  |
| Subseries A-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 3905000 | &nbsp;&nbsp; 4256474<br> <sup>(a)(b)</sup><br>|
| Subseries B-2, Refunding (SOFR x 0.670 + 1.900%) | &nbsp;&nbsp; 4.701% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258625<br> <sup>(a)(b)</sup><br>|
| Richland County, SC, Special Assessment Revenue, Sandhill Improvement <br> District, Series 2021, Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97798<br> <sup>(c)</sup><br>|
| South Carolina State Jobs-EDA Hospital Facilities Revenue: |  |  |  |  |
| Beaufort Memorial Hospital & South of Broad Healthcare Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 316003<br>|
| Beaufort Memorial Hospital & South of Broad Healthcare Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 505351<br>|
| FAH Portfolio - Pelham Apartments | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148185<br> <sup>(c)</sup><br>|
| Total South Carolina | Total South Carolina | Total South Carolina | Total South Carolina | &nbsp;&nbsp; 11347699 |
| South Dakota — 0.3% | South Dakota — 0.3% | South Dakota — 0.3% | South Dakota — 0.3% | South Dakota — 0.3% |
| South Dakota State, Housing Development Authority Revenue: |  |  |  |  |
| Homeownership Mortgage Bonds, GNMA/FNMA/FHLMC | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1532242<br>|
| Homeownership Mortgage Bonds, Refunding, GNMA/FNMA/FHLMC | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1493644<br>|
| Total South Dakota | Total South Dakota | Total South Dakota | Total South Dakota | &nbsp;&nbsp; 3025886 |
| Tennessee — 2.3% | Tennessee — 2.3% | Tennessee — 2.3% | Tennessee — 2.3% | Tennessee — 2.3% |
| City of Chattanooga, TN, Health Educational and Housing Facility Revenue: |  |  |  |  |
| Commonspirit Health, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501964<br>|
| Commonspirit Health, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 1685000 | &nbsp;&nbsp; 1685180<br>|
| Cleveland Housing Authority, TN, Multifamily Housing Revenue: |  |  |  |  |
| Forward Phase One Project Subordinate, Series B | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 292219<br> <sup>(c)</sup><br>|
| Forward Phase One Project Subordinate, Series B | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97407<br> <sup>(c)</sup><br>|
| Tennergy Corp., TN, Gas Supply Revenue  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 5470000 | &nbsp;&nbsp; 5905899<br> <sup>(a)(b)</sup><br>|
| Tennessee State Energy Acquisition Corp., Natural Gas Revenue: |  |  |  |  |
| The Tennessee Energy Acquisition Corp. Commodity Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp; 6780643<br> <sup>(a)(b)</sup><br>|
| The Tennessee Energy Acquisition Corp. Gas Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 6970000 | &nbsp;&nbsp; 7544183<br>|
| Total Tennessee | Total Tennessee | Total Tennessee | Total Tennessee | &nbsp;&nbsp; 22807495 |
| Texas — 13.9% | Texas — 13.9% | Texas — 13.9% | Texas — 13.9% | Texas — 13.9% |
| 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; 564114<br> <sup>(c)</sup><br>|
| Anna, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| Collin County, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 524000 | &nbsp;&nbsp; 535015<br> <sup>(c)</sup><br>|
| 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; 713951<br> <sup>(c)</sup><br>|
| Meadow Vista Public Improvement District Improvement Area One | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 273806<br> <sup>(c)</sup><br>|
| Arlington Higher Education Finance Corp. Education Revenue: |  |  |  |  |
| Basis Texas Charter Schools Inc., Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp; 750370<br> <sup>(c)</sup><br>|
| Basis Texas Charter Schools Inc., Series 2025, Refunding | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1007596<br> <sup>(c)</sup><br>|
| Austin, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| 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; 134000 | &nbsp;&nbsp; 135361<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 |
| Whisper Valley Public Improvement District Project, Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; $105000 | &nbsp;&nbsp; $105663<br> <sup>(c)</sup><br>|
| Balch Springs, TX, Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 714000 | &nbsp;&nbsp; 727840<br> <sup>(c)</sup><br>|
| Bastrop County, TX, Special Assessment Revenue: |  |  |  |  |
| 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; 224261<br>|
| 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; 491591<br>|
| Bastrop, TX, Municipal Corp. Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; 618047<br> <sup>(c)</sup><br>|
| Blue Ridge, TX, Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 511000 | &nbsp;&nbsp; 518259<br> <sup>(c)</sup><br>|
| Boyd, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| Public Improvement District No 1, Improvement Area One, Series 2024 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 680687<br> <sup>(c)</sup><br>|
| Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp; 174093<br> <sup>(c)</sup><br>|
| Boyd, TX, Special Assessment Revenue, Public Improvement District No 1, <br> Improvement Area One, Series 2024  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 107000 | &nbsp;&nbsp; 108637<br> <sup>(c)</sup><br>|
| Cedar Port Navigation and Improvement District, GO: |  |  |  |  |
| Unlimited Tax Bonds, Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 487074<br>|
| Unlimited Tax Bonds, Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 961113<br>|
| Celina, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| Collin and Denton Counties, Celina Hills Public Improvement District Project, <br> Series 2022 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25000<br> <sup>(c)</sup><br>|
| Collin and Denton Counties, Celina Hills Public Improvement District Project, <br> Series 2022 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101151<br> <sup>(c)</sup><br>|
| 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; 189887<br> <sup>(c)</sup><br>|
| 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; 253859<br> <sup>(c)</sup><br>|
| 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; 271722<br>|
| Series 2020 | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95879<br> <sup>(c)</sup><br>|
| Celina, TX, Special Assessment Revenue: |  |  |  |  |
| 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; 1624683<br> <sup>(c)</sup><br>|
| Edgewood Creek Public Improvement District Phase 1 Project, Series 2021 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 170191<br> <sup>(c)</sup><br>|
| Mosaic Public Improvement District Phase 1 Project, Series 2023 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1189632<br> <sup>(c)</sup><br>|
| Parks at Wilson Creek, Series 2021 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 103366<br> <sup>(c)</sup><br>|
| Parvin Public Improvement District Project, Series 2023 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 103000 | &nbsp;&nbsp; 102694<br> <sup>(c)</sup><br>|
| Series 2020 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 171011<br> <sup>(c)</sup><br>|
| Series 2022 | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24296<br> <sup>(c)</sup><br>|
| Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 448327<br> <sup>(c)</sup><br>|
| 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; 319304<br> <sup>(c)</sup><br>|
| 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; 155047<br>|
| Crandall, TX, Municipal Corp. Special Assessment Revenue, Kaufman County, <br> Series 2025  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 682040<br> <sup>(c)</sup><br>|
| Crandall, TX, Special Assessment Revenue, Series 2021  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101191<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| 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; $401936<br> <sup>(c)</sup><br>|
| Denton County, TX, Municipal Corp. Special Assessment Revenue, Wise <br> County, Paloma Trails Public Improvement District Major Area Project, <br> Series 2025  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/31/45 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp; 531362<br> <sup>(c)</sup><br>|
| Denton County, TX, Special Assessment Revenue: |  |  |  |  |
| 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; 280432<br> <sup>(c)</sup><br>|
| Tabor Ranch Public Improvement District Area One, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/31/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 244044<br> <sup>(c)</sup><br>|
| 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; 1104203<br>|
| El Paso County, TX, GO, Hospital District, Series 2025, AG  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 11250000 | &nbsp;&nbsp; 11977647<br>|
| EP Cimarron Ventanas PFC Residential Development Revenue, Lifestyles At Los <br> Paseos And Lifestyles On The Reserve Project  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp; 3224659<br>|
| EP LA Privada PFC Residential Development Revenue, Home Essential Function, <br> La Privada Apartments Project, Series 2025  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 4915000 | &nbsp;&nbsp; 4921104<br>|
| EP Royal Estates PFC Residential Development Revenue: |  |  |  |  |
| Home Essential Function, El Paso Royal Apartments Project, Series 2024 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 3120000 | &nbsp;&nbsp; 3160650<br>|
| Home Essential Function, El Paso Royal Apartments Project, Series 2024 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp; 2013917<br>|
| Fate, TX, Municipal Corp. Special Assessment Revenue, Rockwall County, <br> Williamsburg Public Improvement District No 1, Series 2023  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 718000 | &nbsp;&nbsp; 722714<br> <sup>(c)</sup><br>|
| Fate, TX, Special Assessment Revenue, Williamsburg East Public Improvement <br> District Area No 1, Series 2020  | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 136190<br> <sup>(c)</sup><br>|
| Fort Bend County, TX, GO, Municipal Utility District No 134, Series 2025  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1485000 | &nbsp;&nbsp; 1399174<br>|
| Fort Bend County, TX, GO, Municipal Utility District No 229: |  |  |  |  |
| Series 2025, BAM | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1388970<br> <sup>(i)</sup><br>|
| Series 2025, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp; 1555510<br> <sup>(i)</sup><br>|
| 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; 977727<br>|
| FW Chaparral PFC Residential Development Revenue, Ranch Project, <br> Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3160275<br>|
| FW, TX, Street PFC Residential Development Revenue, River District Project, <br> Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 3125000 | &nbsp;&nbsp; 3163629<br>|
| Galveston, TX, Wharves & Terminal Revenue: |  |  |  |  |
| First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1087617<br> <sup>(d)</sup><br>|
| First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1089629<br> <sup>(d)</sup><br>|
| First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 965000 | &nbsp;&nbsp; 1043235<br> <sup>(d)</sup><br>|
| Harris County, TX, GO, Municipal Utility District No 171: |  |  |  |  |
| Series 2023, AG | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1057784<br>|
| Series 2023, AG | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp; 1234517<br>|
| Series 2024, BAM | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp; 919403<br>|
| Harris County, TX, GO, Municipal Utility District No 490: |  |  |  |  |
| Series 2024, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp; 755184<br>|
| Series 2025, BAM | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 1540000 | &nbsp;&nbsp; 1519926<br> <sup>(i)</sup><br>|
| Series 2025, BAM | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/44 | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp; 1644334<br> <sup>(i)</sup><br>|
| 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; 1089341<br>|
| Harris County, TX, GO, Municipal Utility District No 540: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 263002<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 |
| Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; $350000 | &nbsp;&nbsp; $337177<br>|
| Harris-Waller Counties, TX, GO, Municipal Utility District No 4: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 359635<br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 665666<br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 199666<br>|
| Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 209067<br>|
| Series 2022 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1173345<br>|
| Hays County, TX, Special Assessment Revenue: |  |  |  |  |
| La Cima Public Improvement District, Neighborhood Improvement Project, <br> Series 2022 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 268000 | &nbsp;&nbsp; 269163<br> <sup>(c)</sup><br>|
| La Cima Public Improvement District, Neighborhood Improvement Project, <br> Series 2022 | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp; 510523<br> <sup>(c)</sup><br>|
| La Cima Public Improvement District, Neighborhood Improvement Project, <br> Series 2022 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 776372<br> <sup>(c)</sup><br>|
| La Cima Public Improvement District, Series 2020 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141099<br> <sup>(c)</sup><br>|
| Horseshoe Bay, TX, Special Assessment Revenue, Public Improvement District, <br> Series 2020, Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 137000 | &nbsp;&nbsp; 128152<br>|
| Houston, TX, Airport System Revenue: |  |  |  |  |
| Special Facilities, United Airlines Inc. Terminal Improvement Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 540169<br> <sup>(d)</sup><br>|
| Special Facilities, United Airlines Inc., Terminal Improvement Project, Series <br> B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 3670000 | &nbsp;&nbsp; 3940323<br> <sup>(d)</sup><br>|
| Special Facilities, United Airlines Inc., Terminal Improvement Project, Series <br> B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 5180000 | &nbsp;&nbsp; 5521244<br> <sup>(d)</sup><br>|
| Hutto, TX, Municipal Corp. Special Assessment Revenue, Williamson County, <br> Cottonwood Creek Public Improvement Area Two, Series 2025  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 702000 | &nbsp;&nbsp; 678538<br> <sup>(c)</sup><br>|
| Hutto, TX, Special Assessment Revenue, Emory Crossing Public Improvement <br> District Improvement Area Two, Series 2023  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 264000 | &nbsp;&nbsp; 269199<br> <sup>(c)</sup><br>|
| 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; 156010<br> <sup>(c)</sup><br>|
| Kaufman, TX, Special Assessment Revenue, Kaufman Public Improvement <br> District Project, Series 2022  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 56891<br> <sup>(c)</sup><br>|
| Kyle, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| Hays County, Plum Creek North Public Improvement District, Series 2022 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 215950<br> <sup>(c)</sup><br>|
| Hays County, Plum Creek North Public Improvement District, Series 2023 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104769<br> <sup>(c)</sup><br>|
| Hays County, Plum Creek North Public Improvement District, Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1098338<br> <sup>(c)</sup><br>|
| Hays County, Series 2025 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 366000 | &nbsp;&nbsp; 364548<br> <sup>(c)</sup><br>|
| Kyle, TX, Special Assessment Revenue: |  |  |  |  |
| Creeks Public Improvement District Project, Series 2023 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 323000 | &nbsp;&nbsp; 326034<br> <sup>(c)</sup><br>|
| Creeks Public Improvement District Project, Series 2023 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 656061<br> <sup>(c)</sup><br>|
| Plum Creek North Public Improvement Area Two, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 524000 | &nbsp;&nbsp; 513771<br> <sup>(c)</sup><br>|
| Series 2022 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 133000 | &nbsp;&nbsp; 137103<br>|
| Lago Vista, TX, Municipal Corp. Special Assessment Revenue, Travis County, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 85369<br> <sup>(c)</sup><br>|
| Lago Vista, TX, Special Assessment Revenue, Travis Public Improvement <br> District, Series 2010, Refunding  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 123349<br>|
| 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; 1322867<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Lavon, TX, Municipal Corp. Special Assessment Revenue, Lakepointe Public <br> Improvement District  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; $407000 | &nbsp;&nbsp; $417623<br> <sup>(c)</sup><br>|
| Lavon, TX, Special Assessment Revenue: |  |  |  |  |
| Elevon Public Improvement District Area One, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 493601<br> <sup>(c)</sup><br>|
| Lakepointe Public Improvement District, Series 2022 | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 686252<br> <sup>(c)</sup><br>|
| Trails of Lavon Public Improvement District | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 306466<br> <sup>(c)</sup><br>|
| 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; 92674<br>|
| 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; 70971<br> <sup>(c)</sup><br>|
| Lowry Crossing, TX, Municipal Corp. Special Assessment Revenue, Collin <br> County, Series 2025  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1017031<br> <sup>(c)</sup><br>|
| Manor, TX, Municipal Corp. Special Assessment Revenue, Travis County, <br> Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 409000 | &nbsp;&nbsp; 417811<br> <sup>(c)</sup><br>|
| Manor, TX, Special Assessment Revenue, Manor Heights Public Improvement <br> District Improvement Area Two, Series 2023  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200079<br> <sup>(c)</sup><br>|
| Marble Falls, TX, Special Assessment Revenue, Series 2024  | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1004000 | &nbsp;&nbsp; 960683<br> <sup>(c)</sup><br>|
| Matagorda County, TX, Navigation District No 1, Revenue, Houston LT & Power <br> Co., Refunding  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1172167<br> <sup>(d)</sup><br>|
| Mclendon-Chisholm, TX, Special Assessment Revenue, Series 2022  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 163883<br> <sup>(c)</sup><br>|
| Mesquite, TX, Special Assessment Revenue: |  |  |  |  |
| Heartland Town Center Public Improvement District Phase 2, Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85384<br> <sup>(c)</sup><br>|
| 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; 1543564<br> <sup>(c)</sup><br>|
| 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; 102565<br> <sup>(c)</sup><br>|
| 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; 486084<br> <sup>(c)</sup><br>|
| Mission, TX, EDC: |  |  |  |  |
| Permian Basin Water Resources Project, Green Bonds | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 1827000 | &nbsp;&nbsp; 1862556<br> <sup>(c)(d)</sup><br>|
| Solid Waste Disposal Revenue, Graphic Packaging International, LLC Project, <br> Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3109165<br> <sup>(a)(b)(d)</sup><br>|
| Montgomery County, TX, Special Assessment Revenue: |  |  |  |  |
| Retirement Life Communities Inc., Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 479991<br>|
| Retirement Life Communities Inc., Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 666063<br>|
| Mustang Ridge, TX, Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp; 720811<br> <sup>(c)</sup><br>|
| New Hope Cultural Education Facilities Finance Corp., TX, Educational Facilities <br> Revenue: |  |  |  |  |
| Collegiate Housing College Station I L.L.C. - Texas A&M University Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85030<br>|
| Collegiate Housing College Station I L.L.C. - Texas A&M University Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 168224<br>|
| Collegiate Housing College Station I L.L.C. - Texas A&M University Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30361<br>|
| Collegiate Housing College Station I L.L.C. - Texas A&M University Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 125349<br>|
| Retirement Facility RB Wesleyan Homes Inc. Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 84557<br>|
| North Parkway Municipal Management District No 1, TX, Special Assessment <br> Revenue: |  |  |  |  |
| Legacy Hills Public Improvement Project, Series 2021 | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48485<br> <sup>(c)</sup><br>|
| Major Improvement Project, Series 2021 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 152000 | &nbsp;&nbsp; 152530<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 |
| 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; $953100<br>|
| 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; 400069<br> <sup>(c)</sup><br>|
| Oak Point, TX, Special Assessment Revenue, Series 2024  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 409000 | &nbsp;&nbsp; 408246<br> <sup>(c)</sup><br>|
| Pilot Point, TX, Special Assessment Revenue: |  |  |  |  |
| Creekview Public Improvement Zone A Improvement Project, Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156559<br> <sup>(c)</sup><br>|
| Creekview Public Improvement Zone A Improvement Project, Series 2022 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 151789<br> <sup>(c)</sup><br>|
| Princeton, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| Collin County, Series 2021 | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91595<br> <sup>(c)</sup><br>|
| Collin County, Series 2022 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1011000 | &nbsp;&nbsp; 992814<br> <sup>(c)</sup><br>|
| Collin County, Westridge Public Improvement District Area No 1 Project, <br> Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 544000 | &nbsp;&nbsp; 538361<br> <sup>(c)</sup><br>|
| Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 854000 | &nbsp;&nbsp; 865290<br> <sup>(c)</sup><br>|
| Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 811000 | &nbsp;&nbsp; 820604<br> <sup>(c)</sup><br>|
| Princeton, TX, Special Assessment Revenue: |  |  |  |  |
| Collin County, Series 2022 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 840325<br> <sup>(c)</sup><br>|
| Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 291470<br> <sup>(c)</sup><br>|
| Southridge Public District Improvement Area Two, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1261000 | &nbsp;&nbsp; 1231031<br> <sup>(c)</sup><br>|
| Winchester Public Improvement District, Series 2020 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95219<br> <sup>(c)</sup><br>|
| Royse City, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| Rockwall Collin and Hunt Counties, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 398812<br> <sup>(c)</sup><br>|
| Rockwall Collin and Hunt Counties, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp; 611807<br> <sup>(c)</sup><br>|
| Sachse, TX, Municipal Corp. Special Assessment Revenue, Collin and Dallas <br> Counties, Series 2022  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 472561<br> <sup>(c)</sup><br>|
| Sachse, TX, Special Assessment Revenue: |  |  |  |  |
| Sachse Public Improvement District No 1 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104064<br> <sup>(c)</sup><br>|
| Sachse Public Improvement District Project, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 173000 | &nbsp;&nbsp; 176696<br> <sup>(c)</sup><br>|
| Sachse Public Improvement District Project, Series 2022 | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 335421<br> <sup>(c)</sup><br>|
| Seagoville, TX, Special Assessment Revenue, Stonehaven Public Improvement <br> District Improvement Area One  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 659397<br> <sup>(c)</sup><br>|
| Sienna Municipal Utility District No 6, TX, GO: |  |  |  |  |
| Series 2024, BAM | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1067971<br>|
| Series 2024, BAM | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 971942<br>|
| South Manvel Development Authority, TX, Tax Increment Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 610838<br>|
| 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; 463326<br>|
| Texas State Department of Housing & Community Affairs, Refunding  | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1017602<br>|
| Texas State Municipal Gas Acquisition & Supply Corp., Revenue: |  |  |  |  |
| Series 2021, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2721679<br>|
| Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 4098576<br> <sup>(a)(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 5595000 | &nbsp;&nbsp; 6302767<br> <sup>(a)(b)</sup><br>|
| Tomball, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| Harris County, Raburn Reserve Public Improvement District Improvement <br> Area One, Series 2020 | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95340<br> <sup>(c)</sup><br>|
| Harris County, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 426915<br> <sup>(c)</sup><br>|
| Tomball, TX, Special Assessment Revenue, Raburn Reserve Public Improvement <br> District Improvement Area No 2, Series 2023  | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 147356<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Town of Providence Village, TX, Special Assessment Revenue: |  |  |  |  |
| Series 2025 | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; $775000 | &nbsp;&nbsp; $761863<br> <sup>(c)</sup><br>|
| The State of Texas Located in Denton County | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 231000 | &nbsp;&nbsp; 232693<br> <sup>(c)</sup><br>|
| The State of Texas Located in Denton County | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 166511<br> <sup>(c)</sup><br>|
| Travis County, TA, Development Authority, Special Assessment Revenue, <br> District Improvement Area 1 & 2 Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 276424<br>|
| Travis County, TX, Municipal Utility District No 22, GO: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 466679<br>|
| Series B | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp; 531976<br>|
| Uhland, TX, Special Assessment Revenue, Watermill Public Improvement <br> District, Series 2022  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 129000 | &nbsp;&nbsp; 130416<br> <sup>(c)</sup><br>|
| Viridian, TX, Municipal Management District, GO, Unlimited Tax Utility <br> Improvement Bonds, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100288<br>|
| Viridian, TX, Municipal Management District, Special Assessment Revenue: |  |  |  |  |
| Series 2020 | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 13964<br>|
| Series 2020 | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92931<br>|
| Walden Pond, TX, Fresh Water Supply District, GO: |  |  |  |  |
| Unlimited Tax Road Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 201328<br>|
| Unlimited Tax Road Bonds | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/1/47 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 371142<br>|
| Westpointe Special Improvement District, TX, GO, Limited Ad Valorem Tax <br> Road Bonds, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 571514<br>|
| 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; 228253<br> <sup>(c)</sup><br>|
| Total Texas | Total Texas | Total Texas | Total Texas | &nbsp;&nbsp; 136470755 |
| 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% |
| Matching Fund Special Purpose Securitization Corp., VI, Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 839245<br>|
| Utah — 0.6% | Utah — 0.6% | Utah — 0.6% | Utah — 0.6% | Utah — 0.6% |
| 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; 1928489<br> <sup>(c)</sup><br>|
| Military Installation Development Authority, UT, Revenue  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 236117<br>|
| Utah State Charter School Finance Authority, Charter School Revenue, <br> Series 2022  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 235504<br> <sup>(c)</sup><br>|
| Utah State Infrastructure Agency Telecommunication Revenue, Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 454163<br>|
| Utah State Infrastructure Agency, Telecommunications Revenue: |  |  |  |  |
| Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 819059<br>|
| Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 948837<br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 538794<br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104413<br>|
| Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp; 603109<br>|
| Total Utah | Total Utah | Total Utah | Total Utah | &nbsp;&nbsp; 5868485 |
| Virginia — 0.8% | Virginia — 0.8% | Virginia — 0.8% | Virginia — 0.8% | Virginia — 0.8% |
| 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; 101022<br> <sup>(c)</sup><br>|
| 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; 1010165<br>|
| Virginia State College Building Authority Revenue, Regent University Project  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 2020217<br>|
| Virginia State Housing Development Authority Revenue, Rental Housing Bonds  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 746831<br> <sup>(i)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 — continued | Virginia — continued | Virginia — continued | Virginia — continued | Virginia — continued |
| 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; $4197884<br>|
| Total Virginia | Total Virginia | Total Virginia | Total Virginia | &nbsp;&nbsp; 8076119 |
| Washington — 2.4% | Washington — 2.4% | Washington — 2.4% | Washington — 2.4% | Washington — 2.4% |
| Jefferson County, WA, Hospital Revenue, Public Hospital District, Refunding  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508279<br>|
| King County, WA, Housing Authority Revenue: |  |  |  |  |
| County GTD | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001697<br>|
| Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1043471<br>|
| Skagit County, WA, Public Hospital District Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101665<br>|
| Spokane County, IA, Washington Airport Revenue, Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1690674<br> <sup>(d)</sup><br>|
| Vancouver, WA, Housing Authority Revenue: |  |  |  |  |
| Cascara Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp; 1597461<br>|
| Cascara Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1520741<br>|
| Cougar Creek Project | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1254785<br>|
| Fishers Mill and Willow Creek Projects | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1017134<br>|
| Fourth Plain Commons, Refunding | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 3295000 | &nbsp;&nbsp; 3109034<br>|
| Jens Pointe Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/1/38 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3008552<br>|
| Navalia and Alena Projects | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 986291<br>|
| 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; 117823<br> <sup>(c)</sup><br>|
| Washington State HFC Revenue: |  |  |  |  |
| Blakeley and Laurel Villages Portfolio, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008821<br> <sup>(c)</sup><br>|
| Bonds for Emerald Heights Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 2035000 | &nbsp;&nbsp; 2108914<br>|
| Bonds for Emerald Heights Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201222<br>|
| Eliseo Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95775<br> <sup>(c)</sup><br>|
| Madison at River's Edge Project | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 84755<br> <sup>(c)</sup><br>|
| Presbyterian Retirement Communities Northwest Obligated Group <br> Transforming Age Projects | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102060<br> <sup>(c)</sup><br>|
| Rockwood Retirement Communities Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102173<br> <sup>(c)</sup><br>|
| Seatle Academy of Arts and Sciences Project, Series 2023, Refunding | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 467202<br> <sup>(c)</sup><br>|
| Whatcom County, WA, Public Utility District, GO: |  |  |  |  |
| Private Activity, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 874183<br> <sup>(d)</sup><br>|
| Private Activity, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp; 1332897<br> <sup>(d)</sup><br>|
| Total Washington | Total Washington | Total Washington | Total Washington | &nbsp;&nbsp; 23335609 |
| West Virginia — 0.2% | West Virginia — 0.2% | West Virginia — 0.2% | West Virginia — 0.2% | West Virginia — 0.2% |
| 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; 2250000 | &nbsp;&nbsp; 2263955<br>|
| Wisconsin — 2.2% | Wisconsin — 2.2% | Wisconsin — 2.2% | Wisconsin — 2.2% | Wisconsin — 2.2% |
| Public Finance Authority, WI, Revenue: |  |  |  |  |
| Affordable Housing Multifamily Certificates | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp; 400097<br> <sup>(c)</sup><br>|
| Affordable Housing Multifamily Certificates | &nbsp;&nbsp; 6.810% | &nbsp;&nbsp; 4/28/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512495<br> <sup>(c)</sup><br>|
| Affordable Housing Preservation Corp., Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 921499<br>|
| Affordable Housing Preservation Corp., Refunding, Step bond (0.000% to <br> 12/1/38 then 6.375%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 235500 | &nbsp;&nbsp; 108685<br>|
| Aggie Apartment Life Holding Corp. II LLC Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 960000 | &nbsp;&nbsp; 998315<br>|
| Bluehub Loan Fund Issue | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1043848<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Wisconsin — continued | Wisconsin — continued | Wisconsin — continued | Wisconsin — continued | Wisconsin — continued |
| Coral Academy of Science Las Vegas | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; $1805000 | &nbsp;&nbsp; $1753196<br>|
| Coral Academy of Science Reno | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 653121<br> <sup>(c)</sup><br>|
| Eno River Academy Holdings Inc. | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 796459<br> <sup>(c)</sup><br>|
| Foundation Academy Charter School Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 727820<br> <sup>(c)</sup><br>|
| Foundation Academy Charter School Project | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1353150<br> <sup>(c)</sup><br>|
| KSU Bixby Real Estate Foundation LLC Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 515916<br>|
| KSU Bixby Real Estate Foundation LLC Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 279068<br>|
| North East Carolina Preparatory School Project, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 811703<br>|
| Ocean Academy Charter School Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96424<br> <sup>(c)</sup><br>|
| Patriot Services Group, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 528635<br> <sup>(c)</sup><br>|
| Patriot Services Group, Series A-1, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504978<br> <sup>(c)</sup><br>|
| RB Tree House Apartments Project | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 236503<br> <sup>(c)</sup><br>|
| Retirement Facilities First Mortgage, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19894<br> <sup>(c)</sup><br>|
| Retirement Facilities First Mortgage, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 1385000 | &nbsp;&nbsp; 1362883<br> <sup>(c)</sup><br>|
| Retirement Facilities, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 84977<br> <sup>(c)</sup><br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 625071<br> <sup>(c)</sup><br>|
| Signature Preparatory | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 111294<br> <sup>(c)</sup><br>|
| Taxable Educational Facility, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 89685<br> <sup>(c)</sup><br>|
| Triad Educational Services Inc. | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 339169<br>|
| Triad Educational Services Inc., Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 3430000 | &nbsp;&nbsp; 3394750<br>|
| Wisconsin State HEFA Revenue: |  |  |  |  |
| Covenant Communities Inc. Project Third Tier | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9618<br>|
| Covenant Communities Inc. Project Third Tier | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp; 439805<br>|
| Saint John's Communities Inc. Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/41 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 933812<br>|
| Saint John's Communities Inc. Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 628144<br>|
| Saint John's Communities Inc. Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/41 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 453566<br>|
| Three Pillars Senior Living Communities | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199996<br>|
| Three Pillars Senior Living Communities | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 312094<br>|
| Total Wisconsin | Total Wisconsin | Total Wisconsin | Total Wisconsin | &nbsp;&nbsp; 21246670 |
| **Total Municipal Bonds (Cost — $898,739,561)** | **Total Municipal Bonds (Cost — $898,739,561)** | **Total Municipal Bonds (Cost — $898,739,561)** | **Total Municipal Bonds (Cost — $898,739,561)** | &nbsp;&nbsp; **912686451** |
| **Corporate Bonds & Notes — 0.8%** | **Corporate Bonds & Notes — 0.8%** | **Corporate Bonds & Notes — 0.8%** | **Corporate Bonds & Notes — 0.8%** | **Corporate Bonds & Notes — 0.8%** |
| **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** |
| Diversified Consumer Services — 0.8% | Diversified Consumer Services — 0.8% | Diversified Consumer Services — 0.8% | Diversified Consumer Services — 0.8% | Diversified Consumer Services — 0.8% |
| Grand Canyon University, Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 7500000<br>| &nbsp;&nbsp; **7394120**<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%†† |
| AES Puerto Rico LP | &nbsp;&nbsp; 12.674% | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 20181<br>| &nbsp;&nbsp; **20180**<br> <sup>(f)(g)</sup><br>|
| **Total Corporate Bonds & Notes (Cost — $7,127,629)** | **Total Corporate Bonds & Notes (Cost — $7,127,629)** | **Total Corporate Bonds & Notes (Cost — $7,127,629)** | **Total Corporate Bonds & Notes (Cost — $7,127,629)** | &nbsp;&nbsp; **7414300** |
| **Total Investments before Short-Term Investments (Cost — $905,867,190)** | **Total Investments before Short-Term Investments (Cost — $905,867,190)** | **Total Investments before Short-Term Investments (Cost — $905,867,190)** | **Total Investments before Short-Term Investments (Cost — $905,867,190)** | &nbsp;&nbsp; **920100751** |
| **Short-Term Investments — 6.5%** | **Short-Term Investments — 6.5%** | **Short-Term Investments — 6.5%** | **Short-Term Investments — 6.5%** | **Short-Term Investments — 6.5%** |
| **Municipal Bonds — 6.5%** | **Municipal Bonds — 6.5%** | **Municipal Bonds — 6.5%** | **Municipal Bonds — 6.5%** | **Municipal Bonds — 6.5%** |
| Arizona — 0.0%†† | Arizona — 0.0%†† | Arizona — 0.0%†† | Arizona — 0.0%†† | Arizona — 0.0%†† |
| Phoenix, AZ, IDA, Health Care Facilities Revenue, Mayo Clinic, Series B, SPA - <br> Northern Trust Co. | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000<br> <sup>(j)(k)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 — 0.2% | Colorado — 0.2% | Colorado — 0.2% | Colorado — 0.2% | Colorado — 0.2% |
| Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| Children's Hospital, Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; $1080000 | &nbsp;&nbsp; $1080000<br> <sup>(j)(k)</sup><br>|
| Intermountain Health, Series E, SPA - TD Bank N.A. | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/64 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000<br> <sup>(j)(k)</sup><br>|
| Total Colorado | Total Colorado | Total Colorado | Total Colorado | &nbsp;&nbsp; 1580000 |
| Connecticut — 0.7% | Connecticut — 0.7% | Connecticut — 0.7% | Connecticut — 0.7% | Connecticut — 0.7% |
| Connecticut State HEFA Revenue, Yale University Issue, Series V-2 | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 6700000 | &nbsp;&nbsp; 6700000<br> <sup>(j)(k)</sup><br>|
| Georgia — 1.2% | Georgia — 1.2% | Georgia — 1.2% | Georgia — 1.2% | Georgia — 1.2% |
| Roswell Development Authority, GA, Revenue, Wellstar Healthcare Inc., LOC - <br> Truist Bank N.A. | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 4/1/47 | &nbsp;&nbsp; 11650000 | &nbsp;&nbsp; 11650000<br> <sup>(j)(k)</sup><br>|
| Maryland — 0.0%†† | Maryland — 0.0%†† | Maryland — 0.0%†† | Maryland — 0.0%†† | Maryland — 0.0%†† |
| Montgomery County, MD, GO, Consolidated Public Improvement Variable Rate <br> Bonds, Series E, Refunding, SPA - U.S. Bank N.A. | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000<br> <sup>(j)(k)</sup><br>|
| Michigan — 0.4% | Michigan — 0.4% | Michigan — 0.4% | Michigan — 0.4% | Michigan — 0.4% |
| Grand Traverse County, MI, Hospital Finance Authority Revenue, Munson <br> Healthcare Obligated Group, Series C, Refunding, LOC - PNC Bank N.A.  | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500000<br> <sup>(j)(k)</sup><br>|
| Green Lake Township, MI, EDC, The Township of Green Lake Michigan Variable <br> Rate Demand Revenue, Series 2004, Refunding, LOC - PNC Bank N.A.  | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2400000<br> <sup>(j)(k)</sup><br>|
| Total Michigan | Total Michigan | Total Michigan | Total Michigan | &nbsp;&nbsp; 3900000 |
| Minnesota — 1.0% | Minnesota — 1.0% | Minnesota — 1.0% | Minnesota — 1.0% | Minnesota — 1.0% |
| Rochester, MN, Health Care Facilities Variable Rate Revenue, Mayo Clinic, <br> Series D, LOC - Barclays Bank PLC | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 11/15/64 | &nbsp;&nbsp; 10100000 | &nbsp;&nbsp; 10100000<br> <sup>(j)(k)</sup><br>|
| Missouri — 0.8% | Missouri — 0.8% | Missouri — 0.8% | Missouri — 0.8% | Missouri — 0.8% |
| Missouri State HEFA Revenue, Series F | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 8000000<br> <sup>(j)(k)</sup><br>|
| New York — 2.0% | New York — 2.0% | New York — 2.0% | New York — 2.0% | New York — 2.0% |
| Nassau County, NY, Industrial Development Agency Revenue, Cold Spring <br> Harbor Laboratory, Refunding, SPA - TD Bank N.A.  | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp; 3900000<br> <sup>(j)(k)</sup><br>|
| New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue, Refunding  | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 7300000 | &nbsp;&nbsp; 7300000<br> <sup>(j)(k)</sup><br>|
| New York City, NY, TFA, Future Tax Secured Revenue, Subordinated, Subseries <br> D-3, SPA - Mizuho Bank Ltd.  | &nbsp;&nbsp; 3.520% | &nbsp;&nbsp; 2/1/44 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000<br> <sup>(j)(k)</sup><br>|
| New York, NY, GO, Fiscal 2014, Series I, SPA - U.S. Bank N.A.  | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/1/44 | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp; 3600000<br> <sup>(j)(k)</sup><br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 19800000 |
| Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% |
| Hamilton County, OH, Revenue, Trihealth Inc. Obligated Group Project, <br> Series 2021, Refunding, SPA - JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 8/15/51 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000<br> <sup>(j)(k)</sup><br>|
| Oregon — 0.1% | Oregon — 0.1% | Oregon — 0.1% | Oregon — 0.1% | Oregon — 0.1% |
| Oregon State Facilities Authority Revenue, Peacehealth, Series A, Refunding, <br> LOC - U.S. Bank N.A. | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1100000<br> <sup>(j)(k)</sup><br>|
| **Total Short-Term Investments (Cost — $64,130,000)** | **Total Short-Term Investments (Cost — $64,130,000)** | **Total Short-Term Investments (Cost — $64,130,000)** | **Total Short-Term Investments (Cost — $64,130,000)** | &nbsp;&nbsp; **64130000** |
| **Total Investments — 100.1% (Cost — $969,997,190)** | **Total Investments — 100.1% (Cost — $969,997,190)** | **Total Investments — 100.1% (Cost — $969,997,190)** | **Total Investments — 100.1% (Cost — $969,997,190)** | &nbsp;&nbsp; **984230751** |
| Liabilities in Excess of Other Assets — (0.1)% | Liabilities in Excess of Other Assets — (0.1)% | Liabilities in Excess of Other Assets — (0.1)% | Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp; (545339)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$983685412** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

---

| | |
|:---|:---|
| †† | 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 September 30, 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> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(j)</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>(k)</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:** |
| 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 |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HDC |  | Housing Development Corporation |
| HEFA |  | Health & Educational Facilities Authority |
| HFC |  | Housing Finance Commission |
| IDA |  | Industrial Development Authority |
| IDR |  | Industrial Development Revenue |
| LIBOR |  | London Interbank Offered Rate |
| LIQ |  | Liquidity Facility |
| LOC |  | Letter of Credit |
| MTA |  | Metropolitan Transportation Authority |
| NATL |  | National Public Finance Guarantee Corporation — Insured Bonds |
| PCFA |  | Pollution Control Financing Authority |
| PFC |  | Public Facilities Corporation |
| SOFR |  | Secured Overnight Financing Rate |
| SPA |  | Standby Bond Purchase Agreement — Insured Bonds |
| TCRS |  | Transferable Custodial Receipts |
| TFA |  | Transitional Finance Authority |
| USD |  | United States Dollar |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Exponential Data ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
| **Communication Services — 22.0%** | **Communication Services — 22.0%** | **Communication Services — 22.0%** |
| Entertainment — 3.9% | Entertainment — 3.9% | Entertainment — 3.9% |
| Netflix Inc. | &nbsp;&nbsp; 100 | &nbsp;&nbsp; $119,892<br> \*<br>|
| Roku Inc. | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 41,654<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 161546 |
| Interactive Media & Services — 16.1% | Interactive Media & Services — 16.1% | Interactive Media & Services — 16.1% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 1012 | &nbsp;&nbsp; 246017<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 310643<br>|
| Pinterest Inc., Class A Shares | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 19,206<br> \*<br>|
| Reddit Inc., Class A Shares | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 90,156<br> \*<br>|
| Snap Inc., Class A Shares | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; 8,288<br> \*<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 674310 |
| Wireless Telecommunication Services — 2.0% | Wireless Telecommunication Services — 2.0% | Wireless Telecommunication Services — 2.0% |
| T-Mobile US Inc. | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 85698<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **921554** |
| **Consumer Discretionary — 1.0%** | **Consumer Discretionary — 1.0%** | **Consumer Discretionary — 1.0%** |
| Diversified Consumer Services — 1.0% | Diversified Consumer Services — 1.0% | Diversified Consumer Services — 1.0% |
| Duolingo Inc. | &nbsp;&nbsp; 135 | &nbsp;&nbsp; **43,448**<br> \*<br>|
| **Financials — 3.3%** | **Financials — 3.3%** | **Financials — 3.3%** |
| Capital Markets — 3.0% | Capital Markets — 3.0% | Capital Markets — 3.0% |
| Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 52,986<br> \*<br>|
| FactSet Research Systems Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 2005<br>|
| Moody's Corp. | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 19059<br>|
| MSCI Inc. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 19292<br>|
| Tradeweb Markets Inc., Class A Shares | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 35181<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 128523 |
| Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% |
| Root Inc., Class A Shares | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 11,547<br> \*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **140070** |
| **Health Care — 3.6%** | **Health Care — 3.6%** | **Health Care — 3.6%** |
| Health Care Technology — 3.6% | Health Care Technology — 3.6% | Health Care Technology — 3.6% |
| Doximity Inc., Class A Shares | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 47,913<br> \*<br>|
| Schrodinger Inc. | &nbsp;&nbsp; 1641 | &nbsp;&nbsp; 32,919<br> \*<br>|
| Simulations Plus Inc. | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 4,400<br> \*<br>|
| Veeva Systems Inc., Class A Shares | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 48,261<br> \*<br>|
| Waystar Holding Corp. | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 19,074<br> \*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **152567** |
| **Industrials — 1.1%** | **Industrials — 1.1%** | **Industrials — 1.1%** |
| Professional Services — 1.1% | Professional Services — 1.1% | Professional Services — 1.1% |
| TransUnion | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 15751<br>|
| Verisk Analytics Inc. | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 32445<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **48196** |
| **Information Technology — 66.0%** | **Information Technology — 66.0%** | **Information Technology — 66.0%** |
| Communications Equipment — 1.9% | Communications Equipment — 1.9% | Communications Equipment — 1.9% |
| Arista Networks Inc. | &nbsp;&nbsp; 542 | &nbsp;&nbsp; 78,975<br> \*<br>|
| Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% |
| Celestica Inc. | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 16,261<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Exponential Data ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| IT Services — 15.9% | IT Services — 15.9% | IT Services — 15.9% |
| Akamai Technologies Inc. | &nbsp;&nbsp; 211 | &nbsp;&nbsp; $15,985<br> \*<br>|
| Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 366,949<br> \*<br>|
| Gartner Inc. | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 10,515<br> \*<br>|
| GoDaddy Inc., Class A Shares | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 42,691<br> \*<br>|
| Kyndryl Holdings Inc. | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 14,985<br> \*<br>|
| MongoDB Inc. | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 46,557<br> \*<br>|
| Snowflake Inc., Class A Shares | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 122,474<br> \*<br>|
| Wix.com Ltd. | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 46,894<br> \*<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 667050 |
| Software — 47.8% | Software — 47.8% | Software — 47.8% |
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 259,393<br> \*<br>|
| Aurora Innovation Inc. | &nbsp;&nbsp; 5189 | &nbsp;&nbsp; 27,969<br> \*<br>|
| Clearwater Analytics Holdings Inc., Class A Shares | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 12,704<br> \*<br>|
| Confluent Inc., Class A Shares | &nbsp;&nbsp; 2129 | &nbsp;&nbsp; 42,154<br> \*<br>|
| Constellation Software Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 38013<br>|
| CrowdStrike Holdings Inc., Class A Shares | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 151,527<br> \*<br>|
| Datadog Inc., Class A Shares | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 59,381<br> \*<br>|
| Fair Isaac Corp. | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 58,365<br> \*<br>|
| Fortinet Inc. | &nbsp;&nbsp; 747 | &nbsp;&nbsp; 62,808<br> \*<br>|
| Gitlab Inc., Class A Shares | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 33,359<br> \*<br>|
| Guidewire Software Inc. | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 50,569<br> \*<br>|
| HubSpot Inc. | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 44,909<br> \*<br>|
| Life360 Inc. | &nbsp;&nbsp; 812 | &nbsp;&nbsp; 86,316<br> \*<br>|
| Microsoft Corp. | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 250170<br>|
| Monday.com Ltd. | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 62,174<br> \*<br>|
| Nutanix Inc., Class A Shares | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 10,043<br> \*<br>|
| Oracle Corp. | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 38249<br>|
| Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 91,210<br> \*<br>|
| Palo Alto Networks Inc. | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 143,552<br> \*<br>|
| Q2 Holdings Inc. | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 15,202<br> \*<br>|
| Qualys Inc. | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 11,380<br> \*<br>|
| Rubrik Inc., Class A Shares | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 9,130<br> \*<br>|
| Salesforce Inc. | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 40527<br>|
| Samsara Inc., Class A Shares | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 23,467<br> \*<br>|
| SentinelOne Inc., Class A Shares | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; 23,615<br> \*<br>|
| ServiceNow Inc. | &nbsp;&nbsp; 227 | &nbsp;&nbsp; 208,904<br> \*<br>|
| ServiceTitan Inc., Class A Shares | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 32,064<br> \*<br>|
| Trend Micro Inc. | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 37021<br>|
| Tyler Technologies Inc. | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 17,264<br> \*<br>|
| Vertex Inc., Class A Shares | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 2,603<br> \*<br>|
| Zscaler Inc. | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 63,228<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 2007270 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2769556** |
| **Real Estate — 1.8%** | **Real Estate — 1.8%** | **Real Estate — 1.8%** |
| Specialized REITs — 1.8% | Specialized REITs — 1.8% | Specialized REITs — 1.8% |
| Crown Castle Inc. | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 20553<br>|
| Equinix Inc. | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 35246<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Exponential Data ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Specialized REITs — continued | Specialized REITs — continued | Specialized REITs — continued | Specialized REITs — continued |
| SBA Communications Corp. | SBA Communications Corp. | &nbsp;&nbsp; 95 | &nbsp;&nbsp; $18368<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **74167** |
| **Total Investments before Short-Term Investments (Cost — $3,179,963)** | **Total Investments before Short-Term Investments (Cost — $3,179,963)** | **Total Investments before Short-Term Investments (Cost — $3,179,963)** | &nbsp;&nbsp; **4149558** |
|  | Rate |  |  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $40,725)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 40725<br>| &nbsp;&nbsp; **40725**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.8% (Cost — $3,220,688)** | **Total Investments — 99.8% (Cost — $3,220,688)** | **Total Investments — 99.8% (Cost — $3,220,688)** | &nbsp;&nbsp; **4190283** |
| Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp; 7163 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$4197446** |

---

&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 September 30, 2025, the total market value of investments in Affiliated Companies was $40,725 and the cost was $40,725 (Note 6). 

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Focused Growth ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.7%** | **Common Stocks — 98.7%** | **Common Stocks — 98.7%** |
| **Communication Services — 16.8%** | **Communication Services — 16.8%** | **Communication Services — 16.8%** |
| Entertainment — 3.2% | Entertainment — 3.2% | Entertainment — 3.2% |
| Netflix Inc. | &nbsp;&nbsp; 3659 | &nbsp;&nbsp; $4,386,848<br> \*<br>|
| ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 12673 | &nbsp;&nbsp; 1,755,464<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 6142312 |
| Interactive Media & Services — 13.6% | Interactive Media & Services — 13.6% | Interactive Media & Services — 13.6% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 43211 | &nbsp;&nbsp; 10504594<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 20922 | &nbsp;&nbsp; 15364699<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 25869293 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **32011605** |
| **Consumer Discretionary — 16.0%** | **Consumer Discretionary — 16.0%** | **Consumer Discretionary — 16.0%** |
| Automobiles — 3.5% | Automobiles — 3.5% | Automobiles — 3.5% |
| Tesla Inc. | &nbsp;&nbsp; 15019 | &nbsp;&nbsp; 6,679,250<br> \*<br>|
| Broadline Retail — 10.9% | Broadline Retail — 10.9% | Broadline Retail — 10.9% |
| Amazon.com Inc. | &nbsp;&nbsp; 70405 | &nbsp;&nbsp; 15,458,826<br> \*<br>|
| MercadoLibre Inc. | &nbsp;&nbsp; 1291 | &nbsp;&nbsp; 3,016,989<br> \*<br>|
| Sea Ltd., ADR | &nbsp;&nbsp; 12249 | &nbsp;&nbsp; 2,189,264<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 20665079 |
| Hotels, Restaurants & Leisure — 1.6% | Hotels, Restaurants & Leisure — 1.6% | Hotels, Restaurants & Leisure — 1.6% |
| DoorDash Inc., Class A Shares | &nbsp;&nbsp; 11445 | &nbsp;&nbsp; 3,112,925<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **30457254** |
| **Consumer Staples — 2.8%** | **Consumer Staples — 2.8%** | **Consumer Staples — 2.8%** |
| Consumer Staples Distribution & Retail — 2.8% | Consumer Staples Distribution & Retail — 2.8% | Consumer Staples Distribution & Retail — 2.8% |
| Costco Wholesale Corp. | &nbsp;&nbsp; 5713 | &nbsp;&nbsp; **5288124**<br>|
| **Financials — 6.0%** | **Financials — 6.0%** | **Financials — 6.0%** |
| Capital Markets — 2.2% | Capital Markets — 2.2% | Capital Markets — 2.2% |
| Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 15774 | &nbsp;&nbsp; 2,258,521<br> \*<br>|
| Tradeweb Markets Inc., Class A Shares | &nbsp;&nbsp; 17003 | &nbsp;&nbsp; 1886993<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 4145514 |
| Financial Services — 3.8% | Financial Services — 3.8% | Financial Services — 3.8% |
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 12834 | &nbsp;&nbsp; 7300108<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **11445622** |
| **Health Care — 5.6%** | **Health Care — 5.6%** | **Health Care — 5.6%** |
| Biotechnology — 1.4% | Biotechnology — 1.4% | Biotechnology — 1.4% |
| Argenx SE, ADR | &nbsp;&nbsp; 1259 | &nbsp;&nbsp; 928,588<br> \*<br>|
| Natera Inc. | &nbsp;&nbsp; 10489 | &nbsp;&nbsp; 1,688,414<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 2617002 |
| Health Care Equipment & Supplies — 1.7% | Health Care Equipment & Supplies — 1.7% | Health Care Equipment & Supplies — 1.7% |
| Intuitive Surgical Inc. | &nbsp;&nbsp; 7093 | &nbsp;&nbsp; 3,172,202<br> \*<br>|
| Health Care Technology — 0.7% | Health Care Technology — 0.7% | Health Care Technology — 0.7% |
| Doximity Inc., Class A Shares | &nbsp;&nbsp; 18923 | &nbsp;&nbsp; 1,384,218<br> \*<br>|
| Pharmaceuticals — 1.8% | Pharmaceuticals — 1.8% | Pharmaceuticals — 1.8% |
| Eli Lilly & Co. | &nbsp;&nbsp; 4435 | &nbsp;&nbsp; 3383905<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **10557327** |
| **Industrials — 3.0%** | **Industrials — 3.0%** | **Industrials — 3.0%** |
| Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% |
| Axon Enterprise Inc. | &nbsp;&nbsp; 6196 | &nbsp;&nbsp; 4,446,498<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Focused Growth ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Electrical Equipment — 0.7% | Electrical Equipment — 0.7% | Electrical Equipment — 0.7% | Electrical Equipment — 0.7% |
| GE Vernova Inc. | GE Vernova Inc. | &nbsp;&nbsp; 2067 | &nbsp;&nbsp; $1270998<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **5717496** |
| **Information Technology — 48.5%** | **Information Technology — 48.5%** | **Information Technology — 48.5%** | **Information Technology — 48.5%** |
| IT Services — 4.5% | IT Services — 4.5% | IT Services — 4.5% | IT Services — 4.5% |
| Cloudflare Inc., Class A Shares | Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 15693 | &nbsp;&nbsp; 3,367,561<br> \*<br>|
| Shopify Inc., Class A Shares | Shopify Inc., Class A Shares | &nbsp;&nbsp; 34979 | &nbsp;&nbsp; 5,198,229<br> \*<br>|
| Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 8565790 |
| Semiconductors & Semiconductor Equipment — 24.5% | Semiconductors & Semiconductor Equipment — 24.5% | Semiconductors & Semiconductor Equipment — 24.5% | Semiconductors & Semiconductor Equipment — 24.5% |
| Analog Devices Inc. | Analog Devices Inc. | &nbsp;&nbsp; 7469 | &nbsp;&nbsp; 1835133<br>|
| ASML Holding NV, Registered Shares | ASML Holding NV, Registered Shares | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 958409<br>|
| Broadcom Inc. | Broadcom Inc. | &nbsp;&nbsp; 32027 | &nbsp;&nbsp; 10566028<br>|
| NVIDIA Corp. | NVIDIA Corp. | &nbsp;&nbsp; 147089 | &nbsp;&nbsp; 27443866<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 20505 | &nbsp;&nbsp; 5726841<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 46530277 |
| Software — 19.5% | Software — 19.5% | Software — 19.5% | Software — 19.5% |
| AppLovin Corp., Class A Shares | AppLovin Corp., Class A Shares | &nbsp;&nbsp; 8881 | &nbsp;&nbsp; 6,381,354<br> \*<br>|
| Cadence Design Systems Inc. | Cadence Design Systems Inc. | &nbsp;&nbsp; 12623 | &nbsp;&nbsp; 4,433,955<br> \*<br>|
| Constellation Software Inc. | Constellation Software Inc. | &nbsp;&nbsp; 577 | &nbsp;&nbsp; 1566691<br>|
| Intuit Inc. | Intuit Inc. | &nbsp;&nbsp; 2175 | &nbsp;&nbsp; 1485329<br>|
| Microsoft Corp. | Microsoft Corp. | &nbsp;&nbsp; 36552 | &nbsp;&nbsp; 18932108<br>|
| ServiceNow Inc. | ServiceNow Inc. | &nbsp;&nbsp; 4588 | &nbsp;&nbsp; 4,222,245<br> \*<br>|
| Total Software | Total Software | Total Software | &nbsp;&nbsp; 37021682 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **92117749** |
| **Total Investments before Short-Term Investments (Cost — $134,235,780)** | **Total Investments before Short-Term Investments (Cost — $134,235,780)** | **Total Investments before Short-Term Investments (Cost — $134,235,780)** | &nbsp;&nbsp; **187595177** |
|  | Rate |  |  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $2,451,209)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 2451209<br>| &nbsp;&nbsp; **2451209**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 100.0% (Cost — $136,686,989)** | **Total Investments — 100.0% (Cost — $136,686,989)** | **Total Investments — 100.0% (Cost — $136,686,989)** | &nbsp;&nbsp; **190046386** |
| Liabilities in Excess of Other Assets — (0.0)%†† | Liabilities in Excess of Other Assets — (0.0)%†† | Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp; (28395)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$190017991** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | 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 <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2025, the total market value of <br> investments in Affiliated Companies was $2,451,209 and the cost was $2,451,209 (Note 6).<br>|
| <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 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Genomic Advancements ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.4%** | **Common Stocks — 98.4%** | **Common Stocks — 98.4%** |
| **Health Care — 94.7%** | **Health Care — 94.7%** | **Health Care — 94.7%** |
| Biotechnology — 50.0% | Biotechnology — 50.0% | Biotechnology — 50.0% |
| Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp; 1817 | &nbsp;&nbsp; $828,552<br> \*<br>|
| Argenx SE | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 253,098<br> \*<br>|
| Bavarian Nordic A/S | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 65,434<br> \*<br>|
| Beam Therapeutics Inc. | &nbsp;&nbsp; 5954 | &nbsp;&nbsp; 144,504<br> \*<br>|
| BeOne Medicines Ltd., ADR | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 60,304<br> \*<br>|
| BioMarin Pharmaceutical Inc. | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 91,801<br> \*<br>|
| BioNTech SE, ADR | &nbsp;&nbsp; 3674 | &nbsp;&nbsp; 362,330<br> \*<br>|
| Bridgebio Pharma Inc. | &nbsp;&nbsp; 10103 | &nbsp;&nbsp; 524,750<br> \*<br>|
| CareDx Inc. | &nbsp;&nbsp; 6287 | &nbsp;&nbsp; 91,413<br> \*<br>|
| Caris Life Sciences Inc. | &nbsp;&nbsp; 859 | &nbsp;&nbsp; 25,985<br> \*<br>|
| Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp; 4691 | &nbsp;&nbsp; 92,413<br> \*<br>|
| CRISPR Therapeutics AG | &nbsp;&nbsp; 2369 | &nbsp;&nbsp; 153,535<br> \*<br>|
| Dynavax Technologies Corp. | &nbsp;&nbsp; 4271 | &nbsp;&nbsp; 42,411<br> \*<br>|
| Exact Sciences Corp. | &nbsp;&nbsp; 5261 | &nbsp;&nbsp; 287,829<br> \*<br>|
| GRAIL Inc. | &nbsp;&nbsp; 3131 | &nbsp;&nbsp; 185,136<br> \*<br>|
| Insmed Inc. | &nbsp;&nbsp; 5020 | &nbsp;&nbsp; 722,930<br> \*<br>|
| Ionis Pharmaceuticals Inc. | &nbsp;&nbsp; 3432 | &nbsp;&nbsp; 224,521<br> \*<br>|
| Krystal Biotech Inc. | &nbsp;&nbsp; 3740 | &nbsp;&nbsp; 660,222<br> \*<br>|
| Natera Inc. | &nbsp;&nbsp; 6035 | &nbsp;&nbsp; 971,454<br> \*<br>|
| Neurocrine Biosciences Inc. | &nbsp;&nbsp; 1762 | &nbsp;&nbsp; 247,350<br> \*<br>|
| Neurogene Inc. | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 11,923<br> \*<br>|
| PTC Therapeutics Inc. | &nbsp;&nbsp; 2609 | &nbsp;&nbsp; 160,114<br> \*<br>|
| Recursion Pharmaceuticals Inc., Class A Shares | &nbsp;&nbsp; 27074 | &nbsp;&nbsp; 132,121<br> \*<br>|
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 612 | &nbsp;&nbsp; 344109<br>|
| Stoke Therapeutics Inc. | &nbsp;&nbsp; 1867 | &nbsp;&nbsp; 43,874<br> \*<br>|
| Travere Therapeutics Inc. | &nbsp;&nbsp; 5296 | &nbsp;&nbsp; 126,574<br> \*<br>|
| Twist Bioscience Corp. | &nbsp;&nbsp; 5519 | &nbsp;&nbsp; 155,305<br> \*<br>|
| Ultragenyx Pharmaceutical Inc. | &nbsp;&nbsp; 7128 | &nbsp;&nbsp; 214,410<br> \*<br>|
| uniQure NV | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 45,529<br> \*<br>|
| United Therapeutics Corp. | &nbsp;&nbsp; 1422 | &nbsp;&nbsp; 596,117<br> \*<br>|
| Veracyte Inc. | &nbsp;&nbsp; 4757 | &nbsp;&nbsp; 163,308<br> \*<br>|
| Vertex Pharmaceuticals Inc. | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 475,843<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 8505199 |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| OmniAb Inc., $12.50 EARNOUT | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)(d)</sup><br>|
| OmniAb Inc., $15.00 EARNOUT | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)(d)</sup><br>|
| TransMedics Group Inc. | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 11,669<br> \*<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 11669 |
| Health Care Providers & Services — 8.5% | Health Care Providers & Services — 8.5% | Health Care Providers & Services — 8.5% |
| GeneDx Holdings Corp. | &nbsp;&nbsp; 3047 | &nbsp;&nbsp; 328,284<br> \*<br>|
| Guardant Health Inc. | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 830,984<br> \*<br>|
| Hinge Health Inc., Class A Shares | &nbsp;&nbsp; 1434 | &nbsp;&nbsp; 70,380<br> \*<br>|
| Labcorp Holdings Inc. | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 219601<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 1449249 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Genomic Advancements ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Health Care Technology — 1.9% | Health Care Technology — 1.9% | Health Care Technology — 1.9% | Health Care Technology — 1.9% |
| Doximity Inc., Class A Shares | Doximity Inc., Class A Shares | &nbsp;&nbsp; 3354 | &nbsp;&nbsp; $245,345<br> \*<br>|
| Schrodinger Inc. | Schrodinger Inc. | &nbsp;&nbsp; 3734 | &nbsp;&nbsp; 74,904<br> \*<br>|
| Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 320249 |
| Life Sciences Tools & Services — 25.2% | Life Sciences Tools & Services — 25.2% | Life Sciences Tools & Services — 25.2% | Life Sciences Tools & Services — 25.2% |
| Adaptive Biotechnologies Corp. | Adaptive Biotechnologies Corp. | &nbsp;&nbsp; 40823 | &nbsp;&nbsp; 610,712<br> \*<br>|
| Agilent Technologies Inc. | Agilent Technologies Inc. | &nbsp;&nbsp; 1689 | &nbsp;&nbsp; 216783<br>|
| Bio-Rad Laboratories Inc., Class A Shares | Bio-Rad Laboratories Inc., Class A Shares | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 53,835<br> \*<br>|
| Bio-Techne Corp. | Bio-Techne Corp. | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 16300<br>|
| Charles River Laboratories International Inc. | Charles River Laboratories International Inc. | &nbsp;&nbsp; 1223 | &nbsp;&nbsp; 191,351<br> \*<br>|
| Danaher Corp. | Danaher Corp. | &nbsp;&nbsp; 1347 | &nbsp;&nbsp; 267056<br>|
| Evotec SE | Evotec SE | &nbsp;&nbsp; 1666 | &nbsp;&nbsp; 12,113<br> \*<br>|
| IQVIA Holdings Inc. | IQVIA Holdings Inc. | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 161,639<br> \*<br>|
| Lonza Group AG, Registered Shares | Lonza Group AG, Registered Shares | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 192817<br>|
| Medpace Holdings Inc. | Medpace Holdings Inc. | &nbsp;&nbsp; 1566 | &nbsp;&nbsp; 805,175<br> \*<br>|
| QIAGEN NV | QIAGEN NV | &nbsp;&nbsp; 3564 | &nbsp;&nbsp; 159239<br>|
| Repligen Corp. | Repligen Corp. | &nbsp;&nbsp; 1276 | &nbsp;&nbsp; 170,563<br> \*<br>|
| Revvity Inc. | Revvity Inc. | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 8590<br>|
| Samsung Biologics Co. Ltd. | Samsung Biologics Co. Ltd. | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 604,006<br> \*<sup>(e)</sup><br>|
| Tempus AI Inc. | Tempus AI Inc. | &nbsp;&nbsp; 7171 | &nbsp;&nbsp; 578,771<br> \*<br>|
| Thermo Fisher Scientific Inc. | Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 243480<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 4292430 |
| Pharmaceuticals — 9.0% | Pharmaceuticals — 9.0% | Pharmaceuticals — 9.0% | Pharmaceuticals — 9.0% |
| AstraZeneca PLC, ADR | AstraZeneca PLC, ADR | &nbsp;&nbsp; 6074 | &nbsp;&nbsp; 465997<br>|
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 57953<br>|
| Eli Lilly & Co. | Eli Lilly & Co. | &nbsp;&nbsp; 536 | &nbsp;&nbsp; 408968<br>|
| Ligand Pharmaceuticals Inc. | Ligand Pharmaceuticals Inc. | &nbsp;&nbsp; 3212 | &nbsp;&nbsp; 568,974<br> \*<br>|
| WaVe Life Sciences Ltd. | WaVe Life Sciences Ltd. | &nbsp;&nbsp; 3784 | &nbsp;&nbsp; 27,699<br> \*<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 1529591 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **16108387** |
| **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** |
| Software — 1.0% | Software — 1.0% | Software — 1.0% | Software — 1.0% |
| Cadence Design Systems Inc. | Cadence Design Systems Inc. | &nbsp;&nbsp; 498 | &nbsp;&nbsp; **174,928**<br> \*<br>|
| **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** |
| Chemicals — 2.7% | Chemicals — 2.7% | Chemicals — 2.7% | Chemicals — 2.7% |
| Corteva Inc. | Corteva Inc. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; **459884**<br>|
| **Total Common Stocks (Cost — $14,624,047)** | **Total Common Stocks (Cost — $14,624,047)** | **Total Common Stocks (Cost — $14,624,047)** | &nbsp;&nbsp; **16743199**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** |
| **Health Care — 1.0%** | **Health Care — 1.0%** | **Health Care — 1.0%** | **Health Care — 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% |
| Sartorius AG (Cost — $179,578) | &nbsp;&nbsp; 0.374% | &nbsp;&nbsp; 713 | &nbsp;&nbsp; **165795**<br> <sup>(f)</sup><br>|
| **Total Investments — 99.4% (Cost — $14,803,625)** | **Total Investments — 99.4% (Cost — $14,803,625)** | **Total Investments — 99.4% (Cost — $14,803,625)** | &nbsp;&nbsp; **16908994** |
| Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | &nbsp;&nbsp; 106445 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$17015439** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Genomic Advancements ETF**

\* 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 7).

<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 registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<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 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 — 96.2%** | **Corporate Bonds & Notes — 96.2%** | **Corporate Bonds & Notes — 96.2%** | **Corporate Bonds & Notes — 96.2%** | **Corporate Bonds & Notes — 96.2%** |
| **Communication Services — 9.9%** | **Communication Services — 9.9%** | **Communication Services — 9.9%** | **Communication Services — 9.9%** | **Communication Services — 9.9%** |
| Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% |
| Altice France Holding SA, Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; $600000<br>| &nbsp;&nbsp; $217,607<br> \*<sup>(a)</sup><br>|
| Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 956715<br> <sup>(a)</sup><br>|
| Cogent Communications Group LLC/Cogent Finance Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1696904<br> <sup>(a)</sup><br>|
| Cogent Communications Group LLC/Cogent Finance Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 4450000<br>| &nbsp;&nbsp; 4328673<br> <sup>(a)</sup><br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 7199899 |
| Entertainment — 1.8% | Entertainment — 1.8% | Entertainment — 1.8% | Entertainment — 1.8% | Entertainment — 1.8% |
| Banijay Entertainment SAS, Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 4300000<br>| &nbsp;&nbsp; 4469631<br> <sup>(a)</sup><br>|
| Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2539212<br> <sup>(a)</sup><br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.054% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp; 2124837<br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 2375000<br>| &nbsp;&nbsp; 1897494<br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 11031174 |
| Media — 5.8% | Media — 5.8% | Media — 5.8% | Media — 5.8% | Media — 5.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp; 3280486<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 5900000<br>| &nbsp;&nbsp; 5576059<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 865188<br> <sup>(a)</sup><br>|
| Clear Channel Outdoor Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 777871<br> <sup>(a)</sup><br>|
| Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 4400000<br>| &nbsp;&nbsp; 4623304<br> <sup>(a)</sup><br>|
| Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 941656<br> <sup>(a)</sup><br>|
| DirecTV Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1582354<br> <sup>(a)</sup><br>|
| 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; 901669<br> <sup>(a)</sup><br>|
| EW Scripps Co., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp; 2912646<br> <sup>(a)</sup><br>|
| Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 2825000<br>| &nbsp;&nbsp; 2888599<br> <sup>(a)</sup><br>|
| Gray Media Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 2150000<br>| &nbsp;&nbsp; 1616547<br> <sup>(a)</sup><br>|
| Gray Media Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 1285000<br>| &nbsp;&nbsp; 1274177<br> <sup>(a)</sup><br>|
| McGraw-Hill Education Inc., Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 4800000<br>| &nbsp;&nbsp; 4991107<br> <sup>(a)</sup><br>|
| Sinclair Television Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp; 3492055<br> <sup>(a)</sup><br>|
| Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp; 1247813<br> <sup>(a)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 36971531 |
| Wireless Telecommunication Services — 1.2% | Wireless Telecommunication Services — 1.2% | Wireless Telecommunication Services — 1.2% | Wireless Telecommunication Services — 1.2% | Wireless Telecommunication Services — 1.2% |
| Maya SAS, Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 3450000<br>| &nbsp;&nbsp; 3522636<br> <sup>(a)</sup><br>|
| Zegona Finance PLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 3890000<br>| &nbsp;&nbsp; 4148024<br> <sup>(a)</sup><br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 7670660 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **62873264** |
| **Consumer Discretionary — 15.2%** | **Consumer Discretionary — 15.2%** | **Consumer Discretionary — 15.2%** | **Consumer Discretionary — 15.2%** | **Consumer Discretionary — 15.2%** |
| Automobile Components — 2.0% | Automobile Components — 2.0% | Automobile Components — 2.0% | Automobile Components — 2.0% | Automobile Components — 2.0% |
| Adient Global Holdings Ltd., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 625000<br>| &nbsp;&nbsp; 641598<br> <sup>(a)</sup><br>|
| American Axle & Manufacturing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 1280000<br>| &nbsp;&nbsp; 1278639<br> <sup>(a)</sup><br>|
| Clarios Global LP/Clarios US Finance Co., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 1920000<br>| &nbsp;&nbsp; 1963747<br> <sup>(a)</sup><br>|
| Dornoch Debt Merger Sub Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 5350000<br>| &nbsp;&nbsp; 4607903<br> <sup>(a)</sup><br>|
| Forvia SE, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp; 1543079<br> <sup>(a)</sup><br>|
| IHO Verwaltungs GmbH, Senior Secured Notes (7.750% Cash or 8.500% <br> PIK) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1465904<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| IHO Verwaltungs GmbH, Senior Secured Notes (8.000% Cash or 8.750% <br> PIK) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; $1300000<br>| &nbsp;&nbsp; $1365270<br> <sup>(a)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 12866140 |
| Automobiles — 0.5% | Automobiles — 0.5% | Automobiles — 0.5% | Automobiles — 0.5% | Automobiles — 0.5% |
| Jaguar Land Rover Automotive PLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp; 773766<br> <sup>(a)</sup><br>|
| Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 7/17/35 | &nbsp;&nbsp; 2335000<br>| &nbsp;&nbsp; 2508070<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 3281836 |
| Diversified Consumer Services — 0.9% | Diversified Consumer Services — 0.9% | Diversified Consumer Services — 0.9% | Diversified Consumer Services — 0.9% | Diversified Consumer Services — 0.9% |
| Grand Canyon University, Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2760471<br>|
| Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 8/31/27 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp; 2677022<br> <sup>(a)</sup><br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 5437493 |
| Hotels, Restaurants & Leisure — 8.0% | Hotels, Restaurants & Leisure — 8.0% | Hotels, Restaurants & Leisure — 8.0% | Hotels, Restaurants & Leisure — 8.0% | Hotels, Restaurants & Leisure — 8.0% |
| 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; 3173802<br> <sup>(a)</sup><br>|
| 24 Hour Fitness Worldwide Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/1/22 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)(d)(e)</sup><br>|
| Allwyn Entertainment Financing UK PLC, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 4431000<br>| &nbsp;&nbsp; 4600917<br> <sup>(a)</sup><br>|
| Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 1920000<br>| &nbsp;&nbsp; 1837172<br> <sup>(a)</sup><br>|
| Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp; 488890<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4597452<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2510000<br>| &nbsp;&nbsp; 2557509<br> <sup>(a)</sup><br>|
| 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; 4601628<br> <sup>(a)</sup><br>|
| 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; 1619340<br> <sup>(a)</sup><br>|
| Great Canadian Gaming Corp./Raptor LLC, Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 2775000<br>| &nbsp;&nbsp; 2746102<br> <sup>(a)</sup><br>|
| 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; 3951183<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp; 1864324<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp; 3292981<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 695000<br>| &nbsp;&nbsp; 699032<br> <sup>(a)</sup><br>|
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp; 1191259<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1020396<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 2900000<br>| &nbsp;&nbsp; 2975054<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2614854<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 859244<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1740000<br>| &nbsp;&nbsp; 1743396<br> <sup>(a)</sup><br>|
| 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; 4308683<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 50743218 |
| Household Durables — 1.9% | Household Durables — 1.9% | Household Durables — 1.9% | Household Durables — 1.9% | Household Durables — 1.9% |
| Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1042387<br> <sup>(a)</sup><br>|
| 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; 1488986<br> <sup>(a)</sup><br>|
| Dream Finders Homes Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1869048<br> <sup>(a)</sup><br>|
| K Hovnanian Enterprises Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp; 656684<br> <sup>(a)</sup><br>|
| K Hovnanian Enterprises Inc., Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp; 984842<br> <sup>(a)</sup><br>|
| LGI Homes Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1260534<br> <sup>(a)</sup><br>|
| Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1325295<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Household Durables — continued | Household Durables — continued | Household Durables — continued | Household Durables — continued | Household Durables — continued |
| Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; $500000<br>| &nbsp;&nbsp; $496647<br>|
| Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp; 2819813<br>|
| Total Household Durables | Total Household Durables | Total Household Durables | Total Household Durables | &nbsp;&nbsp; 11944236 |
| Specialty Retail — 0.6% | Specialty Retail — 0.6% | Specialty Retail — 0.6% | Specialty Retail — 0.6% | Specialty Retail — 0.6% |
| Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2480498<br> <sup>(a)</sup><br>|
| Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1576868<br> <sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 4057366 |
| Textiles, Apparel & Luxury Goods — 1.3% | Textiles, Apparel & Luxury Goods — 1.3% | Textiles, Apparel & Luxury Goods — 1.3% | Textiles, Apparel & Luxury Goods — 1.3% | Textiles, Apparel & Luxury Goods — 1.3% |
| Beach Acquisition Bidco LLC, Senior Notes (10.000% Cash or 10.750% PIK) | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 5400000<br>| &nbsp;&nbsp; 5838275<br> <sup>(a)</sup><br>|
| Under Armour Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp; 2202781<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; 8041056 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **96371345** |
| **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** |
| Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% |
| Froneri Lux FinCo SARL, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp; 1242988<br> <sup>(a)</sup><br>|
| Food Products — 0.8% | Food Products — 0.8% | Food Products — 0.8% | Food Products — 0.8% | Food Products — 0.8% |
| Chobani Holdco II LLC, Senior Notes (8.750% Cash or 9.500% PIK) | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 2325524<br>| &nbsp;&nbsp; 2470267<br> <sup>(a)</sup><br>|
| Chobani LLC/Chobani Finance Corp. Inc., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp; 2296793<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 4767060 |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Energizer Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 864333<br> <sup>(a)</sup><br>|
| Personal Care Products — 1.0% | Personal Care Products — 1.0% | Personal Care Products — 1.0% | Personal Care Products — 1.0% | Personal Care Products — 1.0% |
| Coty Inc./HFC Prestige Products Inc./HFC Prestige International US LLC, <br> Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1227743<br> <sup>(a)</sup><br>|
| Opal Bidco SAS, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 5125000<br>| &nbsp;&nbsp; 5256333<br> <sup>(a)</sup><br>|
| Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 6484076 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **13358457** |
| **Energy — 11.4%** | **Energy — 11.4%** | **Energy — 11.4%** | **Energy — 11.4%** | **Energy — 11.4%** |
| Energy Equipment & Services — 3.1% | Energy Equipment & Services — 3.1% | Energy Equipment & Services — 3.1% | Energy Equipment & Services — 3.1% | Energy Equipment & Services — 3.1% |
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp; 3738186<br> <sup>(a)</sup><br>|
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 804853<br> <sup>(a)</sup><br>|
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp; 477732<br> <sup>(a)</sup><br>|
| Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp; 1977444<br> <sup>(a)</sup><br>|
| Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2236968<br> <sup>(a)</sup><br>|
| Transocean International Ltd. | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 395000<br>| &nbsp;&nbsp; 395000<br> <sup>(a)</sup><br>|
| Transocean International Ltd., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1480044<br> <sup>(a)</sup><br>|
| Transocean International Ltd., Senior Notes | &nbsp;&nbsp; 6.800% | &nbsp;&nbsp; 3/15/38 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1356278<br>|
| Transocean International Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2211166<br> <sup>(a)</sup><br>|
| Transocean Titan Financing Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 1538095<br>| &nbsp;&nbsp; 1580088<br> <sup>(a)</sup><br>|
| Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 3295000<br>| &nbsp;&nbsp; 3299352<br> <sup>(a)</sup><br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 19557111 |
| Oil, Gas & Consumable Fuels — 8.3% | Oil, Gas & Consumable Fuels — 8.3% | Oil, Gas & Consumable Fuels — 8.3% | Oil, Gas & Consumable Fuels — 8.3% | Oil, Gas & Consumable Fuels — 8.3% |
| Antero Resources Corp., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 1401000<br>| &nbsp;&nbsp; 1431659<br> <sup>(a)</sup><br>|
| Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 992168<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; $1400000<br>| &nbsp;&nbsp; $1435000<br> <sup>(a)</sup><br>|
| Coronado Finance Pty Ltd., Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3525004<br> <sup>(a)</sup><br>|
| Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 3550000<br>| &nbsp;&nbsp; 3459349<br> <sup>(a)</sup><br>|
| Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 3495000<br>| &nbsp;&nbsp; 3544166<br> <sup>(a)</sup><br>|
| DT Midstream Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1561481<br> <sup>(a)</sup><br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3536827<br> <sup>(a)</sup><br>|
| Hess Midstream Operations LP, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 2470000<br>| &nbsp;&nbsp; 2548954<br> <sup>(a)</sup><br>|
| Kinetik Holdings LP, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1232606<br> <sup>(a)</sup><br>|
| Kinetik Holdings LP, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3019698<br> <sup>(a)</sup><br>|
| 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; 2660800<br> <sup>(a)</sup><br>|
| Northriver Midstream Finance LP, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 2900000<br>| &nbsp;&nbsp; 2967500<br> <sup>(a)</sup><br>|
| Sunoco LP, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2520530<br> <sup>(a)</sup><br>|
| Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1246935<br> <sup>(a)</sup><br>|
| Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2172403<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp; 1812597<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3307950<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2206418<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 1160917<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1065000<br>| &nbsp;&nbsp; 1121746<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1468133<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1965000<br>| &nbsp;&nbsp; 2088406<br> <sup>(a)</sup><br>|
| Vital Energy Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1554276<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; 52575523 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **72132634** |
| **Financials — 12.6%** | **Financials — 12.6%** | **Financials — 12.6%** | **Financials — 12.6%** | **Financials — 12.6%** |
| Capital Markets — 1.3% | Capital Markets — 1.3% | Capital Markets — 1.3% | Capital Markets — 1.3% | Capital Markets — 1.3% |
| Osaic Holdings Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1348421<br> <sup>(a)</sup><br>|
| Osaic Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp; 1012983<br> <sup>(a)</sup><br>|
| StoneX Escrow Issuer LLC, Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp; 896201<br> <sup>(a)</sup><br>|
| StoneX Group Inc., Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4735926<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 7993531 |
| Consumer Finance — 2.8% | Consumer Finance — 2.8% | Consumer Finance — 2.8% | Consumer Finance — 2.8% | Consumer Finance — 2.8% |
| Encore Capital Group Inc., Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1056410<br> <sup>(a)</sup><br>|
| Encore Capital Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp; 2338151<br> <sup>(a)</sup><br>|
| FirstCash Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1177553<br> <sup>(a)</sup><br>|
| FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 4139432<br> <sup>(a)</sup><br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1132033<br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 989493<br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 622655<br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 2135000<br>| &nbsp;&nbsp; 2141042<br>|
| PRA Group Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1394230<br> <sup>(a)</sup><br>|
| PRA Group Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 723232<br> <sup>(a)</sup><br>|
| PROG Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2260704<br> <sup>(a)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 17974935 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 — 5.8% | Financial Services — 5.8% | Financial Services — 5.8% | Financial Services — 5.8% | Financial Services — 5.8% |
| CrossCountry Intermediate HoldCo LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; $1830000<br>| &nbsp;&nbsp; $1839021<br> <sup>(a)</sup><br>|
| Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 4300000<br>| &nbsp;&nbsp; 4527623<br> <sup>(a)</sup><br>|
| Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 925000<br>| &nbsp;&nbsp; 970307<br> <sup>(a)</sup><br>|
| Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 535000<br>| &nbsp;&nbsp; 551607<br> <sup>(a)</sup><br>|
| Global Net Lease Inc./Global Net Lease Operating Partnership LP, Senior <br> Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 1930000<br>| &nbsp;&nbsp; 1874953<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1367891<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp; 3397936<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2806419<br> <sup>(a)</sup><br>|
| Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2219341<br> <sup>(a)</sup><br>|
| Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp; 3349424<br> <sup>(a)</sup><br>|
| Nationstar Mortgage Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 3325000<br>| &nbsp;&nbsp; 3370812<br> <sup>(a)</sup><br>|
| Pebblebrook Hotel LP/PEB Finance Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1828339<br> <sup>(a)</sup><br>|
| PHH Escrow Issuer LLC/PHH Corp., Senior Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5072450<br> <sup>(a)</sup><br>|
| 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; 3645228<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 36821351 |
| Insurance — 1.7% | Insurance — 1.7% | Insurance — 1.7% | Insurance — 1.7% | Insurance — 1.7% |
| Acrisure LLC/Acrisure Finance Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 2900000<br>| &nbsp;&nbsp; 3046955<br> <sup>(a)</sup><br>|
| Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1563795<br> <sup>(a)</sup><br>|
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1753860<br> <sup>(a)</sup><br>|
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1629632<br> <sup>(a)</sup><br>|
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior <br> Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2688447<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 10682689 |
| Mortgage Real Estate Investment Trusts (REITs) — 1.0% | Mortgage Real Estate Investment Trusts (REITs) — 1.0% | Mortgage Real Estate Investment Trusts (REITs) — 1.0% | Mortgage Real Estate Investment Trusts (REITs) — 1.0% | Mortgage Real Estate Investment Trusts (REITs) — 1.0% |
| Apollo Commercial Real Estate Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4328157<br> <sup>(a)</sup><br>|
| Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1910000<br>| &nbsp;&nbsp; 1911199<br> <sup>(a)</sup><br>|
| Total Mortgage Real Estate Investment Trusts (REITs) | Total Mortgage Real Estate Investment Trusts (REITs) | Total Mortgage Real Estate Investment Trusts (REITs) | Total Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp; 6239356 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **79711862** |
| **Health Care — 7.7%** | **Health Care — 7.7%** | **Health Care — 7.7%** | **Health Care — 7.7%** | **Health Care — 7.7%** |
| Biotechnology — 1.5% | Biotechnology — 1.5% | Biotechnology — 1.5% | Biotechnology — 1.5% | Biotechnology — 1.5% |
| Grifols SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp; 3208531<br> <sup>(a)</sup><br>|
| Kedrion SpA, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 6300000<br>| &nbsp;&nbsp; 6225597<br> <sup>(a)</sup><br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 9434128 |
| Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% |
| Bausch + Lomb Corp., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp; 4278094<br> <sup>(a)</sup><br>|
| Insulet Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp; 504658<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; 4782752 |
| 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% |
| CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 795920<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp; 3206181<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp; 3393110<br> <sup>(a)</sup><br>|
| Concentra Health Services Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 5300000<br>| &nbsp;&nbsp; 5510050<br> <sup>(a)</sup><br>|
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 5700000<br>| &nbsp;&nbsp; 5467434<br> <sup>(a)</sup><br>|
| Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1502143<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; $2300000<br>| &nbsp;&nbsp; $2332216<br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1450503<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 23657557 |
| Health Care Technology — 0.3% | Health Care Technology — 0.3% | Health Care Technology — 0.3% | Health Care Technology — 0.3% | Health Care Technology — 0.3% |
| MPH Acquisition Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 180055<br>| &nbsp;&nbsp; 157365<br> <sup>(a)</sup><br>|
| 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; 1264296<br> <sup>(a)</sup><br>|
| 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; 295776<br> <sup>(a)</sup><br>|
| Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 1717437 |
| 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% |
| IQVIA Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3602869<br> <sup>(a)</sup><br>|
| Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% |
| Endo Finance Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2792709<br> <sup>(a)</sup><br>|
| Par Pharmaceutical Inc., Escrow | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 0<br> \*<sup>(b)(c)(e)</sup><br>|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1499780<br>|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1144618<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 5437107 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **48631850** |
| **Industrials — 13.8%** | **Industrials — 13.8%** | **Industrials — 13.8%** | **Industrials — 13.8%** | **Industrials — 13.8%** |
| Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% |
| Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 339744<br> <sup>(a)</sup><br>|
| Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1238155<br> <sup>(a)</sup><br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 1670000<br>| &nbsp;&nbsp; 1747543<br> <sup>(a)</sup><br>|
| Efesto Bidco SpA Efesto US LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 5550000<br>| &nbsp;&nbsp; 5652259<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 708374<br> <sup>(a)</sup><br>|
| TransDigm Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 4815000<br>| &nbsp;&nbsp; 4981956<br> <sup>(a)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 14668031 |
| Building Products — 1.6% | Building Products — 1.6% | Building Products — 1.6% | Building Products — 1.6% | Building Products — 1.6% |
| EMRLD Borrower LP/Emerald Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp; 1955478<br> <sup>(a)</sup><br>|
| 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; 5242178<br> <sup>(a)</sup><br>|
| Quikrete Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp; 988426<br> <sup>(a)</sup><br>|
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1710430<br> <sup>(a)</sup><br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 9896512 |
| Commercial Services & Supplies — 2.3% | Commercial Services & Supplies — 2.3% | Commercial Services & Supplies — 2.3% | Commercial Services & Supplies — 2.3% | Commercial Services & Supplies — 2.3% |
| RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 5375000<br>| &nbsp;&nbsp; 5513621<br> <sup>(a)</sup><br>|
| Veritiv Operating Co., Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 1125000<br>| &nbsp;&nbsp; 1208788<br> <sup>(a)</sup><br>|
| Waste Pro USA Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1765105<br> <sup>(a)</sup><br>|
| Wrangler Holdco Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 5900000<br>| &nbsp;&nbsp; 6157263<br> <sup>(a)</sup><br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 14644777 |
| Construction & Engineering — 1.4% | Construction & Engineering — 1.4% | Construction & Engineering — 1.4% | Construction & Engineering — 1.4% | Construction & Engineering — 1.4% |
| Arcosa Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2919768<br> <sup>(a)</sup><br>|
| Arcosa Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp; 2299699<br> <sup>(a)</sup><br>|
| JH North America Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 355672<br> <sup>(a)</sup><br>|
| JH North America Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp; 538201<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued |
| VM Consolidated Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; $2600000<br>| &nbsp;&nbsp; $2597750<br> <sup>(a)</sup><br>|
| Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 8711090 |
| Electrical Equipment — 0.8% | Electrical Equipment — 0.8% | Electrical Equipment — 0.8% | Electrical Equipment — 0.8% | Electrical Equipment — 0.8% |
| Gates Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2181690<br> <sup>(a)</sup><br>|
| WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp; 2852680<br> <sup>(a)</sup><br>|
| Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 5034370 |
| Ground Transportation — 1.7% | Ground Transportation — 1.7% | Ground Transportation — 1.7% | Ground Transportation — 1.7% | Ground Transportation — 1.7% |
| First Student Bidco Inc./First Transit Parent Inc., Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1047210<br> <sup>(a)</sup><br>|
| Watco Cos. LLC/Watco Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 5560000<br>| &nbsp;&nbsp; 5759688<br> <sup>(a)</sup><br>|
| XPO Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp; 4105132<br> <sup>(a)</sup><br>|
| Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 10912030 |
| Machinery — 1.2% | Machinery — 1.2% | Machinery — 1.2% | Machinery — 1.2% | Machinery — 1.2% |
| ATS Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2877092<br> <sup>(a)</sup><br>|
| Esab Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2468527<br> <sup>(a)</sup><br>|
| Terex Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp; 2242935<br> <sup>(a)</sup><br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 7588554 |
| Passenger Airlines — 0.8% | Passenger Airlines — 0.8% | Passenger Airlines — 0.8% | Passenger Airlines — 0.8% | Passenger Airlines — 0.8% |
| OneSky Flight LLC, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 3125000<br>| &nbsp;&nbsp; 3289103<br> <sup>(a)</sup><br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1998648<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 5287751 |
| Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% |
| CACI International Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp; 2323801<br> <sup>(a)</sup><br>|
| Trading Companies & Distributors — 1.0% | Trading Companies & Distributors — 1.0% | Trading Companies & Distributors — 1.0% | Trading Companies & Distributors — 1.0% | Trading Companies & Distributors — 1.0% |
| QXO Building Products Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2906110<br> <sup>(a)</sup><br>|
| United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp; 3539648<br> <sup>(a)</sup><br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 6445758 |
| Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% |
| Beacon Mobility Corp., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1875000<br>| &nbsp;&nbsp; 1950758<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **87463432** |
| **Information Technology — 5.7%** | **Information Technology — 5.7%** | **Information Technology — 5.7%** | **Information Technology — 5.7%** | **Information Technology — 5.7%** |
| Communications Equipment — 1.5% | Communications Equipment — 1.5% | Communications Equipment — 1.5% | Communications Equipment — 1.5% | Communications Equipment — 1.5% |
| CommScope Technologies LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3475505<br> <sup>(a)</sup><br>|
| Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 4210619<br> <sup>(a)</sup><br>|
| Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 2170000<br>| &nbsp;&nbsp; 2039040<br> <sup>(a)</sup><br>|
| Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 9725164 |
| Electronic Equipment, Instruments & Components — 1.8% | Electronic Equipment, Instruments & Components — 1.8% | Electronic Equipment, Instruments & Components — 1.8% | Electronic Equipment, Instruments & Components — 1.8% | Electronic Equipment, Instruments & Components — 1.8% |
| EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2860577<br> <sup>(a)</sup><br>|
| EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2594146<br> <sup>(a)</sup><br>|
| TTM Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3850524<br> <sup>(a)</sup><br>|
| Zebra Technologies Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp; 1952983<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; 11258230 |
| IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% |
| McAfee Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp; 2879145<br> <sup>(a)</sup><br>|
| 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% |
| Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 595000<br>| &nbsp;&nbsp; 608349<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Qnity Electronics Inc., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; $1015000<br>| &nbsp;&nbsp; $1024010<br> <sup>(a)</sup><br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 1632359 |
| Software — 0.4% | Software — 0.4% | Software — 0.4% | Software — 0.4% | Software — 0.4% |
| Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp; 2302603<br> <sup>(a)</sup><br>|
| Technology Hardware, Storage & Peripherals — 1.3% | Technology Hardware, Storage & Peripherals — 1.3% | Technology Hardware, Storage & Peripherals — 1.3% | Technology Hardware, Storage & Peripherals — 1.3% | Technology Hardware, Storage & Peripherals — 1.3% |
| Fortress Intermediate 3 Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 5200000<br>| &nbsp;&nbsp; 5451113<br> <sup>(a)</sup><br>|
| Seagate Data Storage Technology Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp; 2804769<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; 8255882 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **36053383** |
| **Materials — 9.1%** | **Materials — 9.1%** | **Materials — 9.1%** | **Materials — 9.1%** | **Materials — 9.1%** |
| Chemicals — 3.4% | Chemicals — 3.4% | Chemicals — 3.4% | Chemicals — 3.4% | Chemicals — 3.4% |
| Avient Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp; 3455330<br> <sup>(a)</sup><br>|
| Calderys Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1486209<br> <sup>(a)</sup><br>|
| Cerdia Finanz GmbH, Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 10/3/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5306250<br> <sup>(a)</sup><br>|
| 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; 2800000<br>| &nbsp;&nbsp; 2958953<br> <sup>(f)</sup><br>|
| GPD Cos. Inc., Senior Notes | &nbsp;&nbsp; 12.500% | &nbsp;&nbsp; 12/31/29 | &nbsp;&nbsp; 2034976<br>| &nbsp;&nbsp; 1557652<br> <sup>(a)</sup><br>|
| Rain Carbon Inc., Senior Secured Notes | &nbsp;&nbsp; 12.250% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 4050000<br>| &nbsp;&nbsp; 4342078<br> <sup>(a)</sup><br>|
| Solstice Advanced Materials Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/33 | &nbsp;&nbsp; 2660000<br>| &nbsp;&nbsp; 2670451<br> <sup>(a)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 21776923 |
| Construction Materials — 1.1% | Construction Materials — 1.1% | Construction Materials — 1.1% | Construction Materials — 1.1% | Construction Materials — 1.1% |
| Smyrna Ready Mix Concrete LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2113866<br> <sup>(a)</sup><br>|
| Standard Building Solutions Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2875729<br> <sup>(a)</sup><br>|
| Standard Building Solutions Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 1875000<br>| &nbsp;&nbsp; 1901822<br> <sup>(a)</sup><br>|
| Total Construction Materials | Total Construction Materials | Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 6891417 |
| Containers & Packaging — 1.5% | Containers & Packaging — 1.5% | Containers & Packaging — 1.5% | Containers & Packaging — 1.5% | Containers & Packaging — 1.5% |
| Clydesdale Acquisition Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 5200000<br>| &nbsp;&nbsp; 5338294<br> <sup>(a)</sup><br>|
| Toucan FinCo Ltd./Toucan FinCo Can Inc./Toucan FinCo US LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 4350000<br>| &nbsp;&nbsp; 4265305<br> <sup>(a)</sup><br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 9603599 |
| Metals & Mining — 2.8% | Metals & Mining — 2.8% | Metals & Mining — 2.8% | Metals & Mining — 2.8% | Metals & Mining — 2.8% |
| ATI Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1575735<br>|
| Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 2835000<br>| &nbsp;&nbsp; 2866795<br> <sup>(a)</sup><br>|
| Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1695000<br>| &nbsp;&nbsp; 1747647<br> <sup>(a)</sup><br>|
| Constellium SE, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1904657<br> <sup>(a)</sup><br>|
| Constellium SE, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp; 3171281<br> <sup>(a)</sup><br>|
| Mineral Resources Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1266958<br> <sup>(a)</sup><br>|
| Novelis Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2703381<br> <sup>(a)</sup><br>|
| Novelis Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 830243<br> <sup>(a)</sup><br>|
| Novelis Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 1675000<br>| &nbsp;&nbsp; 1693543<br> <sup>(a)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 17760240 |
| 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% |
| Magnera Corp., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1772386<br> <sup>(a)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **57804565** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Real Estate — 5.0%** | **Real Estate — 5.0%** | **Real Estate — 5.0%** | **Real Estate — 5.0%** | **Real Estate — 5.0%** |
| Diversified REITs — 0.9% | Diversified REITs — 0.9% | Diversified REITs — 0.9% | Diversified REITs — 0.9% | Diversified REITs — 0.9% |
| 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; $3296314<br> <sup>(a)</sup><br>|
| VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2344697<br> <sup>(a)</sup><br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 5641011 |
| 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% |
| RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2064740<br> <sup>(a)</sup><br>|
| RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2366321<br> <sup>(a)</sup><br>|
| RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 1082093<br> <sup>(a)</sup><br>|
| Total Hotel & Resort REITs | Total Hotel & Resort REITs | Total Hotel & Resort REITs | Total Hotel & Resort REITs | &nbsp;&nbsp; 5513154 |
| 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% |
| Forestar Group Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp; 4300120<br> <sup>(a)</sup><br>|
| Specialized REITs — 2.6% | Specialized REITs — 2.6% | Specialized REITs — 2.6% | Specialized REITs — 2.6% | Specialized REITs — 2.6% |
| Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2578240<br> <sup>(a)</sup><br>|
| Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 3850000<br>| &nbsp;&nbsp; 3832606<br> <sup>(a)</sup><br>|
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 4870000<br>| &nbsp;&nbsp; 4956491<br> <sup>(a)</sup><br>|
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 1830000<br>| &nbsp;&nbsp; 1835927<br> <sup>(a)</sup><br>|
| Outfront Media Capital LLC/Outfront Media Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 3545000<br>| &nbsp;&nbsp; 3410099<br> <sup>(a)</sup><br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 16613363 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **32067648** |
| **Utilities — 3.7%** | **Utilities — 3.7%** | **Utilities — 3.7%** | **Utilities — 3.7%** | **Utilities — 3.7%** |
| Electric Utilities — 3.0% | Electric Utilities — 3.0% | Electric Utilities — 3.0% | Electric Utilities — 3.0% | Electric Utilities — 3.0% |
| Leeward Renewable Energy Operations LLC, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp; 3688812<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2113012<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 4085000<br>| &nbsp;&nbsp; 4088140<br> <sup>(a)</sup><br>|
| Talen Energy Supply LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp; 3292770<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp; 1949942<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 4235668<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 19368344 |
| Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% |
| Atlantica Sustainable Infrastructure Ltd., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2741307<br> <sup>(a)</sup><br>|
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1743607<br> <sup>(a)</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; 4484914 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **23853258** |
| **Total Corporate Bonds & Notes (Cost — $601,050,783)** | **Total Corporate Bonds & Notes (Cost — $601,050,783)** | **Total Corporate Bonds & Notes (Cost — $601,050,783)** | **Total Corporate Bonds & Notes (Cost — $601,050,783)** | &nbsp;&nbsp; **610321698** |
| **Senior Loans — 0.6%** | **Senior Loans — 0.6%** | **Senior Loans — 0.6%** | **Senior Loans — 0.6%** | **Senior Loans — 0.6%** |
| **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%†† |
| Diamond Sports Net LLC, First Lien Exit Term Loan | 15.000% | &nbsp;&nbsp; 1/2/28 | &nbsp;&nbsp; 16568<br>| &nbsp;&nbsp; 14290<br> <sup>(g)(h)</sup><br>|
| Diamond Sports Net LLC, First Lien Exit Term Loan (15.000% PIK) | 15.000% | &nbsp;&nbsp; 1/2/28 | &nbsp;&nbsp; 51935<br>| &nbsp;&nbsp; 44794<br> <sup>(g)(h)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **59084** |
| **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% |
| AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%)  | 6.913% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1470251<br>| &nbsp;&nbsp; **1469177**<br> <sup>(f)(g)(h)</sup><br>|
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| Chemicals — 0.4% | Chemicals — 0.4% | Chemicals — 0.4% | Chemicals — 0.4% | Chemicals — 0.4% |
| Hexion Holdings Corp., Second Lien Term Loan (1 mo. Term SOFR + 7.538%) | 11.701% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 837209<br>| &nbsp;&nbsp; 829256<br> <sup>(f)(g)(h)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Vibrantz Technologies Inc., Initial Term Loan (3 mo. Term SOFR + 4.400%) | 8.728% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; $1649000<br>| &nbsp;&nbsp; $1336523<br> <sup>(f)(g)(h)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2165779** |
| **Total Senior Loans (Cost — $4,003,086)** | **Total Senior Loans (Cost — $4,003,086)** | **Total Senior Loans (Cost — $4,003,086)** | **Total Senior Loans (Cost — $4,003,086)** | &nbsp;&nbsp; **3694040** |
| **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% |
| Maricopa County, AZ, IDA Revenue, Grand Canyon University Project T <br> (Cost — $1,553,210) | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1545000 | &nbsp;&nbsp; **1621533**<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% |
| Boeing Co. (Cost — $550,000) | &nbsp;&nbsp; 6.000% |  | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; **765270**<br>|
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **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%†† |
| DSG TOPCO, Inc. | DSG TOPCO, Inc. |  | &nbsp;&nbsp; 442 | &nbsp;&nbsp; **5304**<br> <sup>(b)(c)</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%†† |
| Mallinckrodt PLC | Mallinckrodt PLC |  | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; **149,557**<br> \*<sup>(b)(c)</sup><br>|
| **Total Common Stocks (Cost — $129,708)** | **Total Common Stocks (Cost — $129,708)** | **Total Common Stocks (Cost — $129,708)** | **Total Common Stocks (Cost — $129,708)** | &nbsp;&nbsp; **154861**<br>|
| **Total Investments before Short-Term Investments (Cost — $607,286,787)** | **Total Investments before Short-Term Investments (Cost — $607,286,787)** | **Total Investments before Short-Term Investments (Cost — $607,286,787)** | **Total Investments before Short-Term Investments (Cost — $607,286,787)** | &nbsp;&nbsp; **616557402** |
|  | Rate |  |  |  |
| **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $20,275,071)  | &nbsp;&nbsp; 4.032% |  | &nbsp;&nbsp; 20275071<br>| &nbsp;&nbsp; **20275071**<br> <sup>(i)(j)(k)</sup><br>|
| **Total Investments — 100.3% (Cost — $627,561,858)** | **Total Investments — 100.3% (Cost — $627,561,858)** | **Total Investments — 100.3% (Cost — $627,561,858)** | **Total Investments — 100.3% (Cost — $627,561,858)** | &nbsp;&nbsp; **636832473** |
| Liabilities in Excess of Other Assets — (0.3)% | Liabilities in Excess of Other Assets — (0.3)% | Liabilities in Excess of Other Assets — (0.3)% | Liabilities in Excess of Other Assets — (0.3)% | &nbsp;&nbsp; (2128014)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$634704459** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin High Yield Corporate 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> | 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> | The maturity principal is currently in default as of September 30, 2025. |
| <sup>(e)</sup> | Value is less than $1. |
| <sup>(f)</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>(g)</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>(h)</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>(i)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(j)</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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $20,275,071 and the cost was $20,275,071 (Note 6).<br>|
| <sup>(k)</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 Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Income Equity Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 63.0%** | **Common Stocks — 63.0%** | **Common Stocks — 63.0%** |
| **Communication Services — 3.9%** | **Communication Services — 3.9%** | **Communication Services — 3.9%** |
| Diversified Telecommunication Services — 2.6% | Diversified Telecommunication Services — 2.6% | Diversified Telecommunication Services — 2.6% |
| Verizon Communications Inc. | &nbsp;&nbsp; 58704 | &nbsp;&nbsp; $2580041<br>|
| Media — 1.3% | Media — 1.3% | Media — 1.3% |
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 39182 | &nbsp;&nbsp; 1231098<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3811139** |
| **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% |
| McDonald's Corp. | &nbsp;&nbsp; 3728 | &nbsp;&nbsp; 1132902<br>|
| Starbucks Corp. | &nbsp;&nbsp; 5524 | &nbsp;&nbsp; 467330<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1600232 |
| Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% |
| Home Depot Inc. | &nbsp;&nbsp; 3399 | &nbsp;&nbsp; 1377241<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2977473** |
| **Consumer Staples — 9.6%** | **Consumer Staples — 9.6%** | **Consumer Staples — 9.6%** |
| Beverages — 4.3% | Beverages — 4.3% | Beverages — 4.3% |
| Coca-Cola Co. | &nbsp;&nbsp; 14796 | &nbsp;&nbsp; 981271<br>|
| PepsiCo Inc. | &nbsp;&nbsp; 23280 | &nbsp;&nbsp; 3269443<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 4250714 |
| Consumer Staples Distribution & Retail — 0.7% | Consumer Staples Distribution & Retail — 0.7% | Consumer Staples Distribution & Retail — 0.7% |
| Target Corp. | &nbsp;&nbsp; 7320 | &nbsp;&nbsp; 656604<br>|
| Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% |
| Nestle SA, ADR | &nbsp;&nbsp; 4999 | &nbsp;&nbsp; 458758<br>|
| Household Products — 3.0% | Household Products — 3.0% | Household Products — 3.0% |
| Procter & Gamble Co. | &nbsp;&nbsp; 19274 | &nbsp;&nbsp; 2961450<br>|
| Tobacco — 1.1% | Tobacco — 1.1% | Tobacco — 1.1% |
| Philip Morris International Inc. | &nbsp;&nbsp; 6563 | &nbsp;&nbsp; 1064519<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **9392045** |
| **Energy — 6.5%** | **Energy — 6.5%** | **Energy — 6.5%** |
| Energy Equipment & Services — 0.5% | Energy Equipment & Services — 0.5% | Energy Equipment & Services — 0.5% |
| Schlumberger NV | &nbsp;&nbsp; 13646 | &nbsp;&nbsp; 469013<br>|
| Oil, Gas & Consumable Fuels — 6.0% | Oil, Gas & Consumable Fuels — 6.0% | Oil, Gas & Consumable Fuels — 6.0% |
| Chevron Corp. | &nbsp;&nbsp; 18648 | &nbsp;&nbsp; 2895848<br>|
| Exxon Mobil Corp. | &nbsp;&nbsp; 17206 | &nbsp;&nbsp; 1939977<br>|
| TotalEnergies SE, ADR | &nbsp;&nbsp; 17999 | &nbsp;&nbsp; 1074360<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 5910185 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **6379198** |
| **Financials — 5.8%** | **Financials — 5.8%** | **Financials — 5.8%** |
| Banks — 4.1% | Banks — 4.1% | Banks — 4.1% |
| Fifth Third Bancorp | &nbsp;&nbsp; 11941 | &nbsp;&nbsp; 531972<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 5840 | &nbsp;&nbsp; 1842111<br>|
| PNC Financial Services Group Inc. | &nbsp;&nbsp; 2771 | &nbsp;&nbsp; 556777<br>|
| US Bancorp | &nbsp;&nbsp; 21777 | &nbsp;&nbsp; 1052482<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 3983342 |
| Capital Markets — 1.7% | Capital Markets — 1.7% | Capital Markets — 1.7% |
| Morgan Stanley | &nbsp;&nbsp; 10587 | &nbsp;&nbsp; 1682910<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **5666252** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Income Equity Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Health Care — 7.5%** | **Health Care — 7.5%** | **Health Care — 7.5%** |
| Biotechnology — 1.2% | Biotechnology — 1.2% | Biotechnology — 1.2% |
| AbbVie Inc. | &nbsp;&nbsp; 2577 | &nbsp;&nbsp; $596678<br>|
| Amgen Inc. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 564400<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 1161078 |
| Pharmaceuticals — 6.3% | Pharmaceuticals — 6.3% | Pharmaceuticals — 6.3% |
| AstraZeneca PLC, ADR | &nbsp;&nbsp; 7508 | &nbsp;&nbsp; 576014<br>|
| Johnson & Johnson | &nbsp;&nbsp; 13686 | &nbsp;&nbsp; 2537658<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 23944 | &nbsp;&nbsp; 2009620<br>|
| Pfizer Inc. | &nbsp;&nbsp; 43271 | &nbsp;&nbsp; 1102545<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 6225837 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **7386915** |
| **Industrials — 12.4%** | **Industrials — 12.4%** | **Industrials — 12.4%** |
| Aerospace & Defense — 7.0% | Aerospace & Defense — 7.0% | Aerospace & Defense — 7.0% |
| Boeing Co. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 323,745<br> \*<br>|
| Lockheed Martin Corp. | &nbsp;&nbsp; 5402 | &nbsp;&nbsp; 2696732<br>|
| RTX Corp. | &nbsp;&nbsp; 11450 | &nbsp;&nbsp; 1915929<br>|
| TransDigm Group Inc. | &nbsp;&nbsp; 1407 | &nbsp;&nbsp; 1854454<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 6790860 |
| Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% |
| United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 6257 | &nbsp;&nbsp; 522647<br>|
| Building Products — 2.3% | Building Products — 2.3% | Building Products — 2.3% |
| Johnson Controls International PLC | &nbsp;&nbsp; 20732 | &nbsp;&nbsp; 2279483<br>|
| Ground Transportation — 1.6% | Ground Transportation — 1.6% | Ground Transportation — 1.6% |
| Union Pacific Corp. | &nbsp;&nbsp; 6667 | &nbsp;&nbsp; 1575879<br>|
| Industrial Conglomerates — 1.0% | Industrial Conglomerates — 1.0% | Industrial Conglomerates — 1.0% |
| Honeywell International Inc. | &nbsp;&nbsp; 4559 | &nbsp;&nbsp; 959670<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **12128539** |
| **Information Technology — 6.0%** | **Information Technology — 6.0%** | **Information Technology — 6.0%** |
| Communications Equipment — 1.3% | Communications Equipment — 1.3% | Communications Equipment — 1.3% |
| Cisco Systems Inc. | &nbsp;&nbsp; 18519 | &nbsp;&nbsp; 1267070<br>|
| Semiconductors & Semiconductor Equipment — 4.7% | Semiconductors & Semiconductor Equipment — 4.7% | Semiconductors & Semiconductor Equipment — 4.7% |
| Analog Devices Inc. | &nbsp;&nbsp; 14255 | &nbsp;&nbsp; 3502453<br>|
| Texas Instruments Inc. | &nbsp;&nbsp; 5774 | &nbsp;&nbsp; 1060857<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 4563310 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **5830380** |
| **Materials — 3.4%** | **Materials — 3.4%** | **Materials — 3.4%** |
| Chemicals — 1.7% | Chemicals — 1.7% | Chemicals — 1.7% |
| Air Products & Chemicals Inc. | &nbsp;&nbsp; 5948 | &nbsp;&nbsp; 1622139<br>|
| Metals & Mining — 1.7% | Metals & Mining — 1.7% | Metals & Mining — 1.7% |
| Rio Tinto PLC, ADR | &nbsp;&nbsp; 25799 | &nbsp;&nbsp; 1702992<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **3325131** |
| **Utilities — 4.9%** | **Utilities — 4.9%** | **Utilities — 4.9%** |
| Electric Utilities — 3.8% | Electric Utilities — 3.8% | Electric Utilities — 3.8% |
| Duke Energy Corp. | &nbsp;&nbsp; 6974 | &nbsp;&nbsp; 863032<br>|
| Southern Co. | &nbsp;&nbsp; 30400 | &nbsp;&nbsp; 2881008<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 3744040 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Income Equity Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| Multi-Utilities — 1.1% | Multi-Utilities — 1.1% | Multi-Utilities — 1.1% | Multi-Utilities — 1.1% | Multi-Utilities — 1.1% |
| Sempra | Sempra |  | &nbsp;&nbsp; 11367 | &nbsp;&nbsp; $1022803<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **4766843** |
| **Total Common Stocks (Cost — $55,838,219)** | **Total Common Stocks (Cost — $55,838,219)** | **Total Common Stocks (Cost — $55,838,219)** | **Total Common Stocks (Cost — $55,838,219)** | &nbsp;&nbsp; **61663915**<br>|
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Equity-Linked Securities — 30.8%** | **Equity-Linked Securities — 30.8%** | **Equity-Linked Securities — 30.8%** | **Equity-Linked Securities — 30.8%** | **Equity-Linked Securities — 30.8%** |
| **Other — 30.8%** |  |  |  |  |
| Barclays Bank PLC into AbbVie Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/9/25 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; 2112814<br>|
| Barclays Bank PLC into Microchip Technology Inc., Senior <br> Notes<br>| &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/14/25 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 1225203<br> <sup>(a)</sup><br>|
| Barclays Bank PLC into RTX Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 9405<br>| &nbsp;&nbsp; 1200433<br>|
| BNP Paribas Issuance BV into Accenture PLC | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/4/26 | &nbsp;&nbsp; 3200<br>| &nbsp;&nbsp; 799475<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into Freeport-McMoRan Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp; 1763358<br> <sup>(a)</sup><br>|
| BNP Paribas SA into Applied Materials Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 12/10/25 | &nbsp;&nbsp; 3300<br>| &nbsp;&nbsp; 640773<br> <sup>(a)</sup><br>|
| Citigroup Global Markets Holdings Inc. into Alphabet Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 7/29/26 | &nbsp;&nbsp; 4000<br>| &nbsp;&nbsp; 816903<br> <sup>(a)</sup><br>|
| 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; 1310333<br> <sup>(a)</sup><br>|
| Citigroup Global Markets Holdings Inc. into Newmont Corp. | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/18/26 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 744158<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into CVS Health Corp. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 11/25/25 | &nbsp;&nbsp; 7000<br>| &nbsp;&nbsp; 483500<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into Exxon Mobil Corp. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 11/3/25 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp; 1244443<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into Microsoft Inc. | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 2000<br>| &nbsp;&nbsp; 1032160<br> <sup>(a)(b)</sup><br>|
| Merrill Lynch BV into Dell Technologies Inc. | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 7000<br>| &nbsp;&nbsp; 938744<br> <sup>(a)</sup><br>|
| Merrill Lynch BV into United Health Group Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/25/26 | &nbsp;&nbsp; 6000<br>| &nbsp;&nbsp; 1999086<br> <sup>(c)</sup><br>|
| Mizuho Markets Cayman LP into NextEra Energy Inc., Senior <br> Notes<br>| &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 10/14/25 | &nbsp;&nbsp; 17500<br>| &nbsp;&nbsp; 1326073<br>|
| Mizuho Markets Cayman LP into Schlumberger NV | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 870472<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP into The Home Depot Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 2500<br>| &nbsp;&nbsp; 965132<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Nike Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 12/24/25 | &nbsp;&nbsp; 8000<br>| &nbsp;&nbsp; 563820<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Oracle Corp. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; 800<br>| &nbsp;&nbsp; 133726<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Texas Instruments Inc., Senior <br> Notes<br>| &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 7/21/26 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp; 2103708<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into Amazon.com Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/13/26 | &nbsp;&nbsp; 2200<br>| &nbsp;&nbsp; 481745<br> <sup>(a)(b)</sup><br>|
| Toronto-Dominion Bank into Apple Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/13/26 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 1179290<br>|
| Toronto-Dominion Bank into Lowe's Cos. Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/19/26 | &nbsp;&nbsp; 4700<br>| &nbsp;&nbsp; 1139076<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into Starbucks Corp. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/12/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 1717581<br> <sup>(a)</sup><br>|
| UBS AG into Bank of America Corp. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 1/28/26 | &nbsp;&nbsp; 22000<br>| &nbsp;&nbsp; 1088469<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into S&P 500 Index | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/4/25 | &nbsp;&nbsp; 250<br>| &nbsp;&nbsp; 1623938<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into Salesforce.com Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 2500<br>| &nbsp;&nbsp; 608777<br> <sup>(a)</sup><br>|
| **Total Equity-Linked Securities (Cost — $30,196,777)** | **Total Equity-Linked Securities (Cost — $30,196,777)** | **Total Equity-Linked Securities (Cost — $30,196,777)** | **Total Equity-Linked Securities (Cost — $30,196,777)** | &nbsp;&nbsp; **30113190** |
|  |  |  | Shares |  |
| **Convertible Preferred Stocks — 5.5%** | **Convertible Preferred Stocks — 5.5%** | **Convertible Preferred Stocks — 5.5%** | **Convertible Preferred Stocks — 5.5%** | **Convertible Preferred Stocks — 5.5%** |
| **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| Capital Markets — 0.5% | Capital Markets — 0.5% | Capital Markets — 0.5% | Capital Markets — 0.5% | Capital Markets — 0.5% |
| Ares Management Corp., Non Voting Shares | &nbsp;&nbsp; 6.750% |  | &nbsp;&nbsp; 10311 | &nbsp;&nbsp; **512354**<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Income Equity Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **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% |
| Boeing Co. | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 18440 | &nbsp;&nbsp; **$1282871**<br> <sup>(d)</sup><br>|
| **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% |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 9998 | &nbsp;&nbsp; **678864**<br> <sup>(d)</sup><br>|
| **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** |
| Chemicals — 1.6% | Chemicals — 1.6% | Chemicals — 1.6% | Chemicals — 1.6% |
| Albemarle Corp., Non Voting Shares | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 40832 | &nbsp;&nbsp; **1546716**<br> <sup>(d)</sup><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% |
| NextEra Energy Inc. | &nbsp;&nbsp; 7.299% | &nbsp;&nbsp; 27221 | &nbsp;&nbsp; **1357511**<br> <sup>(d)</sup><br>|
| **Total Convertible Preferred Stocks (Cost — $5,148,082)** | **Total Convertible Preferred Stocks (Cost — $5,148,082)** | **Total Convertible Preferred Stocks (Cost — $5,148,082)** | &nbsp;&nbsp; **5378316** |
| **Total Investments before Short-Term Investments (Cost — $91,183,078)** | **Total Investments before Short-Term Investments (Cost — $91,183,078)** | **Total Investments before Short-Term Investments (Cost — $91,183,078)** | &nbsp;&nbsp; **97155421** |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $1,438,996)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 1438996<br>| &nbsp;&nbsp; **1438996**<br> <sup>(e)(f)(g)</sup><br>|
| **Total Investments — 100.8% (Cost — $92,622,074)** | **Total Investments — 100.8% (Cost — $92,622,074)** | **Total Investments — 100.8% (Cost — $92,622,074)** | &nbsp;&nbsp; **98594417** |
| Liabilities in Excess of Other Assets — (0.8)% | Liabilities in Excess of Other Assets — (0.8)% | Liabilities in Excess of Other Assets — (0.8)% | &nbsp;&nbsp; (807368)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$97787049** |

---

&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. 

<sup>(b)</sup> Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).

<sup>(c)</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>(d)</sup> The rate shown represents the yield as of September 30, 2025.

<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 voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2025, the total market value of investments in Affiliated Companies was $1,438,996 and the cost was $1,438,996 (Note 6). 

<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 Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 34.4%** | **Common Stocks — 34.4%** | **Common Stocks — 34.4%** |
| **Communication Services — 1.2%** | **Communication Services — 1.2%** | **Communication Services — 1.2%** |
| Diversified Telecommunication Services — 1.0% | Diversified Telecommunication Services — 1.0% | Diversified Telecommunication Services — 1.0% |
| Verizon Communications Inc. | &nbsp;&nbsp; 201548 | &nbsp;&nbsp; $8858035<br>|
| Media — 0.2% | Media — 0.2% | Media — 0.2% |
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 46218 | &nbsp;&nbsp; 1452169<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **10310204** |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| Broadline Retail — 0.0%†† | Broadline Retail — 0.0%†† | Broadline Retail — 0.0%†† |
| Amazon.com Inc. | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 11,857<br> \*<br>|
| Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% |
| Home Depot Inc. | &nbsp;&nbsp; 4245 | &nbsp;&nbsp; 1720031<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1731888** |
| **Consumer Staples — 5.3%** | **Consumer Staples — 5.3%** | **Consumer Staples — 5.3%** |
| Beverages — 2.0% | Beverages — 2.0% | Beverages — 2.0% |
| Coca-Cola Co. | &nbsp;&nbsp; 99455 | &nbsp;&nbsp; 6595856<br>|
| PepsiCo Inc. | &nbsp;&nbsp; 78317 | &nbsp;&nbsp; 10998839<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 17594695 |
| Food Products — 0.7% | Food Products — 0.7% | Food Products — 0.7% |
| Mondelez International Inc., Class A Shares | &nbsp;&nbsp; 52872 | &nbsp;&nbsp; 3302914<br>|
| Nestle SA, ADR | &nbsp;&nbsp; 24960 | &nbsp;&nbsp; 2290579<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 5593493 |
| Household Products — 1.4% | Household Products — 1.4% | Household Products — 1.4% |
| Procter & Gamble Co. | &nbsp;&nbsp; 78897 | &nbsp;&nbsp; 12122524<br>|
| Tobacco — 1.2% | Tobacco — 1.2% | Tobacco — 1.2% |
| Philip Morris International Inc. | &nbsp;&nbsp; 60889 | &nbsp;&nbsp; 9876196<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **45186908** |
| **Energy — 4.6%** | **Energy — 4.6%** | **Energy — 4.6%** |
| Oil, Gas & Consumable Fuels — 4.6% | Oil, Gas & Consumable Fuels — 4.6% | Oil, Gas & Consumable Fuels — 4.6% |
| Chevron Corp. | &nbsp;&nbsp; 118709 | &nbsp;&nbsp; 18434320<br>|
| Exxon Mobil Corp. | &nbsp;&nbsp; 123805 | &nbsp;&nbsp; 13959014<br>|
| Shell PLC, ADR | &nbsp;&nbsp; 99356 | &nbsp;&nbsp; 7106935<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **39500269** |
| **Financials — 4.2%** | **Financials — 4.2%** | **Financials — 4.2%** |
| Banks — 3.8% | Banks — 3.8% | Banks — 3.8% |
| Bank of America Corp. | &nbsp;&nbsp; 96971 | &nbsp;&nbsp; 5002734<br>|
| Fifth Third Bancorp | &nbsp;&nbsp; 55790 | &nbsp;&nbsp; 2485444<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 52869 | &nbsp;&nbsp; 16676469<br>|
| Truist Financial Corp. | &nbsp;&nbsp; 118019 | &nbsp;&nbsp; 5395829<br>|
| US Bancorp | &nbsp;&nbsp; 61682 | &nbsp;&nbsp; 2981091<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 32541567 |
| Capital Markets — 0.4% | Capital Markets — 0.4% | Capital Markets — 0.4% |
| Morgan Stanley | &nbsp;&nbsp; 24885 | &nbsp;&nbsp; 3955719<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **36497286** |
| **Health Care — 6.6%** | **Health Care — 6.6%** | **Health Care — 6.6%** |
| Biotechnology — 1.2% | Biotechnology — 1.2% | Biotechnology — 1.2% |
| AbbVie Inc. | &nbsp;&nbsp; 44771 | &nbsp;&nbsp; 10366277<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% |
| Medtronic PLC | &nbsp;&nbsp; 50990 | &nbsp;&nbsp; $4856288<br>|
| Pharmaceuticals — 4.8% | Pharmaceuticals — 4.8% | Pharmaceuticals — 4.8% |
| AstraZeneca PLC, ADR | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 5984<br>|
| Johnson & Johnson | &nbsp;&nbsp; 114288 | &nbsp;&nbsp; 21191281<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 161743 | &nbsp;&nbsp; 13575090<br>|
| Roche Holding AG, ADR | &nbsp;&nbsp; 160964 | &nbsp;&nbsp; 6729905<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 41502260 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **56724825** |
| **Industrials — 5.9%** | **Industrials — 5.9%** | **Industrials — 5.9%** |
| Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% |
| Lockheed Martin Corp. | &nbsp;&nbsp; 18683 | &nbsp;&nbsp; 9326740<br>|
| RTX Corp. | &nbsp;&nbsp; 39235 | &nbsp;&nbsp; 6565193<br>|
| TransDigm Group Inc. | &nbsp;&nbsp; 2928 | &nbsp;&nbsp; 3859163<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 19751096 |
| Building Products — 1.0% | Building Products — 1.0% | Building Products — 1.0% |
| Johnson Controls International PLC | &nbsp;&nbsp; 75808 | &nbsp;&nbsp; 8335090<br>|
| Ground Transportation — 0.9% | Ground Transportation — 0.9% | Ground Transportation — 0.9% |
| Union Pacific Corp. | &nbsp;&nbsp; 32982 | &nbsp;&nbsp; 7795955<br>|
| Industrial Conglomerates — 1.1% | Industrial Conglomerates — 1.1% | Industrial Conglomerates — 1.1% |
| Honeywell International Inc. | &nbsp;&nbsp; 30521 | &nbsp;&nbsp; 6424671<br>|
| Siemens AG, Registered Shares | &nbsp;&nbsp; 12416 | &nbsp;&nbsp; 3341051<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 9765722 |
| Machinery — 0.6% | Machinery — 0.6% | Machinery — 0.6% |
| Illinois Tool Works Inc. | &nbsp;&nbsp; 18752 | &nbsp;&nbsp; 4889771<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **50537634** |
| **Information Technology — 1.1%** | **Information Technology — 1.1%** | **Information Technology — 1.1%** |
| Communications Equipment — 0.8% | Communications Equipment — 0.8% | Communications Equipment — 0.8% |
| Cisco Systems Inc. | &nbsp;&nbsp; 95511 | &nbsp;&nbsp; 6534863<br>|
| Semiconductors & Semiconductor Equipment — 0.3% | Semiconductors & Semiconductor Equipment — 0.3% | Semiconductors & Semiconductor Equipment — 0.3% |
| Analog Devices Inc. | &nbsp;&nbsp; 11888 | &nbsp;&nbsp; 2920881<br>|
| Software — 0.0%†† | Software — 0.0%†† | Software — 0.0%†† |
| Microsoft Corp. | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 34185<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **9489929** |
| **Materials — 1.5%** | **Materials — 1.5%** | **Materials — 1.5%** |
| Chemicals — 0.7% | Chemicals — 0.7% | Chemicals — 0.7% |
| Air Products & Chemicals Inc. | &nbsp;&nbsp; 21276 | &nbsp;&nbsp; 5802391<br>|
| Metals & Mining — 0.8% | Metals & Mining — 0.8% | Metals & Mining — 0.8% |
| Rio Tinto PLC, ADR | &nbsp;&nbsp; 104480 | &nbsp;&nbsp; 6896725<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **12699116** |
| **Utilities — 3.8%** | **Utilities — 3.8%** | **Utilities — 3.8%** |
| Electric Utilities — 2.4% | Electric Utilities — 2.4% | Electric Utilities — 2.4% |
| Duke Energy Corp. | &nbsp;&nbsp; 84460 | &nbsp;&nbsp; 10451925<br>|
| Southern Co. | &nbsp;&nbsp; 77099 | &nbsp;&nbsp; 7306672<br>|
| Xcel Energy Inc. | &nbsp;&nbsp; 36080 | &nbsp;&nbsp; 2909852<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 20668449 |
| Multi-Utilities — 1.4% | Multi-Utilities — 1.4% | Multi-Utilities — 1.4% |
| Dominion Energy Inc. | &nbsp;&nbsp; 78396 | &nbsp;&nbsp; 4795483<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Income Focus 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 |
| DTE Energy Co. | DTE Energy Co. |  | &nbsp;&nbsp; 34252 | &nbsp;&nbsp; $4844261<br>|
| Sempra | Sempra |  | &nbsp;&nbsp; 26710 | &nbsp;&nbsp; 2403366<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 12043110 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **32711559** |
| **Total Common Stocks (Cost — $267,619,893)** | **Total Common Stocks (Cost — $267,619,893)** | **Total Common Stocks (Cost — $267,619,893)** | **Total Common Stocks (Cost — $267,619,893)** | &nbsp;&nbsp; **295389618**<br>|
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Corporate Bonds & Notes — 29.3%** | **Corporate Bonds & Notes — 29.3%** | **Corporate Bonds & Notes — 29.3%** | **Corporate Bonds & Notes — 29.3%** | **Corporate Bonds & Notes — 29.3%** |
| **Communication Services — 1.3%** | **Communication Services — 1.3%** | **Communication Services — 1.3%** | **Communication Services — 1.3%** | **Communication Services — 1.3%** |
| Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% |
| Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; $945000<br>| &nbsp;&nbsp; 996660<br>|
| Media — 0.8% | Media — 0.8% | Media — 0.8% | Media — 0.8% | Media — 0.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1988160<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp; 1338114<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1242608<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1152416<br> <sup>(a)</sup><br>|
| Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1066507<br> <sup>(a)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 6787805 |
| Wireless Telecommunication Services — 0.4% | Wireless Telecommunication Services — 0.4% | Wireless Telecommunication Services — 0.4% | Wireless Telecommunication Services — 0.4% | Wireless Telecommunication Services — 0.4% |
| Connect Holding II LLC, Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 4/3/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2000025<br> <sup>(a)</sup><br>|
| Sprint LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 471061<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 919603<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 3390689 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **11175154** |
| **Consumer Discretionary — 4.4%** | **Consumer Discretionary — 4.4%** | **Consumer Discretionary — 4.4%** | **Consumer Discretionary — 4.4%** | **Consumer Discretionary — 4.4%** |
| Automobile Components — 0.4% | Automobile Components — 0.4% | Automobile Components — 0.4% | Automobile Components — 0.4% | Automobile Components — 0.4% |
| Dornoch Debt Merger Sub Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2153226<br> <sup>(a)</sup><br>|
| 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; 1490713<br> <sup>(a)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 3643939 |
| Automobiles — 1.2% | Automobiles — 1.2% | Automobiles — 1.2% | Automobiles — 1.2% | Automobiles — 1.2% |
| Ford Motor Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/12/32 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp; 1531632<br>|
| Ford Motor Co., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2356889<br>|
| Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 7.350% | &nbsp;&nbsp; 3/6/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3212150<br>|
| General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/7/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 883597<br>|
| General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 1/9/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2145428<br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 10129696 |
| Hotels, Restaurants & Leisure — 2.1% | Hotels, Restaurants & Leisure — 2.1% | Hotels, Restaurants & Leisure — 2.1% | Hotels, Restaurants & Leisure — 2.1% | Hotels, Restaurants & Leisure — 2.1% |
| Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 855000<br>| &nbsp;&nbsp; 818116<br> <sup>(a)</sup><br>|
| Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4927924<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2547320<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2051332<br> <sup>(a)</sup><br>|
| Expedia Group Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp; 520556<br>|
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2347770<br> <sup>(a)</sup><br>|
| 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; 1252607<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 308717<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; $600000<br>| &nbsp;&nbsp; $619617<br> <sup>(a)</sup><br>|
| 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; 774704<br> <sup>(a)</sup><br>|
| 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; 754019<br> <sup>(a)</sup><br>|
| 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; 812940<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 17735622 |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 795177<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% |
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1023541<br>|
| Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% |
| 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; 3784067<br> <sup>(a)</sup><br>|
| Hanesbrands Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 370929<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; 4154996 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **37482971** |
| **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** |
| Food Products — 0.3% | Food Products — 0.3% | Food Products — 0.3% | Food Products — 0.3% | Food Products — 0.3% |
| 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; 530000<br>| &nbsp;&nbsp; 553826<br>|
| Pilgrim's Pride Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1068690<br>|
| Post Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 720530<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 2343046 |
| 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% |
| Opal Bidco SAS, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2051252<br> <sup>(a)</sup><br>|
| Tobacco — 0.3% | Tobacco — 0.3% | Tobacco — 0.3% | Tobacco — 0.3% | Tobacco — 0.3% |
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/19/32 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 994002<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.421% | &nbsp;&nbsp; 8/2/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 549104<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 522315<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 2065421 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **6459719** |
| **Energy — 2.8%** | **Energy — 2.8%** | **Energy — 2.8%** | **Energy — 2.8%** | **Energy — 2.8%** |
| Energy Equipment & Services — 0.4% | Energy Equipment & Services — 0.4% | Energy Equipment & Services — 0.4% | Energy Equipment & Services — 0.4% | Energy Equipment & Services — 0.4% |
| Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 2040000<br>| &nbsp;&nbsp; 2086830<br> <sup>(a)</sup><br>|
| Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1001321<br> <sup>(a)(b)</sup><br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 3088151 |
| 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% |
| 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; 2604441<br> <sup>(a)</sup><br>|
| Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 497427<br> <sup>(a)</sup><br>|
| Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 307500<br> <sup>(a)</sup><br>|
| Cheniere Corpus Christi Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 777730<br>|
| Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2444904<br> <sup>(a)</sup><br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 515000<br>| &nbsp;&nbsp; 527543<br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp; 799327<br>|
| Matador Resources Co., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 454621<br> <sup>(a)</sup><br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2144366<br>|
| Venture Global LNG Inc., Junior Subordinated Notes (9.000% to 9/30/29 then 5 <br> year Treasury Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2975339<br> <sup>(a)(c)(d)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Income Focus 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 |
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; $3500000<br>| &nbsp;&nbsp; $3625195<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2258667<br> <sup>(a)</sup><br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1529819<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 20946879 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **24035030** |
| **Financials — 3.4%** | **Financials — 3.4%** | **Financials — 3.4%** | **Financials — 3.4%** | **Financials — 3.4%** |
| Banks — 2.1% | Banks — 2.1% | Banks — 2.1% | Banks — 2.1% | Banks — 2.1% |
| 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; 1500000<br>| &nbsp;&nbsp; 1500234<br> <sup>(d)</sup><br>|
| 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; 1530701<br> <sup>(d)</sup><br>|
| 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; 1060764<br> <sup>(c)(d)</sup><br>|
| 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; 1681448<br> <sup>(d)</sup><br>|
| 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; 2837029<br> <sup>(c)(d)</sup><br>|
| 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; 545841<br> <sup>(d)</sup><br>|
| 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; 1048067<br> <sup>(d)</sup><br>|
| 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; 1596561<br> <sup>(d)</sup><br>|
| 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; 2072488<br> <sup>(c)(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (5.040% to 1/23/27 then SOFR + 1.190%) | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 1/23/28 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp; 991279<br> <sup>(d)</sup><br>|
| KeyBank NA, Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/8/32 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp; 610797<br>|
| PNC Financial Services Group Inc., Senior Notes (5.068% to 1/24/33 then SOFR <br> + 1.933%) | &nbsp;&nbsp; 5.068% | &nbsp;&nbsp; 1/24/34 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 520542<br> <sup>(d)</sup><br>|
| 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; 538420<br> <sup>(d)</sup><br>|
| 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; 319776<br> <sup>(d)</sup><br>|
| 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; 1144360<br> <sup>(d)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 17998307 |
| Capital Markets — 0.7% | Capital Markets — 0.7% | Capital Markets — 0.7% | Capital Markets — 0.7% | Capital Markets — 0.7% |
| Charles Schwab Corp., Senior Notes (5.853% to 5/19/33 then SOFR + 2.500%) | &nbsp;&nbsp; 5.853% | &nbsp;&nbsp; 5/19/34 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 524612<br> <sup>(d)</sup><br>|
| Charles Schwab Corp., Senior Notes (6.196% to 11/17/28 then SOFR + 1.878%) | &nbsp;&nbsp; 6.196% | &nbsp;&nbsp; 11/17/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 531066<br> <sup>(d)</sup><br>|
| Goldman Sachs Group Inc., Junior Subordinated Notes (6.850% to 2/10/30 then <br> 5 year Treasury Constant Maturity Rate + 2.461%) | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1039958<br> <sup>(c)(d)</sup><br>|
| 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; 925264<br> <sup>(d)</sup><br>|
| 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; 1400000<br>| &nbsp;&nbsp; 1444162<br> <sup>(d)</sup><br>|
| 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; 1262061<br> <sup>(d)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 5727123 |
| Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% |
| 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; 772984<br> <sup>(d)</sup><br>|
| 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; 1049026<br> <sup>(d)</sup><br>|
| Capital One Financial Corp., Subordinated Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/28/26 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 597724<br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 2419734 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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% |
| 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; $518191<br>|
| 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; 747015<br>|
| Macquarie Airfinance Holdings Ltd., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 3/26/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 526748<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 1791954 |
| Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% |
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp; 547656<br>|
| Five Corners Funding Trust III, Senior Notes | &nbsp;&nbsp; 5.791% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 518525<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 1066181 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **29003299** |
| **Health Care — 5.2%** | **Health Care — 5.2%** | **Health Care — 5.2%** | **Health Care — 5.2%** | **Health Care — 5.2%** |
| Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 512082<br>|
| 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% |
| Bausch + Lomb Corp., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp; 704320<br> <sup>(a)</sup><br>|
| GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.905% | &nbsp;&nbsp; 11/22/32 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp; 511314<br>|
| Medline Borrower LP, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 1135000<br>| &nbsp;&nbsp; 1095478<br> <sup>(a)</sup><br>|
| 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; 461995<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; 2773107 |
| Health Care Providers & Services — 4.5% | Health Care Providers & Services — 4.5% | Health Care Providers & Services — 4.5% | Health Care Providers & Services — 4.5% | Health Care Providers & Services — 4.5% |
| Centene Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1552370<br>|
| Centene Corp., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 2030000<br>| &nbsp;&nbsp; 1749939<br>|
| CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 1815523<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 10000000<br>| &nbsp;&nbsp; 10603470<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5128750<br> <sup>(a)</sup><br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/21/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1023449<br>|
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp; 1457982<br> <sup>(a)</sup><br>|
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 516913<br> <sup>(a)</sup><br>|
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1032038<br> <sup>(a)</sup><br>|
| Fresenius Medical Care US Finance III Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 2/16/31 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp; 569726<br> <sup>(a)</sup><br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 2935000<br>| &nbsp;&nbsp; 3028813<br>|
| Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 3375000<br>| &nbsp;&nbsp; 3379823<br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3549024<br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2590184<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 522751<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 38520755 |
| Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% |
| 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2051684<br> <sup>(a)</sup><br>|
| Endo Finance Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 537059<br> <sup>(a)</sup><br>|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 623345<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 3212088 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **45018032** |
| **Industrials — 3.5%** | **Industrials — 3.5%** | **Industrials — 3.5%** | **Industrials — 3.5%** | **Industrials — 3.5%** |
| Aerospace & Defense — 1.4% | Aerospace & Defense — 1.4% | Aerospace & Defense — 1.4% | Aerospace & Defense — 1.4% | Aerospace & Defense — 1.4% |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 3060000<br>| &nbsp;&nbsp; 3141084<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1659390<br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 636769<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Income Focus 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 |
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; $600000<br>| &nbsp;&nbsp; $612186<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2529908<br> <sup>(a)</sup><br>|
| TransDigm Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3104022<br> <sup>(a)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 11683359 |
| Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% |
| Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 2.722% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 796942<br>|
| 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; 514599<br> <sup>(a)</sup><br>|
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1036624<br> <sup>(a)</sup><br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 2348165 |
| 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% |
| RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2051580<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% |
| Regal Rexnord Corp., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 537011<br>|
| Passenger Airlines — 1.3% | Passenger Airlines — 1.3% | Passenger Airlines — 1.3% | Passenger Airlines — 1.3% | Passenger Airlines — 1.3% |
| American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5218890<br> <sup>(a)</sup><br>|
| 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; 1004575<br> <sup>(a)</sup><br>|
| 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; 1911475<br> <sup>(a)</sup><br>|
| JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 761345<br> <sup>(a)</sup><br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2463610<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 11359895 |
| Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% |
| Ashtead Capital Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 542667<br> <sup>(a)</sup><br>|
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1039541<br> <sup>(a)</sup><br>|
| United Rentals North America Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp; 499802<br> <sup>(a)</sup><br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 2082010 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **30062020** |
| **Information Technology — 2.1%** | **Information Technology — 2.1%** | **Information Technology — 2.1%** | **Information Technology — 2.1%** | **Information Technology — 2.1%** |
| Communications Equipment — 0.9% | Communications Equipment — 0.9% | Communications Equipment — 0.9% | Communications Equipment — 0.9% | Communications Equipment — 0.9% |
| CommScope Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1618847<br> <sup>(a)</sup><br>|
| CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 5800000<br>| &nbsp;&nbsp; 6007211<br> <sup>(a)</sup><br>|
| Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 7626058 |
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| Fiserv Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 419295<br>|
| McAfee Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1857513<br> <sup>(a)</sup><br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 2276808 |
| 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% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.469% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1315000<br>| &nbsp;&nbsp; 1200608<br> <sup>(a)</sup><br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.327% | &nbsp;&nbsp; 2/6/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 360709<br>|
| NXP BV/NXP Funding LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 517696<br>|
| Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 766827<br> <sup>(a)</sup><br>|
| Qnity Electronics Inc., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 756658<br> <sup>(a)</sup><br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 3602498 |
| Software — 0.3% | Software — 0.3% | Software — 0.3% | Software — 0.3% | Software — 0.3% |
| Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 909109<br> <sup>(a)</sup><br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 597002<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Income Focus 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 |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/9/32 | &nbsp;&nbsp; $720000<br>| &nbsp;&nbsp; $782687<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 2288798 |
| 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% |
| Dell International LLC/EMC Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 317416<br>|
| Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 744444<br>|
| HP, Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 777208<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 1839068 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **17633230** |
| **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** |
| Chemicals — 0.9% | Chemicals — 0.9% | Chemicals — 0.9% | Chemicals — 0.9% | Chemicals — 0.9% |
| Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.879% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2556315<br>|
| Rain Carbon Inc., Senior Secured Notes | &nbsp;&nbsp; 12.250% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 536059<br> <sup>(a)</sup><br>|
| SCIH Salt Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1226612<br> <sup>(a)</sup><br>|
| SCIH Salt Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 1155000<br>| &nbsp;&nbsp; 1129599<br> <sup>(a)</sup><br>|
| Tronox Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 979908<br> <sup>(a)</sup><br>|
| Tronox Inc., Senior Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 980348<br> <sup>(a)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 7408841 |
| Containers & Packaging — 0.9% | Containers & Packaging — 0.9% | Containers & Packaging — 0.9% | Containers & Packaging — 0.9% | Containers & Packaging — 0.9% |
| 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; 1065270<br> <sup>(a)</sup><br>|
| Clydesdale Acquisition Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1539893<br> <sup>(a)</sup><br>|
| Mauser Packaging Solutions Holding Co., Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3009399<br> <sup>(a)</sup><br>|
| Mauser Packaging Solutions Holding Co., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2527632<br> <sup>(a)</sup><br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 8142194 |
| Metals & Mining — 0.9% | Metals & Mining — 0.9% | Metals & Mining — 0.9% | Metals & Mining — 0.9% | Metals & Mining — 0.9% |
| Alcoa Nederland Holding BV, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp; 798456<br> <sup>(a)</sup><br>|
| ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 6.800% | &nbsp;&nbsp; 11/29/32 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp; 539808<br>|
| Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1017155<br> <sup>(a)</sup><br>|
| Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3033645<br> <sup>(a)</sup><br>|
| Fortescue Treasury Pty Ltd., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 955432<br> <sup>(a)</sup><br>|
| Fortescue Treasury Pty Ltd., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp; 796263<br> <sup>(a)</sup><br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp; 794755<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 7935514 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **23486549** |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% |
| Healthpeak OP LLC, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 514488<br>|
| VICI Properties LP, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 808205<br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 1322693 |
| Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% |
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1309299<br>|
| Crown Castle Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 303738<br>|
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1526640<br> <sup>(a)</sup><br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 3139677 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4462370** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Utilities — 2.6%** | **Utilities — 2.6%** | **Utilities — 2.6%** | **Utilities — 2.6%** | **Utilities — 2.6%** |
| Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% |
| American Electric Power Co. Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; $300000<br>| &nbsp;&nbsp; $315517<br>|
| Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 288289<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 513699<br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp; 1221475<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1538574<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3502690<br> <sup>(a)(b)</sup><br>|
| NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 829742<br> <sup>(a)</sup><br>|
| Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1794404<br>|
| PG&E Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 986770<br>|
| 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; 1066327<br> <sup>(d)</sup><br>|
| Southern Co., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 508733<br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1469694<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 529459<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1465250<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 1/30/27 | &nbsp;&nbsp; 535000<br>| &nbsp;&nbsp; 530216<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 892880<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 17453719 |
| Independent Power and Renewable Electricity Producers — 0.6% | Independent Power and Renewable Electricity Producers — 0.6% | Independent Power and Renewable Electricity Producers — 0.6% | Independent Power and Renewable Electricity Producers — 0.6% | Independent Power and Renewable Electricity Producers — 0.6% |
| Calpine Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1501875<br> <sup>(a)</sup><br>|
| Calpine Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 743219<br> <sup>(a)</sup><br>|
| Calpine Corp., Senior Secured Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 953141<br> <sup>(a)</sup><br>|
| 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; 2047226<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; 5245461 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **22699180** |
| **Total Corporate Bonds & Notes (Cost — $243,686,686)** | **Total Corporate Bonds & Notes (Cost — $243,686,686)** | **Total Corporate Bonds & Notes (Cost — $243,686,686)** | **Total Corporate Bonds & Notes (Cost — $243,686,686)** | &nbsp;&nbsp; **251517554** |
| **Equity-Linked Securities — 19.4%** | **Equity-Linked Securities — 19.4%** | **Equity-Linked Securities — 19.4%** | **Equity-Linked Securities — 19.4%** | **Equity-Linked Securities — 19.4%** |
| **Other — 19.4%** |  |  |  |  |
| Barclays Bank PLC into Amazon.com Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 2114470<br> <sup>(a)</sup><br>|
| Barclays Bank PLC into ConocoPhillips | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; 37275<br>| &nbsp;&nbsp; 3530658<br> <sup>(a)</sup><br>|
| Barclays Bank PLC into Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/29/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 4488885<br> <sup>(a)</sup><br>|
| Barclays Bank PLC into Micron Technology Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 9/8/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 3399744<br> <sup>(a)</sup><br>|
| Barclays Bank PLC into The Home Depot Inc. | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/25/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 4091120<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into Accenture PLC | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/4/26 | &nbsp;&nbsp; 12500<br>| &nbsp;&nbsp; 3122947<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into AstraZeneca PLC | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 10/14/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 8312263<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into Freeport-McMoRan Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp; 97000<br>| &nbsp;&nbsp; 3801016<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into Target Corp. | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 10/7/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 2216693<br> <sup>(a)</sup><br>|
| BNP Paribas SA into Applied Materials Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 12/10/25 | &nbsp;&nbsp; 6830<br>| &nbsp;&nbsp; 1326207<br> <sup>(a)</sup><br>|
| BNP Paribas SA into Texas Instruments Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 4671995<br> <sup>(a)</sup><br>|
| Citigroup Global Markets Holdings Inc. into Alphabet Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 7/29/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 4084513<br> <sup>(a)</sup><br>|
| 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; 1929573<br> <sup>(a)</sup><br>|
| 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; 7861996<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| 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; $1984422<br> <sup>(a)</sup><br>|
| Citigroup Global Markets Holdings Inc. into The Boeing Co. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 12/8/25 | &nbsp;&nbsp; 9500<br>| &nbsp;&nbsp; 1677238<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into Analog Devices Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/19/26 | &nbsp;&nbsp; 17000<br>| &nbsp;&nbsp; 3867605<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into CVS Health Corp. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 11/25/25 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 2762859<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into Exxon Mobil Corp. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 11/3/25 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp; 1244443<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into Microsoft Inc. | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 5160800<br> <sup>(a)(e)</sup><br>|
| JPMorgan Chase Bank NA into The Boeing Co. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/22/26 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp; 2120757<br> <sup>(a)</sup><br>|
| Merrill Lynch BV into Bank of America Corp. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 10/6/25 | &nbsp;&nbsp; 3000<br>| &nbsp;&nbsp; 1405424<br> <sup>(a)</sup><br>|
| Merrill Lynch BV into Bank of America Corp. | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 2220005<br> <sup>(a)</sup><br>|
| Merrill Lynch BV into Bank of America Corp. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp; 3672150<br> <sup>(a)</sup><br>|
| Merrill Lynch BV into Bank of America Corp. | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 9/3/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 3221987<br> <sup>(a)</sup><br>|
| Merrill Lynch BV into Dell Technologies Inc. | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 2682127<br> <sup>(a)</sup><br>|
| Merrill Lynch BV into United Health Group Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/25/26 | &nbsp;&nbsp; 7500<br>| &nbsp;&nbsp; 2498857<br>|
| Mizuho Markets Cayman LP into Mizuho Bank Ltd. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/25/26 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 4369817<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP into Mizuho Bank Ltd. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 3046475<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP into Mizuho Bank Ltd. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 14000<br>| &nbsp;&nbsp; 3957770<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP into Schlumberger NV | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 3830077<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP into The Home Depot Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 14500<br>| &nbsp;&nbsp; 5597768<br> <sup>(a)</sup><br>|
| Morgan Stanley Into International Business Machines <br> Corp.<br>| &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/8/27 | &nbsp;&nbsp; 14000<br>| &nbsp;&nbsp; 3936192<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Morgan Stanley | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 11/26/25 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 2649951<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Nike Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 12/24/25 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 1761939<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Oracle Corp. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; 14400<br>| &nbsp;&nbsp; 2407062<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Texas Instruments Inc. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/20/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 3649480<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into Amazon.com Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/13/26 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp; 2408725<br> <sup>(a)(e)</sup><br>|
| Toronto-Dominion Bank into Lowe's Cos. Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/19/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 4847133<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into Starbucks Corp. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/12/26 | &nbsp;&nbsp; 34000<br>| &nbsp;&nbsp; 2919888<br> <sup>(a)</sup><br>|
| UBS AG into Accenture PLC | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 7/13/26 | &nbsp;&nbsp; 7500<br>| &nbsp;&nbsp; 1910679<br> <sup>(a)</sup><br>|
| UBS AG into Bank of America Corp. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 1/28/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 2968552<br> <sup>(a)</sup><br>|
| UBS AG into S&P 500 Index | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 11/25/25 | &nbsp;&nbsp; 1010<br>| &nbsp;&nbsp; 6190424<br> <sup>(a)</sup><br>|
| UBS AG into S&P 500 Index | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/23/25 | &nbsp;&nbsp; 1000<br>| &nbsp;&nbsp; 5718570<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into Citigroup Inc. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/25/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 2770327<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into S&P 500 Index | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/4/25 | &nbsp;&nbsp; 700<br>| &nbsp;&nbsp; 4547025<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into Salesforce.com Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 8400<br>| &nbsp;&nbsp; 2045490<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into Schlumberger NV | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 11/26/25 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 1293997<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into Starbucks Corp. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 8/10/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 1752228<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into Target Corp. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; 33000<br>| &nbsp;&nbsp; 3006206<br> <sup>(a)</sup><br>|
| **Total Equity-Linked Securities (Cost — $162,458,996)** | **Total Equity-Linked Securities (Cost — $162,458,996)** | **Total Equity-Linked Securities (Cost — $162,458,996)** | **Total Equity-Linked Securities (Cost — $162,458,996)** | &nbsp;&nbsp; **167056529** |
| **Mortgage-Backed Securities — 6.3%** | **Mortgage-Backed Securities — 6.3%** | **Mortgage-Backed Securities — 6.3%** | **Mortgage-Backed Securities — 6.3%** | **Mortgage-Backed Securities — 6.3%** |
| FHLMC — 2.1% | FHLMC — 2.1% | FHLMC — 2.1% | FHLMC — 2.1% | FHLMC — 2.1% |
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/53- <br>11/1/54<br>| &nbsp;&nbsp; 5305141 | &nbsp;&nbsp; 5268092<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/53- <br>5/1/55<br>| &nbsp;&nbsp; 10641935 | &nbsp;&nbsp; 10741172<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 2414807<br>| &nbsp;&nbsp; 2470676<br>|
| Total FHLMC | Total FHLMC | Total FHLMC | Total FHLMC | &nbsp;&nbsp; 18479940 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| FNMA — 0.8% | FNMA — 0.8% | FNMA — 0.8% | FNMA — 0.8% | FNMA — 0.8% |
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/53- <br>11/1/53<br>| &nbsp;&nbsp; $2311885 | &nbsp;&nbsp; $2303409<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/54 | &nbsp;&nbsp; 1845444<br>| &nbsp;&nbsp; 1862772<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 2450463<br>| &nbsp;&nbsp; 2505074<br>|
| Total FNMA | Total FNMA | Total FNMA | Total FNMA | &nbsp;&nbsp; 6671255 |
| GNMA — 3.4% | GNMA — 3.4% | GNMA — 3.4% | GNMA — 3.4% | GNMA — 3.4% |
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/20/54 | &nbsp;&nbsp; 2860480<br>| &nbsp;&nbsp; 2849807<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/20/55- <br>8/20/55<br>| &nbsp;&nbsp; 14506692 | &nbsp;&nbsp; 14767864<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/20/55- <br>9/20/55<br>| &nbsp;&nbsp; 11661150 | &nbsp;&nbsp; 11765126<br>|
| Total GNMA | Total GNMA | Total GNMA | Total GNMA | &nbsp;&nbsp; 29382797 |
| **Total Mortgage-Backed Securities (Cost — $53,991,666)** | **Total Mortgage-Backed Securities (Cost — $53,991,666)** | **Total Mortgage-Backed Securities (Cost — $53,991,666)** | **Total Mortgage-Backed Securities (Cost — $53,991,666)** | &nbsp;&nbsp; **54533992** |
| **U.S. Government & Agency Obligations — 6.3%** | **U.S. Government & Agency Obligations — 6.3%** | **U.S. Government & Agency Obligations — 6.3%** | **U.S. Government & Agency Obligations — 6.3%** | **U.S. Government & Agency Obligations — 6.3%** |
| U.S. Government Obligations — 6.3% | U.S. Government Obligations — 6.3% | U.S. Government Obligations — 6.3% | U.S. Government Obligations — 6.3% | U.S. Government Obligations — 6.3% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7270703<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1926250<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp; 17058437<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2580225<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7149434<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3990391<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4045937<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10093750<br>|
| **Total U.S. Government & Agency Obligations (Cost — $52,464,833)** | **Total U.S. Government & Agency Obligations (Cost — $52,464,833)** | **Total U.S. Government & Agency Obligations (Cost — $52,464,833)** | **Total U.S. Government & Agency Obligations (Cost — $52,464,833)** | &nbsp;&nbsp; **54115127** |
|  |  |  | Shares |  |
| **Convertible Preferred Stocks — 2.3%** | **Convertible Preferred Stocks — 2.3%** | **Convertible Preferred Stocks — 2.3%** | **Convertible Preferred Stocks — 2.3%** | **Convertible Preferred Stocks — 2.3%** |
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% |
| Ares Management Corp., Non Voting Shares | &nbsp;&nbsp; 6.750% |  | &nbsp;&nbsp; 15600 | &nbsp;&nbsp; **775164**<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% |
| Boeing Co. | &nbsp;&nbsp; 6.000% |  | &nbsp;&nbsp; 77986 | &nbsp;&nbsp; **5425486**<br>|
| **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** |
| Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% |
| Albemarle Corp., Non Voting Shares | &nbsp;&nbsp; 7.250% |  | &nbsp;&nbsp; 143181 | &nbsp;&nbsp; **5423696**<br>|
| **Utilities — 1.0%** | **Utilities — 1.0%** | **Utilities — 1.0%** | **Utilities — 1.0%** | **Utilities — 1.0%** |
| Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% |
| NextEra Energy Inc. | &nbsp;&nbsp; 7.299% |  | &nbsp;&nbsp; 80900 | &nbsp;&nbsp; 4034483<br>|
| NextEra Energy Inc. | &nbsp;&nbsp; 7.234% |  | &nbsp;&nbsp; 85137 | &nbsp;&nbsp; 4003993<br>|
| **Total Convertible Preferred Stocks (Cost — $18,577,671)** | **Total Convertible Preferred Stocks (Cost — $18,577,671)** | **Total Convertible Preferred Stocks (Cost — $18,577,671)** | **Total Convertible Preferred Stocks (Cost — $18,577,671)** | &nbsp;&nbsp; **19662822** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **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% |
| X Corp., Term Loan B1 (3 mo. Term SOFR + 6.650%)  | 10.958% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; $1984694<br>| &nbsp;&nbsp; **$1949684**<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%†† |
| MPH Acquisition Holdings LLC, First Out Term Loan (3 mo. Term SOFR + 3.750%)  | 8.058% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 164869<br>| &nbsp;&nbsp; **164869**<br> <sup>(d)(f)(g)</sup><br>|
| **Total Senior Loans (Cost — $2,097,268)** | **Total Senior Loans (Cost — $2,097,268)** | **Total Senior Loans (Cost — $2,097,268)** | **Total Senior Loans (Cost — $2,097,268)** | &nbsp;&nbsp; **2114553** |
| **Convertible Bonds & Notes — 0.1%** | **Convertible Bonds & Notes — 0.1%** | **Convertible Bonds & Notes — 0.1%** | **Convertible Bonds & Notes — 0.1%** | **Convertible Bonds & Notes — 0.1%** |
| **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |
| Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% |
| Southern Co., Senior Notes (Cost — $700,000) | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; **710150**<br> <sup>(a)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $801,597,013)** | **Total Investments before Short-Term Investments (Cost — $801,597,013)** | **Total Investments before Short-Term Investments (Cost — $801,597,013)** | **Total Investments before Short-Term Investments (Cost — $801,597,013)** | &nbsp;&nbsp; **845100345** |
|  |  |  | Shares |  |
| **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $25,541,158)  | &nbsp;&nbsp; 4.032% |  | &nbsp;&nbsp; 25541158<br>| &nbsp;&nbsp; **25541158**<br> <sup>(h)(i)(j)</sup><br>|
| **Total Investments — 101.3% (Cost — $827,138,171)** | **Total Investments — 101.3% (Cost — $827,138,171)** | **Total Investments — 101.3% (Cost — $827,138,171)** | **Total Investments — 101.3% (Cost — $827,138,171)** | &nbsp;&nbsp; **870641503** |
| Liabilities in Excess of Other Assets — (1.3)% | Liabilities in Excess of Other Assets — (1.3)% | Liabilities in Excess of Other Assets — (1.3)% | Liabilities in Excess of Other Assets — (1.3)% | &nbsp;&nbsp; (11453958)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$859187545** |

---

&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> | Securities traded on a when-issued or delayed delivery basis. |
| <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 fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $25,541,158 and the cost was $25,541,158 (Note 6).<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 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Intelligent Machines ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.7%** | **Common Stocks — 98.7%** | **Common Stocks — 98.7%** |
| **Consumer Discretionary — 8.4%** | **Consumer Discretionary — 8.4%** | **Consumer Discretionary — 8.4%** |
| Automobile Components — 0.6% | Automobile Components — 0.6% | Automobile Components — 0.6% |
| Hesai Group, ADR | &nbsp;&nbsp; 10564 | &nbsp;&nbsp; $296,848<br> \*<br>|
| Automobiles — 7.4% | Automobiles — 7.4% | Automobiles — 7.4% |
| BYD Co. Ltd., Class H Shares | &nbsp;&nbsp; 18793 | &nbsp;&nbsp; 266180<br>|
| Tesla Inc. | &nbsp;&nbsp; 7415 | &nbsp;&nbsp; 3,297,599<br> \*<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 3563779 |
| Household Durables — 0.4% | Household Durables — 0.4% | Household Durables — 0.4% |
| Garmin Ltd. | &nbsp;&nbsp; 749 | &nbsp;&nbsp; 184419<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **4045046** |
| **Energy — 2.5%** | **Energy — 2.5%** | **Energy — 2.5%** |
| Energy Equipment & Services — 2.0% | Energy Equipment & Services — 2.0% | Energy Equipment & Services — 2.0% |
| Baker Hughes Co. | &nbsp;&nbsp; 12373 | &nbsp;&nbsp; 602812<br>|
| Oceaneering International Inc. | &nbsp;&nbsp; 4837 | &nbsp;&nbsp; 119,861<br> \*<br>|
| TechnipFMC PLC | &nbsp;&nbsp; 6046 | &nbsp;&nbsp; 238515<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 961188 |
| Oil, Gas & Consumable Fuels — 0.5% | Oil, Gas & Consumable Fuels — 0.5% | Oil, Gas & Consumable Fuels — 0.5% |
| Cameco Corp. | &nbsp;&nbsp; 2670 | &nbsp;&nbsp; 223906<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1185094** |
| **Health Care — 4.1%** | **Health Care — 4.1%** | **Health Care — 4.1%** |
| Health Care Equipment & Supplies — 3.4% | Health Care Equipment & Supplies — 3.4% | Health Care Equipment & Supplies — 3.4% |
| Hoya Corp. | &nbsp;&nbsp; 809 | &nbsp;&nbsp; 112159<br>|
| IDEXX Laboratories Inc. | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 138,000<br> \*<br>|
| Intuitive Surgical Inc. | &nbsp;&nbsp; 2825 | &nbsp;&nbsp; 1,263,425<br> \*<br>|
| Stryker Corp. | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 105726<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1619310 |
| Health Care Technology — 0.7% | Health Care Technology — 0.7% | Health Care Technology — 0.7% |
| Pro Medicus Ltd. | &nbsp;&nbsp; 1657 | &nbsp;&nbsp; 338557<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1957867** |
| **Industrials — 23.1%** | **Industrials — 23.1%** | **Industrials — 23.1%** |
| Aerospace & Defense — 13.6% | Aerospace & Defense — 13.6% | Aerospace & Defense — 13.6% |
| AeroVironment Inc. | &nbsp;&nbsp; 2017 | &nbsp;&nbsp; 635,133<br> \*<br>|
| Axon Enterprise Inc. | &nbsp;&nbsp; 3171 | &nbsp;&nbsp; 2,275,636<br> \*<br>|
| Curtiss-Wright Corp. | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 239979<br>|
| Karman Holdings Inc. | &nbsp;&nbsp; 2094 | &nbsp;&nbsp; 151,187<br> \*<br>|
| Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp; 22202 | &nbsp;&nbsp; 2,028,597<br> \*<br>|
| Leonardo DRS Inc. | &nbsp;&nbsp; 4555 | &nbsp;&nbsp; 206797<br>|
| Rheinmetall AG, ADR | &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 476918<br>|
| Rocket Lab Corp. | &nbsp;&nbsp; 10971 | &nbsp;&nbsp; 525,621<br> \*<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 6539868 |
| Construction & Engineering — 2.0% | Construction & Engineering — 2.0% | Construction & Engineering — 2.0% |
| Quanta Services Inc. | &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 850390<br>|
| Valmont Industries Inc. | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 113605<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 963995 |
| Electrical Equipment — 6.1% | Electrical Equipment — 6.1% | Electrical Equipment — 6.1% |
| Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 5224 | &nbsp;&nbsp; 441,794<br> \*<br>|
| Contemporary Amperex Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 4498 | &nbsp;&nbsp; 330395<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Intelligent Machines ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electrical Equipment — continued | Electrical Equipment — continued | Electrical Equipment — continued |
| GE Vernova Inc. | &nbsp;&nbsp; 1940 | &nbsp;&nbsp; $1192906<br>|
| Siemens Energy AG | &nbsp;&nbsp; 4709 | &nbsp;&nbsp; 550,098<br> \*<br>|
| Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 2614 | &nbsp;&nbsp; 394348<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 2909541 |
| Ground Transportation — 0.9% | Ground Transportation — 0.9% | Ground Transportation — 0.9% |
| Uber Technologies Inc. | &nbsp;&nbsp; 4676 | &nbsp;&nbsp; 458,108<br> \*<br>|
| Machinery — 0.5% | Machinery — 0.5% | Machinery — 0.5% |
| Symbotic Inc. | &nbsp;&nbsp; 4082 | &nbsp;&nbsp; 220,020<br> \*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **11091532** |
| **Information Technology — 60.6%** | **Information Technology — 60.6%** | **Information Technology — 60.6%** |
| Communications Equipment — 2.0% | Communications Equipment — 2.0% | Communications Equipment — 2.0% |
| Arista Networks Inc. | &nbsp;&nbsp; 6445 | &nbsp;&nbsp; 939,100<br> \*<br>|
| Electronic Equipment, Instruments & Components — 9.5% | Electronic Equipment, Instruments & Components — 9.5% | Electronic Equipment, Instruments & Components — 9.5% |
| Amphenol Corp., Class A Shares | &nbsp;&nbsp; 8498 | &nbsp;&nbsp; 1051627<br>|
| Celestica Inc. | &nbsp;&nbsp; 9832 | &nbsp;&nbsp; 2,422,408<br> \*<br>|
| Keyence Corp. | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 83694<br>|
| Keysight Technologies Inc. | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 100,579<br> \*<br>|
| TE Connectivity PLC | &nbsp;&nbsp; 1764 | &nbsp;&nbsp; 387251<br>|
| Trimble Inc. | &nbsp;&nbsp; 6344 | &nbsp;&nbsp; 517,988<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 4563547 |
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| CoreWeave Inc., Class A Shares | &nbsp;&nbsp; 953 | &nbsp;&nbsp; 130,418<br> \*<br>|
| Semiconductors & Semiconductor Equipment — 30.9% | Semiconductors & Semiconductor Equipment — 30.9% | Semiconductors & Semiconductor Equipment — 30.9% |
| Advanced Micro Devices Inc. | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 139,463<br> \*<br>|
| Analog Devices Inc. | &nbsp;&nbsp; 834 | &nbsp;&nbsp; 204914<br>|
| Applied Materials Inc. | &nbsp;&nbsp; 2149 | &nbsp;&nbsp; 439986<br>|
| ASM International NV | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 117037<br>|
| ASML Holding NV, Registered Shares | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 490822<br>|
| Broadcom Inc. | &nbsp;&nbsp; 10022 | &nbsp;&nbsp; 3306358<br>|
| Entegris Inc. | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 41792<br>|
| Infineon Technologies AG | &nbsp;&nbsp; 2516 | &nbsp;&nbsp; 98149<br>|
| KLA Corp. | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 637453<br>|
| Lam Research Corp. | &nbsp;&nbsp; 4562 | &nbsp;&nbsp; 610852<br>|
| Marvell Technology Inc. | &nbsp;&nbsp; 2906 | &nbsp;&nbsp; 244307<br>|
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 276192<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 24517 | &nbsp;&nbsp; 4574382<br>|
| NXP Semiconductors NV | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 169203<br>|
| SiTime Corp. | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 168,432<br> \*<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 9480 | &nbsp;&nbsp; 2647669<br>|
| Teradyne Inc. | &nbsp;&nbsp; 4210 | &nbsp;&nbsp; 579464<br>|
| Texas Instruments Inc. | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 100317<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 14846792 |
| Software — 13.8% | Software — 13.8% | Software — 13.8% |
| Aurora Innovation Inc. | &nbsp;&nbsp; 38665 | &nbsp;&nbsp; 208,404<br> \*<br>|
| Autodesk Inc. | &nbsp;&nbsp; 2313 | &nbsp;&nbsp; 734,771<br> \*<br>|
| Bentley Systems Inc., Class B Shares | &nbsp;&nbsp; 3865 | &nbsp;&nbsp; 198970<br>|
| Cadence Design Systems Inc. | &nbsp;&nbsp; 2379 | &nbsp;&nbsp; 835,648<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Intelligent Machines ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Software — continued | Software — continued | Software — continued | Software — continued |
| Constellation Software Inc. |  | &nbsp;&nbsp; 225 | &nbsp;&nbsp; $610928<br>|
| CrowdStrike Holdings Inc., Class A Shares |  | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 183,893<br> \*<br>|
| Dassault Systemes SE |  | &nbsp;&nbsp; 4291 | &nbsp;&nbsp; 143745<br>|
| Descartes Systems Group Inc. |  | &nbsp;&nbsp; 7895 | &nbsp;&nbsp; 743,539<br> \*<br>|
| Lumine Group Inc. |  | &nbsp;&nbsp; 823 | &nbsp;&nbsp; 24,275<br> \*<br>|
| Nebius Group NV |  | &nbsp;&nbsp; 1199 | &nbsp;&nbsp; 134,612<br> \*<br>|
| Oracle Corp. |  | &nbsp;&nbsp; 1164 | &nbsp;&nbsp; 327363<br>|
| Palantir Technologies Inc., Class A Shares |  | &nbsp;&nbsp; 4711 | &nbsp;&nbsp; 859,381<br> \*<br>|
| Palo Alto Networks Inc. |  | &nbsp;&nbsp; 1912 | &nbsp;&nbsp; 389,321<br> \*<br>|
| PTC Inc. |  | &nbsp;&nbsp; 2362 | &nbsp;&nbsp; 479,533<br> \*<br>|
| Samsara Inc., Class A Shares |  | &nbsp;&nbsp; 5198 | &nbsp;&nbsp; 193,626<br> \*<br>|
| Synopsys Inc. |  | &nbsp;&nbsp; 1146 | &nbsp;&nbsp; 565,425<br> \*<br>|
| Total Software | Total Software | Total Software | &nbsp;&nbsp; 6633434 |
| Technology Hardware, Storage & Peripherals — 4.1% | Technology Hardware, Storage & Peripherals — 4.1% | Technology Hardware, Storage & Peripherals — 4.1% | Technology Hardware, Storage & Peripherals — 4.1% |
| Apple Inc. |  | &nbsp;&nbsp; 6741 | &nbsp;&nbsp; 1716461<br>|
| Pure Storage Inc., Class A Shares |  | &nbsp;&nbsp; 2770 | &nbsp;&nbsp; 232,154<br> \*<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 1948615 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **29061906** |
| **Total Common Stocks (Cost — $29,540,671)** | **Total Common Stocks (Cost — $29,540,671)** | **Total Common Stocks (Cost — $29,540,671)** | &nbsp;&nbsp; **47341445**<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%†† |
| Constellation Software Inc. (Cost — $0) | &nbsp;&nbsp; 3/31/40 | &nbsp;&nbsp; 225<br>| &nbsp;&nbsp; **0**<br> \*<sup>(a)(b)(c)</sup><br>|
| **Total Investments†† — 98.7% (Cost — $29,540,671)** | **Total Investments†† — 98.7% (Cost — $29,540,671)** | **Total Investments†† — 98.7% (Cost — $29,540,671)** | &nbsp;&nbsp; **47341445** |
| Other Assets in Excess of Liabilities — 1.3% | Other Assets in Excess of Liabilities — 1.3% | Other Assets in Excess of Liabilities — 1.3% | &nbsp;&nbsp; 647848 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$47989293** |

---

&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 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Aggregate Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Value |
| **Sovereign Bonds — 85.8%** | **Sovereign Bonds — 85.8%** | **Sovereign Bonds — 85.8%** | **Sovereign Bonds — 85.8%** |
| Australia — 3.5% | Australia — 3.5% | Australia — 3.5% | Australia — 3.5% |
| Australia Government Bond, Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 5/21/28<br> &nbsp;&nbsp; 10000000 <br><sup>AUD</sup><br>| &nbsp;&nbsp; $6407836<br> <sup>(a)</sup><br>|
| Australia Government Bond, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/21/34<br> &nbsp;&nbsp; 5000000 <br><sup>AUD</sup><br>| &nbsp;&nbsp; 3205208<br> <sup>(a)</sup><br>|
| New South Wales Treasury Corp. | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/20/27<br> &nbsp;&nbsp; 6000000 <br><sup>AUD</sup><br>| &nbsp;&nbsp; 3931887<br> <sup>(a)</sup><br>|
| Queensland Treasury Corp. | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/21/29<br> &nbsp;&nbsp; 7500000 <br><sup>AUD</sup><br>| &nbsp;&nbsp; 4847614<br> <sup>(a)</sup><br>|
| Western Australian Treasury Corp. | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/21/26<br> &nbsp;&nbsp; 8000000 <br><sup>AUD</sup><br>| &nbsp;&nbsp; 5265438<br> <sup>(a)</sup><br>|
| Total Australia | Total Australia | Total Australia | &nbsp;&nbsp; 23657983 |
| Austria — 4.1% | Austria — 4.1% | Austria — 4.1% | Austria — 4.1% |
| Republic of Austria Government Bond, Senior Notes | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 10/20/25<br> &nbsp;&nbsp; 14000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 16430792<br> <sup>(a)</sup><br>|
| Republic of Austria Government Bond, Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 2/20/47<br> &nbsp;&nbsp; 14000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 11385692<br> <sup>(a)</sup><br>|
| Total Austria | Total Austria | Total Austria | &nbsp;&nbsp; 27816484 |
| Belgium — 4.1% | Belgium — 4.1% | Belgium — 4.1% | Belgium — 4.1% |
| Kingdom of Belgium Government Bond, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 6/22/31<br> &nbsp;&nbsp; 26000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 27813742<br> <sup>(a)</sup><br>|
| Canada — 3.8% | Canada — 3.8% | Canada — 3.8% | Canada — 3.8% |
| Canadian Government Bond | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 6/1/30<br> &nbsp;&nbsp; 14250000 <br><sup>CAD</sup><br>| &nbsp;&nbsp; 9586931<br>|
| Canadian Government Bond | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/37<br> &nbsp;&nbsp; 16000000 <br><sup>CAD</sup><br>| &nbsp;&nbsp; 13405648<br>|
| Canadian Government Bond | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 12/1/51<br> &nbsp;&nbsp; 5500000 <br><sup>CAD</sup><br>| &nbsp;&nbsp; 2876029<br>|
| Total Canada | Total Canada | Total Canada | &nbsp;&nbsp; 25868608 |
| China — 14.8% | China — 14.8% | China — 14.8% | China — 14.8% |
| China Government Bond | &nbsp;&nbsp; 3.030% | &nbsp;&nbsp; 3/11/26<br> &nbsp;&nbsp; 100000000 <br><sup>CNH</sup><br>| &nbsp;&nbsp; 14143767<br>|
| China Government Bond | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 6/4/27<br> &nbsp;&nbsp; 120000000 <br><sup>CNH</sup><br>| &nbsp;&nbsp; 17251646<br>|
| China Government Bond | &nbsp;&nbsp; 2.670% | &nbsp;&nbsp; 5/25/33<br> &nbsp;&nbsp; 120000000 <br><sup>CNH</sup><br>| &nbsp;&nbsp; 17863071<br>|
| China Government Bond | &nbsp;&nbsp; 2.520% | &nbsp;&nbsp; 8/25/33<br> &nbsp;&nbsp; 120000000 <br><sup>CNH</sup><br>| &nbsp;&nbsp; 17689198<br>|
| China Government Bond | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 2/25/34<br> &nbsp;&nbsp; 120000000 <br><sup>CNH</sup><br>| &nbsp;&nbsp; 17516694<br>|
| China Government Bond | &nbsp;&nbsp; 4.280% | &nbsp;&nbsp; 10/23/47<br> &nbsp;&nbsp; 80000000 <br><sup>CNH</sup><br>| &nbsp;&nbsp; 15191320<br>|
| Total China | Total China | Total China | &nbsp;&nbsp; 99655696 |
| Cyprus — 1.0% | Cyprus — 1.0% | Cyprus — 1.0% | Cyprus — 1.0% |
| 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; 6984466<br> <sup>(a)</sup><br>|
| Finland — 1.9% | Finland — 1.9% | Finland — 1.9% | Finland — 1.9% |
| 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; 13127595<br> <sup>(a)</sup><br>|
| France — 3.1% | France — 3.1% | France — 3.1% | France — 3.1% |
| 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; 21125022<br> <sup>(a)</sup><br>|
| Ireland — 1.8% | Ireland — 1.8% | Ireland — 1.8% | Ireland — 1.8% |
| Ireland Government Bond | &nbsp;&nbsp; 1.350% | &nbsp;&nbsp; 3/18/31<br> &nbsp;&nbsp; 11000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 12183974<br> <sup>(a)</sup><br>|
| Italy — 4.0% | Italy — 4.0% | Italy — 4.0% | Italy — 4.0% |
| Italy Buoni Poliennali Del Tesoro, Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 12/1/26<br> &nbsp;&nbsp; 9000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 10477529<br> <sup>(a)</sup><br>|
| 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; 16167852<br> <sup>(a)</sup><br>|
| Total Italy | Total Italy | Total Italy | &nbsp;&nbsp; 26645381 |
| Japan — 14.4% | Japan — 14.4% | Japan — 14.4% | Japan — 14.4% |
| 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; 8171253<br>|
| Japan Government Five Year Bond | &nbsp;&nbsp; 0.300% | &nbsp;&nbsp; 6/20/28<br> &nbsp;&nbsp; 3600000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp; 23889482<br>|
| Japan Government Ten Year Bond | &nbsp;&nbsp; 0.100% | &nbsp;&nbsp; 12/20/26<br> &nbsp;&nbsp; 3600000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp; 24131521<br>|
| Japan Government Thirty Year Bond | &nbsp;&nbsp; 0.400% | &nbsp;&nbsp; 12/20/49<br> &nbsp;&nbsp; 1500000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp; 5814117<br>|
| Japan Government Twenty Year Bond | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 3/20/33<br> &nbsp;&nbsp; 4000000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp; 27137470<br>|
| 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; 7654106<br>|
| Total Japan | Total Japan | Total Japan | &nbsp;&nbsp; 96797949 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin International Aggregate Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Value |
| Mexico — 1.1% | Mexico — 1.1% | Mexico — 1.1% | Mexico — 1.1% |
| Mexican Bonos, Bonds | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/7/47<br> &nbsp;&nbsp; 150000000 <br><sup>MXN</sup><br>| &nbsp;&nbsp; $7197200<br>|
| Netherlands — 1.1% | Netherlands — 1.1% | Netherlands — 1.1% | Netherlands — 1.1% |
| Netherlands Government Bond | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 1/15/40<br> &nbsp;&nbsp; 9000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 7379312<br> <sup>(a)</sup><br>|
| Poland — 1.9% | Poland — 1.9% | Poland — 1.9% | Poland — 1.9% |
| 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; 12816560<br>|
| Romania — 1.5% | Romania — 1.5% | Romania — 1.5% | Romania — 1.5% |
| Romanian Government International Bond, Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 1/28/32<br> &nbsp;&nbsp; 10000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 9792568<br> <sup>(a)</sup><br>|
| South Korea — 2.8% | South Korea — 2.8% | South Korea — 2.8% | South Korea — 2.8% |
| Korea Treasury Bond | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/10/27<br> &nbsp;&nbsp; 8500000000 <br><sup>KRW</sup><br>| &nbsp;&nbsp; 6295542<br>|
| Korea Treasury Bond | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/10/30<br> &nbsp;&nbsp; 8000000000 <br><sup>KRW</sup><br>| &nbsp;&nbsp; 6234949<br>|
| Korea Treasury Bond | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/10/32<br> &nbsp;&nbsp; 8200000000 <br><sup>KRW</sup><br>| &nbsp;&nbsp; 6351049<br>|
| Total South Korea | Total South Korea | Total South Korea | &nbsp;&nbsp; 18881540 |
| Spain — 4.4% | Spain — 4.4% | Spain — 4.4% | Spain — 4.4% |
| 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; 29687995<br> <sup>(a)</sup><br>|
| Supranational — 5.5% | Supranational — 5.5% | Supranational — 5.5% | Supranational — 5.5% |
| 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; 1665678<br>|
| 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; 2241136<br> <sup>(a)</sup><br>|
| European Union, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 2/4/33<br> &nbsp;&nbsp; 19000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 22201915<br> <sup>(a)</sup><br>|
| European Union, Senior Notes | &nbsp;&nbsp; 0.300% | &nbsp;&nbsp; 11/4/50<br> &nbsp;&nbsp; 21000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 11195075<br> <sup>(a)</sup><br>|
| Total Supranational | Total Supranational | Total Supranational | &nbsp;&nbsp; 37303804 |
| Sweden — 3.8% | Sweden — 3.8% | Sweden — 3.8% | Sweden — 3.8% |
| Sweden Government Bond | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 5/12/28<br> &nbsp;&nbsp; 250000000 <br><sup>SEK</sup><br>| &nbsp;&nbsp; 25784662<br> <sup>(a)</sup><br>|
| United Kingdom — 7.2% | United Kingdom — 7.2% | United Kingdom — 7.2% | United Kingdom — 7.2% |
| United Kingdom Gilt, Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/7/30<br> &nbsp;&nbsp; 18000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 24948352<br> <sup>(a)</sup><br>|
| United Kingdom Gilt, Bonds | &nbsp;&nbsp; 0.875% | &nbsp;&nbsp; 7/31/33<br> &nbsp;&nbsp; 17000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 17439016<br> <sup>(a)</sup><br>|
| United Kingdom Gilt, Bonds | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/29/38<br> &nbsp;&nbsp; 5000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 5963416<br> <sup>(a)</sup><br>|
| Total United Kingdom | Total United Kingdom | Total United Kingdom | &nbsp;&nbsp; 48350784 |
| **Total Sovereign Bonds (Cost — $556,487,665)** | **Total Sovereign Bonds (Cost — $556,487,665)** | **Total Sovereign Bonds (Cost — $556,487,665)** | &nbsp;&nbsp; **578871325** |
| **Corporate Bonds & Notes — 7.2%** | **Corporate Bonds & Notes — 7.2%** | **Corporate Bonds & Notes — 7.2%** | **Corporate Bonds & Notes — 7.2%** |
| **Communication Services — 0.9%** | **Communication Services — 0.9%** | **Communication Services — 0.9%** | **Communication Services — 0.9%** |
| Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% |
| 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; 1397557<br>|
| 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; 583306<br> <sup>(a)</sup><br>|
| Orange SA, Senior Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 3/20/28<br> &nbsp;&nbsp; 1500000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 1716606<br> <sup>(a)</sup><br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/17/34<br> &nbsp;&nbsp; 2000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 2580314<br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **6277783** |
| **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% |
| 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; 3264618<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% |
| 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; 1440062<br> <sup>(a)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **4704680** |
| **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% |
| 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; **1168295**<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Aggregate Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Financials — 3.9%** | **Financials — 3.9%** | **Financials — 3.9%** | **Financials — 3.9%** | **Financials — 3.9%** |
| Banks — 2.9% | Banks — 2.9% | Banks — 2.9% | Banks — 2.9% | Banks — 2.9% |
| Bank of America Corp., Senior Notes (3 mo. EURIBOR + 0.900%) | &nbsp;&nbsp; 3.261% | &nbsp;&nbsp; 1/28/31 | &nbsp;&nbsp; 3000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; $3555088<br> <sup>(a)(b)</sup><br>|
| 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; 3817093<br> <sup>(a)(b)</sup><br>|
| 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; 3692890<br> <sup>(a)(b)</sup><br>|
| Commerzbank AG, Senior Notes (3 mo. EURIBOR + 1.380%) | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 1/14/32 | &nbsp;&nbsp; 3000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 3579887<br> <sup>(a)(b)</sup><br>|
| 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; 2378665<br> <sup>(a)</sup><br>|
| 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; 2428862<br> <sup>(b)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 19452485 |
| Capital Markets — 0.5% | Capital Markets — 0.5% | Capital Markets — 0.5% | Capital Markets — 0.5% | Capital Markets — 0.5% |
| 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; 1119917<br> <sup>(a)</sup><br>|
| 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; 2523096<br> <sup>(a)(b)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 3643013 |
| Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% |
| Fiserv Inc., Senior Notes | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 1000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 1098233<br>|
| Kreditanstalt fuer Wiederaufbau, Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 2/16/26 | &nbsp;&nbsp; 300000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp; 2040529<br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 3138762 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **26234260** |
| **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% |
| RELX Finance BV, Senior Notes | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 3/10/28 | &nbsp;&nbsp; 1500000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 1679605<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% |
| 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; 2129271<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% |
| Siemens Financieringsmaatschappij NV, Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/20/26 | &nbsp;&nbsp; 700000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 815388<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **4624264** |
| **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% |
| Apple Inc., Senior Notes | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 11/10/26 | &nbsp;&nbsp; 1000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 1167085<br>|
| Apple Inc., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 2000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 2588230<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **3755315** |
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% |
| Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 1200000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; **1672177**<br>|
| **Total Corporate Bonds & Notes (Cost — $48,639,626)** | **Total Corporate Bonds & Notes (Cost — $48,639,626)** | **Total Corporate Bonds & Notes (Cost — $48,639,626)** | **Total Corporate Bonds & Notes (Cost — $48,639,626)** | &nbsp;&nbsp; **48436774** |
| **Total Investments before Short-Term Investments (Cost — $605,127,291)** | **Total Investments before Short-Term Investments (Cost — $605,127,291)** | **Total Investments before Short-Term Investments (Cost — $605,127,291)** | **Total Investments before Short-Term Investments (Cost — $605,127,291)** | &nbsp;&nbsp; **627308099** |
|  |  |  | Shares |  |
| **Short-Term Investments — 6.6%** | **Short-Term Investments — 6.6%** | **Short-Term Investments — 6.6%** | **Short-Term Investments — 6.6%** | **Short-Term Investments — 6.6%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $44,401,795)  | &nbsp;&nbsp; 4.032% |  | &nbsp;&nbsp; 44401795<br>| &nbsp;&nbsp; **44401795**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.6% (Cost — $649,529,086)** | **Total Investments — 99.6% (Cost — $649,529,086)** | **Total Investments — 99.6% (Cost — $649,529,086)** | **Total Investments — 99.6% (Cost — $649,529,086)** | &nbsp;&nbsp; **671709894** |
| Other Assets in Excess of Liabilities — 0.4% | Other Assets in Excess of Liabilities — 0.4% | Other Assets in Excess of Liabilities — 0.4% | Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp; 2388989 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$674098883** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $44,401,795 and the cost was $44,401,795 (Note 6).<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 |
| CNH |  | Chinese Offshore Yuan |
| 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 September 30, 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; 2000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1306418 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; $17650 |
| CAD | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1457632 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (18003) |
| EUR | &nbsp;&nbsp; 10500000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 12310074 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; 44159 |
| EUR | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 17569407 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; 79497 |
| GBP | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4052848 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (17448) |
| GBP | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 12112245 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (6044) |
| JPY | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2046415 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (10173) |
| JPY | &nbsp;&nbsp; 1000000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 6847375 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (59902) |
| JPY | &nbsp;&nbsp; 1300000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 8845433 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (21718) |
| USD | &nbsp;&nbsp; 13989167 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 21400000 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (178356) |
| USD | &nbsp;&nbsp; 9250626 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 12650000 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; 144972 |
| USD | &nbsp;&nbsp; 2459629 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2100000 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (11217) |
| USD | &nbsp;&nbsp; 5830796 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 5000000 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (52172) |
| USD | &nbsp;&nbsp; 12886203 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 11000000 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (56327) |
| USD | &nbsp;&nbsp; 116645246 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 99350000 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (249330) |
| USD | &nbsp;&nbsp; 8070230 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 6000000 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | (570) |
| USD | &nbsp;&nbsp; 31703063 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 23700000 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (176600) |
| USD | &nbsp;&nbsp; 62909934 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 9180000000 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; 600932 |
| USD | &nbsp;&nbsp; 20088506 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 27600000000 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; 403468 |
| USD | &nbsp;&nbsp; 4595982 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 86288147 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (97780) |
| USD | &nbsp;&nbsp; 9938535 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 36300000 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (43737) |
| USD | &nbsp;&nbsp; 11187987 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 106800000 | BNP Paribas | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (182752) |
| CNH | &nbsp;&nbsp; 54000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7613348 | Citibank N.A. | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (22324) |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin International Aggregate Bond ETF**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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; 10059535 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 15390000 | Citibank N.A. | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; $(129165) |
| USD | &nbsp;&nbsp; 17868066 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 24420000 | Citibank N.A. | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; 290195 |
| USD | &nbsp;&nbsp; 111551942 | &nbsp;&nbsp; CNH | &nbsp;&nbsp; 795700000 | Citibank N.A. | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (303209) |
| USD | &nbsp;&nbsp; 145394310 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 123800000 | Citibank N.A. | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (267979) |
| USD | &nbsp;&nbsp; 34113008 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 25500000 | Citibank N.A. | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (187896) |
| USD | &nbsp;&nbsp; 60990947 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 8899000000 | Citibank N.A. | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; 589225 |
| USD | &nbsp;&nbsp; 1337151 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 25100000 | Citibank N.A. | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (28198) |
| USD | &nbsp;&nbsp; 2614421 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 9550000 | Citibank N.A. | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (11768) |
| USD | &nbsp;&nbsp; 13983875 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 133500000 | Citibank N.A. | &nbsp;&nbsp; 11/7/25 | &nbsp;&nbsp; (229548) |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(192118)** |

---

&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 |
| 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 |

---

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin International Aggregate Bond ETF**

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup>  | **Summary of Investments by Country**<sup>#</sup>  |
| China | 14.8<br> %<br>|
| Japan | 14.4 |
| United Kingdom | 8.5 |
| Supranational | 5.6 |
| Spain | 4.4 |
| France | 4.2 |
| Austria | 4.1 |
| Belgium | 4.1 |
| Italy | 4.0 |
| Canada | 3.9 |
| Sweden | 3.8 |
| Australia | 3.5 |
| South Korea | 2.8 |
| United States | 2.5 |
| Ireland | 2.4 |
| Finland | 2.0 |
| Poland | 1.9 |
| Romania | 1.5 |
| Netherlands | 1.1 |
| Mexico | 1.1 |
| Germany | 1.0 |
| Cyprus | 1.0 |
| Switzerland | 0.4 |
| Denmark | 0.4 |
| Short-Term Investments | 6.6 |
|  | **100.0%**<br>|

---

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

# As a percentage of total investments. Please note that the Fund holdings are as of September 30, 2025, and are subject to change. 

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 — 98.0%** | **Corporate Bonds & Notes — 98.0%** | **Corporate Bonds & Notes — 98.0%** | **Corporate Bonds & Notes — 98.0%** | **Corporate Bonds & Notes — 98.0%** |
| **Communication Services — 8.9%** | **Communication Services — 8.9%** | **Communication Services — 8.9%** | **Communication Services — 8.9%** | **Communication Services — 8.9%** |
| Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; $9300000<br>| &nbsp;&nbsp; $7438441<br>|
| NTT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.876% | &nbsp;&nbsp; 7/16/30 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1626218<br> <sup>(a)</sup><br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/22/41 | &nbsp;&nbsp; 5400000<br>| &nbsp;&nbsp; 4269008<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 13333667 |
| Entertainment — 0.7% | Entertainment — 0.7% | Entertainment — 0.7% | Entertainment — 0.7% | Entertainment — 0.7% |
| Netflix Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2467547<br> <sup>(a)</sup><br>|
| Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1663010<br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 4130557 |
| 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% |
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 8/15/52 | &nbsp;&nbsp; 3650000<br>| &nbsp;&nbsp; 3136613<br>|
| Media — 3.0% | Media — 3.0% | Media — 3.0% | Media — 3.0% | Media — 3.0% |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 959475<br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2830886<br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 3150000<br>| &nbsp;&nbsp; 2270074<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp; 3029019<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1580335<br>|
| Fox Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/13/33 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 3083686<br>|
| Paramount Global, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4944096<br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 18697571 |
| Wireless Telecommunication Services — 2.5% | Wireless Telecommunication Services — 2.5% | Wireless Telecommunication Services — 2.5% | Wireless Telecommunication Services — 2.5% | Wireless Telecommunication Services — 2.5% |
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1659136<br>|
| 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; 2650000<br>| &nbsp;&nbsp; 2660532<br> <sup>(a)</sup><br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 7480000<br>| &nbsp;&nbsp; 6898461<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp; 2920518<br>|
| Vodafone Group PLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/28/54 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 985204<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 15123851 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **54422259** |
| **Consumer Discretionary — 4.4%** | **Consumer Discretionary — 4.4%** | **Consumer Discretionary — 4.4%** | **Consumer Discretionary — 4.4%** | **Consumer Discretionary — 4.4%** |
| Automobiles — 1.0% | Automobiles — 1.0% | Automobiles — 1.0% | Automobiles — 1.0% | Automobiles — 1.0% |
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/19/29 | &nbsp;&nbsp; 4300000<br>| &nbsp;&nbsp; 4418218<br> <sup>(a)</sup><br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 9/26/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2004853<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 6423071 |
| Broadline Retail — 0.7% | Broadline Retail — 0.7% | Broadline Retail — 0.7% | Broadline Retail — 0.7% | Broadline Retail — 0.7% |
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/12/41 | &nbsp;&nbsp; 5280000<br>| &nbsp;&nbsp; 4053815<br>|
| Hotels, Restaurants & Leisure — 1.0% | Hotels, Restaurants & Leisure — 1.0% | Hotels, Restaurants & Leisure — 1.0% | Hotels, Restaurants & Leisure — 1.0% | Hotels, Restaurants & Leisure — 1.0% |
| Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1578161<br> <sup>(a)</sup><br>|
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1668880<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 1874176<br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1006218<br> <sup>(b)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 6127435 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% |
| DR Horton Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; $1800000<br>| &nbsp;&nbsp; $1867464<br>|
| Specialty Retail — 1.2% | Specialty Retail — 1.2% | Specialty Retail — 1.2% | Specialty Retail — 1.2% | Specialty Retail — 1.2% |
| Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 1/15/52 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1490298<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 4/15/52 | &nbsp;&nbsp; 4900000<br>| &nbsp;&nbsp; 3673988<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp; 2205454<br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 7369740 |
| 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% |
| Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/11/35 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1022117<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **26863642** |
| **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** |
| Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 2150000<br>| &nbsp;&nbsp; 2015695<br>|
| Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/23/59 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp; 1585655<br>|
| Total Beverages | Total Beverages | Total Beverages | Total Beverages | &nbsp;&nbsp; 3601350 |
| 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% |
| 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 2/10/28 | &nbsp;&nbsp; 2732000<br>| &nbsp;&nbsp; 2555042<br> <sup>(a)</sup><br>|
| 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 356000<br>| &nbsp;&nbsp; 309538<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; 2864580 |
| Food Products — 2.0% | Food Products — 2.0% | Food Products — 2.0% | Food Products — 2.0% | Food Products — 2.0% |
| Bunge Ltd. Finance Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 4/21/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 234491<br> <sup>(a)</sup><br>|
| 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; 3685000<br>| &nbsp;&nbsp; 3439407<br>|
| 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; 2000000<br>| &nbsp;&nbsp; 2043670<br> <sup>(a)</sup><br>|
| Kellanova, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp; 390316<br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 7/16/40 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp; 1015268<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp; 1165717<br> <sup>(a)</sup><br>|
| McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 1.850% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2189666<br>|
| Pilgrim's Pride Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 2050000<br>| &nbsp;&nbsp; 1878073<br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 12356608 |
| Tobacco — 0.9% | Tobacco — 0.9% | Tobacco — 0.9% | Tobacco — 0.9% | Tobacco — 0.9% |
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 1505000<br>| &nbsp;&nbsp; 1489993<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp; 4387445<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 5877438 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **24699976** |
| **Energy — 4.9%** | **Energy — 4.9%** | **Energy — 4.9%** | **Energy — 4.9%** | **Energy — 4.9%** |
| Oil, Gas & Consumable Fuels — 4.9% | Oil, Gas & Consumable Fuels — 4.9% | Oil, Gas & Consumable Fuels — 4.9% | Oil, Gas & Consumable Fuels — 4.9% | Oil, Gas & Consumable Fuels — 4.9% |
| Aker BP ASA, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2024829<br> <sup>(a)</sup><br>|
| Aker BP ASA, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp; 1345374<br> <sup>(a)</sup><br>|
| DT Midstream Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 12/15/34 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1031701<br> <sup>(a)</sup><br>|
| Eastern Gas Transmission & Storage Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2225760<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp; 3260647<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 4810000<br>| &nbsp;&nbsp; 4319926<br>|
| Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 3.567% | &nbsp;&nbsp; 3/6/45 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 1996628<br>|
| Hess Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 3925000<br>| &nbsp;&nbsp; 4075945<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/15/48 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 1760186<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; $4100000<br>| &nbsp;&nbsp; $3889805<br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1209896<br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1220814<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 9/30/35 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1675180<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **30036691** |
| **Financials — 37.4%** | **Financials — 37.4%** | **Financials — 37.4%** | **Financials — 37.4%** | **Financials — 37.4%** |
| Banks — 21.4% | Banks — 21.4% | Banks — 21.4% | Banks — 21.4% | Banks — 21.4% |
| Banco Santander SA, Subordinated Notes | &nbsp;&nbsp; 2.749% | &nbsp;&nbsp; 12/3/30 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1271211<br>|
| 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; 4000000<br>| &nbsp;&nbsp; 3707910<br> <sup>(c)</sup><br>|
| 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; 6835000<br>| &nbsp;&nbsp; 6836066<br> <sup>(c)</sup><br>|
| 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; 7500000<br>| &nbsp;&nbsp; 7688892<br> <sup>(c)</sup><br>|
| 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; 2550000<br>| &nbsp;&nbsp; 2666664<br> <sup>(c)</sup><br>|
| 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; 1675000<br>| &nbsp;&nbsp; 1740914<br> <sup>(c)</sup><br>|
| 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; 3350000<br>| &nbsp;&nbsp; 3410679<br> <sup>(c)</sup><br>|
| BPCE SA, Senior Notes (5.936% to 5/30/34 then SOFR + 1.850%) | &nbsp;&nbsp; 5.936% | &nbsp;&nbsp; 5/30/35 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2515114<br> <sup>(a)(c)</sup><br>|
| Citibank NA, Senior Notes | &nbsp;&nbsp; 4.914% | &nbsp;&nbsp; 5/29/30 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp; 6679901<br>|
| 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; 3825000<br>| &nbsp;&nbsp; 3483578<br> <sup>(c)</sup><br>|
| 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; 6600000<br>| &nbsp;&nbsp; 6542982<br> <sup>(c)</sup><br>|
| Credit Agricole SA, Senior Notes | &nbsp;&nbsp; 5.134% | &nbsp;&nbsp; 3/11/27 | &nbsp;&nbsp; 2975000<br>| &nbsp;&nbsp; 3024767<br> <sup>(a)</sup><br>|
| 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; 3102982<br> <sup>(a)(c)</sup><br>|
| Huntington Bancshares Inc., Senior Notes (5.272% to 1/15/30 then SOFR + <br> 1.276%) | &nbsp;&nbsp; 5.272% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 2050000<br>| &nbsp;&nbsp; 2113357<br> <sup>(c)</sup><br>|
| 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; 5900000<br>| &nbsp;&nbsp; 5474131<br> <sup>(c)</sup><br>|
| 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; 8060000<br>| &nbsp;&nbsp; 7376226<br> <sup>(c)</sup><br>|
| 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; 2500000<br>| &nbsp;&nbsp; 2533610<br> <sup>(c)</sup><br>|
| 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; 6460000<br>| &nbsp;&nbsp; 6818511<br> <sup>(c)</sup><br>|
| 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; 1763592<br> <sup>(c)</sup><br>|
| 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; 2070000<br>| &nbsp;&nbsp; 2133798<br> <sup>(c)</sup><br>|
| 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; 4200000<br>| &nbsp;&nbsp; 4378076<br> <sup>(c)</sup><br>|
| National Australia Bank Ltd., Subordinated Notes | &nbsp;&nbsp; 2.332% | &nbsp;&nbsp; 8/21/30 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp; 3016627<br> <sup>(a)</sup><br>|
| 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; 2950000<br>| &nbsp;&nbsp; 3005484<br> <sup>(c)</sup><br>|
| 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; 3915000<br>| &nbsp;&nbsp; 4046271<br> <sup>(c)</sup><br>|
| 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; 1000000<br>| &nbsp;&nbsp; 1029459<br> <sup>(c)</sup><br>|
| 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; 6700000<br>| &nbsp;&nbsp; 6864649<br> <sup>(c)</sup><br>|
| 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; 3000000<br>| &nbsp;&nbsp; 3073474<br> <sup>(c)</sup><br>|
| 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; 4750000<br>| &nbsp;&nbsp; 5145928<br> <sup>(c)</sup><br>|
| 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; 4420000<br>| &nbsp;&nbsp; 4547938<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| 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; $7090000<br>| &nbsp;&nbsp; $7175272<br> <sup>(c)</sup><br>|
| 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; 2820000<br>| &nbsp;&nbsp; 2904753<br> <sup>(c)</sup><br>|
| 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; 4500000<br>| &nbsp;&nbsp; 4664576<br> <sup>(c)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 130737392 |
| Capital Markets — 8.9% | Capital Markets — 8.9% | Capital Markets — 8.9% | Capital Markets — 8.9% | Capital Markets — 8.9% |
| Bank of New York Mellon Corp., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3507702<br>|
| BlackRock Funding Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/14/54 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1610785<br>|
| Deutsche Bank AG, Senior Notes (2.129% to 11/24/25 then SOFR + 1.870%) | &nbsp;&nbsp; 2.129% | &nbsp;&nbsp; 11/24/26 | &nbsp;&nbsp; 2475000<br>| &nbsp;&nbsp; 2466047<br> <sup>(c)</sup><br>|
| 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; 10000000<br>| &nbsp;&nbsp; 9791507<br> <sup>(c)</sup><br>|
| 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; 1000000<br>| &nbsp;&nbsp; 1034315<br> <sup>(c)</sup><br>|
| 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; 5850000<br>| &nbsp;&nbsp; 6024357<br> <sup>(c)</sup><br>|
| Jackson National Life Global Funding, Secured Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 7/2/27 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2146645<br> <sup>(a)</sup><br>|
| 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; 8225000<br>| &nbsp;&nbsp; 7175642<br> <sup>(c)</sup><br>|
| 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; 2650000<br>| &nbsp;&nbsp; 2737296<br> <sup>(c)</sup><br>|
| 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; 5300000<br>| &nbsp;&nbsp; 5467183<br> <sup>(c)</sup><br>|
| 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; 2000000<br>| &nbsp;&nbsp; 2066887<br> <sup>(c)</sup><br>|
| MSCI Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp; 1403649<br> <sup>(a)</sup><br>|
| 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; 5500000<br>| &nbsp;&nbsp; 5454518<br> <sup>(a)(c)</sup><br>|
| 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; 3720143<br> <sup>(a)(c)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 54606676 |
| Consumer Finance — 0.9% | Consumer Finance — 0.9% | Consumer Finance — 0.9% | Consumer Finance — 0.9% | Consumer Finance — 0.9% |
| 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; 2339853<br> <sup>(c)</sup><br>|
| 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; 2775000<br>| &nbsp;&nbsp; 2879679<br> <sup>(c)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 5219532 |
| Financial Services — 2.2% | Financial Services — 2.2% | Financial Services — 2.2% | Financial Services — 2.2% | Financial Services — 2.2% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 5400000<br>| &nbsp;&nbsp; 5205576<br>|
| Berkshire Hathaway Energy Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1459665<br>|
| Berkshire Hathaway Finance Corp., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2042077<br>|
| Global Payments Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2047255<br>|
| SMBC Aviation Capital Finance DAC, Senior Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2925460<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 13680033 |
| Insurance — 4.0% | Insurance — 4.0% | Insurance — 4.0% | Insurance — 4.0% | Insurance — 4.0% |
| Arch Capital Group US Inc., Senior Notes | &nbsp;&nbsp; 5.144% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2298347<br>|
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2885212<br>|
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/2/53 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1245951<br>|
| Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 5.543% | &nbsp;&nbsp; 8/22/35 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1419454<br> <sup>(a)</sup><br>|
| Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/19/55 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp; 1874501<br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 3850000<br>| &nbsp;&nbsp; 3428419<br>|
| Empower Finance 2020 LP, Senior Notes | &nbsp;&nbsp; 1.776% | &nbsp;&nbsp; 3/17/31 | &nbsp;&nbsp; 3025000<br>| &nbsp;&nbsp; 2695681<br> <sup>(a)</sup><br>|
| Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1962909<br>|
| MassMutual Global Funding II, Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/7/27 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2041942<br> <sup>(a)</sup><br>|
| 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; 1500000<br>| &nbsp;&nbsp; 1616538<br> <sup>(a)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Investment Grade Corporate 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 |
| Pricoa Global Funding I, Secured Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/30/28 | &nbsp;&nbsp; $3000000<br>| &nbsp;&nbsp; $3078260<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 24547214 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **228790847** |
| **Health Care — 13.2%** | **Health Care — 13.2%** | **Health Care — 13.2%** | **Health Care — 13.2%** | **Health Care — 13.2%** |
| Biotechnology — 1.8% | Biotechnology — 1.8% | Biotechnology — 1.8% | Biotechnology — 1.8% | Biotechnology — 1.8% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 3275000<br>| &nbsp;&nbsp; 3258792<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/2/43 | &nbsp;&nbsp; 4705000<br>| &nbsp;&nbsp; 4769949<br>|
| Regeneron Pharmaceuticals Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 9/15/50 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 3111846<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 11140587 |
| Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% |
| Baxter International Inc., Senior Notes | &nbsp;&nbsp; 2.539% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp; 2893975<br>|
| Roche Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.607% | &nbsp;&nbsp; 12/13/51 | &nbsp;&nbsp; 2440000<br>| &nbsp;&nbsp; 1517806<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; 4411781 |
| Health Care Providers & Services — 6.2% | Health Care Providers & Services — 6.2% | Health Care Providers & Services — 6.2% | Health Care Providers & Services — 6.2% | Health Care Providers & Services — 6.2% |
| Ascension Health, Senior Notes | &nbsp;&nbsp; 2.532% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp; 3857711<br>|
| Centene Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp; 2997593<br>|
| Cigna Group, Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp; 2388517<br>|
| CSL Finance PLC, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/27/32 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp; 4141168<br> <sup>(a)</sup><br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1215159<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 12/5/43 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp; 4308435<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 2050000<br>| &nbsp;&nbsp; 1994035<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 4800000<br>| &nbsp;&nbsp; 4586227<br>|
| Icon Investments Six DAC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/8/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1575324<br>|
| Kaiser Foundation Hospitals, Senior Notes | &nbsp;&nbsp; 3.002% | &nbsp;&nbsp; 6/1/51 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1330779<br>|
| Mayo Clinic, Senior Notes | &nbsp;&nbsp; 3.196% | &nbsp;&nbsp; 11/15/61 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1298350<br>|
| Sutter Health, Senior Notes | &nbsp;&nbsp; 5.164% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2570693<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 1155000<br>| &nbsp;&nbsp; 1194428<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 5/15/41 | &nbsp;&nbsp; 5950000<br>| &nbsp;&nbsp; 4528771<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 37987190 |
| Life Sciences Tools & Services — 1.4% | Life Sciences Tools & Services — 1.4% | Life Sciences Tools & Services — 1.4% | Life Sciences Tools & Services — 1.4% | Life Sciences Tools & Services — 1.4% |
| Bio-Rad Laboratories Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp; 3552023<br>|
| Illumina Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1001387<br>|
| IQVIA Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2423142<br>|
| Thermo Fisher Scientific Inc., Senior Notes | &nbsp;&nbsp; 5.404% | &nbsp;&nbsp; 8/10/43 | &nbsp;&nbsp; 1175000<br>| &nbsp;&nbsp; 1192925<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 8169477 |
| Pharmaceuticals — 3.1% | Pharmaceuticals — 3.1% | Pharmaceuticals — 3.1% | Pharmaceuticals — 3.1% | Pharmaceuticals — 3.1% |
| Bayer US Finance II LLC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp; 3189258<br> <sup>(a)</sup><br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1359576<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1120288<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/27/63 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp; 1062859<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 10/15/65 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1136707<br>|
| Haleon US Capital LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 3/24/27 | &nbsp;&nbsp; 5350000<br>| &nbsp;&nbsp; 5296871<br>|
| Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 9/21/42 | &nbsp;&nbsp; 2275000<br>| &nbsp;&nbsp; 1906062<br>|
| Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/19/53 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2030853<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Investment Grade Corporate 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 |
| Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 9/2/51 | &nbsp;&nbsp; $3000000<br>| &nbsp;&nbsp; $2011727<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 19114201 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **80823236** |
| **Industrials — 6.5%** | **Industrials — 6.5%** | **Industrials — 6.5%** | **Industrials — 6.5%** | **Industrials — 6.5%** |
| Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% |
| BAE Systems PLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/26/54 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp; 1930351<br> <sup>(a)</sup><br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2765650<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/39 | &nbsp;&nbsp; 1375000<br>| &nbsp;&nbsp; 1113976<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/1/47 | &nbsp;&nbsp; 3250000<br>| &nbsp;&nbsp; 2377103<br>|
| General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 901158<br>|
| General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2054373<br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/1/37 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3792403<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.070% | &nbsp;&nbsp; 12/15/42 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1209766<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 2740000<br>| &nbsp;&nbsp; 2517476<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 18662256 |
| Ground Transportation — 1.0% | Ground Transportation — 1.0% | Ground Transportation — 1.0% | Ground Transportation — 1.0% | Ground Transportation — 1.0% |
| Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 5850000<br>| &nbsp;&nbsp; 6191006<br>|
| Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% |
| Siemens Funding BV, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/28/55 | &nbsp;&nbsp; 2450000<br>| &nbsp;&nbsp; 2633118<br> <sup>(a)</sup><br>|
| Machinery — 1.2% | Machinery — 1.2% | Machinery — 1.2% | Machinery — 1.2% | Machinery — 1.2% |
| Caterpillar Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2898009<br>|
| Essex Portfolio LP, Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2409952<br>|
| Ingersoll Rand Inc., Senior Notes | &nbsp;&nbsp; 5.176% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1705591<br>|
| Vertiv Group Corp., Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 122000<br>| &nbsp;&nbsp; 119280<br> <sup>(a)</sup><br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 7132832 |
| Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% |
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 492974<br>| &nbsp;&nbsp; 492380<br> <sup>(a)</sup><br>|
| United Airlines Inc. Pass-Through Trust | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 633653<br>| &nbsp;&nbsp; 633758<br>|
| United Airlines Inc. Pass-Through-Trust | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 7/7/28 | &nbsp;&nbsp; 1329114<br>| &nbsp;&nbsp; 1277288<br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 2403426 |
| 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% |
| Ashtead Capital Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2621271<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **39643909** |
| **Information Technology — 7.2%** | **Information Technology — 7.2%** | **Information Technology — 7.2%** | **Information Technology — 7.2%** | **Information Technology — 7.2%** |
| Communications Equipment — 1.2% | Communications Equipment — 1.2% | Communications Equipment — 1.2% | Communications Equipment — 1.2% | Communications Equipment — 1.2% |
| Cisco Systems Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/26/54 | &nbsp;&nbsp; 2725000<br>| &nbsp;&nbsp; 2691788<br>|
| Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4739261<br>|
| Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 7431049 |
| 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% |
| Flex Ltd., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 996320<br>|
| Semiconductors & Semiconductor Equipment — 2.5% | Semiconductors & Semiconductor Equipment — 2.5% | Semiconductors & Semiconductor Equipment — 2.5% | Semiconductors & Semiconductor Equipment — 2.5% | Semiconductors & Semiconductor Equipment — 2.5% |
| Analog Devices Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 1555457<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 3525000<br>| &nbsp;&nbsp; 3579278<br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4749336<br> <sup>(a)</sup><br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 12/8/47 | &nbsp;&nbsp; 2950000<br>| &nbsp;&nbsp; 2180395<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; $3000000<br>| &nbsp;&nbsp; $3220278<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 15284744 |
| Software — 3.0% | Software — 3.0% | Software — 3.0% | Software — 3.0% | Software — 3.0% |
| Intuit Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp; 1360802<br>|
| Microsoft Corp., Senior Notes | &nbsp;&nbsp; 2.675% | &nbsp;&nbsp; 6/1/60 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 1496684<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 4800000<br>| &nbsp;&nbsp; 4589985<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/26/30 | &nbsp;&nbsp; 1745000<br>| &nbsp;&nbsp; 1744546<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 4590000<br>| &nbsp;&nbsp; 3688389<br>|
| Salesforce Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 7/15/51 | &nbsp;&nbsp; 2480000<br>| &nbsp;&nbsp; 1628536<br>|
| ServiceNow Inc., Senior Notes | &nbsp;&nbsp; 1.400% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2189983<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1817904<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 18516829 |
| 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% |
| Apple Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 2/8/61 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 1509160<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **43738102** |
| **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** |
| Chemicals — 0.5% | Chemicals — 0.5% | Chemicals — 0.5% | Chemicals — 0.5% | Chemicals — 0.5% |
| Huntsman International LLC, Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp; 2785563<br>|
| Construction Materials — 0.4% | Construction Materials — 0.4% | Construction Materials — 0.4% | Construction Materials — 0.4% | Construction Materials — 0.4% |
| Martin Marietta Materials Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 2625000<br>| &nbsp;&nbsp; 2680514<br>|
| Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% |
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1927541<br>|
| Newmont Corp./Newcrest Finance Pty Ltd., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1043559<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 2971100 |
| Software — 0.3% | Software — 0.3% | Software — 0.3% | Software — 0.3% | Software — 0.3% |
| Sabine Pass Liquefaction LLC, Senior Secured Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 2050000<br>| &nbsp;&nbsp; 2048202<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **10485379** |
| **Real Estate — 1.5%** | **Real Estate — 1.5%** | **Real Estate — 1.5%** | **Real Estate — 1.5%** | **Real Estate — 1.5%** |
| Diversified REITs — 0.4% | Diversified REITs — 0.4% | Diversified REITs — 0.4% | Diversified REITs — 0.4% | Diversified REITs — 0.4% |
| VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2707030<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% |
| Simon Property Group LP, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp; 4050191<br>|
| Retail REITs — 0.4% | Retail REITs — 0.4% | Retail REITs — 0.4% | Retail REITs — 0.4% | Retail REITs — 0.4% |
| TotalEnergies Capital SA, Senior Notes | &nbsp;&nbsp; 5.275% | &nbsp;&nbsp; 9/10/54 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2692554<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **9449775** |
| **Utilities — 8.3%** | **Utilities — 8.3%** | **Utilities — 8.3%** | **Utilities — 8.3%** | **Utilities — 8.3%** |
| Electric Utilities — 7.0% | Electric Utilities — 7.0% | Electric Utilities — 7.0% | Electric Utilities — 7.0% | Electric Utilities — 7.0% |
| Baltimore Gas and Electric Co., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2083392<br>|
| Commonwealth Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 1660000<br>| &nbsp;&nbsp; 1337381<br>|
| Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp; 2175412<br>|
| Consumers Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1245126<br>|
| DTE Electric Co., Senior Secured Bonds | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/1/52 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2100926<br>|
| Duke Energy Progress LLC, First Mortgage Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 3613920<br>|
| EDP Finance BV, Senior Notes | &nbsp;&nbsp; 1.710% | &nbsp;&nbsp; 1/24/28 | &nbsp;&nbsp; 2900000<br>| &nbsp;&nbsp; 2736710<br> <sup>(a)</sup><br>|
| Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 5/25/27 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp; 3272597<br> <sup>(a)</sup><br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 4700000<br>| &nbsp;&nbsp; 4480087<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; $1550000<br>| &nbsp;&nbsp; $1369935<br>|
| MidAmerican Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp; 1320876<br>|
| Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 568821<br>|
| Public Service Electric and Gas Co., First Mortgage Bonds | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 2030000<br>| &nbsp;&nbsp; 1420148<br>|
| RWE Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/18/35 | &nbsp;&nbsp; 3700000<br>| &nbsp;&nbsp; 3651918<br> <sup>(a)</sup><br>|
| Southern Co. Gas Capital Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp; 3061252<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3475613<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3175351<br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/30/26 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2012994<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 43102459 |
| Gas Utilities — 0.8% | Gas Utilities — 0.8% | Gas Utilities — 0.8% | Gas Utilities — 0.8% | Gas Utilities — 0.8% |
| Piedmont Natural Gas Co. Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1545641<br>|
| Southern California Gas Co., First Mortgage Bonds | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3015414<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 4561055 |
| Multi-Utilities — 0.5% | Multi-Utilities — 0.5% | Multi-Utilities — 0.5% | Multi-Utilities — 0.5% | Multi-Utilities — 0.5% |
| PECO Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 3015000<br>| &nbsp;&nbsp; 3032385<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **50695899** |
| **Total Corporate Bonds & Notes (Cost — $607,262,173)** | **Total Corporate Bonds & Notes (Cost — $607,262,173)** | **Total Corporate Bonds & Notes (Cost — $607,262,173)** | **Total Corporate Bonds & Notes (Cost — $607,262,173)** | &nbsp;&nbsp; **599649715** |
| **U.S. Government & Agency Obligations — 0.4%** | **U.S. Government & Agency Obligations — 0.4%** | **U.S. Government & Agency Obligations — 0.4%** | **U.S. Government & Agency Obligations — 0.4%** | **U.S. Government & Agency Obligations — 0.4%** |
| U.S. Government Obligations — 0.4% | U.S. Government Obligations — 0.4% | U.S. Government Obligations — 0.4% | U.S. Government Obligations — 0.4% | U.S. Government Obligations — 0.4% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp; 1555833<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp; 736844<br>|
| **Total U.S. Government & Agency Obligations (Cost — $2,245,793)** | **Total U.S. Government & Agency Obligations (Cost — $2,245,793)** | **Total U.S. Government & Agency Obligations (Cost — $2,245,793)** | **Total U.S. Government & Agency Obligations (Cost — $2,245,793)** | &nbsp;&nbsp; **2292677** |
| **Total Investments before Short-Term Investments (Cost — $609,507,966)** | **Total Investments before Short-Term Investments (Cost — $609,507,966)** | **Total Investments before Short-Term Investments (Cost — $609,507,966)** | **Total Investments before Short-Term Investments (Cost — $609,507,966)** | &nbsp;&nbsp; **601942392** |
|  |  |  | Shares |  |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $5,101,688)  | &nbsp;&nbsp; 4.032% |  | &nbsp;&nbsp; 5101688<br>| &nbsp;&nbsp; **5101688**<br> <sup>(d)(e)(f)</sup><br>|
| **Total Investments — 99.2% (Cost — $614,609,654)** | **Total Investments — 99.2% (Cost — $614,609,654)** | **Total Investments — 99.2% (Cost — $614,609,654)** | **Total Investments — 99.2% (Cost — $614,609,654)** | &nbsp;&nbsp; **607044080** |
| Other Assets in Excess of Liabilities — 0.8% | Other Assets in Excess of Liabilities — 0.8% | Other Assets in Excess of Liabilities — 0.8% | Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp; 4985646 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$612029726** |

---

&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> Securities traded on a when-issued or delayed delivery basis.

<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> 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 September 30, 2025, the total market value of investments in Affiliated Companies was $5,101,688 and the cost was $5,101,688 (Note 6). 

<sup>(f)</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 Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Investment Grade Corporate ETF**

---

| | | |
|:---|:---|:---|
| **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 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 47.3%** | **Corporate Bonds & Notes — 47.3%** | **Corporate Bonds & Notes — 47.3%** | **Corporate Bonds & Notes — 47.3%** | **Corporate Bonds & Notes — 47.3%** |
| **Communication Services — 4.8%** | **Communication Services — 4.8%** | **Communication Services — 4.8%** | **Communication Services — 4.8%** | **Communication Services — 4.8%** |
| 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% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; $19000<br>| &nbsp;&nbsp; $18989<br>|
| 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; 63228<br> <sup>(a)</sup><br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 3/22/28 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp; 37205<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 119422 |
| Media — 3.2% | Media — 3.2% | Media — 3.2% | Media — 3.2% | Media — 3.2% |
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 64793<br> <sup>(a)</sup><br>|
| 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; 18604<br>|
| Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 68008<br> <sup>(a)</sup><br>|
| McGraw-Hill Education Inc., Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62389<br> <sup>(a)</sup><br>|
| News Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18900<br> <sup>(a)</sup><br>|
| Nexstar Media Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 63497<br> <sup>(a)</sup><br>|
| Sinclair Television Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 66760<br> <sup>(a)</sup><br>|
| Sirius XM Radio LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 63484<br> <sup>(a)</sup><br>|
| Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 63990<br> <sup>(a)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 490425 |
| 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% |
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37715<br>|
| Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 35000<br>| &nbsp;&nbsp; 37654<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37717<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 113086 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **722933** |
| **Consumer Discretionary — 3.6%** | **Consumer Discretionary — 3.6%** | **Consumer Discretionary — 3.6%** | **Consumer Discretionary — 3.6%** | **Consumer Discretionary — 3.6%** |
| 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% |
| 1011778 BC ULC/New Red Finance Inc., Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 61326<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 15000<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 66230<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37481<br> <sup>(a)</sup><br>|
| Hilton Domestic Operating Co. Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 65915<br> <sup>(a)</sup><br>|
| 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; 5048<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18354<br> <sup>(a)</sup><br>|
| Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 64989<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 334343 |
| Household Durables — 0.4% | Household Durables — 0.4% | Household Durables — 0.4% | Household Durables — 0.4% | Household Durables — 0.4% |
| Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 64564<br>|
| Specialty Retail — 0.9% | Specialty Retail — 0.9% | Specialty Retail — 0.9% | Specialty Retail — 0.9% | Specialty Retail — 0.9% |
| Bath & Body Works Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62502<br>|
| Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 63075<br> <sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 125577 |
| 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% |
| PVH Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/13/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19364<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **543848** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** |
| 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% |
| 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 2/10/28 | &nbsp;&nbsp; $40000<br>| &nbsp;&nbsp; $37409<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% |
| Bunge Ltd. Finance Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 4/21/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18740<br>|
| Chobani LLC/Chobani Finance Corp. Inc., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62640<br> <sup>(a)</sup><br>|
| 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; 37408<br>|
| Kellanova, Senior Notes | &nbsp;&nbsp; 7.450% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 33000<br>| &nbsp;&nbsp; 37827<br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19237<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 175852 |
| Tobacco — 0.2% | Tobacco — 0.2% | Tobacco — 0.2% | Tobacco — 0.2% | Tobacco — 0.2% |
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37567<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **250828** |
| **Energy — 6.4%** | **Energy — 6.4%** | **Energy — 6.4%** | **Energy — 6.4%** | **Energy — 6.4%** |
| Energy Equipment & Services — 1.7% | Energy Equipment & Services — 1.7% | Energy Equipment & Services — 1.7% | Energy Equipment & Services — 1.7% | Energy Equipment & Services — 1.7% |
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62303<br> <sup>(a)</sup><br>|
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 5094<br> <sup>(a)</sup><br>|
| Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp; 69905<br> <sup>(a)</sup><br>|
| Transocean Titan Financing Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 60714<br>| &nbsp;&nbsp; 62372<br> <sup>(a)</sup><br>|
| Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61378<br> <sup>(a)</sup><br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 261052 |
| 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% |
| Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18945<br>|
| Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 5.927% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 19053<br> <sup>(a)</sup><br>|
| Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 65914<br> <sup>(a)</sup><br>|
| Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/29/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 143583<br>|
| 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; 64965<br> <sup>(b)(c)</sup><br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18319<br>|
| Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 63058<br> <sup>(a)</sup><br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18411<br>|
| Kinetik Holdings LP, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60394<br> <sup>(a)</sup><br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18889<br>|
| Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 2/16/32 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 128912<br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 65361<br> <sup>(a)</sup><br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19157<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 704961 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **966013** |
| **Financials — 6.4%** | **Financials — 6.4%** | **Financials — 6.4%** | **Financials — 6.4%** | **Financials — 6.4%** |
| Banks — 1.0% | Banks — 1.0% | Banks — 1.0% | Banks — 1.0% | Banks — 1.0% |
| 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; 37576<br> <sup>(c)</sup><br>|
| 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; 38190<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (4.603% to 10/22/29 then SOFR + <br> 1.040%) | &nbsp;&nbsp; 4.603% | &nbsp;&nbsp; 10/22/30 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 38455<br> <sup>(c)</sup><br>|
| 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; 37317<br> <sup>(c)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 151538 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Capital Markets — 1.4% | Capital Markets — 1.4% | Capital Markets — 1.4% | Capital Markets — 1.4% | Capital Markets — 1.4% |
| Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; $36000<br>| &nbsp;&nbsp; $37068<br>|
| Blackstone Private Credit Fund, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18645<br>|
| Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19011<br>|
| 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; 38427<br> <sup>(c)</sup><br>|
| MSCI Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19097<br> <sup>(a)</sup><br>|
| Nasdaq Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 6/28/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18564<br>|
| Osaic Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62019<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 212831 |
| Consumer Finance — 1.5% | Consumer Finance — 1.5% | Consumer Finance — 1.5% | Consumer Finance — 1.5% | Consumer Finance — 1.5% |
| Ally Financial Inc., Senior Notes | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 11/2/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18698<br>|
| 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; 19257<br> <sup>(c)</sup><br>|
| FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62091<br> <sup>(a)</sup><br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62266<br>|
| PRA Group Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61991<br> <sup>(a)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 224303 |
| Financial Services — 1.4% | Financial Services — 1.4% | Financial Services — 1.4% | Financial Services — 1.4% | Financial Services — 1.4% |
| CrossCountry Intermediate HoldCo LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 5025<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62365<br> <sup>(a)</sup><br>|
| Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62802<br> <sup>(a)</sup><br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/17/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 19219<br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18405<br>|
| Macquarie Airfinance Holdings Ltd., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 3/26/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 38979<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 206795 |
| Insurance — 1.1% | Insurance — 1.1% | Insurance — 1.1% | Insurance — 1.1% | Insurance — 1.1% |
| 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; 61901<br> <sup>(a)</sup><br>|
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18382<br>|
| Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.349% | &nbsp;&nbsp; 7/9/27 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37705<br> <sup>(a)</sup><br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 6/23/28 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19192<br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 6/23/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19271<br>|
| Fairfax Financial Holdings Ltd., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/17/28 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19257<br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 175708 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **971175** |
| **Health Care — 4.1%** | **Health Care — 4.1%** | **Health Care — 4.1%** | **Health Care — 4.1%** | **Health Care — 4.1%** |
| Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37846<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37869<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 75715 |
| 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% |
| Insulet Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62432<br> <sup>(a)</sup><br>|
| Health Care Providers & Services — 1.9% | Health Care Providers & Services — 1.9% | Health Care Providers & Services — 1.9% | Health Care Providers & Services — 1.9% | Health Care Providers & Services — 1.9% |
| CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 63388<br> <sup>(a)</sup><br>|
| Concentra Health Services Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62378<br> <sup>(a)</sup><br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19240<br>|
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62030<br> <sup>(a)</sup><br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18841<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| 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 |
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; $60000<br>| &nbsp;&nbsp; $60840<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 286717 |
| 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% |
| Illumina Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 9/9/26 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19094<br>|
| Pharmaceuticals — 1.2% | Pharmaceuticals — 1.2% | Pharmaceuticals — 1.2% | Pharmaceuticals — 1.2% | Pharmaceuticals — 1.2% |
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/22/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18487<br>|
| Endo Finance Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 64447<br> <sup>(a)</sup><br>|
| Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 9/2/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37976<br>|
| Viatris Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 6/22/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19259<br>|
| Zoetis Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/12/27 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37343<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 177512 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **621470** |
| **Industrials — 8.4%** | **Industrials — 8.4%** | **Industrials — 8.4%** | **Industrials — 8.4%** | **Industrials — 8.4%** |
| Aerospace & Defense — 3.2% | Aerospace & Defense — 3.2% | Aerospace & Defense — 3.2% | Aerospace & Defense — 3.2% | Aerospace & Defense — 3.2% |
| ATI Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 64019<br>|
| Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18710<br> <sup>(a)</sup><br>|
| Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/10/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19114<br> <sup>(a)</sup><br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.298% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 106000<br>| &nbsp;&nbsp; 112522<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 37676<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 66544<br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 63677<br> <sup>(a)</sup><br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp; 37641<br>|
| TransDigm Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62080<br> <sup>(a)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 481983 |
| Building Products — 1.2% | Building Products — 1.2% | Building Products — 1.2% | Building Products — 1.2% | Building Products — 1.2% |
| Builders FirstSource Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62723<br> <sup>(a)</sup><br>|
| 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; 61672<br> <sup>(a)</sup><br>|
| Quikrete Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62427<br> <sup>(a)</sup><br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 186822 |
| 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% |
| RB Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62829<br> <sup>(a)</sup><br>|
| Republic Services Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 36000<br>| &nbsp;&nbsp; 37188<br>|
| RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61548<br> <sup>(a)</sup><br>|
| Waste Management Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 38008<br>|
| Waste Pro USA Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62298<br> <sup>(a)</sup><br>|
| Wrangler Holdco Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62616<br> <sup>(a)</sup><br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 324487 |
| Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% |
| WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62428<br> <sup>(a)</sup><br>|
| Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% |
| Watco Cos. LLC/Watco Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62155<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% |
| AS Mileage Plan IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.021% | &nbsp;&nbsp; 10/20/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37036<br> <sup>(a)</sup><br>|
| OneSky Flight LLC, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 63150<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 100186 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| 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% |
| QXO Building Products Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; $60000<br>| &nbsp;&nbsp; $62274<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **1280335** |
| **Information Technology — 3.5%** | **Information Technology — 3.5%** | **Information Technology — 3.5%** | **Information Technology — 3.5%** | **Information Technology — 3.5%** |
| Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% |
| Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 21000<br>| &nbsp;&nbsp; 18989<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% |
| TTM Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 62571<br> <sup>(a)</sup><br>|
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
| Global Payments Inc., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18521<br>|
| S&P Global Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18342<br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 36863 |
| 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% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 38781<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18576<br>|
| Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19254<br>|
| Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61346<br> <sup>(a)</sup><br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 137957 |
| Software — 0.9% | Software — 0.9% | Software — 0.9% | Software — 0.9% | Software — 0.9% |
| Atlassian Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 38052<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37699<br>|
| UKG Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61955<br> <sup>(a)</sup><br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 137706 |
| 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% |
| Fortress Intermediate 3 Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62898<br> <sup>(a)</sup><br>|
| Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19108<br>|
| Seagate Data Storage Technology Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61195<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; 143201 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **537287** |
| **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% |
| Avient Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60976<br> <sup>(a)</sup><br>|
| Solstice Advanced Materials Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/33 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp; 266041<br> <sup>(a)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 327017 |
| Construction Materials — 0.4% | Construction Materials — 0.4% | Construction Materials — 0.4% | Construction Materials — 0.4% | Construction Materials — 0.4% |
| Standard Building Solutions Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60858<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% |
| Berry Global Inc., Senior Secured Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18412<br>|
| Clydesdale Acquisition Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61596<br> <sup>(a)</sup><br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 80008 |
| Metals & Mining — 1.4% | Metals & Mining — 1.4% | Metals & Mining — 1.4% | Metals & Mining — 1.4% | Metals & Mining — 1.4% |
| ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp; 61819<br>|
| 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; 65078<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/27/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18919<br> <sup>(a)</sup><br>|
| Novelis Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 65720<br> <sup>(a)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 211536 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **679419** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **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% |
| 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; $63800<br> <sup>(a)</sup><br>|
| VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37596<br> <sup>(a)</sup><br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 101396 |
| 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% |
| RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61730<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% |
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37645<br>|
| Crown Castle Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18265<br>|
| Equinix Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/18/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19161<br>|
| Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61246<br> <sup>(a)</sup><br>|
| 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; 62527<br> <sup>(a)</sup><br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 198844 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **361970** |
| **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% |
| Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18609<br>|
| Eversource Energy, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18493<br>|
| IPALCO Enterprises Inc., Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18619<br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61543<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10008<br> <sup>(a)</sup><br>|
| Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18836<br>|
| Southern Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 36000<br>| &nbsp;&nbsp; 37449<br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37723<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 221280 |
| 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% |
| AES Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18440<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **239720** |
| **Total Corporate Bonds & Notes (Cost — $7,146,382)** | **Total Corporate Bonds & Notes (Cost — $7,146,382)** | **Total Corporate Bonds & Notes (Cost — $7,146,382)** | **Total Corporate Bonds & Notes (Cost — $7,146,382)** | &nbsp;&nbsp; **7174998** |
| **U.S. Government & Agency Obligations — 15.2%** | **U.S. Government & Agency Obligations — 15.2%** | **U.S. Government & Agency Obligations — 15.2%** | **U.S. Government & Agency Obligations — 15.2%** | **U.S. Government & Agency Obligations — 15.2%** |
| U.S. Government Obligations — 15.2% | U.S. Government Obligations — 15.2% | U.S. Government Obligations — 15.2% | U.S. Government Obligations — 15.2% | U.S. Government Obligations — 15.2% |
| U.S. Treasury Notes (Cost — $2,296,606) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/28/30 | &nbsp;&nbsp; 2270000 | &nbsp;&nbsp; **2296690**<br>|
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 14.7%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 14.7%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 14.7%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 14.7%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 14.7%** |
| A&D Mortgage Trust, 2024-NQM1 A2 | &nbsp;&nbsp; 6.347% | &nbsp;&nbsp; 2/25/69 | &nbsp;&nbsp; 72760<br>| &nbsp;&nbsp; 73383<br> <sup>(a)</sup><br>|
| BANK5, 2025-5YR17 AS | &nbsp;&nbsp; 5.626% | &nbsp;&nbsp; 11/15/58 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19616<br> <sup>(c)</sup><br>|
| BBCMS Mortgage Trust, 2025-5C37 AS | &nbsp;&nbsp; 5.382% | &nbsp;&nbsp; 9/15/58 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37887<br>|
| Benchmark Mortgage Trust, 2025-V17 XA, IO | &nbsp;&nbsp; 1.511% | &nbsp;&nbsp; 9/15/58 | &nbsp;&nbsp; 151000<br>| &nbsp;&nbsp; 9798<br> <sup>(c)</sup><br>|
| BMO Mortgage Trust, 2024-5C8 AS | &nbsp;&nbsp; 5.940% | &nbsp;&nbsp; 12/15/57 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 38516<br> <sup>(c)</sup><br>|
| BMO Mortgage Trust, 2025-5C12 XA, IO | &nbsp;&nbsp; 1.660% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 63071<br> <sup>(c)</sup><br>|
| COMM Mortgage Trust, 2014-CR17 C | &nbsp;&nbsp; 4.942% | &nbsp;&nbsp; 5/10/47 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 27735<br> <sup>(c)</sup><br>|
| Deephaven Residential Mortgage Trust, 2024-1 A1 | &nbsp;&nbsp; 5.735% | &nbsp;&nbsp; 7/25/69 | &nbsp;&nbsp; 113346<br>| &nbsp;&nbsp; 114585<br> <sup>(a)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC | &nbsp;&nbsp; 1.613% | &nbsp;&nbsp; 8/15/56 | &nbsp;&nbsp; 213804<br>| &nbsp;&nbsp; 31684<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5016 PI, IO, PAC | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 409976<br>| &nbsp;&nbsp; 71957<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5158 IV, IO, PAC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/25/49 | &nbsp;&nbsp; 555698<br>| &nbsp;&nbsp; 116895<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5164 IC, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/25/51 | &nbsp;&nbsp; 523799<br>| &nbsp;&nbsp; 111100<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| 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** |
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5493 FK (30 Day Average <br> SOFR + 1.150%) | &nbsp;&nbsp; 5.506% | &nbsp;&nbsp; 1/25/55 | &nbsp;&nbsp; $84012<br>| &nbsp;&nbsp; $84350<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5537 FC (30 Day Average <br> SOFR + 1.150%) | &nbsp;&nbsp; 5.506% | &nbsp;&nbsp; 5/25/55 | &nbsp;&nbsp; 115427<br>| &nbsp;&nbsp; 115756<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2025-DNA3 M1 (30 Day Average SOFR + 1.100%) | &nbsp;&nbsp; 5.470% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 29000<br>| &nbsp;&nbsp; 29091<br> <sup>(a)(c)</sup><br>|
| Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1B2 (30 Day <br> Average SOFR + 6.000%) | &nbsp;&nbsp; 10.356% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 72696<br> <sup>(a)(c)</sup><br>|
| Federal National Mortgage Association (FNMA) REMIC, 2020-47 ID, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/25/50 | &nbsp;&nbsp; 294556<br>| &nbsp;&nbsp; 65405<br>|
| Federal National Mortgage Association (FNMA) REMIC, 2020-77 HI, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/25/50 | &nbsp;&nbsp; 320524<br>| &nbsp;&nbsp; 65590<br>|
| Federal National Mortgage Association (FNMA) REMIC, 2024-49 AF (30 Day <br> Average SOFR + 1.100%) | &nbsp;&nbsp; 5.456% | &nbsp;&nbsp; 7/25/54 | &nbsp;&nbsp; 72621<br>| &nbsp;&nbsp; 72825<br> <sup>(c)</sup><br>|
| Federal National Mortgage Association (FNMA) REMIC, 2024-95 KF (30 Day <br> Average SOFR + 1.100%) | &nbsp;&nbsp; 5.456% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 111098<br>| &nbsp;&nbsp; 111103<br> <sup>(c)</sup><br>|
| Federal National Mortgage Association (FNMA) STRIPS, 438 C7, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/25/53 | &nbsp;&nbsp; 387898<br>| &nbsp;&nbsp; 68970<br>|
| Government National Mortgage Association (GNMA), 2016-42 IO, IO | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/20/46 | &nbsp;&nbsp; 501550<br>| &nbsp;&nbsp; 98652<br>|
| Government National Mortgage Association (GNMA), 2021-213 PI, IO, PAC | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/20/50 | &nbsp;&nbsp; 210772<br>| &nbsp;&nbsp; 46754<br>|
| Government National Mortgage Association (GNMA), 2022-213 IH, IO | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/20/52 | &nbsp;&nbsp; 144113<br>| &nbsp;&nbsp; 28720<br>|
| Government National Mortgage Association (GNMA), 2022-78 IO, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/20/51 | &nbsp;&nbsp; 683125<br>| &nbsp;&nbsp; 116368<br>|
| Government National Mortgage Association (GNMA), 2022-81 BI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 11/20/50 | &nbsp;&nbsp; 672668<br>| &nbsp;&nbsp; 105331<br>|
| Government National Mortgage Association (GNMA), 2023-40 CI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/20/50 | &nbsp;&nbsp; 925540<br>| &nbsp;&nbsp; 94801<br>|
| JPMBB Commercial Mortgage Securities Trust, 2014-C25 AS | &nbsp;&nbsp; 4.065% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29197<br>|
| Morgan Stanley Capital I Trust, 2015-UBS8 AS | &nbsp;&nbsp; 4.114% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 23000<br>| &nbsp;&nbsp; 22757<br>|
| Morgan Stanley Capital I Trust, 2016-UB11 C | &nbsp;&nbsp; 3.691% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39055<br> <sup>(c)</sup><br>|
| OBX Trust, 2024-NQM8 A1 | &nbsp;&nbsp; 6.233% | &nbsp;&nbsp; 5/25/64 | &nbsp;&nbsp; 108197<br>| &nbsp;&nbsp; 109793<br> <sup>(a)</sup><br>|
| UBS Commercial Mortgage Trust, 2019-C17 XA, IO | &nbsp;&nbsp; 1.578% | &nbsp;&nbsp; 10/15/52 | &nbsp;&nbsp; 912230<br>| &nbsp;&nbsp; 43092<br> <sup>(c)</sup><br>|
| Wells Fargo Commercial Mortgage Trust, 2016-LC24 AS | &nbsp;&nbsp; 3.367% | &nbsp;&nbsp; 10/15/49 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp; 38359<br>|
| Wells Fargo Commercial Mortgage Trust, 2025-5C6 XA, IO | &nbsp;&nbsp; 1.581% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 58564<br> <sup>(c)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $2,239,078)** | **Total Collateralized Mortgage Obligations (Cost — $2,239,078)** | **Total Collateralized Mortgage Obligations (Cost — $2,239,078)** | **Total Collateralized Mortgage Obligations (Cost — $2,239,078)** | &nbsp;&nbsp; **2233456** |
| **Asset-Backed Securities — 9.4%** | **Asset-Backed Securities — 9.4%** | **Asset-Backed Securities — 9.4%** | **Asset-Backed Securities — 9.4%** | **Asset-Backed Securities — 9.4%** |
| CIFC Funding Ltd., 2022-4A BR (3 mo. Term SOFR + 1.550%) | &nbsp;&nbsp; 5.832% | &nbsp;&nbsp; 7/16/35 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300300<br> <sup>(a)(c)</sup><br>|
| Northwoods Capital Ltd., 2021-25A B1R (3 mo. Term SOFR + 1.600%) | &nbsp;&nbsp; 5.342% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300214<br> <sup>(a)(c)</sup><br>|
| PRET LLC, 2025-NPL4 A1 | &nbsp;&nbsp; 6.368% | &nbsp;&nbsp; 4/25/55 | &nbsp;&nbsp; 109980<br>| &nbsp;&nbsp; 110837<br> <sup>(a)</sup><br>|
| RCO Mortgage LLC, 2025-3 A1 | &nbsp;&nbsp; 6.435% | &nbsp;&nbsp; 5/25/30 | &nbsp;&nbsp; 112284<br>| &nbsp;&nbsp; 112623<br> <sup>(a)</sup><br>|
| Rockford Tower CLO Ltd., 2021-2A A2R (3 mo. Term SOFR + 1.500%) | &nbsp;&nbsp; 5.663% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300184<br> <sup>(a)(c)</sup><br>|
| Trinitas CLO Ltd., 2021-17A B1R (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.810% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300429<br> <sup>(a)(c)</sup><br>|
| **Total Asset-Backed Securities (Cost — $1,423,449)** | **Total Asset-Backed Securities (Cost — $1,423,449)** | **Total Asset-Backed Securities (Cost — $1,423,449)** | **Total Asset-Backed Securities (Cost — $1,423,449)** | &nbsp;&nbsp; **1424587** |
| **Sovereign Bonds — 7.9%** | **Sovereign Bonds — 7.9%** | **Sovereign Bonds — 7.9%** | **Sovereign Bonds — 7.9%** | **Sovereign Bonds — 7.9%** |
| Brazil — 1.2% | Brazil — 1.2% | Brazil — 1.2% | Brazil — 1.2% | Brazil — 1.2% |
| Brazilian Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/20/34 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 175597<br>|
| Bulgaria — 0.4% | Bulgaria — 0.4% | Bulgaria — 0.4% | Bulgaria — 0.4% | Bulgaria — 0.4% |
| Bulgaria Government International Bond, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/5/37 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60135<br> <sup>(e)</sup><br>|
| Ghana — 0.4% | Ghana — 0.4% | Ghana — 0.4% | Ghana — 0.4% | Ghana — 0.4% |
| 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; 59173<br> <sup>(a)</sup><br>|
| Mexico — 0.8% | Mexico — 0.8% | Mexico — 0.8% | Mexico — 0.8% | Mexico — 0.8% |
| Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/27/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 120203<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Panama — 0.9% | Panama — 0.9% | Panama — 0.9% | Panama — 0.9% | Panama — 0.9% |
| Panama Government International Bond, Senior Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; $120000<br>| &nbsp;&nbsp; $136848<br>|
| Peru — 1.1% | Peru — 1.1% | Peru — 1.1% | Peru — 1.1% | Peru — 1.1% |
| Peruvian Government International Bond, Senior Notes | &nbsp;&nbsp; 2.783% | &nbsp;&nbsp; 1/23/31 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 166329<br>|
| Philippines — 0.9% | Philippines — 0.9% | Philippines — 0.9% | Philippines — 0.9% | Philippines — 0.9% |
| Philippine Government International Bond, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/2/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 144883<br>|
| Romania — 1.1% | Romania — 1.1% | Romania — 1.1% | Romania — 1.1% | Romania — 1.1% |
| Romanian Government International Bond, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 1/17/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 160274<br> <sup>(a)</sup><br>|
| Turkey — 1.1% | Turkey — 1.1% | Turkey — 1.1% | Turkey — 1.1% | Turkey — 1.1% |
| Turkey Government International Bond, Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 175186<br>|
| **Total Sovereign Bonds (Cost — $1,185,778)** | **Total Sovereign Bonds (Cost — $1,185,778)** | **Total Sovereign Bonds (Cost — $1,185,778)** | **Total Sovereign Bonds (Cost — $1,185,778)** | &nbsp;&nbsp; **1198628** |
| **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% |
| Froneri International Ltd., Term Loan  |  | &nbsp;&nbsp; 8/2/32 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; **64941**<br> <sup>(f)</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% |
| Connect US Finco LLC, Amendment No. 4 Term Loan (1 mo. Term SOFR + <br> 4.500%)  | 8.663% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 64836<br>| &nbsp;&nbsp; **64142**<br> <sup>(c)(g)(h)</sup><br>|
| **Total Senior Loans (Cost — $129,192)** | **Total Senior Loans (Cost — $129,192)** | **Total Senior Loans (Cost — $129,192)** | **Total Senior Loans (Cost — $129,192)** | &nbsp;&nbsp; **129083** |
| **Total Investments before Short-Term Investments (Cost — $14,420,485)** | **Total Investments before Short-Term Investments (Cost — $14,420,485)** | **Total Investments before Short-Term Investments (Cost — $14,420,485)** | **Total Investments before Short-Term Investments (Cost — $14,420,485)** | &nbsp;&nbsp; **14457442** |
|  |  |  | Shares |  |
| **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $643,470)  | &nbsp;&nbsp; 4.032% |  | &nbsp;&nbsp; 643470<br>| &nbsp;&nbsp; **643470**<br> <sup>(i)(j)(k)</sup><br>|
| **Total Investments — 99.6% (Cost — $15,063,955)** | **Total Investments — 99.6% (Cost — $15,063,955)** | **Total Investments — 99.6% (Cost — $15,063,955)** | **Total Investments — 99.6% (Cost — $15,063,955)** | &nbsp;&nbsp; **15100912** |
| Other Assets in Excess of Liabilities — 0.4% | Other Assets in Excess of Liabilities — 0.4% | Other Assets in Excess of Liabilities — 0.4% | Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp; 53283 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$15154195** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Multisector Income ETF** 

&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> 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>(f)</sup> All or a portion of this loan has not settled as of September 30, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are for the settled portion of the loan. 

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

<sup>(j)</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 September 30, 2025, the total market value of investments in Affiliated Companies was $643,470 and the cost was $643,470 (Note 6). 

<sup>(k)</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:** |
| 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 |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $2297667 | &nbsp;&nbsp;&nbsp; $2293102 | &nbsp;&nbsp;&nbsp; **$4565** |

---

At September 30, 2025, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  |
| Swap Counterparty | Notional <br>Amount<br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<br>| &nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| Bank of America N.A. | $573000 | &nbsp;&nbsp;&nbsp; 9/17/27 | &nbsp;&nbsp;&nbsp; 3.580% <br>annually <br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; $(2004) | &nbsp;&nbsp;&nbsp; $(1722) | &nbsp;&nbsp;&nbsp; $(282) |
| JPMorgan Chase & Co. | 336000 | &nbsp;&nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 3.130% <br>annually <br>| &nbsp;&nbsp;&nbsp; 1039 | &nbsp;&nbsp;&nbsp; 1217 | &nbsp;&nbsp;&nbsp;&nbsp;(178) |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Multisector Income ETF** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC INTEREST RATE SWAPS (cont'd)**  | **OTC INTEREST RATE SWAPS (cont'd)**  | **OTC INTEREST RATE SWAPS (cont'd)**  | **OTC INTEREST RATE SWAPS (cont'd)**  | **OTC INTEREST RATE SWAPS (cont'd)**  | **OTC INTEREST RATE SWAPS (cont'd)**  | **OTC INTEREST RATE SWAPS (cont'd)**  | **OTC INTEREST RATE SWAPS (cont'd)**  |
| Swap Counterparty | Notional<br> Amount<br>| &nbsp;&nbsp; Termination<br> Date<br>| &nbsp;&nbsp;&nbsp; Payments<br> Made by<br> the Fund<br>| &nbsp;&nbsp;&nbsp; Payments<br> Received by<br> the Fund<sup>†</sup><br>| &nbsp;&nbsp; Market<br> Value<br>| &nbsp;&nbsp; Upfront<br> Premiums<br> Paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized<br> Appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| JPMorgan Chase & Co. | $703000 | &nbsp;&nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 3.130% <br>annually <br>| &nbsp;&nbsp;&nbsp; $2176 | &nbsp;&nbsp;&nbsp; $680 | &nbsp;&nbsp;&nbsp; $1496 |
| JPMorgan Chase & Co. | 2222000 | &nbsp;&nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 3.130% <br>annually <br>| &nbsp;&nbsp;&nbsp; 6877 | &nbsp;&nbsp;&nbsp; 3150 | &nbsp;&nbsp;&nbsp; 3727 |
| JPMorgan Chase & Co. | 2151000 | &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; 3.180% <br>annually <br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; (17396) | &nbsp;&nbsp;&nbsp; (9500) | &nbsp;&nbsp;&nbsp; (7896) |
| JPMorgan Chase & Co. | 135000 | &nbsp;&nbsp;&nbsp; 12/17/35 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 3.130% <br>annually <br>| &nbsp;&nbsp;&nbsp; 1467 | &nbsp;&nbsp;&nbsp; 1467 | &nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase & Co. | 794000 | &nbsp;&nbsp;&nbsp; 12/17/35 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 3.530% <br>annually <br>| &nbsp;&nbsp;&nbsp; 8309 | &nbsp;&nbsp;&nbsp; 5126 | &nbsp;&nbsp;&nbsp; 3183 |
| JPMorgan Chase & Co. | 92000 | &nbsp;&nbsp;&nbsp; 9/17/55 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 4.020% <br>annually <br>| &nbsp;&nbsp;&nbsp; 1561 | &nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp;(589) |
| **Total** | **$7006000** |  |  |  | &nbsp;&nbsp;&nbsp; **$2029** | &nbsp;&nbsp;&nbsp; **$2568** | &nbsp;&nbsp;&nbsp; **$(539)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <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; Notional <br>Amount<br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Appreciation<br>|
|  | &nbsp;&nbsp;&nbsp; $1585000 | &nbsp;&nbsp;&nbsp; 9/17/27 | &nbsp;&nbsp;&nbsp; 3.580% <br>annually <br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; $(5545) | &nbsp;&nbsp;&nbsp; $(5654) | &nbsp;&nbsp;&nbsp; $109 |
|  | &nbsp;&nbsp;&nbsp; 11572800 | &nbsp;&nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 3.630% <br>annually <br>| &nbsp;&nbsp;&nbsp; 133099 | &nbsp;&nbsp;&nbsp; 128339 | &nbsp;&nbsp;&nbsp; 4760 |
|  | &nbsp;&nbsp;&nbsp; 5608000 | &nbsp;&nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp;&nbsp; 3.630% <br>annually <br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; (64498) | &nbsp;&nbsp;&nbsp; (66330) | &nbsp;&nbsp;&nbsp; 1832 |
| **Total** | &nbsp;&nbsp;&nbsp; **$18765800** |  |  |  | &nbsp;&nbsp;&nbsp; **$63056** | &nbsp;&nbsp;&nbsp; **$56355** | &nbsp;&nbsp;&nbsp; **$6701** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <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; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>‡</sup> <br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| JPMorgan Chase & Co. | $1275000 | &nbsp;&nbsp;&nbsp; 12/20/25 | &nbsp;&nbsp;&nbsp; 3-Month SOFR <br>Compound\*\*<br>| IBXXLLTR^\*\* | &nbsp;&nbsp;&nbsp; **$9956** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$9956** |

---

&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. |
| ^ | Custom fixed-income basket, whose components are publicly available on the website https://www.spglobal.com/en. |
| \*\* | One time payment made at termination date. |

---

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

---

| | |
|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| IBXXLLTR | Markit iBoxx USD Liquid Leveraged Loans Total Return Index |
| SOFR | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Multisector Income ETF** 

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

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| Daily SOFR Compound | 4.240% |
| 3-Month SOFR Compound | 3.976% |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 97.7%** | **Municipal Bonds — 97.7%** | **Municipal Bonds — 97.7%** | **Municipal Bonds — 97.7%** | **Municipal Bonds — 97.7%** |
| Alabama — 0.3% | Alabama — 0.3% | Alabama — 0.3% | Alabama — 0.3% | Alabama — 0.3% |
| Mobile County, AL, Revenue, Gomesa Project, Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; $300000 | &nbsp;&nbsp; $263327<br> <sup>(a)</sup><br>|
| Arizona — 0.4% | Arizona — 0.4% | Arizona — 0.4% | Arizona — 0.4% | Arizona — 0.4% |
| Phoenix Civic Improvement Corp. Revenue, Junior Lien Water System Revenue, <br> Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 372521<br>|
| Arkansas — 0.6% | Arkansas — 0.6% | Arkansas — 0.6% | Arkansas — 0.6% | Arkansas — 0.6% |
| 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; 268811<br> <sup>(a)(b)</sup><br>|
| 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; 279335<br> <sup>(b)</sup><br>|
| Total Arkansas | Total Arkansas | Total Arkansas | Total Arkansas | &nbsp;&nbsp; 548146 |
| California — 30.6% | California — 30.6% | California — 30.6% | California — 30.6% | California — 30.6% |
| Alameda, CA, Community Facilities District, Special Tax Revenue, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1013123<br>|
| California State Community Choice Financing Authority Revenue: |  |  |  |  |
| Clean Energy Project, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1064826<br> <sup>(c)(d)</sup><br>|
| Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 3160000 | &nbsp;&nbsp; 3372926<br> <sup>(c)(d)</sup><br>|
| Clean Energy Project, Green Bonds, Series E-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3767233<br> <sup>(c)(d)</sup><br>|
| Clean Energy Project, Green Bonds, Series F | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 995000 | &nbsp;&nbsp; 1090066<br> <sup>(c)(d)</sup><br>|
| Clean Energy Project, Green Bonds, Series G | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 542396<br> <sup>(c)(d)</sup><br>|
| California State Infrastructure & Economic Development Bank Revenue: |  |  |  |  |
| Science Center Phase III Project, Sustainability Bonds, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp; 739846<br>|
| Science Center Phase III Project, Sustainability Bonds, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 893750<br>|
| Teachers Retirement System Headquarters Expansion, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 184561<br>|
| California State MFA Revenue: |  |  |  |  |
| 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; 992721<br>|
| 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; 3456107<br>|
| 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; 1549517<br>|
| California State Public Works Board: |  |  |  |  |
| Lease Revenue, Southern California Headquarters, Series D | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 970667<br>|
| Lease Revenue, Southern California Headquarters, Series D | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1431359<br>|
| 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; 257435<br> <sup>(a)</sup><br>|
| 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; 101845<br>|
| San Diego County, CA, Regional Airport Authority Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp; 3332486<br> <sup>(b)</sup><br>|
| 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; 161037<br>|
| 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; 91567<br>|
| Santa Cruz County, CA, Capital Financing Authority Revenue, Green Bonds  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1485929<br>|
| Three Rivers Levee Improvement Authority, CA, Special Tax Revenue: |  |  |  |  |
| Community Facilities District Nos. 2006-1 and 2006-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253887<br>|
| Community Facilities District Nos. 2006-1 and 2006-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257379<br>|
| Community Facilities District Nos. 2006-1 and 2006-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205606<br>|
| Community Facilities District Nos. 2006-1 and 2006-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101874<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Municipal Green 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 |
| Transbay Joint Powers Authority, CA, Tax Allocation Revenue, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; $150000 | &nbsp;&nbsp; $155977<br>|
| Total California | Total California | Total California | Total California | &nbsp;&nbsp; 27474120 |
| Colorado — 1.8% | Colorado — 1.8% | Colorado — 1.8% | Colorado — 1.8% | Colorado — 1.8% |
| 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; 151017<br>|
| University of Colorado, CO, Revenue, Refunding  | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/15/25 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1499571<br> <sup>(c)(d)</sup><br>|
| Total Colorado | Total Colorado | Total Colorado | Total Colorado | &nbsp;&nbsp; 1650588 |
| District of Columbia — 5.1% | District of Columbia — 5.1% | District of Columbia — 5.1% | District of Columbia — 5.1% | District of Columbia — 5.1% |
| District of Columbia Revenue: |  |  |  |  |
| DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/33 | &nbsp;&nbsp; 905000 | &nbsp;&nbsp; 1022273<br> <sup>(b)</sup><br>|
| DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/35 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp; 606280<br> <sup>(b)</sup><br>|
| DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/35 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 141617<br> <sup>(b)</sup><br>|
| DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/37 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 951704<br> <sup>(b)</sup><br>|
| District of Columbia Water & Sewer Authority Revenue: |  |  |  |  |
| Public Utility Subordinate Lien, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 384007<br>|
| Public Utility Subordinate Lien, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp; 1455199<br>|
| Total District of Columbia | Total District of Columbia | Total District of Columbia | Total District of Columbia | &nbsp;&nbsp; 4561080 |
| Florida — 1.7% | Florida — 1.7% | Florida — 1.7% | Florida — 1.7% | Florida — 1.7% |
| 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; 792214<br>|
| Palm Beach County, FL, Water & Sewer Revenue, Series 2019, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 111078<br>|
| Somerset, FL, Community Development District, Capital Improvement Revenue: |  |  |  |  |
| Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 415348<br>|
| Series 2022, Refunding | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 196797<br>|
| Total Florida | Total Florida | Total Florida | Total Florida | &nbsp;&nbsp; 1515437 |
| Georgia — 2.9% | Georgia — 2.9% | Georgia — 2.9% | Georgia — 2.9% | Georgia — 2.9% |
| 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; 2487379<br> <sup>(b)</sup><br>|
| Private Colleges & Universities Authority, GA, Revenue, Sustainable Bonds, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102053<br>|
| Total Georgia | Total Georgia | Total Georgia | Total Georgia | &nbsp;&nbsp; 2589432 |
| Illinois — 4.7% | Illinois — 4.7% | Illinois — 4.7% | Illinois — 4.7% | Illinois — 4.7% |
| Illinois State Finance Authority Revenue: |  |  |  |  |
| Bondana-Champaign, Learning Facility | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3134822<br>|
| Clean Water Initiative Revolving Fund, Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 576212<br>|
| Northern Illinois State University, Participation Energy Savings Projects, BAM  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 523178<br>|
| Total Illinois | Total Illinois | Total Illinois | Total Illinois | &nbsp;&nbsp; 4234212 |
| Louisiana — 3.4% | Louisiana — 3.4% | Louisiana — 3.4% | Louisiana — 3.4% | Louisiana — 3.4% |
| Louisiana Local Government Environmental Facilities & Community Development <br> Authority Revenue: |  |  |  |  |
| St. Bernard Parish Gomesa Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 791023<br> <sup>(a)</sup><br>|
| St. Charles Parish Gomesa Project | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 855169<br> <sup>(a)</sup><br>|
| St. John The Baptist Parish Gomesa Project | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 351819<br> <sup>(a)</sup><br>|
| Terrebonne Levee & Conservation District, LA, Sales Tax Revenue: |  |  |  |  |
| Series B, Green Bonds, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999679<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Louisiana — continued | Louisiana — continued | Louisiana — continued | Louisiana — continued | Louisiana — continued |
| Series B, Green Bonds, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $98820<br>|
| Total Louisiana | Total Louisiana | Total Louisiana | Total Louisiana | &nbsp;&nbsp; 3096510 |
| Maine — 0.3% | Maine — 0.3% | Maine — 0.3% | Maine — 0.3% | Maine — 0.3% |
| Portland, ME, General Airport Revenue, Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 248064<br>|
| Maryland — 3.5% | Maryland — 3.5% | Maryland — 3.5% | Maryland — 3.5% | Maryland — 3.5% |
| Maryland State EDC, Private Activity Revenue: |  |  |  |  |
| Series B, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1018333<br> <sup>(b)</sup><br>|
| Series B, Green Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/47 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2011319<br> <sup>(b)</sup><br>|
| 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; 96936<br>|
| Total Maryland | Total Maryland | Total Maryland | Total Maryland | &nbsp;&nbsp; 3126588 |
| Massachusetts — 4.0% | Massachusetts — 4.0% | Massachusetts — 4.0% | Massachusetts — 4.0% | Massachusetts — 4.0% |
| Massachusetts State DFA Revenue: |  |  |  |  |
| Boston Medical Center, Series F, Green Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 116599<br>|
| Springfield College, Series B, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 423635<br>|
| Springfield College, Series B, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 445693<br>|
| Massachusetts State Housing Finance Agency, Housing Revenue: |  |  |  |  |
| Series A-1 | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 12/1/59 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1013120<br>|
| Series B-1 | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1526982<br>|
| Series C-1 | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87546<br>|
| Total Massachusetts | Total Massachusetts | Total Massachusetts | Total Massachusetts | &nbsp;&nbsp; 3613575 |
| Minnesota — 1.8% | Minnesota — 1.8% | Minnesota — 1.8% | Minnesota — 1.8% | Minnesota — 1.8% |
| Minneapolis, MN, GO, Green Bonds, Series 2019  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87809<br>|
| Minnesota State HEFA Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1517707<br>|
| Total Minnesota | Total Minnesota | Total Minnesota | Total Minnesota | &nbsp;&nbsp; 1605516 |
| Mississippi — 0.4% | Mississippi — 0.4% | Mississippi — 0.4% | Mississippi — 0.4% | Mississippi — 0.4% |
| Mississippi State Development Bank Special Obligation, Jackson County Gomesa <br> Project | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 370727<br> <sup>(a)</sup><br>|
| New Jersey — 3.2% | New Jersey — 3.2% | New Jersey — 3.2% | New Jersey — 3.2% | New Jersey — 3.2% |
| 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; 698300<br>|
| 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; 608208<br>|
| 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; 1618991<br>|
| Total New Jersey | Total New Jersey | Total New Jersey | Total New Jersey | &nbsp;&nbsp; 2925499 |
| New York — 5.6% | New York — 5.6% | New York — 5.6% | New York — 5.6% | New York — 5.6% |
| MTA, NY, Transportation Revenue: |  |  |  |  |
| Green Bonds, Series A-1, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 580443<br>|
| Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 1510000 | &nbsp;&nbsp; 1522966<br>|
| Green Bonds, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 115155<br>|
| New York State HFA Revenue, Series N  | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88434<br>|
| New York State Liberty Development Corp., Revenue: |  |  |  |  |
| Tax-Exempt Bonds, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 805503<br>|
| Tax-Exempt Bonds, Series A, Refunding | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1674530<br>|
| 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; 265192<br> <sup>(b)</sup><br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 5052223 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Ohio — 3.4% | Ohio — 3.4% | Ohio — 3.4% | Ohio — 3.4% | Ohio — 3.4% |
| American Municipal Power Inc. Meldahl Hydroelectric Project Revenue, Green <br> Bonds, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; $1415000 | &nbsp;&nbsp; $1347363<br>|
| American Municipal Power Inc. Solar Electricity Prepayment Project Revenue, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/44 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp; 1694932<br>|
| Total Ohio | Total Ohio | Total Ohio | Total Ohio | &nbsp;&nbsp; 3042295 |
| Oregon — 3.1% | Oregon — 3.1% | Oregon — 3.1% | Oregon — 3.1% | Oregon — 3.1% |
| Multnomah County, OR, Hospital Facilities Authority Revenue, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 391891<br>|
| Port of Portland, OR, Airport Revenue, Portland International Airport, Series 29, <br> Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2360710<br> <sup>(b)</sup><br>|
| Total Oregon | Total Oregon | Total Oregon | Total Oregon | &nbsp;&nbsp; 2752601 |
| Pennsylvania — 2.5% | Pennsylvania — 2.5% | Pennsylvania — 2.5% | Pennsylvania — 2.5% | Pennsylvania — 2.5% |
| 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; 1190304<br>|
| Philadelphia, PA, School District, GO, State Aid Withholding, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1024000<br>|
| Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | &nbsp;&nbsp; 2214304 |
| Puerto Rico — 0.6% | Puerto Rico — 0.6% | Puerto Rico — 0.6% | Puerto Rico — 0.6% | Puerto Rico — 0.6% |
| 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; 507461<br>|
| Rhode Island — 0.1% | Rhode Island — 0.1% | Rhode Island — 0.1% | Rhode Island — 0.1% | Rhode Island — 0.1% |
| 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; 133397<br>|
| Texas — 1.3% | Texas — 1.3% | Texas — 1.3% | Texas — 1.3% | Texas — 1.3% |
| 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; 1175091<br>|
| Utah — 6.6% | Utah — 6.6% | Utah — 6.6% | Utah — 6.6% | Utah — 6.6% |
| Central Valley Water Reclamation Facility Revenue, Utah Sewer, Green Bonds, <br> Series C  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/47 | &nbsp;&nbsp; 3090000 | &nbsp;&nbsp; 2894328<br>|
| Utah State Intermountain Power Agency, Series 2022-A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3078702<br>|
| Total Utah | Total Utah | Total Utah | Total Utah | &nbsp;&nbsp; 5973030 |
| Vermont — 3.3% | Vermont — 3.3% | Vermont — 3.3% | Vermont — 3.3% | Vermont — 3.3% |
| Vermont Educational & Health Buildings Financing Agency Revenue: |  |  |  |  |
| The University of Vermont Medical Center Project, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp; 2020963<br>|
| The University of Vermont Medical Center Project, Green Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 923748<br>|
| Total Vermont | Total Vermont | Total Vermont | Total Vermont | &nbsp;&nbsp; 2944711 |
| Virginia — 0.0%†† | Virginia — 0.0%†† | Virginia — 0.0%†† | Virginia — 0.0%†† | Virginia — 0.0%†† |
| 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; 52529<br>|
| Washington — 2.1% | Washington — 2.1% | Washington — 2.1% | Washington — 2.1% | Washington — 2.1% |
| 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; 1909401<br>|
| Wisconsin — 4.4% | Wisconsin — 4.4% | Wisconsin — 4.4% | Wisconsin — 4.4% | Wisconsin — 4.4% |
| Public Finance Authority, WI, Revenue: |  |  |  |  |
| Fargo-Moorhead Metropolitan Area Flood Risk Management Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/30/51 | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp; 1907867<br> <sup>(b)</sup><br>|
| Fargo-Moorhead Metropolitan Area Flood Risk Management Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/31/56 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 480131<br> <sup>(b)</sup><br>|
| Patriot Services Group, Series A-1, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504978<br> <sup>(a)</sup><br>|
| 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; 1044019<br>|
| Total Wisconsin | Total Wisconsin | Total Wisconsin | Total Wisconsin | &nbsp;&nbsp; 3936995 |
| **Total Municipal Bonds (Cost — $88,366,318)** | **Total Municipal Bonds (Cost — $88,366,318)** | **Total Municipal Bonds (Cost — $88,366,318)** | **Total Municipal Bonds (Cost — $88,366,318)** | &nbsp;&nbsp; **87889380** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| 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%** |
| California Housing Finance Agency, 2019-N A (Cost — $83,013) | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; **$**90314 | &nbsp;&nbsp; **$78826**<br>|
| **Total Investments before Short-Term Investments (Cost — $88,449,331)** | **Total Investments before Short-Term Investments (Cost — $88,449,331)** | **Total Investments before Short-Term Investments (Cost — $88,449,331)** | **Total Investments before Short-Term Investments (Cost — $88,449,331)** | &nbsp;&nbsp; **87968206** |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** |
| Colorado — 0.1% | Colorado — 0.1% | Colorado — 0.1% | Colorado — 0.1% | Colorado — 0.1% |
| Colorado State Health Facilities Authority Revenue, Intermountain Health, Series D | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/64 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000<br> <sup>(f)(g)</sup><br>|
| Massachusetts — 0.2% | Massachusetts — 0.2% | Massachusetts — 0.2% | Massachusetts — 0.2% | Massachusetts — 0.2% |
| Massachusetts State HEFA Revenue, Baystate Medical Center, Series K-1, LOC - <br> TD Bank N.A. | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000<br> <sup>(f)(g)</sup><br>|
| Missouri — 0.4% | Missouri — 0.4% | Missouri — 0.4% | Missouri — 0.4% | Missouri — 0.4% |
| Missouri State HEFA Revenue, Series F | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000<br> <sup>(f)(g)</sup><br>|
| **Total Short-Term Investments (Cost — $600,000)** | **Total Short-Term Investments (Cost — $600,000)** | **Total Short-Term Investments (Cost — $600,000)** | **Total Short-Term Investments (Cost — $600,000)** | &nbsp;&nbsp; **600000** |
| **Total Investments — 98.5% (Cost — $89,049,331)** | **Total Investments — 98.5% (Cost — $89,049,331)** | **Total Investments — 98.5% (Cost — $89,049,331)** | **Total Investments — 98.5% (Cost — $89,049,331)** | &nbsp;&nbsp; **88568206** |
| Other Assets in Excess of Liabilities — 1.5% | Other Assets in Excess of Liabilities — 1.5% | Other Assets in Excess of Liabilities — 1.5% | Other Assets in Excess of Liabilities — 1.5% | &nbsp;&nbsp; 1331041 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$89899247** |

---

&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> | 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 <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> | 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>(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 <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>(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:** |
| BAM |  | Build America Mutual—Insured Bonds |
| DFA |  | Development Finance Agency |
| EDC |  | Economic Development Corporation |
| EFA |  | Educational Facilities Authority |
| FHA |  | Federal Housing Administration |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HEFA |  | Health & Educational Facilities Authority |
| LOC |  | Letter of Credit |
| MTA |  | Metropolitan Transportation Authority |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Senior Loans — 85.5%** | **Senior Loans — 85.5%** | **Senior Loans — 85.5%** | **Senior Loans — 85.5%** | **Senior Loans — 85.5%** |
| **Communication Services — 4.7%** | **Communication Services — 4.7%** | **Communication Services — 4.7%** | **Communication Services — 4.7%** | **Communication Services — 4.7%** |
| 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% |
| Zayo Group Holdings Inc., Dollar Term Loan (1 mo. Term SOFR + <br> 3.614%)  | 7.773% | &nbsp;&nbsp; 3/11/30 | &nbsp;&nbsp; $518326<br>| &nbsp;&nbsp; $512375<br> <sup>(a)(b)(c)</sup><br>|
| Entertainment — 1.6% | Entertainment — 1.6% | Entertainment — 1.6% | Entertainment — 1.6% | Entertainment — 1.6% |
| Ontario Gaming GTA LP, Term Loan B (3 mo. Term SOFR + 4.250%) | 8.240% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 2871218<br>| &nbsp;&nbsp; 2808410<br> <sup>(a)(b)(c)</sup><br>|
| Playtika Holding Corp., Term Loan B1 (1 mo. Term SOFR + 2.864%) | 7.028% | &nbsp;&nbsp; 3/13/28 | &nbsp;&nbsp; 6111468<br>| &nbsp;&nbsp; 6026274<br> <sup>(a)(b)(c)</sup><br>|
| UFC Holdings LLC, Term Loan B5 (3 mo. Term SOFR + 2.000%) | 6.038% | &nbsp;&nbsp; 11/21/31 | &nbsp;&nbsp; 10650974<br>| &nbsp;&nbsp; 10679093<br> <sup>(a)(b)(c)</sup><br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 19513777 |
| Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% |
| Delta TopCo Inc., Fourth Amendment Refinancing Term Loan  | 6.735-7.023% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 7618955<br>| &nbsp;&nbsp; 7546118<br> <sup>(a)(b)(c)</sup><br>|
| Media — 2.3% | Media — 2.3% | Media — 2.3% | Media — 2.3% | Media — 2.3% |
| Cengage Learning Inc., 2024 Refinancing Term Loan | 7.666-7.698% | &nbsp;&nbsp; 3/22/31 | &nbsp;&nbsp; 5757432<br>| &nbsp;&nbsp; 5749630<br> <sup>(a)(b)(c)</sup><br>|
| Charter Communications Operating LLC, Term Loan B5 (3 mo. Term <br> SOFR + 2.250%) | 6.541% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 3231139<br>| &nbsp;&nbsp; 3233465<br> <sup>(a)(b)(c)</sup><br>|
| Gray Television Inc., Term Loan D (1 mo. Term SOFR + 3.000%) | 7.395% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 1313472<br>| &nbsp;&nbsp; 1315627<br> <sup>(a)(b)(c)</sup><br>|
| iHeartCommunications Inc., Refinanced Term Loan B (1 mo. Term <br> SOFR + 5.889%) | 10.129% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1037162<br>| &nbsp;&nbsp; 908814<br> <sup>(a)(b)(c)</sup><br>|
| McGraw-Hill Education Inc., Term Loan B (1 mo. Term SOFR + 3.250%) | 7.566% | &nbsp;&nbsp; 8/6/31 | &nbsp;&nbsp; 797919<br>| &nbsp;&nbsp; 799104<br> <sup>(a)(b)(c)</sup><br>|
| MH Sub I LLC, 2023 New Term Loan (3 mo. Term SOFR + 4.250%) | 8.252% | &nbsp;&nbsp; 5/3/28 | &nbsp;&nbsp; 6375910<br>| &nbsp;&nbsp; 6148768<br> <sup>(a)(b)(c)</sup><br>|
| MH Sub I LLC, 2024 New Term Loan (1 mo. Term SOFR + 4.250%) | 8.413% | &nbsp;&nbsp; 12/31/31 | &nbsp;&nbsp; 6285201<br>| &nbsp;&nbsp; 5798098<br> <sup>(a)(b)(c)</sup><br>|
| Univision Communications Inc., 2024 First Lien Replacement Term <br> Loan (1 mo. Term SOFR + 3.614%) | 7.778% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 1678750<br>| &nbsp;&nbsp; 1674813<br> <sup>(a)(b)(c)</sup><br>|
| Virgin Media Bristol LLC, Term Loan Facility Q (1 mo. Term SOFR + <br> 3.364%) | 7.515% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 2470000<br>| &nbsp;&nbsp; 2471902<br> <sup>(a)(b)(c)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 28100221 |
| 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% |
| Crown Subsea Communications Holding Inc., 2025 Term Loan (1 mo. <br> Term SOFR + 3.500%)  | 7.663% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 1130834<br>| &nbsp;&nbsp; 1139457<br> <sup>(a)(b)(c)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **56811948** |
| **Consumer Discretionary — 12.5%** | **Consumer Discretionary — 12.5%** | **Consumer Discretionary — 12.5%** | **Consumer Discretionary — 12.5%** | **Consumer Discretionary — 12.5%** |
| Automobile Components — 2.0% | Automobile Components — 2.0% | Automobile Components — 2.0% | Automobile Components — 2.0% | Automobile Components — 2.0% |
| Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR + 2.500%) | 6.663% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 1323202<br>| &nbsp;&nbsp; 1325478<br> <sup>(a)(b)(c)</sup><br>|
| Clarios Global LP, Amendment No. 6 Dollar Term Loan (1 mo. Term <br> SOFR + 2.750%) | 6.913% | &nbsp;&nbsp; 1/28/32 | &nbsp;&nbsp; 1977661<br>| &nbsp;&nbsp; 1981369<br> <sup>(a)(b)(c)</sup><br>|
| DexKo Global Inc., 2023 Incremental Term Loan (1 mo. Term SOFR + <br> 4.250%) | 8.413% | &nbsp;&nbsp; 10/4/28 | &nbsp;&nbsp; 682579<br>| &nbsp;&nbsp; 678313<br> <sup>(a)(b)(c)</sup><br>|
| DexKo Global Inc., First Lien Closing Date Dollar Term Loan (1 mo. <br> Term SOFR + 3.864%) | 8.028% | &nbsp;&nbsp; 10/4/28 | &nbsp;&nbsp; 5811390<br>| &nbsp;&nbsp; 5739416<br> <sup>(a)(b)(c)</sup><br>|
| First Brands Group LLC, 2021 First Lien Term Loan (3 mo. Term SOFR + <br> 5.262%) | 9.570% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 11078324<br>| &nbsp;&nbsp; 4027801<br> <sup>(a)(b)(c)</sup><br>|
| First Brands Group LLC, 2022 Incremental Term Loan (3 mo. Term SOFR <br> + 5.262%) | 9.570% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 2437804<br>| &nbsp;&nbsp; 888275<br> <sup>(a)(b)(c)</sup><br>|
| RealTruck Goup Inc., Initial Term Loan (1 mo. Term SOFR + 3.864%) | 8.028% | &nbsp;&nbsp; 1/31/28 | &nbsp;&nbsp; 6218984<br>| &nbsp;&nbsp; 5665650<br> <sup>(a)(b)(c)</sup><br>|
| Wand NewCo 3 Inc., Term Loan B2 | 6.663% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 4329440<br>| &nbsp;&nbsp; 4319764<br> <sup>(a)(b)(c)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 24626066 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% |
| American Trailer World Corp., First Lien Initial Term Loan (1 mo. Term <br> SOFR + 3.850%)  | 8.013% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; $1895532<br>| &nbsp;&nbsp; $1715693<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% |
| Peer Holding III BV, Term Loan B |  | &nbsp;&nbsp; 9/24/32 | &nbsp;&nbsp; 2057479<br>| &nbsp;&nbsp; 2061985<br> <sup>(d)</sup><br>|
| Peer Holding III BV, Term Loan B4 (3 mo. Term SOFR + 2.500%) | 6.502% | &nbsp;&nbsp; 10/26/30 | &nbsp;&nbsp; 396977<br>| &nbsp;&nbsp; 397942<br> <sup>(a)(b)(c)</sup><br>|
| Peer Holding III BV, Term Loan B5 (3 mo. Term SOFR + 2.500%) | 6.502% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 3493166<br>| &nbsp;&nbsp; 3501182<br> <sup>(a)(b)(c)</sup><br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 5961109 |
| Distributors — 0.5% | Distributors — 0.5% | Distributors — 0.5% | Distributors — 0.5% | Distributors — 0.5% |
| Windsor Holdings III LLC, 2025 Refinancing Term Loan B (1 mo. Term <br> SOFR + 2.750%)  | 6.916% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 6458731<br>| &nbsp;&nbsp; 6472198<br> <sup>(a)(b)(c)</sup><br>|
| Diversified Consumer Services — 0.8% | Diversified Consumer Services — 0.8% | Diversified Consumer Services — 0.8% | Diversified Consumer Services — 0.8% | Diversified Consumer Services — 0.8% |
| ABG Intermediate Holdings 2 LLC, 2024 Refinancing Term Loan (1 mo. <br> Term SOFR + 2.250%) | 6.413% | &nbsp;&nbsp; 12/21/28 | &nbsp;&nbsp; 5120177<br>| &nbsp;&nbsp; 5116568<br> <sup>(a)(b)(c)</sup><br>|
| Prime Security Services Borrower LLC, Term Loan B1 (6 mo. Term <br> SOFR + 2.000%) | 6.129% | &nbsp;&nbsp; 10/13/30 | &nbsp;&nbsp; 4433138<br>| &nbsp;&nbsp; 4427286<br> <sup>(a)(b)(c)</sup><br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 9543854 |
| Hotels, Restaurants & Leisure — 4.8% | Hotels, Restaurants & Leisure — 4.8% | Hotels, Restaurants & Leisure — 4.8% | Hotels, Restaurants & Leisure — 4.8% | Hotels, Restaurants & Leisure — 4.8% |
| 1011778 BC Unlimited Liability Co., Term Loan B6 (1 mo. Term SOFR + <br> 1.750%) | 5.913% | &nbsp;&nbsp; 9/20/30 | &nbsp;&nbsp; 4565327<br>| &nbsp;&nbsp; 4555808<br> <sup>(a)(b)(c)</sup><br>|
| Caesars Entertainment Inc., Incremental Term Loan B1 (1 mo. Term <br> SOFR + 2.250%) | 6.413% | &nbsp;&nbsp; 2/6/31 | &nbsp;&nbsp; 1848965<br>| &nbsp;&nbsp; 1847042<br> <sup>(a)(b)(c)</sup><br>|
| Caesars Entertainment Inc., Term Loan B (1 mo. Term SOFR + 2.250%) | 6.413% | &nbsp;&nbsp; 2/6/30 | &nbsp;&nbsp; 5925282<br>| &nbsp;&nbsp; 5923712<br> <sup>(a)(b)(c)(d)</sup><br>|
| Entain PLC, Term Loan Facility B3 (6 mo. Term SOFR + 2.850%) | 7.016% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 2851548<br>| &nbsp;&nbsp; 2854400<br> <sup>(a)(b)(c)</sup><br>|
| Fertitta Entertainment LLC, Initial Term Loan B (1 mo. Term SOFR + <br> 3.250%) | 7.413% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 8874097<br>| &nbsp;&nbsp; 8871346<br> <sup>(a)(b)(c)</sup><br>|
| Flutter Entertainment Public Ltd. Co., 2024 Term Loan B (3 mo. Term <br> SOFR + 1.750%) | 5.752% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 5424903<br>| &nbsp;&nbsp; 5416766<br> <sup>(a)(b)(c)</sup><br>|
| Hilton Grand Vacations Borrower LLC, Amendment No. 4 Term Loan (1 <br> mo. Term SOFR + 2.000%) | 6.163% | &nbsp;&nbsp; 1/17/31 | &nbsp;&nbsp; 395015<br>| &nbsp;&nbsp; 394904<br> <sup>(a)(b)(c)</sup><br>|
| Hilton Grand Vacations Borrower LLC, Initial Term Loan (1 mo. Term <br> SOFR + 2.000%) | 6.163% | &nbsp;&nbsp; 8/2/28 | &nbsp;&nbsp; 902584<br>| &nbsp;&nbsp; 902417<br> <sup>(a)(b)(c)</sup><br>|
| IRB Holding Corp., 2024 Replacement New Term Loan B (1 mo. Term <br> SOFR + 2.500%) | 6.663% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 10111573<br>| &nbsp;&nbsp; 10124971<br> <sup>(a)(b)(c)</sup><br>|
| Light and Wonder International Inc., Term Loan B2 (1 mo. Term SOFR + <br> 2.250%) | 6.393% | &nbsp;&nbsp; 4/14/29 | &nbsp;&nbsp; 1280361<br>| &nbsp;&nbsp; 1285565<br> <sup>(a)(b)(c)</sup><br>|
| Scientific Games Holdings LP, 2024 Refinancing Dollar Term Loan (3 <br> mo. Term SOFR + 3.000%) | 7.286% | &nbsp;&nbsp; 4/4/29 | &nbsp;&nbsp; 7430697<br>| &nbsp;&nbsp; 7378014<br> <sup>(a)(b)(c)</sup><br>|
| Whatabrands LLC, 2024 Refinancing Term Loan B (1 mo. Term SOFR + <br> 2.500%) | 6.663% | &nbsp;&nbsp; 8/3/28 | &nbsp;&nbsp; 8467873<br>| &nbsp;&nbsp; 8484046<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; 58038991 |
| Household Durables — 0.9% | Household Durables — 0.9% | Household Durables — 0.9% | Household Durables — 0.9% | Household Durables — 0.9% |
| AI Aqua Merger Sub Inc., 2025 Refinancing Term Loan B (1 mo. Term <br> SOFR + 3.000%) | 7.280% | &nbsp;&nbsp; 7/31/28 | &nbsp;&nbsp; 10070158<br>| &nbsp;&nbsp; 10101426<br> <sup>(a)(b)(c)</sup><br>|
| Chariot Buyer LLC, 2025 New Term Loan B (1 mo. Term SOFR + <br> 3.000%) | 7.163% | &nbsp;&nbsp; 9/8/32 | &nbsp;&nbsp; 1097250<br>| &nbsp;&nbsp; 1099653<br> <sup>(a)(b)(c)</sup><br>|
| Total Household Durables | Total Household Durables | Total Household Durables | Total Household Durables | &nbsp;&nbsp; 11201079 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Specialty Retail — 2.0% | Specialty Retail — 2.0% | Specialty Retail — 2.0% | Specialty Retail — 2.0% | Specialty Retail — 2.0% |
| Flynn Restaurant Group LP, Series 2025 Term Loan (1 mo. Term SOFR + <br> 3.750%) | 7.913% | &nbsp;&nbsp; 1/28/32 | &nbsp;&nbsp; $5311972<br>| &nbsp;&nbsp; $5326500<br> <sup>(a)(b)(c)</sup><br>|
| Harbor Freight Tools USA Inc., Initial Term Loan | 6.413% | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 1256178<br>| &nbsp;&nbsp; 1235702<br> <sup>(a)(b)(c)</sup><br>|
| Kodiak BP LLC, Initial Term Loan (3 mo. Term SOFR + 3.750%) | 7.752% | &nbsp;&nbsp; 12/4/31 | &nbsp;&nbsp; 1730538<br>| &nbsp;&nbsp; 1725252<br> <sup>(a)(b)(c)</sup><br>|
| Michaels Cos. Inc., Term Loan B (3 mo. Term SOFR + 4.512%) | 8.513% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 3527944<br>| &nbsp;&nbsp; 3340910<br> <sup>(a)(b)(c)</sup><br>|
| Petco Health and Wellness Co. Inc., First Lien Initial Term Loan (3 mo. <br> Term SOFR + 3.512%) | 7.513% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 8158289<br>| &nbsp;&nbsp; 7964937<br> <sup>(a)(b)(c)</sup><br>|
| White Cap Supply Holdings LLC, Term Loan C (1 mo. Term SOFR + <br> 3.250%) | 7.416% | &nbsp;&nbsp; 10/19/29 | &nbsp;&nbsp; 5129989<br>| &nbsp;&nbsp; 5136838<br> <sup>(a)(b)(c)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 24730139 |
| Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% |
| Great Outdoors Group LLC, Term Loan B3 (1 mo. Term SOFR + 3.250%) | 7.413% | &nbsp;&nbsp; 1/23/32 | &nbsp;&nbsp; 6746497<br>| &nbsp;&nbsp; 6751558<br> <sup>(a)(b)(c)</sup><br>|
| Varsity Brands Inc., Term Loan (3 mo. Term SOFR + 3.000%) | 7.026% | &nbsp;&nbsp; 8/26/31 | &nbsp;&nbsp; 3724872<br>| &nbsp;&nbsp; 3729993<br> <sup>(a)(b)(c)</sup><br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 10481551 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **152770680** |
| **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** |
| Beverages — 0.7% | Beverages — 0.7% | Beverages — 0.7% | Beverages — 0.7% | Beverages — 0.7% |
| Triton Water Holdings Inc., 2025 Refinancing Term Loan (3 mo. Term <br> SOFR + 2.250%)  | 6.252% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 8996899<br>| &nbsp;&nbsp; 9005537<br> <sup>(a)(b)(c)</sup><br>|
| 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% |
| Froneri International Ltd., Term Loan |  | &nbsp;&nbsp; 8/2/32 | &nbsp;&nbsp; 2125046<br>| &nbsp;&nbsp; 2123102<br> <sup>(d)</sup><br>|
| Froneri International Ltd., Term Loan Facility B4 (6 mo. Term SOFR + <br> 2.000%) | 6.197% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 5972743<br>| &nbsp;&nbsp; 5936668<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; 8059770 |
| Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% |
| Primary Products Finance LLC, 2024 Replacement Term Loan B (3 mo. <br> Term SOFR + 3.250%)  | 7.536% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 6926648<br>| &nbsp;&nbsp; 6775127<br> <sup>(a)(b)(c)</sup><br>|
| 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% |
| Conair Holdings LLC, First Lien Initial Term Loan (1 mo. Term SOFR + <br> 3.864%)  | 8.028% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 1994206<br>| &nbsp;&nbsp; 1268813<br> <sup>(a)(b)(c)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **25109247** |
| **Energy — 0.6%** | **Energy — 0.6%** | **Energy — 0.6%** | **Energy — 0.6%** | **Energy — 0.6%** |
| Oil, Gas & Consumable Fuels — 0.6% | Oil, Gas & Consumable Fuels — 0.6% | Oil, Gas & Consumable Fuels — 0.6% | Oil, Gas & Consumable Fuels — 0.6% | Oil, Gas & Consumable Fuels — 0.6% |
| Epic Crude Services LP, Amendment No.1 Term Loan B (3 mo. Term <br> SOFR + 2.500%) | 6.828% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 1804727<br>| &nbsp;&nbsp; 1809050<br> <sup>(a)(b)(c)</sup><br>|
| Parexel International Inc., Term Loan B (1 mo. Term SOFR + 2.500%) | 6.663% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 5675781<br>| &nbsp;&nbsp; 5687018<br> <sup>(a)(b)(c)</sup><br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **7496068** |
| **Financials — 13.9%** | **Financials — 13.9%** | **Financials — 13.9%** | **Financials — 13.9%** | **Financials — 13.9%** |
| Banks — 0.7% | Banks — 0.7% | Banks — 0.7% | Banks — 0.7% | Banks — 0.7% |
| Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR + <br> 3.000%)  | 7.163% | &nbsp;&nbsp; 8/2/28 | &nbsp;&nbsp; 8577517<br>| &nbsp;&nbsp; 8581077<br> <sup>(a)(b)(c)</sup><br>|
| Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% |
| Aretec Group Inc., Term Loan B3 (1 mo. Term SOFR + 3.500%) | 7.663% | &nbsp;&nbsp; 8/9/30 | &nbsp;&nbsp; 4866502<br>| &nbsp;&nbsp; 4871806<br> <sup>(a)(b)(c)</sup><br>|
| Edelman Financial Engines Center LLC, 2024 Refinancing Term Loan (1 <br> mo. Term SOFR + 3.000%) | 7.163% | &nbsp;&nbsp; 4/7/28 | &nbsp;&nbsp; 6979690<br>| &nbsp;&nbsp; 6992463<br> <sup>(a)(b)(c)</sup><br>|
| First Eagle Holdings Inc., Delayed Draw Term Loan |  | &nbsp;&nbsp; 8/16/32 | &nbsp;&nbsp; 716228<br>| &nbsp;&nbsp; 710219<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Senior Loan 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 |
| First Eagle Holdings Inc., Initial Term Loan (3 mo. Term SOFR + <br> 3.500%) | 7.711% | &nbsp;&nbsp; 8/16/32 | &nbsp;&nbsp; $4195049<br>| &nbsp;&nbsp; $4159852<br> <sup>(a)(b)(c)</sup><br>|
| Osaic Holdings Inc., Initial Term Loan | 7.163% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 7696478<br>| &nbsp;&nbsp; 7700865<br> <sup>(a)(b)(c)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 24435205 |
| Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% |
| OneDigital Borrower LLC, 2025 Refinancing Term Loan (1 mo. Term <br> SOFR + 3.000%)  | 7.163% | &nbsp;&nbsp; 7/2/31 | &nbsp;&nbsp; 4384477<br>| &nbsp;&nbsp; 4390045<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% |
| Apex Group Treasury Ltd., Term Loan B (3 mo. Term SOFR + 3.500%) | 7.755% | &nbsp;&nbsp; 2/27/32 | &nbsp;&nbsp; 5906349<br>| &nbsp;&nbsp; 5788222<br> <sup>(a)(b)(c)</sup><br>|
| Boost Newco Borrower LLC, Term Loan B2 (3 mo. Term SOFR + <br> 2.000%) | 6.002% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 10670066<br>| &nbsp;&nbsp; 10697862<br> <sup>(a)(b)(c)</sup><br>|
| Citadel Securities LP, 2024 Term Loan Facility (1 mo. Term SOFR + <br> 2.000%) | 6.163% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; 4425176<br>| &nbsp;&nbsp; 4438473<br> <sup>(a)(b)(c)</sup><br>|
| CPI Holdco B LLC, Initial Term Loan (1 mo. Term SOFR + 2.000%) | 6.163% | &nbsp;&nbsp; 5/17/31 | &nbsp;&nbsp; 2992443<br>| &nbsp;&nbsp; 2992443<br> <sup>(a)(b)(c)</sup><br>|
| GTCR Everest Borrower LLC, 2025 Repriced Term Loan B (3 mo. Term <br> SOFR + 2.750%) | 6.752% | &nbsp;&nbsp; 9/5/31 | &nbsp;&nbsp; 5325087<br>| &nbsp;&nbsp; 5331317<br> <sup>(a)(b)(c)</sup><br>|
| Hudson River Trading LLC, Term Loan B1 (1 mo. Term SOFR + 3.000%) | 7.150% | &nbsp;&nbsp; 3/18/30 | &nbsp;&nbsp; 79008<br>| &nbsp;&nbsp; 79227<br> <sup>(a)(b)(c)</sup><br>|
| Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR + <br> 2.000%) | 6.199% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 9477152<br>| &nbsp;&nbsp; 9420905<br> <sup>(a)(b)(c)</sup><br>|
| June Purchaser LLC, Delayed Draw Term Loan |  | &nbsp;&nbsp; 11/28/31 | &nbsp;&nbsp; 268544<br>| &nbsp;&nbsp; 269663<br> <sup>(e)</sup><br>|
| June Purchaser LLC, Initial Term Loan (3 mo. Term SOFR + 3.000%) | 7.002% | &nbsp;&nbsp; 11/28/31 | &nbsp;&nbsp; 1603208<br>| &nbsp;&nbsp; 1609885<br> <sup>(a)(b)(c)</sup><br>|
| Mermaid Bidco Inc., USD Term Loan Facility B (3 mo. Term SOFR + <br> 3.250%) | 7.571% | &nbsp;&nbsp; 7/3/31 | &nbsp;&nbsp; 635563<br>| &nbsp;&nbsp; 635697<br> <sup>(a)(b)(c)</sup><br>|
| Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR + <br> 4.000%) | 8.163% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 3411290<br>| &nbsp;&nbsp; 3415571<br> <sup>(a)(b)(c)</sup><br>|
| Osttra Group Ltd., First Lien Term Loan |  | &nbsp;&nbsp; 5/20/32 | &nbsp;&nbsp; 1851529<br>| &nbsp;&nbsp; 1863101<br> <sup>(d)</sup><br>|
| Russell Investments US Institutional Holdco Inc., 2027 PIK Term Loan <br> (3 mo. Term SOFR + 5.000%) | 10.808% | &nbsp;&nbsp; 5/30/27 | &nbsp;&nbsp; 3054259<br>| &nbsp;&nbsp; 2940274<br> <sup>(a)(b)(c)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 49482640 |
| Insurance — 6.7% | Insurance — 6.7% | Insurance — 6.7% | Insurance — 6.7% | Insurance — 6.7% |
| Acrisure LLC, 2024 Repricing Term Loan B6 (1 mo. Term SOFR + <br> 3.000%) | 7.163% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 13118564<br>| &nbsp;&nbsp; 13112464<br> <sup>(a)(b)(c)</sup><br>|
| Acrisure LLC, 2025 Term Loan B7 (3 mo. Term SOFR + 3.250%) | 7.252% | &nbsp;&nbsp; 6/20/32 | &nbsp;&nbsp; 1164964<br>| &nbsp;&nbsp; 1165936<br> <sup>(a)(b)(c)</sup><br>|
| Alliant Holdings Intermediate LLC, 2025 Replacement Term Loan (1 <br> mo. Term SOFR + 2.500%) | 6.666% | &nbsp;&nbsp; 9/19/31 | &nbsp;&nbsp; 11046474<br>| &nbsp;&nbsp; 11027971<br> <sup>(a)(b)(c)</sup><br>|
| AmWINS Group Inc., Initial Term Loan (3 mo. Term SOFR + 2.250%) | 6.252% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 11590505<br>| &nbsp;&nbsp; 11597981<br> <sup>(a)(b)(c)</sup><br>|
| Asurion LLC, New Term Loan B10 (1 mo. Term SOFR + 4.100%) | 8.263% | &nbsp;&nbsp; 8/19/28 | &nbsp;&nbsp; 3536207<br>| &nbsp;&nbsp; 3547505<br> <sup>(a)(b)(c)</sup><br>|
| Asurion LLC, New Term Loan B4 (1 mo. Term SOFR + 5.364%) | 9.528% | &nbsp;&nbsp; 1/20/29 | &nbsp;&nbsp; 6197666<br>| &nbsp;&nbsp; 5946754<br> <sup>(a)(b)(c)</sup><br>|
| Asurion LLC, New Term Loan B11 (1 mo. Term SOFR + 4.350%) | 8.513% | &nbsp;&nbsp; 8/21/28 | &nbsp;&nbsp; 1147266<br>| &nbsp;&nbsp; 1152205<br> <sup>(a)(b)(c)</sup><br>|
| Broadstreet Partners Inc., 2024 Term Loan B (1 mo. Term SOFR + <br> 2.750%) | 6.913% | &nbsp;&nbsp; 6/13/31 | &nbsp;&nbsp; 9496521<br>| &nbsp;&nbsp; 9516084<br> <sup>(a)(b)(c)</sup><br>|
| HUB International Ltd., 2025 Incremental Term Loan (3 mo. Term SOFR <br> + 2.250%) | 6.575% | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp; 9188845<br>| &nbsp;&nbsp; 9212644<br> <sup>(a)(b)(c)</sup><br>|
| Sedgwick Claims Management Services Inc., 2024 Term Loan (1 mo. <br> Term SOFR + 2.500%) | 6.663% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 12951469<br>| &nbsp;&nbsp; 12949462<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Senior Loan 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 |
| Truist Insurance Holdings LLC, 2024 Term Loan B (3 mo. Term SOFR + <br> 2.750%) | 6.752% | &nbsp;&nbsp; 5/6/31 | &nbsp;&nbsp; $2843205<br>| &nbsp;&nbsp; $2847655<br> <sup>(a)(b)(c)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 82076661 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **168965628** |
| **Health Care — 10.1%** | **Health Care — 10.1%** | **Health Care — 10.1%** | **Health Care — 10.1%** | **Health Care — 10.1%** |
| Health Care Equipment & Supplies — 2.6% | Health Care Equipment & Supplies — 2.6% | Health Care Equipment & Supplies — 2.6% | Health Care Equipment & Supplies — 2.6% | Health Care Equipment & Supplies — 2.6% |
| Bausch & Lomb Corp., New Term Loan (1 mo. Term SOFR + 4.000%) | 8.613% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; 1568000<br>| &nbsp;&nbsp; 1569960<br> <sup>(a)(b)(c)</sup><br>|
| Bausch & Lomb Corp., Third Amendment Term Loan (1 mo. Term SOFR <br> + 4.250%) | 8.413% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 3432675<br>| &nbsp;&nbsp; 3439112<br> <sup>(a)(b)(c)</sup><br>|
| Charlotte Buyer Inc., Second Refinancing Term Loan (1 mo. Term SOFR <br> + 4.250%) | 8.425% | &nbsp;&nbsp; 2/11/28 | &nbsp;&nbsp; 9551936<br>| &nbsp;&nbsp; 9548736<br> <sup>(a)(b)(c)</sup><br>|
| Medline Borrower LP, 2028 Refinancing Term Loan (1 mo. Term SOFR + <br> 2.000%) | 6.163% | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 8498395<br>| &nbsp;&nbsp; 8506851<br> <sup>(a)(b)(c)</sup><br>|
| Medline Borrower LP, 2030 Refinancing Term Loan (1 mo. Term SOFR + <br> 2.000%) | 6.163% | &nbsp;&nbsp; 10/23/30 | &nbsp;&nbsp; 614742<br>| &nbsp;&nbsp; 615080<br> <sup>(a)(b)(c)</sup><br>|
| U.S. Anesthesia Partners Inc., Initial Term Loan (1 mo. Term SOFR + <br> 4.364%) | 8.645% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 8022915<br>| &nbsp;&nbsp; 8021671<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; 31701410 |
| Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% |
| ADMI Corp., Amendment No. 10 Extended Term Loan (1 mo. Term <br> SOFR + 5.750%) | 9.913% | &nbsp;&nbsp; 12/23/27 | &nbsp;&nbsp; 229675<br>| &nbsp;&nbsp; 223217<br> <sup>(a)(b)(c)</sup><br>|
| ADMI Corp., Amendment No. 5 Term Loan (1 mo. Term SOFR + <br> 3.864%) | 8.028% | &nbsp;&nbsp; 12/23/27 | &nbsp;&nbsp; 9349147<br>| &nbsp;&nbsp; 8879353<br> <sup>(a)(b)(c)</sup><br>|
| ADMI Corp., Incremental Term Loan (1 mo. Term SOFR + 3.489%) | 7.653% | &nbsp;&nbsp; 12/23/27 | &nbsp;&nbsp; 732592<br>| &nbsp;&nbsp; 693520<br> <sup>(a)(b)(c)</sup><br>|
| DaVita Inc., 2019 Term Loan B2 (1 mo. Term SOFR + 1.750%) | 5.913% | &nbsp;&nbsp; 5/9/31 | &nbsp;&nbsp; 1980038<br>| &nbsp;&nbsp; 1985710<br> <sup>(a)(b)(c)</sup><br>|
| Global Medical Response Inc., Initial Term Loan |  | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 1304348<br>| &nbsp;&nbsp; 1306213<br> <sup>(d)</sup><br>|
| LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%) | 8.068% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 3813068<br>| &nbsp;&nbsp; 3810894<br> <sup>(a)(b)(c)</sup><br>|
| LifePoint Health Inc., Term Loan B2 (3 mo. Term SOFR + 3.500%) | 7.660% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 3426956<br>| &nbsp;&nbsp; 3415990<br> <sup>(a)(b)(c)</sup><br>|
| Medical Solutions Holdings Inc., Initial Term Loan (3 mo. Term SOFR + <br> 3.600%) | 7.908% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 3397447<br>| &nbsp;&nbsp; 1223081<br> <sup>(a)(b)(c)</sup><br>|
| National Mentor Holdings Inc., First Lien Initial Term Loan | 7.852-8.013% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 4483581<br>| &nbsp;&nbsp; 4472932<br> <sup>(a)(b)(c)</sup><br>|
| National Mentor Holdings Inc., First Lien Initial Term Loan C (3 mo. <br> Term SOFR + 3.850%) | 7.852% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 137937<br>| &nbsp;&nbsp; 137609<br> <sup>(a)(b)(c)</sup><br>|
| Phoenix Guarantor Inc., Term Loan B5 (1 mo. Term SOFR + 2.500%) | 6.663% | &nbsp;&nbsp; 2/21/31 | &nbsp;&nbsp; 6009439<br>| &nbsp;&nbsp; 6019896<br> <sup>(a)(b)(c)</sup><br>|
| Radiology Partners Inc., Term Loan B (3 mo. Term SOFR + 4.500%) | 8.502% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1998960<br> <sup>(a)(b)(c)</sup><br>|
| Star Parent Inc., Term Loan B (3 mo. Term SOFR + 4.000%) | 8.002% | &nbsp;&nbsp; 9/27/30 | &nbsp;&nbsp; 1937167<br>| &nbsp;&nbsp; 1939588<br> <sup>(a)(b)(c)</sup><br>|
| US Radiology Specialist Inc., Amendment No. 3 Replacement Term <br> Loan (3 mo. Term SOFR + 4.750%) | 8.752% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 2711816<br>| &nbsp;&nbsp; 2723924<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; 38830887 |
| Health Care Technology — 2.8% | Health Care Technology — 2.8% | Health Care Technology — 2.8% | Health Care Technology — 2.8% | Health Care Technology — 2.8% |
| AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR + <br> 2.750%) | 6.913% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 12443122<br>| &nbsp;&nbsp; 12434038<br> <sup>(a)(b)(c)</sup><br>|
| Cotiviti Inc., Amendment No. 2 Term Loan (1 mo. Term SOFR + <br> 2.750%) | 7.030% | &nbsp;&nbsp; 3/26/32 | &nbsp;&nbsp; 3990000<br>| &nbsp;&nbsp; 3925162<br> <sup>(a)(b)(c)</sup><br>|
| Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%) | 7.030% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 11161675<br>| &nbsp;&nbsp; 10984930<br> <sup>(a)(b)(c)</sup><br>|
| MPH Acquisition Holdings LLC, First Out Term Loan (3 mo. Term SOFR <br> + 3.750%) | 8.058% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 307936<br>| &nbsp;&nbsp; 307937<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **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 |
| MPH Acquisition Holdings LLC, Second Out Term Loan (3 mo. Term <br> SOFR + 4.862%) | 9.170% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; $2552607<br>| &nbsp;&nbsp; $2352649<br> <sup>(a)(b)(c)</sup><br>|
| Zelis Cost Management Buyer Inc., Amendment No. 5 Term Loan (1 <br> mo. Term SOFR + 3.250%) | 7.413% | &nbsp;&nbsp; 11/26/31 | &nbsp;&nbsp; 4484901<br>| &nbsp;&nbsp; 4490507<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; 34495223 |
| Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% |
| Endo Finance Holdings Inc., Term Loan B (1 mo. Term SOFR + 4.000%) | 8.163% | &nbsp;&nbsp; 4/23/31 | &nbsp;&nbsp; 3254165<br>| &nbsp;&nbsp; 3264676<br> <sup>(a)(b)(c)</sup><br>|
| Gainwell Acquisition Corp., Term Loan B (3 mo. Term SOFR + 4.100%) | 8.102% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 2637929<br>| &nbsp;&nbsp; 2600998<br> <sup>(a)(b)(c)</sup><br>|
| Organon & Co., Dollar Term Loan (1 mo. Term SOFR + 2.250%) | 6.408% | &nbsp;&nbsp; 5/19/31 | &nbsp;&nbsp; 944974<br>| &nbsp;&nbsp; 924894<br> <sup>(a)(b)(c)</sup><br>|
| Paradigm Parent LLC, Initial Term Loan (3 mo. Term SOFR + 4.500%) | 8.822% | &nbsp;&nbsp; 4/16/32 | &nbsp;&nbsp; 3307692<br>| &nbsp;&nbsp; 2976410<br> <sup>(a)(b)(c)</sup><br>|
| Southern Veterinary Partners LLC, 2025 New Term Loan (3 mo. Term <br> SOFR + 2.500%) | 6.819% | &nbsp;&nbsp; 12/4/31 | &nbsp;&nbsp; 8356397<br>| &nbsp;&nbsp; 8350338<br> <sup>(a)(b)(c)</sup><br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 18117316 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **123144836** |
| **Industrials — 18.8%** | **Industrials — 18.8%** | **Industrials — 18.8%** | **Industrials — 18.8%** | **Industrials — 18.8%** |
| Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% |
| Chromalloy Corp., Term Loan (3 mo. Term SOFR + 3.250%) | 7.542% | &nbsp;&nbsp; 3/27/31 | &nbsp;&nbsp; 3239856<br>| &nbsp;&nbsp; 3252800<br> <sup>(a)(b)(c)</sup><br>|
| Dynasty Acquisition Co. Inc., Initial Term Loan B1 (1 mo. Term SOFR + <br> 2.000%) | 6.163% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; 3588617<br>| &nbsp;&nbsp; 3594054<br> <sup>(a)(b)(c)</sup><br>|
| Dynasty Acquisition Co. Inc., Initial Term Loan B2 (1 mo. Term SOFR + <br> 2.000%) | 6.163% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; 1364995<br>| &nbsp;&nbsp; 1367063<br> <sup>(a)(b)(c)</sup><br>|
| Signia Aerospace LLC, 2025 Delayed Draw Term Loan |  | &nbsp;&nbsp; 12/11/31 | &nbsp;&nbsp; 243500<br>| &nbsp;&nbsp; 244261<br> <sup>(e)</sup><br>|
| Signia Aerospace LLC, 2025 Term Loan | 6.913-7.058% | &nbsp;&nbsp; 12/11/31 | &nbsp;&nbsp; 3866383<br>| &nbsp;&nbsp; 3878465<br> <sup>(a)(b)(c)</sup><br>|
| TransDigm Inc., Term Loan L (3 mo. Term SOFR + 2.500%) | 6.502% | &nbsp;&nbsp; 1/19/32 | &nbsp;&nbsp; 2854800<br>| &nbsp;&nbsp; 2856627<br> <sup>(a)(b)(c)</sup><br>|
| TransDigm Inc., Term Loan M (3 mo. Term SOFR + 2.500%) | 6.502% | &nbsp;&nbsp; 8/13/32 | &nbsp;&nbsp; 4403226<br>| &nbsp;&nbsp; 4403446<br> <sup>(a)(b)(c)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 19596716 |
| Air Freight & Logistics — 2.1% | Air Freight & Logistics — 2.1% | Air Freight & Logistics — 2.1% | Air Freight & Logistics — 2.1% | Air Freight & Logistics — 2.1% |
| Clue Opco LLC, Term Loan B (3 mo. Term SOFR + 4.500%) | 8.810% | &nbsp;&nbsp; 12/19/30 | &nbsp;&nbsp; 3072000<br>| &nbsp;&nbsp; 3070402<br> <sup>(a)(b)(c)</sup><br>|
| First Student Bidco Inc., Initial Term Loan B (3 mo. Term SOFR + <br> 2.500%) | 6.711% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 6764834<br>| &nbsp;&nbsp; 6778364<br> <sup>(a)(b)(c)</sup><br>|
| First Student Bidco Inc., New Term Loan C (3 mo. Term SOFR + <br> 2.500%) | 6.711% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 965152<br>| &nbsp;&nbsp; 967367<br> <sup>(a)(b)(c)</sup><br>|
| Kenan Advantage Group Inc., Term Loan B4 (1 mo. Term SOFR + <br> 3.248%) | 7.413% | &nbsp;&nbsp; 1/25/29 | &nbsp;&nbsp; 8766120<br>| &nbsp;&nbsp; 8670219<br> <sup>(a)(b)(c)</sup><br>|
| LaserShip Inc., Term Loan B1 (3 mo. Term SOFR + 1.762%) | 5.763% | &nbsp;&nbsp; 8/10/29 | &nbsp;&nbsp; 1502168<br>| &nbsp;&nbsp; 1085316<br> <sup>(a)(b)(c)</sup><br>|
| LaserShip Inc., Term Loan D (3 mo. Term SOFR + 1.762%) | 5.763% | &nbsp;&nbsp; 8/10/29 | &nbsp;&nbsp; 1082273<br>| &nbsp;&nbsp; 303036<br> <sup>(a)(b)(c)</sup><br>|
| Savage Enterprises LLC, Term Loan B (1 mo. Term SOFR + 2.500%) | 6.750% | &nbsp;&nbsp; 8/4/32 | &nbsp;&nbsp; 1365918<br>| &nbsp;&nbsp; 1368725<br> <sup>(a)(b)(c)</sup><br>|
| WWEX Uni Topco Holdings LLC, Term Loan B (3 mo. Term SOFR + <br> 4.000%) | 8.002% | &nbsp;&nbsp; 7/26/28 | &nbsp;&nbsp; 3367589<br>| &nbsp;&nbsp; 3354018<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; 25597447 |
| Building Products — 2.8% | Building Products — 2.8% | Building Products — 2.8% | Building Products — 2.8% | Building Products — 2.8% |
| Chamberlain Group, 2025 New Term Loan B (1 mo. Term SOFR + <br> 3.000%) | 7.163% | &nbsp;&nbsp; 11/3/28 | &nbsp;&nbsp; 4767871<br>| &nbsp;&nbsp; 4776072<br> <sup>(a)(b)(c)</sup><br>|
| Chariot Buyer LLC, 2025 New Term Loan B (1 mo. Term SOFR + <br> 3.000%) | 7.163% | &nbsp;&nbsp; 9/8/32 | &nbsp;&nbsp; 632917<br>| &nbsp;&nbsp; 634303<br> <sup>(a)(b)(c)</sup><br>|
| Cornerstone Building Brands Inc., New Term Loan B (1 mo. Term SOFR <br> + 3.350%) | 7.500% | &nbsp;&nbsp; 4/12/28 | &nbsp;&nbsp; 3320687<br>| &nbsp;&nbsp; 3162191<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **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 |
| Cornerstone Building Brands Inc., Term Loan C (1 mo. Term SOFR + <br> 4.500%) | 8.650% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; $3488755<br>| &nbsp;&nbsp; $3194391<br> <sup>(a)(b)(c)</sup><br>|
| EMRLD Borrower LP, Second Amendment Incremental Term Loan (1 <br> mo. Term SOFR + 2.250%) | 6.122% | &nbsp;&nbsp; 8/4/31 | &nbsp;&nbsp; 5568668<br>| &nbsp;&nbsp; 5550570<br> <sup>(a)(b)(c)</sup><br>|
| Hunter Douglas Holding BV, Term Loan B1 (3 mo. Term SOFR + <br> 3.250%) | 7.252% | &nbsp;&nbsp; 1/17/32 | &nbsp;&nbsp; 5489927<br>| &nbsp;&nbsp; 5504146<br> <sup>(a)(b)(c)</sup><br>|
| MI Windows and Doors LLC, 2024 Incremental Term Loan (1 mo. Term <br> SOFR + 2.750%) | 6.913% | &nbsp;&nbsp; 3/28/31 | &nbsp;&nbsp; 1589875<br>| &nbsp;&nbsp; 1597713<br> <sup>(a)(b)(c)</sup><br>|
| Quikrete Holdings Inc., 2029 Term Loan B (1 mo. Term SOFR + 2.250%) | 6.413% | &nbsp;&nbsp; 3/19/29 | &nbsp;&nbsp; 1261000<br>| &nbsp;&nbsp; 1263200<br> <sup>(a)(b)(c)</sup><br>|
| Quikrete Holdings Inc., New Term Loan B1 (1 mo. Term SOFR + <br> 2.250%) | 6.413% | &nbsp;&nbsp; 4/14/31 | &nbsp;&nbsp; 4821021<br>| &nbsp;&nbsp; 4824998<br> <sup>(a)(b)(c)</sup><br>|
| Quikrete Holdings Inc., Term Loan B3 (1 mo. Term SOFR + 2.250%) | 6.413% | &nbsp;&nbsp; 2/10/32 | &nbsp;&nbsp; 3609448<br>| &nbsp;&nbsp; 3611289<br> <sup>(a)(b)(c)</sup><br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 34118873 |
| Commercial Services & Supplies — 6.2% | Commercial Services & Supplies — 6.2% | Commercial Services & Supplies — 6.2% | Commercial Services & Supplies — 6.2% | Commercial Services & Supplies — 6.2% |
| AlixPartners LLP, 2025 Refinanced Dollar Term Loan (1 mo. Term SOFR <br> + 2.000%) | 6.163% | &nbsp;&nbsp; 8/12/32 | &nbsp;&nbsp; 4633508<br>| &nbsp;&nbsp; 4607444<br> <sup>(a)(b)(c)</sup><br>|
| Allied Universal Holdco LLC, Amendment No.7 Replacement U.S. <br> Dollar Term Loan (1 mo. Term SOFR + 3.350%) | 7.513% | &nbsp;&nbsp; 8/20/32 | &nbsp;&nbsp; 7826217<br>| &nbsp;&nbsp; 7864487<br> <sup>(a)(b)(c)</sup><br>|
| Camelot US Acquisition I Co., Term Loan B1 (1 mo. Term SOFR + <br> 2.750%) | 6.913% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 4700000<br>| &nbsp;&nbsp; 4676500<br> <sup>(a)(b)(c)</sup><br>|
| CHG Healthcare Services Inc., Amendment No. 7 Refinancing Term <br> Loan | 6.913-7.046% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; 6296373<br>| &nbsp;&nbsp; 6305062<br> <sup>(a)(b)(c)</sup><br>|
| Ensemble RCM LLC, Term Loan B (3 mo. Term SOFR + 3.000%) | 7.308% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 4809747<br>| &nbsp;&nbsp; 4828602<br> <sup>(a)(b)(c)</sup><br>|
| Kuehg Corp., Term Loan (3 mo. Term SOFR + 2.750%) | 6.752% | &nbsp;&nbsp; 6/12/30 | &nbsp;&nbsp; 1990144<br>| &nbsp;&nbsp; 1991180<br> <sup>(a)(b)(c)</sup><br>|
| Madison IAQ LLC, 2025 Incremental Term Loan (6 mo. Term SOFR + <br> 3.250%) | 7.452% | &nbsp;&nbsp; 5/6/32 | &nbsp;&nbsp; 1995000<br>| &nbsp;&nbsp; 2007020<br> <sup>(a)(b)(c)</sup><br>|
| Madison IAQ LLC, Initial Term Loan (6 mo. Term SOFR + 2.500%) | 6.702% | &nbsp;&nbsp; 6/21/28 | &nbsp;&nbsp; 7323393<br>| &nbsp;&nbsp; 7337966<br> <sup>(a)(b)(c)</sup><br>|
| Mavis Tire Express Services Topco Corp., 2025 First Lien Incremental <br> Term Loan (3 mo. Term SOFR + 3.000%) | 7.199% | &nbsp;&nbsp; 5/4/28 | &nbsp;&nbsp; 9963346<br>| &nbsp;&nbsp; 9973708<br> <sup>(a)(b)(c)</sup><br>|
| Neon Maple Purchaser Inc., 1st Amendment Term Loan B1 (1 mo. <br> Term SOFR + 2.750%) | 6.913% | &nbsp;&nbsp; 11/17/31 | &nbsp;&nbsp; 8648388<br>| &nbsp;&nbsp; 8659588<br> <sup>(a)(b)(c)</sup><br>|
| Neptune Bidco US Inc., Term Loan B (3 mo. Term SOFR + 5.100%) | 9.429% | &nbsp;&nbsp; 4/11/29 | &nbsp;&nbsp; 3119748<br>| &nbsp;&nbsp; 2977815<br> <sup>(a)(b)(c)</sup><br>|
| Priority Holdings LLC, 2025 Refinancing Term Loan (1 mo. Term SOFR + <br> 3.750%) | 7.913% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 967870<br>| &nbsp;&nbsp; 972104<br> <sup>(a)(b)(c)</sup><br>|
| Raven Acquisition Holdings LLC, 2024 Delayed Draw Term Loan |  | &nbsp;&nbsp; 11/19/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 260209<br> <sup>(e)</sup><br>|
| Raven Acquisition Holdings LLC, Initial Term Loan (1 mo. Term SOFR + <br> 3.000%) | 7.163% | &nbsp;&nbsp; 11/19/31 | &nbsp;&nbsp; 3621800<br>| &nbsp;&nbsp; 3624716<br> <sup>(a)(b)(c)</sup><br>|
| 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; 1966547<br> <sup>(a)(b)(c)</sup><br>|
| Speed Midco 3 Sarl/ VFS Global, 2025 Repriced 1st Lien USD Term <br> Loan B |  | &nbsp;&nbsp; 9/24/32 | &nbsp;&nbsp; 1169591<br>| &nbsp;&nbsp; 1170322<br> <sup>(d)</sup><br>|
| Spin Holdco Inc., Initial Term Loan (3 mo. Term SOFR + 4.262%) | 8.393% | &nbsp;&nbsp; 3/4/28 | &nbsp;&nbsp; 1887300<br>| &nbsp;&nbsp; 1589380<br> <sup>(a)(b)(c)</sup><br>|
| Verde Purchaser LLC, Initial Term Loan (3 mo. Term SOFR + 4.000%) | 8.002% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 4256229<br>| &nbsp;&nbsp; 4219285<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; 75031935 |
| Construction & Engineering — 0.8% | Construction & Engineering — 0.8% | Construction & Engineering — 0.8% | Construction & Engineering — 0.8% | Construction & Engineering — 0.8% |
| Brand Industrial Services Inc., Term Loan C (3 mo. Term SOFR + <br> 4.500%) | 8.796% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1609071<br>| &nbsp;&nbsp; 1462645<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued |
| DG Investment Intermediate Holdings 2 Inc., Term Loan (1 mo. Term <br> SOFR + 3.750%) | 7.913% | &nbsp;&nbsp; 7/9/32 | &nbsp;&nbsp; $2736913<br>| &nbsp;&nbsp; $2749462<br> <sup>(a)(b)(c)</sup><br>|
| Red SPV LLC, Initial Term Loan (1 mo. Term SOFR + 2.250%) | 6.386% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 4860159<br>| &nbsp;&nbsp; 4867255<br> <sup>(a)(b)(c)</sup><br>|
| Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 9079362 |
| Machinery — 2.0% | Machinery — 2.0% | Machinery — 2.0% | Machinery — 2.0% | Machinery — 2.0% |
| CPM Holdings Inc., Initial Term Loan (1 mo. Term SOFR + 4.500%) | 8.780% | &nbsp;&nbsp; 9/28/28 | &nbsp;&nbsp; 2958605<br>| &nbsp;&nbsp; 2955366<br> <sup>(a)(b)(c)</sup><br>|
| Indicor LLC, Dollar Term Loan D (3 mo. Term SOFR + 2.750%) | 6.752% | &nbsp;&nbsp; 11/22/29 | &nbsp;&nbsp; 5582948<br>| &nbsp;&nbsp; 5596570<br> <sup>(a)(b)(c)</sup><br>|
| Pro Mach Group Inc., Amendment No.5 Refinancing Term Loan (1 mo. <br> Term SOFR + 2.750%) | 6.913% | &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 3279835<br>| &nbsp;&nbsp; 3289576<br> <sup>(a)(b)(c)</sup><br>|
| TK Elevator Midco Gmbh, USD Term Loan B (3 mo. Term SOFR + <br> 3.000%) | 7.197% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 4732833<br>| &nbsp;&nbsp; 4749942<br> <sup>(a)(b)(c)</sup><br>|
| WEC US Holdings Ltd., Initial Term Loan (1 mo. Term SOFR + 2.250%) | 6.530% | &nbsp;&nbsp; 1/27/31 | &nbsp;&nbsp; 7629448<br>| &nbsp;&nbsp; 7640549<br> <sup>(a)(b)(c)</sup><br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 24232003 |
| Passenger Airlines — 1.5% | Passenger Airlines — 1.5% | Passenger Airlines — 1.5% | Passenger Airlines — 1.5% | Passenger Airlines — 1.5% |
| American Airlines Inc., 2024 Replacement Term Loan (6 mo. Term <br> SOFR + 2.250%) | 6.258% | &nbsp;&nbsp; 6/4/29 | &nbsp;&nbsp; 8956429<br>| &nbsp;&nbsp; 8953608<br> <sup>(a)(b)(c)</sup><br>|
| American Airlines Inc., 2025 Incremental Term Loan (3 mo. Term SOFR <br> + 3.250%) | 7.575% | &nbsp;&nbsp; 5/28/32 | &nbsp;&nbsp; 514839<br>| &nbsp;&nbsp; 517735<br> <sup>(a)(b)(c)</sup><br>|
| United Airlines Inc., Term Loan B (3 mo. Term SOFR + 2.000%) | 6.196% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 1542096<br>| &nbsp;&nbsp; 1548843<br> <sup>(a)(b)(c)</sup><br>|
| WestJet Loyalty LP, Initial Term Loan (3 mo. Term SOFR + 3.250%) | 7.252% | &nbsp;&nbsp; 2/14/31 | &nbsp;&nbsp; 7081676<br>| &nbsp;&nbsp; 7098778<br> <sup>(a)(b)(c)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 18118964 |
| Professional Services — 0.9% | Professional Services — 0.9% | Professional Services — 0.9% | Professional Services — 0.9% | Professional Services — 0.9% |
| CoreLogic Inc., First Lien Initial Term Loan (1 mo. Term SOFR + <br> 3.614%)  | 7.778% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 11295744<br>| &nbsp;&nbsp; 11316923<br> <sup>(a)(b)(c)</sup><br>|
| 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% |
| BCPE Empire Holdings Inc., Amendment No. 8 Refinancing Term Loan <br> (1 mo. Term SOFR + 3.250%) | 7.413% | &nbsp;&nbsp; 12/11/30 | &nbsp;&nbsp; 7930587<br>| &nbsp;&nbsp; 7925313<br> <sup>(a)(b)(c)</sup><br>|
| Foundation Building Materials Inc., 2024 Incremental Term Loan (3 <br> mo. Term SOFR + 4.000%) | 8.308% | &nbsp;&nbsp; 1/29/31 | &nbsp;&nbsp; 3237858<br>| &nbsp;&nbsp; 3247426<br> <sup>(a)(b)(c)</sup><br>|
| QXO Building Products Inc., Term Loan B (1 mo. Term SOFR + 3.000%) | 7.163% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 299824<br>| &nbsp;&nbsp; 302675<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; 11475414 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **228567637** |
| **Information Technology — 17.3%** | **Information Technology — 17.3%** | **Information Technology — 17.3%** | **Information Technology — 17.3%** | **Information Technology — 17.3%** |
| 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% |
| Coherent Corp., New Term Loan B (1 mo. Term SOFR + 1.750%)  | 5.908% | &nbsp;&nbsp; 7/2/29 | &nbsp;&nbsp; 3017382<br>| &nbsp;&nbsp; 3019268<br> <sup>(a)(b)(c)</sup><br>|
| Internet Software & Services — 0.3% | Internet Software & Services — 0.3% | Internet Software & Services — 0.3% | Internet Software & Services — 0.3% | Internet Software & Services — 0.3% |
| CNT Holdings I Corp., 2025 Replacement Term Loan (3 mo. Term SOFR <br> + 2.250%)  | 6.558% | &nbsp;&nbsp; 11/8/32 | &nbsp;&nbsp; 3385494<br>| &nbsp;&nbsp; 3387305<br> <sup>(a)(b)(c)</sup><br>|
| IT Services — 0.8% | IT Services — 0.8% | IT Services — 0.8% | IT Services — 0.8% | IT Services — 0.8% |
| Barracuda Parent LLC, First Lien Term Loan (3 mo. Term SOFR + <br> 4.500%) | 8.808% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 1366637<br>| &nbsp;&nbsp; 1152164<br> <sup>(a)(b)(c)</sup><br>|
| Project Alpha Intermediate Holding Inc., First Lien Incremental Term <br> Loan B (3 mo. Term SOFR + 3.250%) | 7.252% | &nbsp;&nbsp; 10/28/30 | &nbsp;&nbsp; 8529992<br>| &nbsp;&nbsp; 8563430<br> <sup>(a)(b)(c)</sup><br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 9715594 |
| 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% |
| MKS Instruments Inc., 2025 Dollar Term Loan B (1 mo. Term SOFR + <br> 2.000%)  | 6.166% | &nbsp;&nbsp; 8/17/29 | &nbsp;&nbsp; 2150709<br>| &nbsp;&nbsp; 2154967<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Software — 13.9% | Software — 13.9% | Software — 13.9% | Software — 13.9% | Software — 13.9% |
| Ascend Learning LLC, Amendment No. 5 Term Loan (1 mo. Term SOFR <br> + 3.000%) | 7.163% | &nbsp;&nbsp; 12/11/28 | &nbsp;&nbsp; $8285049<br>| &nbsp;&nbsp; $8285463<br> <sup>(a)(b)(c)</sup><br>|
| BMC Software Inc., 2031 Replacement Dollar Term Loan (3 mo. Term <br> SOFR + 3.000%) | 7.199% | &nbsp;&nbsp; 7/30/31 | &nbsp;&nbsp; 11845737<br>| &nbsp;&nbsp; 11840169<br> <sup>(a)(b)(c)</sup><br>|
| Central Parent LLC, 2024 Refinance Term Loan (3 mo. Term SOFR + <br> 3.250%) | 7.252% | &nbsp;&nbsp; 7/6/29 | &nbsp;&nbsp; 11665052<br>| &nbsp;&nbsp; 10119958<br> <sup>(a)(b)(c)</sup><br>|
| Cloud Software Group Inc., New Initial Dollar Term Loan B | 7.252% | &nbsp;&nbsp; 8/13/32 | &nbsp;&nbsp; 1064678<br>| &nbsp;&nbsp; 1069155<br> <sup>(a)(b)(c)</sup><br>|
| Cloud Software Group Inc., Tenth Amendment Term Loan B2 (3 mo. <br> Term SOFR + 3.250%) | 7.252% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 7081991<br>| &nbsp;&nbsp; 7116764<br> <sup>(a)(b)(c)</sup><br>|
| Cloudera Inc., Term Loan (1 mo. Term SOFR + 3.850%) | 8.013% | &nbsp;&nbsp; 10/8/28 | &nbsp;&nbsp; 7844803<br>| &nbsp;&nbsp; 7738545<br> <sup>(a)(b)(c)</sup><br>|
| Connectwise LLC, Initial Term Loan (3 mo. Term SOFR + 3.762%) | 7.763% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; 1620580<br>| &nbsp;&nbsp; 1625644<br> <sup>(a)(b)(c)</sup><br>|
| Cornerstone OnDemand Inc., Initial Term Loan (1 mo. Term SOFR + <br> 3.864%) | 8.028% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 2197804<br>| &nbsp;&nbsp; 2122606<br> <sup>(a)(b)(c)</sup><br>|
| DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR + <br> 7.000%) | 11.163% | &nbsp;&nbsp; 2/19/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 912500<br> <sup>(a)(b)(c)</sup><br>|
| Epicor Software Corp., Term Loan F (1 mo. Term SOFR + 2.500%) | 6.663% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 11127738<br>| &nbsp;&nbsp; 11154500<br> <sup>(a)(b)(c)</sup><br>|
| Flash Charm Inc., 2024 Term Loan B2 (3 mo. Term SOFR + 3.500%) | 7.796% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 6814660<br>| &nbsp;&nbsp; 5996901<br> <sup>(a)(b)(c)</sup><br>|
| Genesys Cloud Services Holdings II LLC, 2025 Dollar Term Loan (1 mo. <br> Term SOFR + 2.500%) | 6.663% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 12207503<br>| &nbsp;&nbsp; 12145184<br> <sup>(a)(b)(c)</sup><br>|
| Kaseya Inc., Term Loan (1 mo. Term SOFR + 3.250%) | 7.413% | &nbsp;&nbsp; 3/20/32 | &nbsp;&nbsp; 6319812<br>| &nbsp;&nbsp; 6336338<br> <sup>(a)(b)(c)</sup><br>|
| Mcafee Corp., Refinancing Term Loan B1 (1 mo. Term SOFR + 3.000%) | 7.223% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 14400716<br>| &nbsp;&nbsp; 13797686<br> <sup>(a)(b)(c)</sup><br>|
| Opal US LLC, Term Loan Facility B2 (3 mo. Term SOFR + 3.250%) | 7.252% | &nbsp;&nbsp; 4/28/32 | &nbsp;&nbsp; 6300000<br>| &nbsp;&nbsp; 6324412<br> <sup>(a)(b)(c)</sup><br>|
| Peraton Corp., First Lien Term Loan B (1 mo. Term SOFR + 3.850%) | 8.013% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 7108988<br>| &nbsp;&nbsp; 6013777<br> <sup>(a)(b)(c)</sup><br>|
| PointClickCare Technologies, 2025 Term Loan (3 mo. Term SOFR + <br> 2.750%) | 6.752% | &nbsp;&nbsp; 11/3/31 | &nbsp;&nbsp; 5280000<br>| &nbsp;&nbsp; 5292197<br> <sup>(a)(b)(c)</sup><br>|
| Polaris Newco LLC, First Lien Dollar Term Loan (3 mo. Term SOFR + <br> 4.262%) | 8.570% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 1953952<br>| &nbsp;&nbsp; 1887332<br> <sup>(a)(b)(c)</sup><br>|
| Project Boost Purchaser LLC, 1st Lien Initial Term Loan (1 mo. Term <br> SOFR + 3.000%) | 7.296% | &nbsp;&nbsp; 7/16/31 | &nbsp;&nbsp; 8810928<br>| &nbsp;&nbsp; 8796566<br> <sup>(a)(b)(c)</sup><br>|
| Proofpoint Inc., 2024 Refinancing Term Loan (1 mo. Term SOFR + <br> 3.000%) | 7.163% | &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 8384438<br>| &nbsp;&nbsp; 8427786<br> <sup>(a)(b)(c)</sup><br>|
| Rocket Software Inc., Term Loan (1 mo. Term SOFR + 3.750%) | 7.913% | &nbsp;&nbsp; 11/28/28 | &nbsp;&nbsp; 2317233<br>| &nbsp;&nbsp; 2324961<br> <sup>(a)(b)(c)</sup><br>|
| Skopima Consilio Parent LLC, Amendment No. 5 Term Loan (1 mo. <br> Term SOFR + 3.750%) | 7.913% | &nbsp;&nbsp; 5/12/28 | &nbsp;&nbsp; 5373706<br>| &nbsp;&nbsp; 4579419<br> <sup>(a)(b)(c)</sup><br>|
| Sophos Holdings LLC, Dollar Term Loan (1 mo. Term SOFR + 3.614%) | 7.778% | &nbsp;&nbsp; 3/5/27 | &nbsp;&nbsp; 2968688<br>| &nbsp;&nbsp; 2976303<br> <sup>(a)(b)(c)</sup><br>|
| Sovos Compliance LLC, Amendment No. 3 Replacement Term Loan (1 <br> mo. Term SOFR + 3.250%) | 7.413% | &nbsp;&nbsp; 8/14/29 | &nbsp;&nbsp; 7048854<br>| &nbsp;&nbsp; 7068098<br> <sup>(a)(b)(c)</sup><br>|
| UKG Inc., Term Loan B (3 mo. Term SOFR + 2.500%) | 6.810% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 13812334<br>| &nbsp;&nbsp; 13814198<br> <sup>(a)(b)(c)</sup><br>|
| Veeam Software Co./VS Buyer LLC, 2025 Repriced 1st Lien Term Loan <br> B (1 mo. Term SOFR + 2.250%) | 6.560% | &nbsp;&nbsp; 4/14/31 | &nbsp;&nbsp; 1850544<br>| &nbsp;&nbsp; 1851700<br> <sup>(a)(b)(c)</sup><br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 169618162 |
| Technology Hardware, Storage & Peripherals — 1.9% | Technology Hardware, Storage & Peripherals — 1.9% | Technology Hardware, Storage & Peripherals — 1.9% | Technology Hardware, Storage & Peripherals — 1.9% | Technology Hardware, Storage & Peripherals — 1.9% |
| Clover Holdings 2 LLC, Initial Term Loan (1 mo. Term SOFR + 3.750%) | 7.942% | &nbsp;&nbsp; 12/9/31 | &nbsp;&nbsp; 7425333<br>| &nbsp;&nbsp; 7441595<br> <sup>(a)(b)(c)</sup><br>|
| Fortress Intermediate 3 Inc., 2025 Term Loan B (1 mo. Term SOFR + <br> 3.000%) | 7.255% | &nbsp;&nbsp; 6/27/31 | &nbsp;&nbsp; 8829853<br>| &nbsp;&nbsp; 8885039<br> <sup>(a)(b)(c)</sup><br>|
| Indy US Bidco LLC, 2025 Term Loan (1 mo. Term SOFR + 2.500%) | 6.663% | &nbsp;&nbsp; 10/31/30 | &nbsp;&nbsp; 6411166<br>| &nbsp;&nbsp; 6406165<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; 22732799 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **210628095** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Materials — 4.7%** | **Materials — 4.7%** | **Materials — 4.7%** | **Materials — 4.7%** | **Materials — 4.7%** |
| Chemicals — 2.3% | Chemicals — 2.3% | Chemicals — 2.3% | Chemicals — 2.3% | Chemicals — 2.3% |
| Hexion Holdings Corp., 2024 Refinancing Term Loan (1 mo. Term SOFR <br> + 4.000%) | 8.136% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; $5499017<br>| &nbsp;&nbsp; $5498055<br> <sup>(a)(b)(c)</sup><br>|
| Hexion Holdings Corp., Second Lien Term Loan (1 mo. Term SOFR + <br> 7.538%) | 11.701% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 776471<br>| &nbsp;&nbsp; 769094<br> <sup>(a)(b)(c)</sup><br>|
| Ineos Finance PLC, 2030 Dollar Term Loan (1 mo. Term SOFR + <br> 3.250%) | 7.413% | &nbsp;&nbsp; 2/18/30 | &nbsp;&nbsp; 1460448<br>| &nbsp;&nbsp; 1327182<br> <sup>(a)(b)(c)</sup><br>|
| Ineos US Finance LLC, 2031 New Dollar Term Loan (1 mo. Term SOFR <br> + 3.000%) | 7.163% | &nbsp;&nbsp; 2/7/31 | &nbsp;&nbsp; 1268171<br>| &nbsp;&nbsp; 1142939<br> <sup>(a)(b)(c)</sup><br>|
| Ineos US Petrochem LLC, 2030 Dollar Term Loan B (1 mo. Term SOFR + <br> 3.850%) | 8.013% | &nbsp;&nbsp; 3/14/30 | &nbsp;&nbsp; 1287109<br>| &nbsp;&nbsp; 1139697<br> <sup>(a)(b)(c)</sup><br>|
| Ineos US Petrochem LLC, New Term Loan B (1 mo. Term SOFR + <br> 4.350%) | 8.513% | &nbsp;&nbsp; 4/2/29 | &nbsp;&nbsp; 2649965<br>| &nbsp;&nbsp; 2407043<br> <sup>(a)(b)(c)</sup><br>|
| Nouryon Finance BV, 2024 Dollar Term Loan B1 (6 mo. Term SOFR + <br> 3.250%) | 7.500% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 3237345<br>| &nbsp;&nbsp; 3246798<br> <sup>(a)(b)(c)</sup><br>|
| Nouryon Finance BV, 2024 Dollar Term Loan B2 (1 mo. Term SOFR + <br> 3.250%) | 7.424% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 1692958<br>| &nbsp;&nbsp; 1696404<br> <sup>(a)(b)(c)</sup><br>|
| SCIH Salt Holdings Inc., First Lien Incremental Term Loan B1 (3 mo. <br> Term SOFR + 3.000%) | 7.197% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 3099752<br>| &nbsp;&nbsp; 3106524<br> <sup>(a)(b)(c)</sup><br>|
| Vibrantz Technologies Inc., Initial Term Loan (3 mo. Term SOFR + <br> 4.400%) | 8.728% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 9280530<br>| &nbsp;&nbsp; 7521916<br> <sup>(a)(b)(c)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 27855652 |
| Containers & Packaging — 2.4% | Containers & Packaging — 2.4% | Containers & Packaging — 2.4% | Containers & Packaging — 2.4% | Containers & Packaging — 2.4% |
| Berlin Packaging LLC, Term Loan | 7.252-7.541% | &nbsp;&nbsp; 6/9/31 | &nbsp;&nbsp; 6658540<br>| &nbsp;&nbsp; 6686173<br> <sup>(a)(b)(c)</sup><br>|
| Charter Next Generation Inc., 2024 Replacement Term Loan (1 mo. <br> Term SOFR + 2.750%) | 6.925% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 8209145<br>| &nbsp;&nbsp; 8242720<br> <sup>(a)(b)(c)</sup><br>|
| Clydesdale Acquisition Holdings Inc., 2025 Incremental Closing Date <br> Term Loan B (1 mo. Term SOFR + 3.250%) | 7.413% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 7294753<br>| &nbsp;&nbsp; 7291762<br> <sup>(a)(b)(c)</sup><br>|
| Clydesdale Acquisition Holdings Inc., Delayed Draw Term Loan |  | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 127850<br>| &nbsp;&nbsp; 127798<br> <sup>(e)</sup><br>|
| Kleopatra Finco SARL, USD Term Loan Facility B |  | &nbsp;&nbsp; 10/27/25 | &nbsp;&nbsp; 276688<br>| &nbsp;&nbsp; 246702<br> <sup>(d)(f)</sup><br>|
| 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; 1357169<br> <sup>(a)(b)(c)(f)</sup><br>|
| ProAmpac PG Borrower LLC, 2024 Term Loan B (3 mo. Term SOFR + <br> 4.000%) | 8.195-8.318% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 5572970<br>| &nbsp;&nbsp; 5600835<br> <sup>(a)(b)(c)</sup><br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 29553159 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **57408811** |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% |
| Cushman & Wakefield US Borrower LLC, 2025 Term Loan (1 mo. Term <br> SOFR + 2.750%) | 6.913% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 3049258<br>| &nbsp;&nbsp; 3061973<br> <sup>(a)(b)(c)</sup><br>|
| Cushman & Wakefield US Borrower LLC, 2025 Term Loan (1 mo. Term <br> SOFR + 2.750%) | 6.913% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 2997081<br>| &nbsp;&nbsp; 3008335<br> <sup>(a)(b)(c)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **6070308** |
| **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** |
| Electric Utilities — 0.3% | Electric Utilities — 0.3% | Electric Utilities — 0.3% | Electric Utilities — 0.3% | Electric Utilities — 0.3% |
| Alpha Generation LLC, Initial Term Loan B (1 mo. Term SOFR + <br> 2.000%) | 6.163% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 2792947<br>| &nbsp;&nbsp; 2792598<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Talen Energy Supply LLC, 2024 Incremental Term Loan B (3 mo. Term <br> SOFR + 2.500%) | 6.733% | &nbsp;&nbsp; 12/12/31 | &nbsp;&nbsp; $356054<br>| &nbsp;&nbsp; $356981<br> <sup>(a)(b)(c)</sup><br>|
| Talen Energy Supply LLC, Term Loan B (3 mo. Term SOFR + 2.500%) | 6.733% | &nbsp;&nbsp; 5/17/30 | &nbsp;&nbsp; 276772<br>| &nbsp;&nbsp; 277514<br> <sup>(a)(b)(c)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3427093** |
| **Total Senior Loans (Cost — $1,060,857,498)** | **Total Senior Loans (Cost — $1,060,857,498)** | **Total Senior Loans (Cost — $1,060,857,498)** | **Total Senior Loans (Cost — $1,060,857,498)** | &nbsp;&nbsp; **1040400351** |
| **Corporate Bonds & Notes — 3.1%** | **Corporate Bonds & Notes — 3.1%** | **Corporate Bonds & Notes — 3.1%** | **Corporate Bonds & Notes — 3.1%** | **Corporate Bonds & Notes — 3.1%** |
| **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** |
| Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† |
| 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; 497209<br> <sup>(g)</sup><br>|
| Media — 0.4% | Media — 0.4% | Media — 0.4% | Media — 0.4% | Media — 0.4% |
| Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp; 3362403<br> <sup>(g)</sup><br>|
| DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 308000<br>| &nbsp;&nbsp; 307887<br> <sup>(g)</sup><br>|
| McGraw-Hill Education Inc., Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1039814<br> <sup>(g)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 4710104 |
| 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%†† |
| Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 194853<br> <sup>(g)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **5402166** |
| **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% |
| Brightstar Lottery PLC, Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1195468<br> <sup>(g)</sup><br>|
| Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1530919<br> <sup>(g)</sup><br>|
| Great Canadian Gaming Corp./Raptor LLC, Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 247397<br> <sup>(g)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2973784** |
| **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| 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% |
| Froneri Lux FinCo SARL, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1202891<br> <sup>(g)</sup><br>|
| 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% |
| Coty Inc., Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1597297<br> <sup>(g)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2800188** |
| **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%†† |
| Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; **149572**<br>|
| **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** |
| Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% |
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 293120<br> <sup>(g)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp; 765803<br> <sup>(g)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2702477<br> <sup>(g)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 3761400 |
| Insurance — 0.4% | Insurance — 0.4% | Insurance — 0.4% | Insurance — 0.4% | Insurance — 0.4% |
| Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 482139<br> <sup>(g)</sup><br>|
| 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; 3361116<br> <sup>(g)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Senior Loan 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 |
| 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; $1034019<br> <sup>(g)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 4877274 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **8638674** |
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| Bausch + Lomb Corp., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 375638<br> <sup>(g)</sup><br>|
| Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% |
| Radiology Partners Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1554129<br> <sup>(g)</sup><br>|
| Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† |
| Endo Luxembourg Finance Co. I Sarl/Endo US Inc., Escrow | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 925000<br>| &nbsp;&nbsp; 0<br> \*<sup>(f)(h)(i)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1929767** |
| **Industrials — 0.9%** | **Industrials — 0.9%** | **Industrials — 0.9%** | **Industrials — 0.9%** | **Industrials — 0.9%** |
| Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% |
| Goat Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2051789<br> <sup>(g)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1720337<br> <sup>(g)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 3772126 |
| Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% |
| 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; 1440879<br> <sup>(g)</sup><br>|
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1036624<br> <sup>(g)</sup><br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 2477503 |
| 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% |
| 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; 608809<br> <sup>(g)</sup><br>|
| Allied Universal Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1049371<br> <sup>(g)</sup><br>|
| GFL Environmental Inc., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 585830<br> <sup>(g)</sup><br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 2244010 |
| Machinery — 0.0%†† | Machinery — 0.0%†† | Machinery — 0.0%†† | Machinery — 0.0%†† | Machinery — 0.0%†† |
| GrafTech Finance Inc., Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/23/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 282127<br> <sup>(g)</sup><br>|
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| Air Canada, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 694256<br> <sup>(g)</sup><br>|
| American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 835022<br> <sup>(g)</sup><br>|
| American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured <br> Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/20/26 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp; 951227<br> <sup>(g)</sup><br>|
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 20835<br>| &nbsp;&nbsp; 20810<br> <sup>(g)</sup><br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 139905<br> <sup>(g)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 2641220 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **11416986** |
| **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%†† |
| CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 219500<br>| &nbsp;&nbsp; 218365<br> <sup>(g)</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% |
| Fortress Intermediate 3 Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 628975<br> <sup>(g)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **847340** |
| **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† |
| SCIH Salt Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 489004<br> <sup>(g)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% |
| Cemex SAB de CV, Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp; $375000<br>| &nbsp;&nbsp; $379688<br> <sup>(g)</sup><br>|
| Smyrna Ready Mix Concrete LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 739853<br> <sup>(g)</sup><br>|
| Total Construction Materials | Total Construction Materials | Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 1119541 |
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Clydesdale Acquisition Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 164255<br> <sup>(g)</sup><br>|
| Mauser Packaging Solutions Holding Co., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 805000<br>| &nbsp;&nbsp; 813898<br> <sup>(g)</sup><br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 978153 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2586698** |
| **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |
| Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† |
| Talen Energy Supply LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 424874<br> <sup>(g)</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% |
| Calpine Corp., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 797157<br> <sup>(g)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1222031** |
| **Total Corporate Bonds & Notes (Cost — $36,790,027)** | **Total Corporate Bonds & Notes (Cost — $36,790,027)** | **Total Corporate Bonds & Notes (Cost — $36,790,027)** | **Total Corporate Bonds & Notes (Cost — $36,790,027)** | &nbsp;&nbsp; **37967206** |
|  |  |  | Shares |  |
| **Investments in Underlying Funds — 2.4%** | **Investments in Underlying Funds — 2.4%** | **Investments in Underlying Funds — 2.4%** | **Investments in Underlying Funds — 2.4%** | **Investments in Underlying Funds — 2.4%** |
| Franklin High Yield Corporate ETF, Franklin Templeton ETF Trust |  |  | &nbsp;&nbsp; 345966<br>| &nbsp;&nbsp; 8486546<br> <sup>(j)</sup><br>|
| Invesco Senior Loan ETF |  |  | &nbsp;&nbsp; 436413<br>| &nbsp;&nbsp; 9134124<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF |  |  | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 5683300<br>|
| Janus Henderson AAA CLO ETF |  |  | &nbsp;&nbsp; 105000<br>| &nbsp;&nbsp; 5331900<br>|
| **Total Investments in Underlying Funds (Cost — $28,158,453)** | **Total Investments in Underlying Funds (Cost — $28,158,453)** | **Total Investments in Underlying Funds (Cost — $28,158,453)** | **Total Investments in Underlying Funds (Cost — $28,158,453)** | &nbsp;&nbsp; **28635870** |
|  | 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%** |
| BlueMountain CLO Ltd., 2018-3A C (3 mo. Term SOFR + 2.462%) | &nbsp;&nbsp; 6.780% | &nbsp;&nbsp; 10/25/30 | &nbsp;&nbsp; $1000000<br>| &nbsp;&nbsp; 1001662<br> <sup>(c)(g)</sup><br>|
| LCM LP, 18A CR (3 mo. Term SOFR + 2.112%) | &nbsp;&nbsp; 6.437% | &nbsp;&nbsp; 4/20/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1001668<br> <sup>(c)(g)</sup><br>|
| **Total Asset-Backed Securities (Cost — $1,998,617)** | **Total Asset-Backed Securities (Cost — $1,998,617)** | **Total Asset-Backed Securities (Cost — $1,998,617)** | **Total Asset-Backed Securities (Cost — $1,998,617)** | &nbsp;&nbsp; **2003330** |
|  |  |  | 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%†† |
| Mallinckrodt PLC (Cost — $315,953) | Mallinckrodt PLC (Cost — $315,953) |  | &nbsp;&nbsp; 3652 | &nbsp;&nbsp; **377,982**<br> \*<sup>(f)(h)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $1,128,120,548)** | **Total Investments before Short-Term Investments (Cost — $1,128,120,548)** | **Total Investments before Short-Term Investments (Cost — $1,128,120,548)** | **Total Investments before Short-Term Investments (Cost — $1,128,120,548)** | &nbsp;&nbsp; **1109384739** |
|  | Rate |  |  |  |
| **Short-Term Investments — 10.3%** | **Short-Term Investments — 10.3%** | **Short-Term Investments — 10.3%** | **Short-Term Investments — 10.3%** | **Short-Term Investments — 10.3%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares (Cost — $124,543,071)  | &nbsp;&nbsp; 4.032% |  | &nbsp;&nbsp; 124543071<br>| &nbsp;&nbsp; **124543071**<br> <sup>(j)(k)(l)</sup><br>|
| **Total Investments — 101.5% (Cost — $1,252,663,619)** | **Total Investments — 101.5% (Cost — $1,252,663,619)** | **Total Investments — 101.5% (Cost — $1,252,663,619)** | **Total Investments — 101.5% (Cost — $1,252,663,619)** | &nbsp;&nbsp; **1233927810** |
| Liabilities in Excess of Other Assets — (1.5)% | Liabilities in Excess of Other Assets — (1.5)% | Liabilities in Excess of Other Assets — (1.5)% | Liabilities in Excess of Other Assets — (1.5)% | &nbsp;&nbsp; (17662128)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1216265682** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Senior Loan ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <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 September 30, 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 September 30, 2025. The interest rate for fully unfunded term loans is to be determined. At September 30, <br> 2025, the total principal amount and market value of unfunded commitments totaled $899,894 and $901,931, respectively.<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 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>(h)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(i)</sup> | Value is less than $1. |
| <sup>(j)</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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $133,029,617 and the cost was $132,864,654 (Note 6).<br>|
| <sup>(k)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(l)</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:** |
| CLO |  | Collateralized Loan Obligation |
| ETF |  | Exchange-Traded Fund |
| PIK |  | Payment-In-Kind |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 59.4%** | **Common Stocks — 59.4%** | **Common Stocks — 59.4%** |
| **Communication Services — 3.4%** | **Communication Services — 3.4%** | **Communication Services — 3.4%** |
| Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% |
| AT&T Inc. | &nbsp;&nbsp; 63540 | &nbsp;&nbsp; $1794370<br>|
| BT Group PLC | &nbsp;&nbsp; 126967 | &nbsp;&nbsp; 326731<br>|
| Deutsche Telekom AG, Registered Shares | &nbsp;&nbsp; 33819 | &nbsp;&nbsp; 1152780<br>|
| Koninklijke KPN NV | &nbsp;&nbsp; 37244 | &nbsp;&nbsp; 178854<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 3452735 |
| Entertainment — 1.8% | Entertainment — 1.8% | Entertainment — 1.8% |
| Electronic Arts Inc. | &nbsp;&nbsp; 4059 | &nbsp;&nbsp; 818700<br>|
| Live Nation Entertainment Inc. | &nbsp;&nbsp; 1593 | &nbsp;&nbsp; 260,296<br> \*<br>|
| Netflix Inc. | &nbsp;&nbsp; 2965 | &nbsp;&nbsp; 3,554,798<br> \*<br>|
| Walt Disney Co. | &nbsp;&nbsp; 26092 | &nbsp;&nbsp; 2987534<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 7621328 |
| Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% |
| Alphabet Inc., Class C Shares | &nbsp;&nbsp; 2557 | &nbsp;&nbsp; 622758<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 935600<br>|
| Pinterest Inc., Class A Shares | &nbsp;&nbsp; 5036 | &nbsp;&nbsp; 162,008<br> \*<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 1720366 |
| Media — 0.2% | Media — 0.2% | Media — 0.2% |
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 19682 | &nbsp;&nbsp; 618409<br>|
| Fox Corp., Class A Shares | &nbsp;&nbsp; 4324 | &nbsp;&nbsp; 272671<br>|
| Total Media | Total Media | &nbsp;&nbsp; 891080 |
| Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% |
| Tele2 AB, Class B Shares | &nbsp;&nbsp; 10055 | &nbsp;&nbsp; 171644<br>|
| Vodafone Group PLC | &nbsp;&nbsp; 424245 | &nbsp;&nbsp; 492094<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 663738 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **14349247** |
| **Consumer Discretionary — 5.7%** | **Consumer Discretionary — 5.7%** | **Consumer Discretionary — 5.7%** |
| Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 14600 | &nbsp;&nbsp; 416988<br>|
| Automobiles — 0.7% | Automobiles — 0.7% | Automobiles — 0.7% |
| Ford Motor Co. | &nbsp;&nbsp; 15336 | &nbsp;&nbsp; 183419<br>|
| General Motors Co. | &nbsp;&nbsp; 19135 | &nbsp;&nbsp; 1166661<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp; 16244 | &nbsp;&nbsp; 1020566<br>|
| Subaru Corp. | &nbsp;&nbsp; 10300 | &nbsp;&nbsp; 211321<br>|
| Suzuki Motor Corp. | &nbsp;&nbsp; 36600 | &nbsp;&nbsp; 535425<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 3117392 |
| Broadline Retail — 0.6% | Broadline Retail — 0.6% | Broadline Retail — 0.6% |
| eBay Inc. | &nbsp;&nbsp; 9449 | &nbsp;&nbsp; 859386<br>|
| MercadoLibre Inc. | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 472,062<br> \*<br>|
| Next PLC | &nbsp;&nbsp; 2451 | &nbsp;&nbsp; 408333<br>|
| Sea Ltd., ADR | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 804,285<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 2544066 |
| Hotels, Restaurants & Leisure — 1.6% | Hotels, Restaurants & Leisure — 1.6% | Hotels, Restaurants & Leisure — 1.6% |
| Booking Holdings Inc. | &nbsp;&nbsp; 542 | &nbsp;&nbsp; 2926404<br>|
| Carnival Corp. | &nbsp;&nbsp; 15130 | &nbsp;&nbsp; 437,408<br> \*<br>|
| Domino's Pizza Inc. | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 290541<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Evolution AB | &nbsp;&nbsp; 2093 | &nbsp;&nbsp; $172112<br> <sup>(a)</sup><br>|
| Expedia Group Inc. | &nbsp;&nbsp; 2807 | &nbsp;&nbsp; 599996<br>|
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 49000 | &nbsp;&nbsp; 270053<br>|
| Las Vegas Sands Corp. | &nbsp;&nbsp; 8053 | &nbsp;&nbsp; 433171<br>|
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 2055 | &nbsp;&nbsp; 664957<br>|
| Wynn Resorts Ltd. | &nbsp;&nbsp; 1114 | &nbsp;&nbsp; 142893<br>|
| Yum! Brands Inc. | &nbsp;&nbsp; 5822 | &nbsp;&nbsp; 884944<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 6822479 |
| Household Durables — 1.0% | Household Durables — 1.0% | Household Durables — 1.0% |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 56000 | &nbsp;&nbsp; 610489<br>|
| PulteGroup Inc. | &nbsp;&nbsp; 1611 | &nbsp;&nbsp; 212861<br>|
| Sony Group Corp. | &nbsp;&nbsp; 115500 | &nbsp;&nbsp; 3330836<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 4154186 |
| Leisure Products — 0.1% | Leisure Products — 0.1% | Leisure Products — 0.1% |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 443528<br>|
| Specialty Retail — 1.3% | Specialty Retail — 1.3% | Specialty Retail — 1.3% |
| AutoZone Inc. | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 1,033,948<br> \*<br>|
| Best Buy Co. Inc. | &nbsp;&nbsp; 4268 | &nbsp;&nbsp; 322746<br>|
| Dick's Sporting Goods Inc. | &nbsp;&nbsp; 842 | &nbsp;&nbsp; 187109<br>|
| Home Depot Inc. | &nbsp;&nbsp; 1628 | &nbsp;&nbsp; 659650<br>|
| TJX Cos. Inc. | &nbsp;&nbsp; 13490 | &nbsp;&nbsp; 1949845<br>|
| Ulta Beauty Inc. | &nbsp;&nbsp; 1043 | &nbsp;&nbsp; 570,260<br> \*<br>|
| Williams-Sonoma Inc. | &nbsp;&nbsp; 2687 | &nbsp;&nbsp; 525174<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 5248732 |
| Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% |
| Asics Corp. | &nbsp;&nbsp; 14800 | &nbsp;&nbsp; 388026<br>|
| Lululemon Athletica Inc. | &nbsp;&nbsp; 2427 | &nbsp;&nbsp; 431,836<br> \*<br>|
| Pandora A/S | &nbsp;&nbsp; 1752 | &nbsp;&nbsp; 228459<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 1048321 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **23795692** |
| **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** |
| Beverages — 0.4% | Beverages — 0.4% | Beverages — 0.4% |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 34600 | &nbsp;&nbsp; 415968<br>|
| Coca-Cola HBC AG | &nbsp;&nbsp; 3277 | &nbsp;&nbsp; 154585<br>|
| Molson Coors Beverage Co., Class B Shares | &nbsp;&nbsp; 3555 | &nbsp;&nbsp; 160864<br>|
| Monster Beverage Corp. | &nbsp;&nbsp; 13383 | &nbsp;&nbsp; 900,810<br> \*<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 1632227 |
| Consumer Staples Distribution & Retail — 1.4% | Consumer Staples Distribution & Retail — 1.4% | Consumer Staples Distribution & Retail — 1.4% |
| George Weston Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 164728<br>|
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 17264 | &nbsp;&nbsp; 698825<br>|
| Kroger Co. | &nbsp;&nbsp; 14993 | &nbsp;&nbsp; 1010678<br>|
| Loblaw Cos. Ltd. | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 170226<br>|
| Sysco Corp. | &nbsp;&nbsp; 5298 | &nbsp;&nbsp; 436237<br>|
| Target Corp. | &nbsp;&nbsp; 3941 | &nbsp;&nbsp; 353508<br>|
| Walmart Inc. | &nbsp;&nbsp; 31116 | &nbsp;&nbsp; 3206815<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 6041017 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Food Products — 0.0%†† | Food Products — 0.0%†† | Food Products — 0.0%†† |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 3850 | &nbsp;&nbsp; $229999<br>|
| Household Products — 0.5% | Household Products — 0.5% | Household Products — 0.5% |
| Clorox Co. | &nbsp;&nbsp; 2664 | &nbsp;&nbsp; 328471<br>|
| Colgate-Palmolive Co. | &nbsp;&nbsp; 8012 | &nbsp;&nbsp; 640479<br>|
| Kimberly-Clark Corp. | &nbsp;&nbsp; 5455 | &nbsp;&nbsp; 678275<br>|
| Procter & Gamble Co. | &nbsp;&nbsp; 2317 | &nbsp;&nbsp; 356007<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 2003232 |
| Personal Care Products — 0.3% | Personal Care Products — 0.3% | Personal Care Products — 0.3% |
| Estee Lauder Cos. Inc., Class A Shares | &nbsp;&nbsp; 5552 | &nbsp;&nbsp; 489242<br>|
| Kao Corp. | &nbsp;&nbsp; 10600 | &nbsp;&nbsp; 463017<br>|
| L'Oreal SA | &nbsp;&nbsp; 397 | &nbsp;&nbsp; 171896<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 1124155 |
| Tobacco — 0.5% | Tobacco — 0.5% | Tobacco — 0.5% |
| Altria Group Inc. | &nbsp;&nbsp; 30258 | &nbsp;&nbsp; 1998843<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **13029473** |
| **Energy — 1.9%** | **Energy — 1.9%** | **Energy — 1.9%** |
| Oil, Gas & Consumable Fuels — 1.9% | Oil, Gas & Consumable Fuels — 1.9% | Oil, Gas & Consumable Fuels — 1.9% |
| ARC Resources Ltd. | &nbsp;&nbsp; 13100 | &nbsp;&nbsp; 238952<br>|
| Cheniere Energy Inc. | &nbsp;&nbsp; 3889 | &nbsp;&nbsp; 913837<br>|
| Devon Energy Corp. | &nbsp;&nbsp; 6004 | &nbsp;&nbsp; 210500<br>|
| ENEOS Holdings Inc. | &nbsp;&nbsp; 63700 | &nbsp;&nbsp; 405401<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 11550 | &nbsp;&nbsp; 1294986<br>|
| Imperial Oil Ltd. | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 199524<br>|
| Inpex Corp. | &nbsp;&nbsp; 12500 | &nbsp;&nbsp; 226242<br>|
| Marathon Petroleum Corp. | &nbsp;&nbsp; 5029 | &nbsp;&nbsp; 969289<br>|
| Phillips 66 | &nbsp;&nbsp; 4031 | &nbsp;&nbsp; 548297<br>|
| Suncor Energy Inc. | &nbsp;&nbsp; 25700 | &nbsp;&nbsp; 1075728<br>|
| Valero Energy Corp. | &nbsp;&nbsp; 4579 | &nbsp;&nbsp; 779621<br>|
| Williams Cos. Inc. | &nbsp;&nbsp; 19448 | &nbsp;&nbsp; 1232031<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **8094408** |
| **Financials — 9.1%** | **Financials — 9.1%** | **Financials — 9.1%** |
| Banks — 3.2% | Banks — 3.2% | Banks — 3.2% |
| AIB Group PLC | &nbsp;&nbsp; 47852 | &nbsp;&nbsp; 433784<br>|
| Banco Santander SA | &nbsp;&nbsp; 153737 | &nbsp;&nbsp; 1603008<br>|
| Barclays PLC | &nbsp;&nbsp; 157788 | &nbsp;&nbsp; 806354<br>|
| BNP Paribas SA | &nbsp;&nbsp; 7852 | &nbsp;&nbsp; 713454<br>|
| Citigroup Inc. | &nbsp;&nbsp; 41606 | &nbsp;&nbsp; 4223009<br>|
| Fifth Third Bancorp | &nbsp;&nbsp; 11025 | &nbsp;&nbsp; 491164<br>|
| ING Groep NV | &nbsp;&nbsp; 32006 | &nbsp;&nbsp; 830176<br>|
| KBC Group NV | &nbsp;&nbsp; 1503 | &nbsp;&nbsp; 179163<br>|
| NatWest Group PLC | &nbsp;&nbsp; 100517 | &nbsp;&nbsp; 705835<br>|
| Societe Generale SA | &nbsp;&nbsp; 14108 | &nbsp;&nbsp; 934274<br>|
| Standard Chartered PLC | &nbsp;&nbsp; 33583 | &nbsp;&nbsp; 649006<br>|
| UniCredit SpA | &nbsp;&nbsp; 15913 | &nbsp;&nbsp; 1205445<br>|
| Wells Fargo & Co. | &nbsp;&nbsp; 6353 | &nbsp;&nbsp; 532508<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 13307180 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — 1.5% | Capital Markets — 1.5% | Capital Markets — 1.5% |
| 3i Group PLC | &nbsp;&nbsp; 19229 | &nbsp;&nbsp; $1058521<br>|
| Ameriprise Financial Inc. | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 459319<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; 9331 | &nbsp;&nbsp; 1016706<br>|
| Carlyle Group Inc. | &nbsp;&nbsp; 3168 | &nbsp;&nbsp; 198634<br>|
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 31600 | &nbsp;&nbsp; 257298<br>|
| Deutsche Bank AG, Registered Shares | &nbsp;&nbsp; 10374 | &nbsp;&nbsp; 365074<br>|
| Morgan Stanley | &nbsp;&nbsp; 3155 | &nbsp;&nbsp; 501519<br>|
| Nomura Holdings Inc. | &nbsp;&nbsp; 71100 | &nbsp;&nbsp; 522592<br>|
| Northern Trust Corp. | &nbsp;&nbsp; 4300 | &nbsp;&nbsp; 578780<br>|
| State Street Corp. | &nbsp;&nbsp; 6649 | &nbsp;&nbsp; 771350<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 4155 | &nbsp;&nbsp; 426469<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 6156262 |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| Synchrony Financial | &nbsp;&nbsp; 8971 | &nbsp;&nbsp; 637389<br>|
| Financial Services — 1.2% | Financial Services — 1.2% | Financial Services — 1.2% |
| Corebridge Financial Inc. | &nbsp;&nbsp; 5849 | &nbsp;&nbsp; 187460<br>|
| Equitable Holdings Inc. | &nbsp;&nbsp; 6496 | &nbsp;&nbsp; 329867<br>|
| EXOR NV | &nbsp;&nbsp; 1999 | &nbsp;&nbsp; 195422<br>|
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 7878 | &nbsp;&nbsp; 519475<br>|
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 3066 | &nbsp;&nbsp; 1743971<br>|
| ORIX Corp. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 725485<br>|
| PayPal Holdings Inc. | &nbsp;&nbsp; 17525 | &nbsp;&nbsp; 1,175,227<br> \*<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 4876907 |
| Insurance — 3.1% | Insurance — 3.1% | Insurance — 3.1% |
| Aegon Ltd. | &nbsp;&nbsp; 30556 | &nbsp;&nbsp; 245291<br>|
| Aflac Inc. | &nbsp;&nbsp; 7017 | &nbsp;&nbsp; 783799<br>|
| Ageas SA | &nbsp;&nbsp; 2601 | &nbsp;&nbsp; 180009<br>|
| AIA Group Ltd. | &nbsp;&nbsp; 193400 | &nbsp;&nbsp; 1855600<br>|
| American International Group Inc. | &nbsp;&nbsp; 11895 | &nbsp;&nbsp; 934233<br>|
| AXA SA | &nbsp;&nbsp; 19242 | &nbsp;&nbsp; 918844<br>|
| Cincinnati Financial Corp. | &nbsp;&nbsp; 2924 | &nbsp;&nbsp; 462284<br>|
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 699957<br>|
| Hartford Insurance Group Inc. | &nbsp;&nbsp; 6621 | &nbsp;&nbsp; 883175<br>|
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 42400 | &nbsp;&nbsp; 422033<br>|
| Loews Corp. | &nbsp;&nbsp; 4141 | &nbsp;&nbsp; 415715<br>|
| MetLife Inc. | &nbsp;&nbsp; 11994 | &nbsp;&nbsp; 987946<br>|
| NN Group NV | &nbsp;&nbsp; 2651 | &nbsp;&nbsp; 186584<br>|
| Sompo Holdings Inc. | &nbsp;&nbsp; 21200 | &nbsp;&nbsp; 656736<br>|
| Sony Financial Group Inc. | &nbsp;&nbsp; 115500 | &nbsp;&nbsp; 128,260<br> \*<br>|
| Suncorp Group Ltd. | &nbsp;&nbsp; 22609 | &nbsp;&nbsp; 303578<br>|
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 40700 | &nbsp;&nbsp; 1727652<br>|
| Travelers Cos. Inc. | &nbsp;&nbsp; 5165 | &nbsp;&nbsp; 1442171<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 13233867 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **38211605** |
| **Health Care — 6.9%** | **Health Care — 6.9%** | **Health Care — 6.9%** |
| Biotechnology — 1.6% | Biotechnology — 1.6% | Biotechnology — 1.6% |
| AbbVie Inc. | &nbsp;&nbsp; 6071 | &nbsp;&nbsp; 1405679<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Biotechnology — continued | Biotechnology — continued | Biotechnology — continued |
| Biogen Inc. | &nbsp;&nbsp; 3426 | &nbsp;&nbsp; $479,914<br> \*<br>|
| BioMarin Pharmaceutical Inc. | &nbsp;&nbsp; 4403 | &nbsp;&nbsp; 238,467<br> \*<br>|
| Genmab A/S | &nbsp;&nbsp; 1406 | &nbsp;&nbsp; 426,594<br> \*<br>|
| Gilead Sciences Inc. | &nbsp;&nbsp; 24198 | &nbsp;&nbsp; 2685978<br>|
| Incyte Corp. | &nbsp;&nbsp; 2590 | &nbsp;&nbsp; 219,658<br> \*<br>|
| Neurocrine Biosciences Inc. | &nbsp;&nbsp; 1362 | &nbsp;&nbsp; 191,198<br> \*<br>|
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 491986<br>|
| United Therapeutics Corp. | &nbsp;&nbsp; 992 | &nbsp;&nbsp; 415,856<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 6555330 |
| Health Care Equipment & Supplies — 1.6% | Health Care Equipment & Supplies — 1.6% | Health Care Equipment & Supplies — 1.6% |
| Boston Scientific Corp. | &nbsp;&nbsp; 12502 | &nbsp;&nbsp; 1,220,570<br> \*<br>|
| Edwards Lifesciences Corp. | &nbsp;&nbsp; 13446 | &nbsp;&nbsp; 1,045,695<br> \*<br>|
| Hologic Inc. | &nbsp;&nbsp; 2706 | &nbsp;&nbsp; 182,628<br> \*<br>|
| Hoya Corp. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 970478<br>|
| IDEXX Laboratories Inc. | &nbsp;&nbsp; 1652 | &nbsp;&nbsp; 1,055,446<br> \*<br>|
| Insulet Corp. | &nbsp;&nbsp; 1375 | &nbsp;&nbsp; 424,504<br> \*<br>|
| Medtronic PLC | &nbsp;&nbsp; 15600 | &nbsp;&nbsp; 1485744<br>|
| Olympus Corp. | &nbsp;&nbsp; 26700 | &nbsp;&nbsp; 338259<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 6723324 |
| Health Care Providers & Services — 0.8% | Health Care Providers & Services — 0.8% | Health Care Providers & Services — 0.8% |
| Cardinal Health Inc. | &nbsp;&nbsp; 5869 | &nbsp;&nbsp; 921198<br>|
| Centene Corp. | &nbsp;&nbsp; 6172 | &nbsp;&nbsp; 220,217<br> \*<br>|
| Fresenius Medical Care AG | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 162674<br>|
| HCA Healthcare Inc. | &nbsp;&nbsp; 4113 | &nbsp;&nbsp; 1752961<br>|
| Molina Healthcare Inc. | &nbsp;&nbsp; 1292 | &nbsp;&nbsp; 247,237<br> \*<br>|
| Universal Health Services Inc., Class B Shares | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 196262<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 3500549 |
| Health Care Technology — 0.3% | Health Care Technology — 0.3% | Health Care Technology — 0.3% |
| Veeva Systems Inc., Class A Shares | &nbsp;&nbsp; 3585 | &nbsp;&nbsp; 1,068,007<br> \*<br>|
| Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% |
| Agilent Technologies Inc. | &nbsp;&nbsp; 6653 | &nbsp;&nbsp; 853912<br>|
| IQVIA Holdings Inc. | &nbsp;&nbsp; 2589 | &nbsp;&nbsp; 491,755<br> \*<br>|
| Mettler-Toledo International Inc. | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 467,719<br> \*<br>|
| Waters Corp. | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; 325,594<br> \*<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 2138980 |
| Pharmaceuticals — 2.1% | Pharmaceuticals — 2.1% | Pharmaceuticals — 2.1% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 29085 | &nbsp;&nbsp; 1311734<br>|
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 16100 | &nbsp;&nbsp; 702934<br>|
| GSK PLC | &nbsp;&nbsp; 40672 | &nbsp;&nbsp; 862113<br>|
| Novartis AG, Registered Shares | &nbsp;&nbsp; 27426 | &nbsp;&nbsp; 3451129<br>|
| Orion oyj, Class B Shares | &nbsp;&nbsp; 2401 | &nbsp;&nbsp; 183800<br>|
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 8500 | &nbsp;&nbsp; 452324<br>|
| Roche Holding AG | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 254872<br>|
| Roche Holding AG, Vienna Stock Exchange | &nbsp;&nbsp; 3277 | &nbsp;&nbsp; 1070436<br>|
| Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 8632 | &nbsp;&nbsp; 304537<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 18100 | &nbsp;&nbsp; $317609<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 8911488 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **28897678** |
| **Industrials — 7.9%** | **Industrials — 7.9%** | **Industrials — 7.9%** |
| Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% |
| General Electric Co. | &nbsp;&nbsp; 15423 | &nbsp;&nbsp; 4639547<br>|
| Howmet Aerospace Inc. | &nbsp;&nbsp; 8743 | &nbsp;&nbsp; 1715639<br>|
| L3Harris Technologies Inc. | &nbsp;&nbsp; 3180 | &nbsp;&nbsp; 971204<br>|
| RTX Corp. | &nbsp;&nbsp; 13312 | &nbsp;&nbsp; 2227497<br>|
| Textron Inc. | &nbsp;&nbsp; 2141 | &nbsp;&nbsp; 180893<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 9734780 |
| Air Freight & Logistics — 0.4% | Air Freight & Logistics — 0.4% | Air Freight & Logistics — 0.4% |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 1801 | &nbsp;&nbsp; 238452<br>|
| Deutsche Post AG, Registered Shares | &nbsp;&nbsp; 11330 | &nbsp;&nbsp; 505086<br>|
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 183885<br>|
| FedEx Corp. | &nbsp;&nbsp; 2208 | &nbsp;&nbsp; 520669<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 1448092 |
| Building Products — 0.6% | Building Products — 0.6% | Building Products — 0.6% |
| Allegion PLC | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 212820<br>|
| Carlisle Cos. Inc. | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 144742<br>|
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 4796 | &nbsp;&nbsp; 516531<br>|
| Johnson Controls International PLC | &nbsp;&nbsp; 9700 | &nbsp;&nbsp; 1066515<br>|
| Lennox International Inc. | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 169925<br>|
| Masco Corp. | &nbsp;&nbsp; 2668 | &nbsp;&nbsp; 187801<br>|
| Owens Corning | &nbsp;&nbsp; 1224 | &nbsp;&nbsp; 173147<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 2471481 |
| Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% |
| Cintas Corp. | &nbsp;&nbsp; 3762 | &nbsp;&nbsp; 772188<br>|
| Copart Inc. | &nbsp;&nbsp; 9183 | &nbsp;&nbsp; 412,960<br> \*<br>|
| Rollins Inc. | &nbsp;&nbsp; 6627 | &nbsp;&nbsp; 389270<br>|
| Veralto Corp. | &nbsp;&nbsp; 5650 | &nbsp;&nbsp; 602346<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 2176764 |
| Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% |
| Bouygues SA | &nbsp;&nbsp; 3826 | &nbsp;&nbsp; 172269<br>|
| Eiffage SA | &nbsp;&nbsp; 1432 | &nbsp;&nbsp; 182899<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 355168 |
| Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% |
| Fujikura Ltd. | &nbsp;&nbsp; 5100 | &nbsp;&nbsp; 499174<br>|
| Ground Transportation — 1.3% | Ground Transportation — 1.3% | Ground Transportation — 1.3% |
| Central Japan Railway Co. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 402221<br>|
| CSX Corp. | &nbsp;&nbsp; 21223 | &nbsp;&nbsp; 753629<br>|
| Uber Technologies Inc. | &nbsp;&nbsp; 42536 | &nbsp;&nbsp; 4,167,252<br> \*<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 5323102 |
| Industrial Conglomerates — 0.3% | Industrial Conglomerates — 0.3% | Industrial Conglomerates — 0.3% |
| 3M Co. | &nbsp;&nbsp; 6244 | &nbsp;&nbsp; 968944<br>|
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 62500 | &nbsp;&nbsp; 411691<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 1380635 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — 0.7% | Machinery — 0.7% | Machinery — 0.7% |
| Cummins Inc. | &nbsp;&nbsp; 1598 | &nbsp;&nbsp; $674947<br>|
| Daifuku Co. Ltd. | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 247290<br>|
| Fortive Corp. | &nbsp;&nbsp; 7809 | &nbsp;&nbsp; 382563<br>|
| GEA Group AG | &nbsp;&nbsp; 3289 | &nbsp;&nbsp; 242888<br>|
| Komatsu Ltd. | &nbsp;&nbsp; 5300 | &nbsp;&nbsp; 185178<br>|
| Parker-Hannifin Corp. | &nbsp;&nbsp; 759 | &nbsp;&nbsp; 575436<br>|
| SKF AB, Class B Shares | &nbsp;&nbsp; 7053 | &nbsp;&nbsp; 174880<br>|
| Snap-on Inc. | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 190245<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 2673427 |
| Professional Services — 0.5% | Professional Services — 0.5% | Professional Services — 0.5% |
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 1621 | &nbsp;&nbsp; 386073<br>|
| Computershare Ltd. | &nbsp;&nbsp; 7530 | &nbsp;&nbsp; 181105<br>|
| Jacobs Solutions Inc. | &nbsp;&nbsp; 2814 | &nbsp;&nbsp; 421706<br>|
| Leidos Holdings Inc. | &nbsp;&nbsp; 2644 | &nbsp;&nbsp; 499610<br>|
| Paycom Software Inc. | &nbsp;&nbsp; 1197 | &nbsp;&nbsp; 249144<br>|
| SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 5060 | &nbsp;&nbsp; 449126<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 2186764 |
| Trading Companies & Distributors — 1.0% | Trading Companies & Distributors — 1.0% | Trading Companies & Distributors — 1.0% |
| AerCap Holdings NV | &nbsp;&nbsp; 4027 | &nbsp;&nbsp; 487267<br>|
| Fastenal Co. | &nbsp;&nbsp; 19020 | &nbsp;&nbsp; 932741<br>|
| Marubeni Corp. | &nbsp;&nbsp; 32500 | &nbsp;&nbsp; 813793<br>|
| Sumitomo Corp. | &nbsp;&nbsp; 25400 | &nbsp;&nbsp; 737483<br>|
| Toyota Tsusho Corp. | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 416630<br>|
| W.W. Grainger Inc. | &nbsp;&nbsp; 977 | &nbsp;&nbsp; 931042<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 4318956 |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |
| Aena SME SA | &nbsp;&nbsp; 15368 | &nbsp;&nbsp; 420196<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **32988539** |
| **Information Technology — 15.1%** | **Information Technology — 15.1%** | **Information Technology — 15.1%** |
| Communications Equipment — 1.3% | Communications Equipment — 1.3% | Communications Equipment — 1.3% |
| Cisco Systems Inc. | &nbsp;&nbsp; 48833 | &nbsp;&nbsp; 3341154<br>|
| F5 Inc. | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 428,550<br> \*<br>|
| Motorola Solutions Inc. | &nbsp;&nbsp; 1964 | &nbsp;&nbsp; 898117<br>|
| Nokia oyj | &nbsp;&nbsp; 42900 | &nbsp;&nbsp; 205612<br>|
| Telefonaktiebolaget LM Ericsson, Class B Shares | &nbsp;&nbsp; 64824 | &nbsp;&nbsp; 536507<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 5409940 |
| Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% |
| Amphenol Corp., Class A Shares | &nbsp;&nbsp; 5919 | &nbsp;&nbsp; 732476<br>|
| Jabil Inc. | &nbsp;&nbsp; 2474 | &nbsp;&nbsp; 537279<br>|
| TDK Corp. | &nbsp;&nbsp; 44800 | &nbsp;&nbsp; 651744<br>|
| TE Connectivity PLC | &nbsp;&nbsp; 5569 | &nbsp;&nbsp; 1222562<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 3144061 |
| IT Services — 1.1% | IT Services — 1.1% | IT Services — 1.1% |
| CGI Inc. | &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 338543<br>|
| Cognizant Technology Solutions Corp., Class A Shares | &nbsp;&nbsp; 11413 | &nbsp;&nbsp; 765470<br>|
| Fujitsu Ltd. | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 877576<br>|
| Gartner Inc. | &nbsp;&nbsp; 1255 | &nbsp;&nbsp; 329,902<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| IT Services — continued | IT Services — continued | IT Services — continued |
| GoDaddy Inc., Class A Shares | &nbsp;&nbsp; 2587 | &nbsp;&nbsp; $353,979<br> \*<br>|
| NEC Corp. | &nbsp;&nbsp; 28200 | &nbsp;&nbsp; 904898<br>|
| Twilio Inc., Class A Shares | &nbsp;&nbsp; 3304 | &nbsp;&nbsp; 330,697<br> \*<br>|
| VeriSign Inc. | &nbsp;&nbsp; 1934 | &nbsp;&nbsp; 540688<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 4441753 |
| Semiconductors & Semiconductor Equipment — 3.7% | Semiconductors & Semiconductor Equipment — 3.7% | Semiconductors & Semiconductor Equipment — 3.7% |
| Advantest Corp. | &nbsp;&nbsp; 10600 | &nbsp;&nbsp; 1051495<br>|
| Applied Materials Inc. | &nbsp;&nbsp; 13197 | &nbsp;&nbsp; 2701954<br>|
| KLA Corp. | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1725760<br>|
| Lam Research Corp. | &nbsp;&nbsp; 24857 | &nbsp;&nbsp; 3328352<br>|
| Micron Technology Inc. | &nbsp;&nbsp; 20840 | &nbsp;&nbsp; 3486949<br>|
| QUALCOMM Inc. | &nbsp;&nbsp; 19228 | &nbsp;&nbsp; 3198770<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 15493280 |
| Software — 7.7% | Software — 7.7% | Software — 7.7% |
| Adobe Inc. | &nbsp;&nbsp; 9014 | &nbsp;&nbsp; 3,179,689<br> \*<br>|
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 2406 | &nbsp;&nbsp; 1,728,807<br> \*<br>|
| Autodesk Inc. | &nbsp;&nbsp; 4536 | &nbsp;&nbsp; 1,440,951<br> \*<br>|
| Cadence Design Systems Inc. | &nbsp;&nbsp; 6225 | &nbsp;&nbsp; 2,186,594<br> \*<br>|
| Constellation Software Inc. | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 543047<br>|
| DocuSign Inc. | &nbsp;&nbsp; 4725 | &nbsp;&nbsp; 340,625<br> \*<br>|
| Dynatrace Inc. | &nbsp;&nbsp; 6851 | &nbsp;&nbsp; 331,931<br> \*<br>|
| Fair Isaac Corp. | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 538,751<br> \*<br>|
| Fortinet Inc. | &nbsp;&nbsp; 7376 | &nbsp;&nbsp; 620,174<br> \*<br>|
| Gen Digital Inc. | &nbsp;&nbsp; 12165 | &nbsp;&nbsp; 345364<br>|
| Intuit Inc. | &nbsp;&nbsp; 4922 | &nbsp;&nbsp; 3361283<br>|
| Microsoft Corp. | &nbsp;&nbsp; 14397 | &nbsp;&nbsp; 7456926<br>|
| Nice Ltd. | &nbsp;&nbsp; 1288 | &nbsp;&nbsp; 190,266<br> \*<br>|
| Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 21295 | &nbsp;&nbsp; 3,884,634<br> \*<br>|
| PTC Inc. | &nbsp;&nbsp; 997 | &nbsp;&nbsp; 202,411<br> \*<br>|
| Sage Group PLC | &nbsp;&nbsp; 10380 | &nbsp;&nbsp; 153715<br>|
| Salesforce Inc. | &nbsp;&nbsp; 12819 | &nbsp;&nbsp; 3038103<br>|
| SAP SE | &nbsp;&nbsp; 1947 | &nbsp;&nbsp; 521372<br>|
| ServiceNow Inc. | &nbsp;&nbsp; 841 | &nbsp;&nbsp; 773,956<br> \*<br>|
| Tyler Technologies Inc. | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 341,100<br> \*<br>|
| Zoom Communications Inc., Class A Shares | &nbsp;&nbsp; 5862 | &nbsp;&nbsp; 483,615<br> \*<br>|
| Zscaler Inc. | &nbsp;&nbsp; 2301 | &nbsp;&nbsp; 689,518<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 32352832 |
| Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% |
| HP Inc. | &nbsp;&nbsp; 17784 | &nbsp;&nbsp; 484258<br>|
| NetApp Inc. | &nbsp;&nbsp; 4291 | &nbsp;&nbsp; 508312<br>|
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 448514<br>|
| Western Digital Corp. | &nbsp;&nbsp; 7893 | &nbsp;&nbsp; 947634<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 2388718 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **63230584** |
| **Materials — 2.9%** | **Materials — 2.9%** | **Materials — 2.9%** |
| Chemicals — 0.7% | Chemicals — 0.7% | Chemicals — 0.7% |
| Asahi Kasei Corp. | &nbsp;&nbsp; 29100 | &nbsp;&nbsp; 229454<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| CF Industries Holdings Inc. | &nbsp;&nbsp; 3795 | &nbsp;&nbsp; $340412<br>|
| Corteva Inc. | &nbsp;&nbsp; 13989 | &nbsp;&nbsp; 946076<br>|
| Ecolab Inc. | &nbsp;&nbsp; 3298 | &nbsp;&nbsp; 903190<br>|
| Linde PLC | &nbsp;&nbsp; 867 | &nbsp;&nbsp; 411825<br>|
| RPM International Inc. | &nbsp;&nbsp; 2741 | &nbsp;&nbsp; 323109<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 3154066 |
| Construction Materials — 0.4% | Construction Materials — 0.4% | Construction Materials — 0.4% |
| CRH PLC | &nbsp;&nbsp; 12500 | &nbsp;&nbsp; 1498750<br>|
| Heidelberg Materials AG | &nbsp;&nbsp; 1221 | &nbsp;&nbsp; 274812<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 1773562 |
| Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% |
| Ball Corp. | &nbsp;&nbsp; 5535 | &nbsp;&nbsp; 279075<br>|
| Crown Holdings Inc. | &nbsp;&nbsp; 2676 | &nbsp;&nbsp; 258475<br>|
| Packaging Corp. of America | &nbsp;&nbsp; 1868 | &nbsp;&nbsp; 407093<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 944643 |
| Metals & Mining — 1.6% | Metals & Mining — 1.6% | Metals & Mining — 1.6% |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 1061319<br>|
| ArcelorMittal SA | &nbsp;&nbsp; 5288 | &nbsp;&nbsp; 190006<br>|
| Barrick Mining Corp. | &nbsp;&nbsp; 34700 | &nbsp;&nbsp; 1139958<br>|
| Evolution Mining Ltd. | &nbsp;&nbsp; 45009 | &nbsp;&nbsp; 323056<br>|
| Fortescue Ltd. | &nbsp;&nbsp; 37789 | &nbsp;&nbsp; 467834<br>|
| Kinross Gold Corp. | &nbsp;&nbsp; 27800 | &nbsp;&nbsp; 690105<br>|
| Newmont Corp. | &nbsp;&nbsp; 25100 | &nbsp;&nbsp; 2116181<br>|
| Norsk Hydro ASA | &nbsp;&nbsp; 26909 | &nbsp;&nbsp; 182309<br>|
| Reliance Inc. | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 156703<br>|
| Steel Dynamics Inc. | &nbsp;&nbsp; 1361 | &nbsp;&nbsp; 189764<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 6517235 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **12389506** |
| **Real Estate — 1.2%** | **Real Estate — 1.2%** | **Real Estate — 1.2%** |
| Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% |
| CBRE Group Inc., Class A Shares | &nbsp;&nbsp; 6905 | &nbsp;&nbsp; 1,087,952<br> \*<br>|
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 44500 | &nbsp;&nbsp; 215739<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 1303691 |
| Residential REITs — 0.2% | Residential REITs — 0.2% | Residential REITs — 0.2% |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 1726 | &nbsp;&nbsp; 333411<br>|
| Invitation Homes Inc. | &nbsp;&nbsp; 13114 | &nbsp;&nbsp; 384634<br>|
| UDR Inc. | &nbsp;&nbsp; 4257 | &nbsp;&nbsp; 158616<br>|
| Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 876661 |
| Retail REITs — 0.3% | Retail REITs — 0.3% | Retail REITs — 0.3% |
| Regency Centers Corp. | &nbsp;&nbsp; 2492 | &nbsp;&nbsp; 181667<br>|
| Simon Property Group Inc. | &nbsp;&nbsp; 4038 | &nbsp;&nbsp; 757811<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 939478 |
| Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% |
| Extra Space Storage Inc. | &nbsp;&nbsp; 4992 | &nbsp;&nbsp; 703573<br>|
| Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 5717 | &nbsp;&nbsp; 266469<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Specialized REITs — continued | Specialized REITs — continued | Specialized REITs — continued | Specialized REITs — continued |
| VICI Properties Inc. | VICI Properties Inc. | &nbsp;&nbsp; 24631 | &nbsp;&nbsp; $803217<br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 1773259 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4893089** |
| **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** |
| Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% |
| Duke Energy Corp. | Duke Energy Corp. | &nbsp;&nbsp; 13114 | &nbsp;&nbsp; 1622858<br>|
| Endesa SA | Endesa SA | &nbsp;&nbsp; 6796 | &nbsp;&nbsp; 217280<br>|
| Enel SpA | Enel SpA | &nbsp;&nbsp; 80112 | &nbsp;&nbsp; 759265<br>|
| Entergy Corp. | Entergy Corp. | &nbsp;&nbsp; 6166 | &nbsp;&nbsp; 574610<br>|
| Evergy Inc. | Evergy Inc. | &nbsp;&nbsp; 2514 | &nbsp;&nbsp; 191114<br>|
| FirstEnergy Corp. | FirstEnergy Corp. | &nbsp;&nbsp; 4429 | &nbsp;&nbsp; 202937<br>|
| Iberdrola SA | Iberdrola SA | &nbsp;&nbsp; 11428 | &nbsp;&nbsp; 216256<br>|
| NRG Energy Inc. | NRG Energy Inc. | &nbsp;&nbsp; 4660 | &nbsp;&nbsp; 754687<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 4539007 |
| Gas Utilities — 0.0%†† | Gas Utilities — 0.0%†† | Gas Utilities — 0.0%†† | Gas Utilities — 0.0%†† |
| Tokyo Gas Co. Ltd. | Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 192474<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% | Independent Power and Renewable Electricity Producers — 0.5% |
| RWE AG | RWE AG | &nbsp;&nbsp; 14408 | &nbsp;&nbsp; 640270<br>|
| Vistra Corp. | Vistra Corp. | &nbsp;&nbsp; 7736 | &nbsp;&nbsp; 1515637<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 2155907 |
| Multi-Utilities — 0.6% | Multi-Utilities — 0.6% | Multi-Utilities — 0.6% | Multi-Utilities — 0.6% |
| Centrica PLC | Centrica PLC | &nbsp;&nbsp; 81969 | &nbsp;&nbsp; 183844<br>|
| DTE Energy Co. | DTE Energy Co. | &nbsp;&nbsp; 4787 | &nbsp;&nbsp; 677025<br>|
| Engie SA | Engie SA | &nbsp;&nbsp; 21642 | &nbsp;&nbsp; 464213<br>|
| NiSource Inc. | NiSource Inc. | &nbsp;&nbsp; 4396 | &nbsp;&nbsp; 190347<br>|
| WEC Energy Group Inc. | WEC Energy Group Inc. | &nbsp;&nbsp; 7317 | &nbsp;&nbsp; 838455<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 2353884 |
| Water Utilities — 0.0%†† | Water Utilities — 0.0%†† | Water Utilities — 0.0%†† | Water Utilities — 0.0%†† |
| American Water Works Co. Inc. | American Water Works Co. Inc. | &nbsp;&nbsp; 1631 | &nbsp;&nbsp; 227019<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **9468291** |
| **Total Common Stocks (Cost — $202,568,986)** | **Total Common Stocks (Cost — $202,568,986)** | **Total Common Stocks (Cost — $202,568,986)** | &nbsp;&nbsp; **249348112**<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%†† |
| Constellation Software Inc. (Cost — $0) |  | &nbsp;&nbsp; 100<br>| &nbsp;&nbsp; **0**<br> \*<sup>(b)(c)(d)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $202,568,986)** | **Total Investments before Short-Term Investments (Cost — $202,568,986)** | **Total Investments before Short-Term Investments (Cost — $202,568,986)** | &nbsp;&nbsp; **249348112** |
|  | Rate | Shares |  |
| **Short-Term Investments — 24.1%** | **Short-Term Investments — 24.1%** | **Short-Term Investments — 24.1%** | **Short-Term Investments — 24.1%** |
| Dreyfus Government Cash Management, Institutional Shares <br> (Cost — $101,131,361)  | &nbsp;&nbsp; 4.057% | &nbsp;&nbsp; 101131361<br>| &nbsp;&nbsp; **101131361**<br> <sup>(e)</sup><br>|
| **Total Investments — 83.5% (Cost — $303,700,347)** | **Total Investments — 83.5% (Cost — $303,700,347)** | **Total Investments — 83.5% (Cost — $303,700,347)** | &nbsp;&nbsp; **350479473** |
| Other Assets in Excess of Liabilities — 16.5% | Other Assets in Excess of Liabilities — 16.5% | Other Assets in Excess of Liabilities — 16.5% | &nbsp;&nbsp; 69045260 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$419524733** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

---

| | |
|:---|:---|
| ‡ | Consolidated Schedules of Investments (Note 12). |
| †† | 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.  |

---

&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 |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Australian 10-Year Bonds | &nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $29383498 | &nbsp;&nbsp;&nbsp; $29223153 | &nbsp;&nbsp;&nbsp; $(160345) |
| Brent Crude | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 10/25 | &nbsp;&nbsp;&nbsp; 4658203 | &nbsp;&nbsp;&nbsp; 4688130 | &nbsp;&nbsp;&nbsp; 29927<sup>(a)</sup> <br>|
| CAC 40 10 Euro | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 10/25 | &nbsp;&nbsp;&nbsp; 6519788 | &nbsp;&nbsp;&nbsp; 6493636 | &nbsp;&nbsp;&nbsp; (26152) |
| Coffee 'C' | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 3811530 | &nbsp;&nbsp;&nbsp; 4217062 | &nbsp;&nbsp;&nbsp; 405532<sup>(a)</sup> <br>|
| Copper | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 1132000 | &nbsp;&nbsp;&nbsp; 1214125 | &nbsp;&nbsp;&nbsp; 82125<sup>(a)</sup> <br>|
| WTI Crude | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 10/25 | &nbsp;&nbsp;&nbsp; 4518171 | &nbsp;&nbsp;&nbsp; 4490640 | &nbsp;&nbsp;&nbsp; (27531)<sup>(a)</sup> <br>|
| Soybean Oil | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 607392 | &nbsp;&nbsp;&nbsp; 564186 | &nbsp;&nbsp;&nbsp; (43206)<sup>(a)</sup> <br>|
| E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 6679890 | &nbsp;&nbsp;&nbsp; 6738750 | &nbsp;&nbsp;&nbsp; 58860 |
| Euro-Bund | &nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 57860637 | &nbsp;&nbsp;&nbsp; 57859702 | &nbsp;&nbsp;&nbsp;&nbsp;(935) |
| Euro-OAT | &nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 26973511 | &nbsp;&nbsp;&nbsp; 26806210 | &nbsp;&nbsp;&nbsp; (167301) |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 29063469 | &nbsp;&nbsp;&nbsp; 29255800 | &nbsp;&nbsp;&nbsp; 192331 |
| Gasoline Rbob | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 10/25 | &nbsp;&nbsp;&nbsp; 5499159 | &nbsp;&nbsp;&nbsp; 5570825 | &nbsp;&nbsp;&nbsp; 71666<sup>(a)</sup> <br>|
| Gold 100 Oz | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 3755625 | &nbsp;&nbsp;&nbsp; 3873200 | &nbsp;&nbsp;&nbsp; 117575<sup>(a)</sup> <br>|
| Hang Seng Index | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 10/25 | &nbsp;&nbsp;&nbsp; 7331939 | &nbsp;&nbsp;&nbsp; 7436738 | &nbsp;&nbsp;&nbsp; 104799 |
| IBEX 35 Index | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 10/25 | &nbsp;&nbsp;&nbsp; 11246279 | &nbsp;&nbsp;&nbsp; 11297648 | &nbsp;&nbsp;&nbsp; 51369 |
| Lean Hog | &nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 7919029 | &nbsp;&nbsp;&nbsp; 7949760 | &nbsp;&nbsp;&nbsp; 30731<sup>(a)</sup> <br>|
| Live Cattle | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 7593258 | &nbsp;&nbsp;&nbsp; 7512800 | &nbsp;&nbsp;&nbsp; (80458)<sup>(a)</sup> <br>|
| Low Sulphur Gasoil | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 11/25 | &nbsp;&nbsp;&nbsp; 4844576 | &nbsp;&nbsp;&nbsp; 4946400 | &nbsp;&nbsp;&nbsp; 101824<sup>(a)</sup> <br>|
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 14598581 | &nbsp;&nbsp;&nbsp; 14927108 | &nbsp;&nbsp;&nbsp; 328527 |
| NY Harbor ULSD | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 10/25 | &nbsp;&nbsp;&nbsp; 2487314 | &nbsp;&nbsp;&nbsp; 2537917 | &nbsp;&nbsp;&nbsp; 50603<sup>(a)</sup> <br>|
| Platinum | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 1/26 | &nbsp;&nbsp;&nbsp; 2382097 | &nbsp;&nbsp;&nbsp; 2649405 | &nbsp;&nbsp;&nbsp; 267308<sup>(a)</sup> <br>|
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 14180834 | &nbsp;&nbsp;&nbsp; 14524882 | &nbsp;&nbsp;&nbsp; 344048 |
| Silver | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 2123110 | &nbsp;&nbsp;&nbsp; 2565200 | &nbsp;&nbsp;&nbsp; 442090<sup>(a)</sup> <br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 2173387 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Number of<br> Contracts<br>| &nbsp;&nbsp; Expiration<br> Date<br>| &nbsp;&nbsp; Notional<br> Amount<br>| &nbsp;&nbsp; Market<br> Value<br>| &nbsp;&nbsp; Unrealized<br> Appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| Wheat | &nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $9238124 | &nbsp;&nbsp;&nbsp; $8940800 | &nbsp;&nbsp;&nbsp; $297324<sup>(a)</sup> <br>|
| Corn | &nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 8373274 | &nbsp;&nbsp;&nbsp; 8559300 | &nbsp;&nbsp;&nbsp; (186026)<sup>(a)</sup> <br>|
| Cotton No.2 | &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 13550680 | &nbsp;&nbsp;&nbsp; 13351310 | &nbsp;&nbsp;&nbsp; 199370<sup>(a)</sup> <br>|
| DAX Index | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 4933156 | &nbsp;&nbsp;&nbsp; 4937261 | &nbsp;&nbsp;&nbsp; (4105) |
| Euro Stoxx 50 Index | &nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 15485816 | &nbsp;&nbsp;&nbsp; 15755830 | &nbsp;&nbsp;&nbsp; (270014) |
| FTSE/MIB Index | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 1005529 | &nbsp;&nbsp;&nbsp; 998608 | &nbsp;&nbsp;&nbsp; 6921 |
| Japanese 10-Year Bonds | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 54742542 | &nbsp;&nbsp;&nbsp; 54247960 | &nbsp;&nbsp;&nbsp; 494582 |
| Long Gilt | &nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 56491251 | &nbsp;&nbsp;&nbsp; 56377241 | &nbsp;&nbsp;&nbsp; 114010 |
| Natural Gas | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; 10/25 | &nbsp;&nbsp;&nbsp; 5740990 | &nbsp;&nbsp;&nbsp; 6011460 | &nbsp;&nbsp;&nbsp; (270470)<sup>(a)</sup> <br>|
| OMXS30 Index | &nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp; 10/25 | &nbsp;&nbsp;&nbsp; 8432722 | &nbsp;&nbsp;&nbsp; 8472371 | &nbsp;&nbsp;&nbsp; (39649) |
| Soybean | &nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp; 11/25 | &nbsp;&nbsp;&nbsp; 12985008 | &nbsp;&nbsp;&nbsp; 12571963 | &nbsp;&nbsp;&nbsp; 413045<sup>(a)</sup> <br>|
| Soybean Meal | &nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 8084463 | &nbsp;&nbsp;&nbsp; 7597740 | &nbsp;&nbsp;&nbsp; 486723<sup>(a)</sup> <br>|
| SPI 200 Index | &nbsp;&nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 63395149 | &nbsp;&nbsp;&nbsp; 63069211 | &nbsp;&nbsp;&nbsp; 325938 |
| Sugar No.11 | &nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; 2/26 | &nbsp;&nbsp;&nbsp; 5844110 | &nbsp;&nbsp;&nbsp; 6042400 | &nbsp;&nbsp;&nbsp; (198290)<sup>(a)</sup> <br>|
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp; 498 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 56154411 | &nbsp;&nbsp;&nbsp; 56025000 | &nbsp;&nbsp;&nbsp; 129411 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 1498770 |
| **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; **$3672157** |

---

&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 (Note 12).

&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:** |
| OAT |  | Obligations Assimilables du Trésor (French Treasury Bonds) |

---

At September 30, 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>|
| BRL | &nbsp;&nbsp; 223366046 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 40384387 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; $817049 |
| GBP | &nbsp;&nbsp; 17064874 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 23070600 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; (94830) |
| ILS | &nbsp;&nbsp; 7109192 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2135369 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; 17066 |
| KRW | &nbsp;&nbsp; 25436019455 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 18377299 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; (188637) |
| MXN | &nbsp;&nbsp; 691861280 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 36776179 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; 657039 |
| NOK | &nbsp;&nbsp; 186397136 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 18754770 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; (69679) |
| PLN | &nbsp;&nbsp; 4597504 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1258994 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; 6680 |
| USD | &nbsp;&nbsp; 18024926 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 27235185 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; (41464) |
| USD | &nbsp;&nbsp; 7470599 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 10323128 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; 24761 |
| USD | &nbsp;&nbsp; 14671019 | &nbsp;&nbsp; CHF | &nbsp;&nbsp; 11603514 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; (42507) |
| USD | &nbsp;&nbsp; 32951674 | &nbsp;&nbsp; CZK | &nbsp;&nbsp; 686694102 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; (273964) |
| USD | &nbsp;&nbsp; 54878697 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 46677863 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; (207917) |
| USD | &nbsp;&nbsp; 16980649 | &nbsp;&nbsp; HUF | &nbsp;&nbsp; 5737116210 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; (244950) |
| USD | &nbsp;&nbsp; 2649767 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 387965583 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; 2599 |
| USD | &nbsp;&nbsp; 51678892 | &nbsp;&nbsp; NZD | &nbsp;&nbsp; 86896027 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; 1074773 |
| USD | &nbsp;&nbsp; 2569647 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 23913833 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; 14908 |
| ZAR | &nbsp;&nbsp; 642908321 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 36428369 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; 634503 |
| **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; **$2085430** |

---

&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 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

---

| | |
|:---|:---|
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| ILS | Israeli Shekel |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| USD | United States Dollar |
| ZAR | South African Rand |

---

At September 30, 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; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>‡</sup> <br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Morgan Stanley & Co. LLC | $199509622 | &nbsp;&nbsp;&nbsp; 10/14/25 | 0.00% | At Maturity | &nbsp;&nbsp;&nbsp; **$(1513394)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$(1513394)** |

---

&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.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

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; Market <br>Value<br>| Weight |
| Intel Corp. | 110922 | &nbsp;&nbsp;&nbsp; $3721433 | &nbsp;&nbsp;&nbsp; 1.85% |
| Tesla Inc. | 7812 | &nbsp;&nbsp;&nbsp; 3474153 | &nbsp;&nbsp;&nbsp; 1.72% |
| ASML Holding NV | 3390 | &nbsp;&nbsp;&nbsp; 3298529 | &nbsp;&nbsp;&nbsp; 1.64% |
| Apple Inc. | 11568 | &nbsp;&nbsp;&nbsp; 2945560 | &nbsp;&nbsp;&nbsp; 1.46% |
| Blackrock Inc. | 2452 | &nbsp;&nbsp;&nbsp; 2858713 | &nbsp;&nbsp;&nbsp; 1.42% |
| Palo Alto Networks Inc. | 13722 | &nbsp;&nbsp;&nbsp; 2794074 | &nbsp;&nbsp;&nbsp; 1.39% |
| ConocoPhillips | 29511 | &nbsp;&nbsp;&nbsp; 2791445 | &nbsp;&nbsp;&nbsp; 1.39% |
| Danaher Corp. | 13951 | &nbsp;&nbsp;&nbsp; 2765925 | &nbsp;&nbsp;&nbsp; 1.37% |
| Eli Lilly & Co. | 3612 | &nbsp;&nbsp;&nbsp; 2755956 | &nbsp;&nbsp;&nbsp; 1.37% |
| UnitedHealth Group Inc. | 7791 | &nbsp;&nbsp;&nbsp; 2690232 | &nbsp;&nbsp;&nbsp; 1.34% |
| Analog Devices Inc. | 10923 | &nbsp;&nbsp;&nbsp; 2683781 | &nbsp;&nbsp;&nbsp; 1.33% |
| Blackstone Inc. | 15655 | &nbsp;&nbsp;&nbsp; 2674657 | &nbsp;&nbsp;&nbsp; 1.33% |
| Honeywell International Inc. | 12656 | &nbsp;&nbsp;&nbsp; 2664088 | &nbsp;&nbsp;&nbsp; 1.32% |
| Vertex Pharmaceuticals Inc. | 6787 | &nbsp;&nbsp;&nbsp; 2658061 | &nbsp;&nbsp;&nbsp; 1.32% |
| Marsh & McLennan Cos. Inc. | 13167 | &nbsp;&nbsp;&nbsp; 2653546 | &nbsp;&nbsp;&nbsp; 1.32% |
| Toyota Motor Corp. | 135500 | &nbsp;&nbsp;&nbsp; 2614397 | &nbsp;&nbsp;&nbsp; 1.30% |
| Deere & Co. | 5700 | &nbsp;&nbsp;&nbsp; 2606382 | &nbsp;&nbsp;&nbsp; 1.29% |
| Costco Wholesale Corp. | 2769 | &nbsp;&nbsp;&nbsp; 2563069 | &nbsp;&nbsp;&nbsp; 1.27% |
| Starbucks Corp. | 30260 | &nbsp;&nbsp;&nbsp; 2559996 | &nbsp;&nbsp;&nbsp; 1.27% |
| Boeing Co. | 11811 | &nbsp;&nbsp;&nbsp; 2549168 | &nbsp;&nbsp;&nbsp; 1.27% |
| AstraZeneca PLC | 16742 | &nbsp;&nbsp;&nbsp; 2520302 | &nbsp;&nbsp;&nbsp; 1.25% |
| BP PLC | 415650 | &nbsp;&nbsp;&nbsp; 2382364 | &nbsp;&nbsp;&nbsp; 1.18% |
| National Australia Bank Ltd. | 81340 | &nbsp;&nbsp;&nbsp; 2380042 | &nbsp;&nbsp;&nbsp; 1.18% |
| Cie Financiere Richemont SA, Registered Shares | 11986 | &nbsp;&nbsp;&nbsp; 2283765 | &nbsp;&nbsp;&nbsp; 1.13% |
| Synopsys Inc. | 4485 | &nbsp;&nbsp;&nbsp; 2212854 | &nbsp;&nbsp;&nbsp; 1.10% |
| NIKE Inc., Class B Shares | 31471 | &nbsp;&nbsp;&nbsp; 2194473 | &nbsp;&nbsp;&nbsp; 1.09% |
| KKR & Co. Inc. | 16687 | &nbsp;&nbsp;&nbsp; 2168476 | &nbsp;&nbsp;&nbsp; 1.08% |
| Novo Nordisk A/S, Class B Shares | 39617 | &nbsp;&nbsp;&nbsp; 2149288 | &nbsp;&nbsp;&nbsp; 1.07% |
| Arthur J Gallagher & Co. | 6804 | &nbsp;&nbsp;&nbsp; 2107471 | &nbsp;&nbsp;&nbsp; 1.05% |
| Tokyo Electron Ltd. | 11600 | &nbsp;&nbsp;&nbsp; 2070461 | &nbsp;&nbsp;&nbsp; 1.03% |
| Aon PLC | 5493 | &nbsp;&nbsp;&nbsp; 1958694 | &nbsp;&nbsp;&nbsp; 0.97% |
| Keyence Corp. | 5200 | &nbsp;&nbsp;&nbsp; 1942892 | &nbsp;&nbsp;&nbsp; 0.96% |
| Snowflake Inc., Class A Shares | 8441 | &nbsp;&nbsp;&nbsp; 1903868 | &nbsp;&nbsp;&nbsp; 0.95% |
| Marvell Technology Inc. | 22572 | &nbsp;&nbsp;&nbsp; 1897628 | &nbsp;&nbsp;&nbsp; 0.94% |
| National Grid PLC | 130168 | &nbsp;&nbsp;&nbsp; 1870673 | &nbsp;&nbsp;&nbsp; 0.93% |
| Canadian Pacific Kansas City Ltd. | 24800 | &nbsp;&nbsp;&nbsp; 1847434 | &nbsp;&nbsp;&nbsp; 0.92% |
| Accenture PLC, Class A Shares | 7400 | &nbsp;&nbsp;&nbsp; 1824840 | &nbsp;&nbsp;&nbsp; 0.91% |
| CSL Ltd. | 13050 | &nbsp;&nbsp;&nbsp; 1714209 | &nbsp;&nbsp;&nbsp; 0.85% |
| Coinbase Global Inc., Class A Shares | 5048 | &nbsp;&nbsp;&nbsp; 1703650 | &nbsp;&nbsp;&nbsp; 0.85% |
| Air Products and Chemicals Inc. | 5937 | &nbsp;&nbsp;&nbsp; 1619139 | &nbsp;&nbsp;&nbsp; 0.80% |
| Apollo Global Management Inc. | 11565 | &nbsp;&nbsp;&nbsp; 1541268 | &nbsp;&nbsp;&nbsp; 0.77% |
| American Tower Corp. | 8003 | &nbsp;&nbsp;&nbsp; 1539137 | &nbsp;&nbsp;&nbsp; 0.76% |
| Sempra | 17095 | &nbsp;&nbsp;&nbsp; 1538208 | &nbsp;&nbsp;&nbsp; 0.76% |
| London Stock Exchange Group PLC | 13233 | &nbsp;&nbsp;&nbsp; 1517119 | &nbsp;&nbsp;&nbsp; 0.75% |
| Australia & New Zealand Banking Group Ltd. | 67457 | &nbsp;&nbsp;&nbsp; 1484724 | &nbsp;&nbsp;&nbsp; 0.74% |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

---

| | | | |
|:---|:---|:---|:---|
| Security | Shares | &nbsp;&nbsp; Market<br> Value<br>| Weight |
| Realty Income Corp. | 23787 | &nbsp;&nbsp;&nbsp; $1446012 | &nbsp;&nbsp;&nbsp; 0.72% |
| Investor AB, Class A Shares | 46211 | &nbsp;&nbsp;&nbsp; 1444785 | &nbsp;&nbsp;&nbsp; 0.72% |
| Macquarie Group Ltd. | 9704 | &nbsp;&nbsp;&nbsp; 1410583 | &nbsp;&nbsp;&nbsp; 0.70% |
| Chipotle Mexican Grill Inc. | 35898 | &nbsp;&nbsp;&nbsp; 1406843 | &nbsp;&nbsp;&nbsp; 0.70% |
| Chevron Corp. | 8945 | &nbsp;&nbsp;&nbsp; 1389069 | &nbsp;&nbsp;&nbsp; 0.69% |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Core 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 — 41.3%** | **U.S. Government & Agency Obligations — 41.3%** | **U.S. Government & Agency Obligations — 41.3%** | **U.S. Government & Agency Obligations — 41.3%** | **U.S. Government & Agency Obligations — 41.3%** |
| U.S. Government Obligations — 41.3% | U.S. Government Obligations — 41.3% | U.S. Government Obligations — 41.3% | U.S. Government Obligations — 41.3% | U.S. Government Obligations — 41.3% |
| Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 2/25/36 | &nbsp;&nbsp; $4000000 | &nbsp;&nbsp; $3186925<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 5/15/40 | &nbsp;&nbsp; 3325000 | &nbsp;&nbsp; 2118843<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 21200000 | &nbsp;&nbsp; 13377531<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 39050000 | &nbsp;&nbsp; 27437964<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 19789000 | &nbsp;&nbsp; 15406819<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 12800000 | &nbsp;&nbsp; 9917500<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2122969<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 37405000 | &nbsp;&nbsp; 29276718<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 10314000 | &nbsp;&nbsp; 6884595<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 13320000 | &nbsp;&nbsp; 9631505<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 53193000 | &nbsp;&nbsp; 39839687<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 27195000 | &nbsp;&nbsp; 17364432<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 21250000 | &nbsp;&nbsp; 12712232<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 53230000 | &nbsp;&nbsp; 26125326<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 68475000 | &nbsp;&nbsp; 34450147<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 1199994<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/15/51 | &nbsp;&nbsp; 14350000 | &nbsp;&nbsp; 8410726<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 4890000 | &nbsp;&nbsp; 2767243<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/15/52 | &nbsp;&nbsp; 8835000 | &nbsp;&nbsp; 5482186<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp; 14885156<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 9950000 | &nbsp;&nbsp; 8220605<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/53 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp; 12658516<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 12230000 | &nbsp;&nbsp; 11292207<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 20275000 | &nbsp;&nbsp; 20347863<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 0.375% | &nbsp;&nbsp; 1/31/26 | &nbsp;&nbsp; 53700000 | &nbsp;&nbsp; 53065187<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 0.875% | &nbsp;&nbsp; 6/30/26 | &nbsp;&nbsp; 73300000 | &nbsp;&nbsp; 71743911<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 12/31/26 | &nbsp;&nbsp; 176185000 | &nbsp;&nbsp; 170971714<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 34250000 | &nbsp;&nbsp; 32448530<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 123565000 | &nbsp;&nbsp; 122773412<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp; 6632391<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 0.375% | &nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp; 26545000 | &nbsp;&nbsp; 24905120<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 14230000 | &nbsp;&nbsp; 14190812<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 5/31/28 | &nbsp;&nbsp; 30170000 | &nbsp;&nbsp; 28366871<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/31/28 | &nbsp;&nbsp; 59100000 | &nbsp;&nbsp; 59890694<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 12/31/28 | &nbsp;&nbsp; 38040000 | &nbsp;&nbsp; 35422521<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 36853000 | &nbsp;&nbsp; 37274074<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 27250000 | &nbsp;&nbsp; 27273950<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 9950000 | &nbsp;&nbsp; 9956024<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/31/30 | &nbsp;&nbsp; 32300000 | &nbsp;&nbsp; 32846955<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2077781<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 12400000 | &nbsp;&nbsp; 11529094<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 23300000 | &nbsp;&nbsp; 23112963<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 10250000 | &nbsp;&nbsp; 10095049<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 18030000 | &nbsp;&nbsp; 18177902<br>|
| **Total U.S. Government & Agency Obligations (Cost — $1,158,477,050)** | **Total U.S. Government & Agency Obligations (Cost — $1,158,477,050)** | **Total U.S. Government & Agency Obligations (Cost — $1,158,477,050)** | **Total U.S. Government & Agency Obligations (Cost — $1,158,477,050)** | &nbsp;&nbsp; **1127872644** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Corporate Bonds & Notes — 28.0%** | **Corporate Bonds & Notes — 28.0%** | **Corporate Bonds & Notes — 28.0%** | **Corporate Bonds & Notes — 28.0%** | **Corporate Bonds & Notes — 28.0%** |
| **Communication Services — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** |
| 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% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; $17800000<br>| &nbsp;&nbsp; $15164154<br>|
| Orange SA, Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3645930<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4375726<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 23185810 |
| Media — 0.7% | Media — 0.7% | Media — 0.7% | Media — 0.7% | Media — 0.7% |
| 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; 4512385<br>|
| 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; 6262326<br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 1335000<br>| &nbsp;&nbsp; 1348256<br>|
| 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; 1080988<br>|
| Paramount Global, Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/19/32 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp; 6523737<br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 19727692 |
| 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% |
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp; 3975347<br>|
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5669977<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2942631<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5108905<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 17696860 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **60610362** |
| **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** |
| Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% |
| General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 4/6/29 | &nbsp;&nbsp; 5900000<br>| &nbsp;&nbsp; 5858739<br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/8/29 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2663810<br> <sup>(a)</sup><br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/19/29 | &nbsp;&nbsp; 885000<br>| &nbsp;&nbsp; 909331<br> <sup>(a)</sup><br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 1415000<br>| &nbsp;&nbsp; 1408880<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 10840760 |
| Broadline Retail — 0.2% | Broadline Retail — 0.2% | Broadline Retail — 0.2% | Broadline Retail — 0.2% | Broadline Retail — 0.2% |
| Dollar Tree Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4987666<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% |
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1438577<br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp; 6627816<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 725000<br>| &nbsp;&nbsp; 729508<br> <sup>(b)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 8795901 |
| Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% |
| NVR Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2363837<br>|
| Toll Brothers Finance Corp., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp; 4505214<br>|
| Total Household Durables | Total Household Durables | Total Household Durables | Total Household Durables | &nbsp;&nbsp; 6869051 |
| Leisure Products — 0.2% | Leisure Products — 0.2% | Leisure Products — 0.2% | Leisure Products — 0.2% | Leisure Products — 0.2% |
| Brunswick Corp., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 3/18/29 | &nbsp;&nbsp; 5600000<br>| &nbsp;&nbsp; 5801374<br>|
| Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% |
| Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp; 5957256<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| 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% |
| PVH Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/13/30 | &nbsp;&nbsp; $435000<br>| &nbsp;&nbsp; $443340<br>|
| Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/11/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2046367<br>|
| Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/11/35 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1839811<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 4329518 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **47581526** |
| **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** |
| Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% |
| 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 2/10/28 | &nbsp;&nbsp; 5482000<br>| &nbsp;&nbsp; 5126919<br> <sup>(a)</sup><br>|
| 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 712000<br>| &nbsp;&nbsp; 619075<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; 5745994 |
| Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% |
| 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; 3866333<br>|
| 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; 4955900<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp; 3079758<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 9440000<br>| &nbsp;&nbsp; 9653868<br> <sup>(a)</sup><br>|
| McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp; 3889580<br>|
| McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4907354<br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 30352793 |
| 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% |
| Haleon US Capital LLC, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/24/32 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp; 6162291<br>|
| Kenvue Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 5/22/32 | &nbsp;&nbsp; 4800000<br>| &nbsp;&nbsp; 4871577<br>|
| Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 11033868 |
| Tobacco — 0.5% | Tobacco — 0.5% | Tobacco — 0.5% | Tobacco — 0.5% | Tobacco — 0.5% |
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 1925000<br>| &nbsp;&nbsp; 1905806<br>|
| Imperial Brands Finance PLC, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/26/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 993433<br> <sup>(a)</sup><br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp; 3760667<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5164953<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 11824859 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **58957514** |
| **Energy — 2.5%** | **Energy — 2.5%** | **Energy — 2.5%** | **Energy — 2.5%** | **Energy — 2.5%** |
| Oil, Gas & Consumable Fuels — 2.5% | Oil, Gas & Consumable Fuels — 2.5% | Oil, Gas & Consumable Fuels — 2.5% | Oil, Gas & Consumable Fuels — 2.5% | Oil, Gas & Consumable Fuels — 2.5% |
| Aker BP ASA, Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 4700000<br>| &nbsp;&nbsp; 4299845<br> <sup>(a)</sup><br>|
| Boardwalk Pipelines LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 3950000<br>| &nbsp;&nbsp; 4010335<br>|
| Canadian Natural Resources Ltd., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 6300000<br>| &nbsp;&nbsp; 5905999<br>|
| Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2784531<br>|
| DT Midstream Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1546956<br> <sup>(a)</sup><br>|
| DT Midstream Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 12/15/34 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp; 3714123<br> <sup>(a)</sup><br>|
| Eastern Energy Gas Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 6825000<br>| &nbsp;&nbsp; 7185107<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 5800000<br>| &nbsp;&nbsp; 6288305<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2360855<br>|
| Hess Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp; 5341615<br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp; 3636568<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 9000000<br>| &nbsp;&nbsp; 9077492<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/30/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5451332<br>|
| Var Energi ASA, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 3800000<br>| &nbsp;&nbsp; 4415370<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Core Bond 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 |
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; $1864000<br>| &nbsp;&nbsp; $1896331<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **67914764** |
| **Financials — 8.4%** | **Financials — 8.4%** | **Financials — 8.4%** | **Financials — 8.4%** | **Financials — 8.4%** |
| Banks — 4.4% | Banks — 4.4% | Banks — 4.4% | Banks — 4.4% | Banks — 4.4% |
| 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; 2487641<br> <sup>(c)</sup><br>|
| 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; 5501407<br> <sup>(c)</sup><br>|
| 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; 2780933<br>|
| 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; 2733633<br> <sup>(c)</sup><br>|
| 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; 8141280<br> <sup>(c)</sup><br>|
| 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; 1044823<br> <sup>(c)</sup><br>|
| 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; 1072941<br> <sup>(c)</sup><br>|
| BNP Paribas SA, Senior Notes (5.176% to 1/9/29 then SOFR + 1.520%) | &nbsp;&nbsp; 5.176% | &nbsp;&nbsp; 1/9/30 | &nbsp;&nbsp; 4400000<br>| &nbsp;&nbsp; 4517925<br> <sup>(a)(c)</sup><br>|
| 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; 3612290<br> <sup>(a)(c)</sup><br>|
| 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; 4446801<br> <sup>(a)(c)</sup><br>|
| 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; 1639331<br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/29/27 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1506497<br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2298113<br>|
| 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; 4163259<br> <sup>(a)(c)</sup><br>|
| 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; 3034477<br> <sup>(c)</sup><br>|
| 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; 5243329<br> <sup>(c)</sup><br>|
| 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; 3928759<br> <sup>(c)</sup><br>|
| 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; 1176878<br> <sup>(c)</sup><br>|
| Huntington Bancshares Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 2/4/30 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp; 4260568<br>|
| 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; 9107899<br> <sup>(c)</sup><br>|
| 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; 1855638<br>|
| 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; 1351641<br> <sup>(c)</sup><br>|
| 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; 1636020<br>|
| 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; 4690513<br> <sup>(c)</sup><br>|
| 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; 1763592<br>|
| 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; 3113180<br> <sup>(c)</sup><br>|
| 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; 2814477<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Core 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 |
| 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; $1997150<br>|
| 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; 1107629<br> <sup>(c)</sup><br>|
| 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; 4222856<br> <sup>(a)(c)</sup><br>|
| 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; 2827653<br> <sup>(c)</sup><br>|
| 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; 5147169<br> <sup>(c)</sup><br>|
| 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; 9754460<br> <sup>(c)</sup><br>|
| 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; 1862278<br> <sup>(c)</sup><br>|
| 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; 2317622<br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 119160662 |
| Capital Markets — 1.8% | Capital Markets — 1.8% | Capital Markets — 1.8% | Capital Markets — 1.8% | Capital Markets — 1.8% |
| 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; 5624474<br> <sup>(c)</sup><br>|
| 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; 2482226<br> <sup>(c)</sup><br>|
| Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5338948<br>|
| 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; 5234511<br>|
| 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; 8834295<br> <sup>(c)</sup><br>|
| 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; 2056167<br> <sup>(c)</sup><br>|
| 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; 4173433<br> <sup>(c)</sup><br>|
| 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; 1041891<br> <sup>(c)</sup><br>|
| 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; 455175<br> <sup>(c)</sup><br>|
| MSCI Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5863945<br> <sup>(a)</sup><br>|
| MSCI Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 4300000<br>| &nbsp;&nbsp; 3844355<br> <sup>(a)</sup><br>|
| 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; 3587833<br> <sup>(a)(c)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 48537253 |
| Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% |
| 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; 9320088<br> <sup>(c)</sup><br>|
| Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% |
| 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; 1842907<br>|
| 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; 3146551<br>|
| Corebridge Financial Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 4/5/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1433247<br>|
| Corebridge Financial Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2563003<br>|
| SMBC Aviation Capital Finance DAC, Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 6134699<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 15120407 |
| Insurance — 1.4% | Insurance — 1.4% | Insurance — 1.4% | Insurance — 1.4% | Insurance — 1.4% |
| AIA Group Ltd., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/4/33 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 616248<br> <sup>(a)</sup><br>|
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5189435<br>|
| Athene Global Funding, Secured Notes | &nbsp;&nbsp; 2.673% | &nbsp;&nbsp; 6/7/31 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5365103<br> <sup>(a)</sup><br>|
| Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 5.543% | &nbsp;&nbsp; 8/22/35 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1267369<br> <sup>(a)</sup><br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp; 6233489<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin U.S. Core 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 |
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/23/32 | &nbsp;&nbsp; $715000<br>| &nbsp;&nbsp; $733696<br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/23/35 | &nbsp;&nbsp; 1280000<br>| &nbsp;&nbsp; 1317723<br>|
| Corebridge Global Funding, Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 9/19/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2093707<br> <sup>(a)</sup><br>|
| Five Corners Funding Trust II, Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp; 6561539<br> <sup>(a)</sup><br>|
| Metropolitan Life Global Funding I, Secured Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 8/25/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1406141<br> <sup>(a)</sup><br>|
| Reinsurance Group of America Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp; 2225454<br>|
| RGA Global Funding, Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/11/31 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2193050<br> <sup>(a)</sup><br>|
| Sammons Financial Group Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2755142<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 37958096 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **230096506** |
| **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** |
| Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/14/35 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4908392<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp; 3522907<br>|
| Regeneron Pharmaceuticals Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 8000000<br>| &nbsp;&nbsp; 7058203<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 15489502 |
| 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% |
| Baxter International Inc., Senior Notes | &nbsp;&nbsp; 2.539% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 6400000<br>| &nbsp;&nbsp; 5612558<br>|
| Health Care Providers & Services — 1.2% | Health Care Providers & Services — 1.2% | Health Care Providers & Services — 1.2% | Health Care Providers & Services — 1.2% | Health Care Providers & Services — 1.2% |
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5216181<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2604763<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 1478000<br>| &nbsp;&nbsp; 1496671<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2047954<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1364555<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4540768<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3549572<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp; 6099712<br>|
| Icon Investments Six DAC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/8/34 | &nbsp;&nbsp; 365000<br>| &nbsp;&nbsp; 383329<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2720185<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1979509<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp; 1950748<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 33953947 |
| 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% |
| Bio-Rad Laboratories Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 493337<br>|
| IQVIA Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 5200000<br>| &nbsp;&nbsp; 5478408<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 5971745 |
| Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% |
| Bayer US Finance II LLC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 5500000<br>| &nbsp;&nbsp; 5481538<br> <sup>(a)</sup><br>|
| Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/19/33 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1717974<br>|
| Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 9/2/30 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4490132<br>|
| Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 9/2/31 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2264603<br>|
| Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/25/35 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1249420<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 15203667 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **76231419** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Industrials — 1.9%** | **Industrials — 1.9%** | **Industrials — 1.9%** | **Industrials — 1.9%** | **Industrials — 1.9%** |
| Aerospace & Defense — 1.0% | Aerospace & Defense — 1.0% | Aerospace & Defense — 1.0% | Aerospace & Defense — 1.0% | Aerospace & Defense — 1.0% |
| Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/10/30 | &nbsp;&nbsp; $2735000<br>| &nbsp;&nbsp; $2751351<br> <sup>(a)</sup><br>|
| Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 5300000<br>| &nbsp;&nbsp; 5237918<br> <sup>(a)</sup><br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1810017<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5531301<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/39 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4050820<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/15/39 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 3172980<br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 4350000<br>| &nbsp;&nbsp; 4466765<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 27021152 |
| Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% |
| Carlisle Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 705000<br>| &nbsp;&nbsp; 713846<br>|
| Owens Corning, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp; 7379236<br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 8093082 |
| Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% |
| Essex Portfolio LP, Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3570299<br>|
| Ingersoll Rand Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/14/33 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp; 4463521<br>|
| Westinghouse Air Brake Technologies Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2028337<br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 10062157 |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| American Airlines Group Inc. Pass-Through Trust | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 3527563<br>| &nbsp;&nbsp; 3347825<br>|
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 641720<br>| &nbsp;&nbsp; 640947<br> <sup>(a)</sup><br>|
| United Airlines Inc. Pass-Through Trust | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 673800<br>| &nbsp;&nbsp; 673912<br>|
| United Airlines Inc. Pass-Through Trust | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 36878<br>| &nbsp;&nbsp; 37934<br>|
| United Airlines Inc. Pass-Through Trust | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 750883<br>| &nbsp;&nbsp; 713544<br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 5414162 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **50590553** |
| **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** |
| Communications Equipment — 0.3% | Communications Equipment — 0.3% | Communications Equipment — 0.3% | Communications Equipment — 0.3% | Communications Equipment — 0.3% |
| Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp; 7258707<br>|
| Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% |
| Flex Ltd., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/12/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3030517<br>|
| 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% |
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/25/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2076751<br> <sup>(a)</sup><br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 1530000<br>| &nbsp;&nbsp; 1614774<br> <sup>(a)</sup><br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp; 3857519<br> <sup>(a)</sup><br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/5/32 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp; 4438998<br>|
| Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 6080223<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 18068265 |
| Software — 0.4% | Software — 0.4% | Software — 0.4% | Software — 0.4% | Software — 0.4% |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4592325<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/26/32 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp; 951464<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 4265000<br>| &nbsp;&nbsp; 4359812<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 9903601 |
| 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%†† |
| Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1111874<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **39372964** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **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% |
| Syensqo Finance America LLC, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 6/4/34 | &nbsp;&nbsp; $3000000<br>| &nbsp;&nbsp; $3137638<br> <sup>(a)</sup><br>|
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Amcor Flexibles North America Inc., Senior Notes | &nbsp;&nbsp; 2.630% | &nbsp;&nbsp; 6/19/30 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3230315<br>|
| Software — 0.1% | Software — 0.1% | Software — 0.1% | Software — 0.1% | Software — 0.1% |
| Sabine Pass Liquefaction LLC, Senior Secured Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 999123<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **7367076** |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| Diversified REITs — 0.2% | Diversified REITs — 0.2% | Diversified REITs — 0.2% | Diversified REITs — 0.2% | Diversified REITs — 0.2% |
| VICI Properties LP, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5059345<br>|
| VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1953915<br> <sup>(a)</sup><br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 7013260 |
| Health Care REITs — 0.1% | Health Care REITs — 0.1% | Health Care REITs — 0.1% | Health Care REITs — 0.1% | Health Care REITs — 0.1% |
| Alexandria Real Estate Equities Inc., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3287439<br>|
| Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% |
| Simon Property Group LP, Senior Notes | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1798965<br>|
| Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% |
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 7750000<br>| &nbsp;&nbsp; 7964985<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **20064649** |
| **Technology — 0.2%** | **Technology — 0.2%** | **Technology — 0.2%** | **Technology — 0.2%** | **Technology — 0.2%** |
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
| Fiserv Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1749825<br>|
| Fiserv Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 4700000<br>| &nbsp;&nbsp; 4353164<br>|
| **Total Technology** | **Total Technology** | **Total Technology** | **Total Technology** | &nbsp;&nbsp; **6102989** |
| **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% |
| 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; 2732254<br> <sup>(c)</sup><br>|
| 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; 913555<br> <sup>(c)</sup><br>|
| Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 9300000<br>| &nbsp;&nbsp; 9940817<br>|
| Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 1143446<br>|
| Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp; 3591202<br>|
| Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 3837208<br>|
| Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 518168<br>|
| Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/23/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 620914<br> <sup>(a)</sup><br>|
| Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2651424<br> <sup>(a)</sup><br>|
| Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/12/31 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3127020<br> <sup>(a)</sup><br>|
| Exelon Corp., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4453610<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 4010000<br>| &nbsp;&nbsp; 4166992<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 2/28/33 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5109762<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 6209141<br>|
| Pacific Gas and Electric Co., Senior Secured Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4600405<br>|
| Southern Co., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5851448<br>|
| Southern Power Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 2790000<br>| &nbsp;&nbsp; 2753070<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 9000000<br>| &nbsp;&nbsp; 9163583<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; $6640000<br>| &nbsp;&nbsp; $6608015<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 9/15/47 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1241196<br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp; 6949009<br> <sup>(a)</sup><br>|
| Wisconsin Electric Power Co., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99657<br>|
| Xcel Energy Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 7500000<br>| &nbsp;&nbsp; 7446568<br>|
| Xcel Energy Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp; 3415996<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 97144460 |
| Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% |
| Public Service Enterprise Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4438853<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **101583313** |
| **Total Corporate Bonds & Notes (Cost — $753,870,985)** | **Total Corporate Bonds & Notes (Cost — $753,870,985)** | **Total Corporate Bonds & Notes (Cost — $753,870,985)** | **Total Corporate Bonds & Notes (Cost — $753,870,985)** | &nbsp;&nbsp; **766473635** |
| **Mortgage-Backed Securities — 26.5%** | **Mortgage-Backed Securities — 26.5%** | **Mortgage-Backed Securities — 26.5%** | **Mortgage-Backed Securities — 26.5%** | **Mortgage-Backed Securities — 26.5%** |
| FHLMC — 7.6% | FHLMC — 7.6% | FHLMC — 7.6% | FHLMC — 7.6% | FHLMC — 7.6% |
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/1/37- <br>8/1/52<br>| &nbsp;&nbsp; 75998384 | &nbsp;&nbsp; 62386361<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/37- <br>9/1/52<br>| &nbsp;&nbsp; 22277798 | &nbsp;&nbsp; 19962598<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/1/37- <br>7/1/52<br>| &nbsp;&nbsp; 25625754 | &nbsp;&nbsp; 21977868<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/39- <br>1/1/54<br>| &nbsp;&nbsp; 16582255 | &nbsp;&nbsp; 15890479<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/40- <br>11/1/54<br>| &nbsp;&nbsp; 15641033 | &nbsp;&nbsp; 15806361<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/1/47- <br>8/1/53<br>| &nbsp;&nbsp; 20336774 | &nbsp;&nbsp; 18748570<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/1/52- <br>2/1/53<br>| &nbsp;&nbsp; 17257791 | &nbsp;&nbsp; 16821191<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/54- <br>9/1/55<br>| &nbsp;&nbsp; 3062991 | &nbsp;&nbsp; 3040703<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/55- <br>9/1/55<br>| &nbsp;&nbsp; 29497869 | &nbsp;&nbsp; 30155241<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) Gold | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 4042124<br>| &nbsp;&nbsp; 3892495<br>|
| Total FHLMC | Total FHLMC | Total FHLMC | Total FHLMC | &nbsp;&nbsp; 208681867 |
| FNMA — 11.8% | FNMA — 11.8% | FNMA — 11.8% | FNMA — 11.8% | FNMA — 11.8% |
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/1/36- <br>3/1/52<br>| &nbsp;&nbsp; 70806453 | &nbsp;&nbsp; 58406994<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/1/37- <br>4/1/52<br>| &nbsp;&nbsp; 64780520 | &nbsp;&nbsp; 55268242<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/37- <br>3/1/53<br>| &nbsp;&nbsp; 31570903 | &nbsp;&nbsp; 28531524<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/39- <br>12/1/52<br>| &nbsp;&nbsp; 22793864 | &nbsp;&nbsp; 21020455<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/47- <br>9/1/55<br>| &nbsp;&nbsp; 17635191 | &nbsp;&nbsp; 17334434<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/49- <br>10/1/52<br>| &nbsp;&nbsp; 8677442 | &nbsp;&nbsp; 8213355<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 9/1/51 | &nbsp;&nbsp; 3757592<br>| &nbsp;&nbsp; 2890360<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| FNMA — continued | FNMA — continued | FNMA — continued | FNMA — continued | FNMA — continued |
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52- <br>6/1/55<br>| &nbsp;&nbsp; $32647130 | &nbsp;&nbsp; $32469223<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/53- <br>5/1/55<br>| &nbsp;&nbsp; 61735449 | &nbsp;&nbsp; 62401866<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/53- <br>10/1/55<br>| &nbsp;&nbsp; 34322428 | &nbsp;&nbsp; 35104584<br>|
| Total FNMA | Total FNMA | Total FNMA | Total FNMA | &nbsp;&nbsp; 321641037 |
| GNMA — 7.1% | GNMA — 7.1% | GNMA — 7.1% | GNMA — 7.1% | GNMA — 7.1% |
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/20/45- <br>6/20/52<br>| &nbsp;&nbsp; 25629532 | &nbsp;&nbsp; 23067499<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/20/46- <br>6/20/52<br>| &nbsp;&nbsp; 33973531 | &nbsp;&nbsp; 29304488<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/20/47- <br>6/20/52<br>| &nbsp;&nbsp; 12533664 | &nbsp;&nbsp; 11574281<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/20/50- <br>5/20/52<br>| &nbsp;&nbsp; 19224722 | &nbsp;&nbsp; 15910719<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/20/52 | &nbsp;&nbsp; 5864293<br>| &nbsp;&nbsp; 5575452<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/20/53- <br>7/20/55<br>| &nbsp;&nbsp; 11982973 | &nbsp;&nbsp; 11672696<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/20/53- <br>9/20/54<br>| &nbsp;&nbsp; 34844429 | &nbsp;&nbsp; 35198538<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/20/53- <br>6/20/55<br>| &nbsp;&nbsp; 31292799 | &nbsp;&nbsp; 31192745<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/55- <br>9/20/55<br>| &nbsp;&nbsp; 30946215 | &nbsp;&nbsp; 31507021<br>|
| Total GNMA | Total GNMA | Total GNMA | Total GNMA | &nbsp;&nbsp; 195003439 |
| **Total Mortgage-Backed Securities (Cost — $738,016,023)** | **Total Mortgage-Backed Securities (Cost — $738,016,023)** | **Total Mortgage-Backed Securities (Cost — $738,016,023)** | **Total Mortgage-Backed Securities (Cost — $738,016,023)** | &nbsp;&nbsp; **725326343** |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 2.0%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 2.0%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 2.0%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 2.0%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 2.0%** |
| BANK, 2022-BNK40 A4 | &nbsp;&nbsp; 3.504% | &nbsp;&nbsp; 3/15/64 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2611530<br> <sup>(c)</sup><br>|
| BANK5, 2025-5YR15 XA, IO | &nbsp;&nbsp; 1.439% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; 19949122<br>| &nbsp;&nbsp; 1004694<br> <sup>(c)</sup><br>|
| BANK5, 2025-5YR17 AS | &nbsp;&nbsp; 5.626% | &nbsp;&nbsp; 11/15/58 | &nbsp;&nbsp; 2219000<br>| &nbsp;&nbsp; 2290970<br> <sup>(b)(c)</sup><br>|
| BBCMS Mortgage Trust, 2025-5C37 AS | &nbsp;&nbsp; 5.382% | &nbsp;&nbsp; 9/15/58 | &nbsp;&nbsp; 4118000<br>| &nbsp;&nbsp; 4216759<br>|
| Benchmark Mortgage Trust, 2022-B32 A5 | &nbsp;&nbsp; 3.002% | &nbsp;&nbsp; 1/15/55 | &nbsp;&nbsp; 5560000<br>| &nbsp;&nbsp; 4959357<br> <sup>(c)</sup><br>|
| Benchmark Mortgage Trust, 2025-V17 AM | &nbsp;&nbsp; 5.425% | &nbsp;&nbsp; 9/15/58 | &nbsp;&nbsp; 1809000<br>| &nbsp;&nbsp; 1854734<br>|
| BMO Mortgage Trust, 2024-5C8 AS | &nbsp;&nbsp; 5.940% | &nbsp;&nbsp; 12/15/57 | &nbsp;&nbsp; 3280000<br>| &nbsp;&nbsp; 3414380<br> <sup>(c)</sup><br>|
| BMO Mortgage Trust, 2025-5C11 XA, IO | &nbsp;&nbsp; 1.332% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; 58207580<br>| &nbsp;&nbsp; 2744167<br> <sup>(c)</sup><br>|
| BX Commercial Mortgage Trust, 2021-VOLT B (1 mo. Term SOFR + 1.064%) | &nbsp;&nbsp; 5.215% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 3090562<br>| &nbsp;&nbsp; 3081966<br> <sup>(a)(c)</sup><br>|
| BX Commercial Mortgage Trust, 2022-LP2 A (1 mo. Term SOFR + 1.013%) | &nbsp;&nbsp; 5.163% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 1161289<br>| &nbsp;&nbsp; 1160886<br> <sup>(a)(c)</sup><br>|
| BX Mortgage Trust, 2021-PAC A (1 mo. Term SOFR + 0.804%) | &nbsp;&nbsp; 4.954% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 3090000<br>| &nbsp;&nbsp; 3083107<br> <sup>(a)(c)</sup><br>|
| BX Trust, 2022-IND A (1 mo. Term SOFR + 1.491%) | &nbsp;&nbsp; 5.641% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 2587449<br>| &nbsp;&nbsp; 2590527<br> <sup>(a)(c)</sup><br>|
| CFCRE Commercial Mortgage Trust, 2016-C7 A3 | &nbsp;&nbsp; 3.839% | &nbsp;&nbsp; 12/10/54 | &nbsp;&nbsp; 1870000<br>| &nbsp;&nbsp; 1850365<br>|
| Citigroup Commercial Mortgage Trust, 2016-P4 A2 | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 7/10/49 | &nbsp;&nbsp; 1195500<br>| &nbsp;&nbsp; 1186053<br>|
| CSAIL Commercial Mortgage Trust, 2015-C3 A4 | &nbsp;&nbsp; 3.718% | &nbsp;&nbsp; 8/15/48 | &nbsp;&nbsp; 75517<br>| &nbsp;&nbsp; 75351<br>|
| GS Mortgage Securities Trust, 2016-GS2 A4 | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 5/10/49 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 844246<br>|
| JPMBB Commercial Mortgage Securities Trust, 2016-C1 A5 | &nbsp;&nbsp; 3.576% | &nbsp;&nbsp; 3/17/49 | &nbsp;&nbsp; 2773000<br>| &nbsp;&nbsp; 2762573<br>|
| Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C27 AS | &nbsp;&nbsp; 4.068% | &nbsp;&nbsp; 12/15/47 | &nbsp;&nbsp; 1304000<br>| &nbsp;&nbsp; 1288435<br>|
| SCG Commercial Mortgage Trust, 2025-FLWR A (1 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3006726<br> <sup>(a)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| 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** |
| Wells Fargo Commercial Mortgage Trust, 2015-C31 A4 | &nbsp;&nbsp; 3.695% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; $320275<br>| &nbsp;&nbsp; $319633<br>|
| Wells Fargo Commercial Mortgage Trust, 2016-C32 B | &nbsp;&nbsp; 4.853% | &nbsp;&nbsp; 1/15/59 | &nbsp;&nbsp; 1801000<br>| &nbsp;&nbsp; 1770376<br> <sup>(c)</sup><br>|
| Wells Fargo Commercial Mortgage Trust, 2016-LC24 AS | &nbsp;&nbsp; 3.367% | &nbsp;&nbsp; 10/15/49 | &nbsp;&nbsp; 4903790<br>| &nbsp;&nbsp; 4823221<br>|
| Wells Fargo Commercial Mortgage Trust, 2025-5C5 XA, IO | &nbsp;&nbsp; 1.533% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; 65217238<br>| &nbsp;&nbsp; 3578959<br> <sup>(c)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $54,945,776)** | **Total Collateralized Mortgage Obligations (Cost — $54,945,776)** | **Total Collateralized Mortgage Obligations (Cost — $54,945,776)** | **Total Collateralized Mortgage Obligations (Cost — $54,945,776)** | &nbsp;&nbsp; **54519015** |
| **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** |
| California — 0.6% | California — 0.6% | California — 0.6% | California — 0.6% | California — 0.6% |
| Golden State Tobacco Securitization Corp., CA, Subordinated Bond, <br> Series 2021, Refunding  | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 4330000 | &nbsp;&nbsp; 3947665<br>|
| San Bernardino, CA, Community College District, GO: |  |  |  |  |
| Refunding | &nbsp;&nbsp; 2.686% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 6140000 | &nbsp;&nbsp; 4680976<br>|
| Refunding | &nbsp;&nbsp; 2.856% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 3575000 | &nbsp;&nbsp; 2411908<br>|
| Whittier, CA, City School District, GO, Refunding  | &nbsp;&nbsp; 3.306% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 5983077<br>|
| Total California | Total California | Total California | Total California | &nbsp;&nbsp; 17023626 |
| Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% |
| Greenville, OH, City School District, Refunding, SD Credit Program | &nbsp;&nbsp; 3.541% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 1295000 | &nbsp;&nbsp; 999719<br>|
| **Total Municipal Bonds (Cost — $22,722,136)** | **Total Municipal Bonds (Cost — $22,722,136)** | **Total Municipal Bonds (Cost — $22,722,136)** | **Total Municipal Bonds (Cost — $22,722,136)** | &nbsp;&nbsp; **18023345** |
| **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%** |
| New Economy Assets - Phase 1 Sponsor LLC, 2021-1 A1 (Cost — $6,547,346) | &nbsp;&nbsp; 1.910% | &nbsp;&nbsp; 10/20/61 | &nbsp;&nbsp; 6660000<br>| &nbsp;&nbsp; **5577405**<br> <sup>(a)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $2,734,579,316)** | **Total Investments before Short-Term Investments (Cost — $2,734,579,316)** | **Total Investments before Short-Term Investments (Cost — $2,734,579,316)** | **Total Investments before Short-Term Investments (Cost — $2,734,579,316)** | &nbsp;&nbsp; **2697792387** |
|  |  |  | Shares |  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $25,829,117)  | &nbsp;&nbsp; 4.032% |  | &nbsp;&nbsp; 25829117<br>| &nbsp;&nbsp; **25829117**<br> <sup>(e)(f)(g)</sup><br>|
| **Total Investments — 99.7% (Cost — $2,760,408,433)** | **Total Investments — 99.7% (Cost — $2,760,408,433)** | **Total Investments — 99.7% (Cost — $2,760,408,433)** | **Total Investments — 99.7% (Cost — $2,760,408,433)** | &nbsp;&nbsp; **2723621504** |
| Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp; 8448425 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2732069929** |

---

&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> | Securities traded on a when-issued or delayed delivery basis. |
| <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> | 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>(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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $25,829,117 and the cost was $25,829,117 (Note 6).<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;

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

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

---

| | | |
|:---|:---|:---|
| **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 September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp; 12/2025 | &nbsp;&nbsp;&nbsp; $82584121 | &nbsp;&nbsp;&nbsp; $82525781 | &nbsp;&nbsp;&nbsp; $(58340) |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 12/2025 | &nbsp;&nbsp;&nbsp; 29543908 | &nbsp;&nbsp;&nbsp; 29482735 | &nbsp;&nbsp;&nbsp; (61173) |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 12/2025 | &nbsp;&nbsp;&nbsp; 14614752 | &nbsp;&nbsp;&nbsp; 14625000 | &nbsp;&nbsp;&nbsp; 10248 |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 12/2025 | &nbsp;&nbsp;&nbsp; 2742000 | &nbsp;&nbsp;&nbsp; 2798250 | &nbsp;&nbsp;&nbsp; 56250 |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp; 12/2025 | &nbsp;&nbsp;&nbsp; 46858515 | &nbsp;&nbsp;&nbsp; 47182031 | &nbsp;&nbsp;&nbsp; 323516 |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 12/2025 | &nbsp;&nbsp;&nbsp; 6649407 | &nbsp;&nbsp;&nbsp; 6843563 | &nbsp;&nbsp;&nbsp; 194156 |
| **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; **$464657** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 — 94.8%** | **U.S. Government & Agency Obligations — 94.8%** | **U.S. Government & Agency Obligations — 94.8%** | **U.S. Government & Agency Obligations — 94.8%** | **U.S. Government & Agency Obligations — 94.8%** |
| U.S. Government Obligations — 94.8% | U.S. Government Obligations — 94.8% | U.S. Government Obligations — 94.8% | U.S. Government Obligations — 94.8% | U.S. Government Obligations — 94.8% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; $2200000 | &nbsp;&nbsp; $2359758<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp; 6558652<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/39 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2462500<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/15/40 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp; 4702314<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2036426<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 75610000 | &nbsp;&nbsp; 62756300<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 14850000 | &nbsp;&nbsp; 13455492<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/45 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 7548633<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 65800000 | &nbsp;&nbsp; 50755961<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/15/52 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 620508<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 37000000 | &nbsp;&nbsp; 32750781<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/53 | &nbsp;&nbsp; 20630000 | &nbsp;&nbsp; 18653227<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 15500000 | &nbsp;&nbsp; 15240859<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 15053906<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/25 | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp; 30013819<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 14600000 | &nbsp;&nbsp; 14716344<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/30/27 | &nbsp;&nbsp; 5200000 | &nbsp;&nbsp; 5207820<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 10/31/27 | &nbsp;&nbsp; 190900000 | &nbsp;&nbsp; 192861200<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 2/29/28 | &nbsp;&nbsp; 28303000 | &nbsp;&nbsp; 26692714<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 111000000 | &nbsp;&nbsp; 104589316<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7463281<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 16112188<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 26400000 | &nbsp;&nbsp; 26180859<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp; 18208828<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 8200000 | &nbsp;&nbsp; 8253332<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/31/30 | &nbsp;&nbsp; 8100000 | &nbsp;&nbsp; 8237162<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 65000000 | &nbsp;&nbsp; 64942871<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 7579834<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/30/31 | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 16351875<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 6920313<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 8/31/31 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 14934961<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 28630000 | &nbsp;&nbsp; 24786199<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 19784000 | &nbsp;&nbsp; 17555595<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 14500000 | &nbsp;&nbsp; 14670488<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp; 11903672<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 21900000 | &nbsp;&nbsp; 22411143<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10394531<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 25900000 | &nbsp;&nbsp; 26142813<br>|
| U.S. Treasury Strip Coupon (STRIPS) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 32100000 | &nbsp;&nbsp; 28356942<br>|
| U.S. Treasury Strip Coupon (STRIPS) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 70200000 | &nbsp;&nbsp; 57052219<br>|
| **Total U.S. Government & Agency Obligations (Cost — $1,010,244,712)** | **Total U.S. Government & Agency Obligations (Cost — $1,010,244,712)** | **Total U.S. Government & Agency Obligations (Cost — $1,010,244,712)** | **Total U.S. Government & Agency Obligations (Cost — $1,010,244,712)** | &nbsp;&nbsp; **1017495636** |
| **U.S. Treasury Inflation Protected Securities**<sup>(a)</sup> **— 3.6%** | **U.S. Treasury Inflation Protected Securities**<sup>(a)</sup> **— 3.6%** | **U.S. Treasury Inflation Protected Securities**<sup>(a)</sup> **— 3.6%** | **U.S. Treasury Inflation Protected Securities**<sup>(a)</sup> **— 3.6%** | **U.S. Treasury Inflation Protected Securities**<sup>(a)</sup> **— 3.6%** |
| U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4944590<br>|
| U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5391550<br>|
| U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 15000000<br>| &nbsp;&nbsp; 15460496<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; $10000000<br>| &nbsp;&nbsp; $10562848<br>|
| U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 2550000<br>| &nbsp;&nbsp; 2587056<br>|
| **Total U.S. Treasury Inflation Protected Securities (Cost — $38,642,410)** | **Total U.S. Treasury Inflation Protected Securities (Cost — $38,642,410)** | **Total U.S. Treasury Inflation Protected Securities (Cost — $38,642,410)** | **Total U.S. Treasury Inflation Protected Securities (Cost — $38,642,410)** | &nbsp;&nbsp; **38946540** |
| **Total Investments before Short-Term Investments (Cost — $1,048,887,122)** | **Total Investments before Short-Term Investments (Cost — $1,048,887,122)** | **Total Investments before Short-Term Investments (Cost — $1,048,887,122)** | **Total Investments before Short-Term Investments (Cost — $1,048,887,122)** | &nbsp;&nbsp; **1056442176** |
|  |  |  | Shares |  |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $7,442,825)  | &nbsp;&nbsp; 4.032% |  | &nbsp;&nbsp; 7442825<br>| &nbsp;&nbsp; **7442825**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Investments — 99.1% (Cost — $1,056,329,947)** | **Total Investments — 99.1% (Cost — $1,056,329,947)** | **Total Investments — 99.1% (Cost — $1,056,329,947)** | **Total Investments — 99.1% (Cost — $1,056,329,947)** | &nbsp;&nbsp; **1063885001** |
| Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp; 10032296 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1073917297** |

---

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

<sup>(a)</sup> Principal amount of security, redemption price at maturity, and/or coupon payments are adjusted for inflation (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 voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2025, the total market value of investments in Affiliated Companies was $7,442,825 and the cost was $7,442,825 (Note 6). 

<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 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 — 83.8%** | **Corporate Bonds & Notes — 83.8%** | **Corporate Bonds & Notes — 83.8%** | **Corporate Bonds & Notes — 83.8%** | **Corporate Bonds & Notes — 83.8%** |
| **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** |
| Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% |
| Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; $150000<br>| &nbsp;&nbsp; $158200<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%†† |
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 68000<br>| &nbsp;&nbsp; 67732<br>|
| Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% |
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 299454<br>|
| Sprint LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 90203<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 389657 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **615589** |
| **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** |
| Automobiles — 6.0% | Automobiles — 6.0% | Automobiles — 6.0% | Automobiles — 6.0% | Automobiles — 6.0% |
| American Honda Finance Corp., Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 5.026% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 925000<br>| &nbsp;&nbsp; 925271<br> <sup>(a)</sup><br>|
| American Honda Finance Corp., Senior Notes (SOFR + 0.730%) | &nbsp;&nbsp; 4.999% | &nbsp;&nbsp; 8/13/27 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 370770<br> <sup>(a)</sup><br>|
| American Honda Finance Corp., Senior Notes (SOFR + 0.820%) | &nbsp;&nbsp; 5.052% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 370517<br> <sup>(a)</sup><br>|
| BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 595000<br>| &nbsp;&nbsp; 600191<br> <sup>(b)</sup><br>|
| BMW US Capital LLC, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 5.176% | &nbsp;&nbsp; 8/13/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 502786<br> <sup>(a)(b)</sup><br>|
| BMW US Capital LLC, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 5.073% | &nbsp;&nbsp; 3/21/28 | &nbsp;&nbsp; 488000<br>| &nbsp;&nbsp; 490852<br> <sup>(a)(b)</sup><br>|
| General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 804541<br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp; 750325<br> <sup>(b)</sup><br>|
| Hyundai Capital America, Senior Notes (SOFR + 1.040%) | &nbsp;&nbsp; 5.196% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 301102<br> <sup>(a)(b)</sup><br>|
| Hyundai Capital America, Senior Notes (SOFR + 1.040%) | &nbsp;&nbsp; 5.193% | &nbsp;&nbsp; 6/24/27 | &nbsp;&nbsp; 687000<br>| &nbsp;&nbsp; 690650<br> <sup>(a)(b)</sup><br>|
| Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 11/13/26 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 554372<br> <sup>(b)</sup><br>|
| Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp; 228357<br> <sup>(b)</sup><br>|
| Mercedes-Benz Finance North America LLC, Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 5.137% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp; 225819<br> <sup>(a)(b)</sup><br>|
| Toyota Motor Credit Corp., Senior Notes (SOFR + 0.450%) | &nbsp;&nbsp; 4.781% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 280314<br> <sup>(a)</sup><br>|
| Toyota Motor Credit Corp., Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.920% | &nbsp;&nbsp; 9/5/28 | &nbsp;&nbsp; 606000<br>| &nbsp;&nbsp; 610282<br> <sup>(a)</sup><br>|
| Toyota Motor Credit Corp., Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 441800<br> <sup>(a)</sup><br>|
| Volkswagen Group of America Finance LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 492407<br> <sup>(b)</sup><br>|
| Volkswagen Group of America Finance LLC, Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200554<br> <sup>(b)</sup><br>|
| Volkswagen Group of America Finance LLC, Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.983% | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 601119<br> <sup>(a)(b)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 9442029 |
| 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% |
| Hyatt Hotels Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 298000<br>| &nbsp;&nbsp; 298245<br>|
| Hyatt Hotels Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/30/27 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 560535<br>|
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp; 223394<br>|
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30382<br>|
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 215000<br>| &nbsp;&nbsp; 215746<br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/26 | &nbsp;&nbsp; 194000<br>| &nbsp;&nbsp; 194835<br> <sup>(b)</sup><br>|
| Starbucks Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300707<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1823844 |
| Household Durables — 0.4% | Household Durables — 0.4% | Household Durables — 0.4% | Household Durables — 0.4% | Household Durables — 0.4% |
| Lennar Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 625000<br>| &nbsp;&nbsp; 625660<br>|
| Specialty Retail — 0.4% | Specialty Retail — 0.4% | Specialty Retail — 0.4% | Specialty Retail — 0.4% | Specialty Retail — 0.4% |
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 119597<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 285000<br>| &nbsp;&nbsp; 284859<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Ultra Short Bond 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 |
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; $290000<br>| &nbsp;&nbsp; $289428<br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 693884 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **12585417** |
| **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** |
| 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% |
| Alimentation Couche-Tard Inc., Senior Notes | &nbsp;&nbsp; 4.148% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 410255<br> <sup>(b)</sup><br>|
| Kroger Co., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 52000<br>| &nbsp;&nbsp; 51291<br>|
| Target Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 257000<br>| &nbsp;&nbsp; 259629<br>|
| Walmart Inc., Senior Notes (SOFR + 0.430%) | &nbsp;&nbsp; 4.737% | &nbsp;&nbsp; 4/28/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 301039<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; 1022214 |
| Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% |
| Mars Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp; 428237<br> <sup>(b)</sup><br>|
| Mondelez International Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/6/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 552673<br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 980910 |
| 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% |
| Kenvue Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/22/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200840<br>|
| Tobacco — 0.8% | Tobacco — 0.8% | Tobacco — 0.8% | Tobacco — 0.8% | Tobacco — 0.8% |
| Cargill Inc., Senior Notes (SOFR + 0.610%) | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/11/28 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 330857<br> <sup>(a)(b)</sup><br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201587<br>|
| Philip Morris International Inc., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 5.133% | &nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 755134<br> <sup>(a)</sup><br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 1287578 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **3491542** |
| **Energy — 1.1%** | **Energy — 1.1%** | **Energy — 1.1%** | **Energy — 1.1%** | **Energy — 1.1%** |
| Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% |
| Chevron USA Inc., Senior Notes (SOFR + 0.470%) | &nbsp;&nbsp; 4.699% | &nbsp;&nbsp; 2/26/28 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp; 185282<br> <sup>(a)</sup><br>|
| Chevron USA Inc., Senior Notes (SOFR + 0.570%) | &nbsp;&nbsp; 4.826% | &nbsp;&nbsp; 8/13/28 | &nbsp;&nbsp; 305000<br>| &nbsp;&nbsp; 306119<br> <sup>(a)</sup><br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250078<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 354544<br>|
| Plains All American Pipeline LP/PAA Finance Corp., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 10/15/25 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 700005<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1796028** |
| **Financials — 58.9%** | **Financials — 58.9%** | **Financials — 58.9%** | **Financials — 58.9%** | **Financials — 58.9%** |
| Banks — 42.9% | Banks — 42.9% | Banks — 42.9% | Banks — 42.9% | Banks — 42.9% |
| 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; 406352<br> <sup>(a)(b)</sup><br>|
| 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; 713700<br> <sup>(a)(b)</sup><br>|
| ABN AMRO Bank NV, Senior Notes (6.575% to 10/13/25 then 1 year Treasury <br> Constant Maturity Rate + 1.550%) | &nbsp;&nbsp; 6.575% | &nbsp;&nbsp; 10/13/26 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 600357<br> <sup>(a)(b)</sup><br>|
| ABN AMRO Bank NV, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 5.095% | &nbsp;&nbsp; 7/7/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 311213<br> <sup>(a)(b)</sup><br>|
| Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.779% | &nbsp;&nbsp; 6/18/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 371590<br> <sup>(a)(b)</sup><br>|
| Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 4.831% | &nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1005733<br> <sup>(a)(b)</sup><br>|
| Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.680%) | &nbsp;&nbsp; 4.998% | &nbsp;&nbsp; 7/16/27 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp; 447585<br> <sup>(a)(b)</sup><br>|
| Australia & New Zealand Banking Group Ltd., Subordinated Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 5/19/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200290<br> <sup>(b)</sup><br>|
| Banco Bilbao Vizcaya Argentaria SA, Senior Notes (6.138% to 9/14/27 then 1 <br> year Treasury Constant Maturity Rate + 2.700%) | &nbsp;&nbsp; 6.138% | &nbsp;&nbsp; 9/14/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 206876<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 |
| 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; $200000<br>| &nbsp;&nbsp; $203659<br> <sup>(a)</sup><br>|
| 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; 614788<br> <sup>(a)</sup><br>|
| Banco Santander SA, Senior Notes (SOFR + 1.120%) | &nbsp;&nbsp; 5.452% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 402623<br> <sup>(a)</sup><br>|
| 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; 751448<br> <sup>(a)</sup><br>|
| Bank of America Corp., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 5.128% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp; 645786<br> <sup>(a)</sup><br>|
| Bank of America Corp., Senior Notes (SOFR + 1.110%) | &nbsp;&nbsp; 5.376% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 453394<br> <sup>(a)</sup><br>|
| Bank of Montreal, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.903% | &nbsp;&nbsp; 9/22/28 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp; 675788<br> <sup>(a)</sup><br>|
| Bank of Montreal, Senior Notes (SOFR + 0.860%) | &nbsp;&nbsp; 5.158% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 852498<br> <sup>(a)</sup><br>|
| Bank of Montreal, Senior Notes (SOFR + 0.880%) | &nbsp;&nbsp; 5.065% | &nbsp;&nbsp; 9/10/27 | &nbsp;&nbsp; 695000<br>| &nbsp;&nbsp; 697762<br> <sup>(a)</sup><br>|
| Bank of Nova Scotia, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 12/7/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 507527<br>|
| Bank of Nova Scotia, Senior Notes (SOFR + 0.760%) | &nbsp;&nbsp; 4.936% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 360295<br> <sup>(a)</sup><br>|
| Bank of Nova Scotia, Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 4.983% | &nbsp;&nbsp; 6/4/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 502431<br> <sup>(a)</sup><br>|
| Bank of Nova Scotia, Senior Notes (SOFR + 0.890%) | &nbsp;&nbsp; 5.143% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp; 676539<br> <sup>(a)</sup><br>|
| Bank of Nova Scotia, Subordinated Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/16/25 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200076<br>|
| Banque Federative du Credit Mutuel SA, Senior Notes | &nbsp;&nbsp; 5.896% | &nbsp;&nbsp; 7/13/26 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp; 953127<br> <sup>(b)</sup><br>|
| Banque Federative du Credit Mutuel SA, Senior Notes | &nbsp;&nbsp; 4.591% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 272561<br> <sup>(b)</sup><br>|
| Banque Federative du Credit Mutuel SA, Senior Notes (SOFR + 0.990%) | &nbsp;&nbsp; 5.308% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 378000<br>| &nbsp;&nbsp; 379158<br> <sup>(a)(b)</sup><br>|
| Banque Federative du Credit Mutuel SA, Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 5.319% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 554676<br> <sup>(a)(b)</sup><br>|
| Barclays PLC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 1/12/26 | &nbsp;&nbsp; 503000<br>| &nbsp;&nbsp; 503039<br>|
| 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; 200000<br>| &nbsp;&nbsp; 204340<br> <sup>(a)</sup><br>|
| 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; 504479<br> <sup>(a)</sup><br>|
| 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; 576520<br> <sup>(a)</sup><br>|
| Barclays PLC, Senior Notes (SOFR + 1.490%) | &nbsp;&nbsp; 5.669% | &nbsp;&nbsp; 3/12/28 | &nbsp;&nbsp; 218000<br>| &nbsp;&nbsp; 220324<br> <sup>(a)</sup><br>|
| BNP Paribas SA, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/16/27 | &nbsp;&nbsp; 318000<br>| &nbsp;&nbsp; 313513<br> <sup>(b)</sup><br>|
| BNP Paribas SA, Senior Notes (SOFR + 1.430%) | &nbsp;&nbsp; 5.696% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp; 748226<br> <sup>(a)(b)</sup><br>|
| BPCE SA, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/23/27 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 344265<br> <sup>(b)</sup><br>|
| BPCE SA, Senior Notes (1.652% to 10/6/25 then SOFR + 1.520%) | &nbsp;&nbsp; 1.652% | &nbsp;&nbsp; 10/6/26 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 699720<br> <sup>(a)(b)</sup><br>|
| 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; 590000<br>| &nbsp;&nbsp; 592257<br> <sup>(a)(b)</sup><br>|
| 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; 604000<br>| &nbsp;&nbsp; 608373<br> <sup>(a)(b)</sup><br>|
| 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; 254861<br> <sup>(a)(b)</sup><br>|
| 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; 1021912<br> <sup>(a)(b)</sup><br>|
| Canadian Imperial Bank of Commerce, Senior Notes | &nbsp;&nbsp; 5.926% | &nbsp;&nbsp; 10/2/26 | &nbsp;&nbsp; 383000<br>| &nbsp;&nbsp; 390331<br>|
| Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 0.930%) | &nbsp;&nbsp; 5.112% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 602225<br> <sup>(a)</sup><br>|
| Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 0.940%) | &nbsp;&nbsp; 5.092% | &nbsp;&nbsp; 6/28/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 605352<br> <sup>(a)</sup><br>|
| Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 1.030%) | &nbsp;&nbsp; 5.182% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 362301<br> <sup>(a)</sup><br>|
| 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; 448559<br> <sup>(a)</sup><br>|
| Citigroup Inc., Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.964% | &nbsp;&nbsp; 6/9/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500763<br> <sup>(a)</sup><br>|
| Citigroup Inc., Senior Notes (SOFR + 0.870%) | &nbsp;&nbsp; 5.067% | &nbsp;&nbsp; 3/4/29 | &nbsp;&nbsp; 715000<br>| &nbsp;&nbsp; 715442<br> <sup>(a)</sup><br>|
| Citigroup Inc., Senior Notes (SOFR + 1.143%) | &nbsp;&nbsp; 5.408% | &nbsp;&nbsp; 5/7/28 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp; 226616<br> <sup>(a)</sup><br>|
| Commonwealth Bank of Australia, Senior Notes (SOFR + 0.460%) | &nbsp;&nbsp; 4.701% | &nbsp;&nbsp; 11/27/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 501099<br> <sup>(a)(b)</sup><br>|
| Commonwealth Bank of Australia, Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.816% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp; 829378<br> <sup>(a)(b)</sup><br>|
| Commonwealth Bank of Australia, Subordinated Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/9/25 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500039<br> <sup>(b)</sup><br>|
| Cooperatieve Rabobank UA, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/21/26 | &nbsp;&nbsp; 291000<br>| &nbsp;&nbsp; 289722<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Cooperatieve Rabobank UA, Senior Notes | &nbsp;&nbsp; 4.883% | &nbsp;&nbsp; 1/21/28 | &nbsp;&nbsp; $795000<br>| &nbsp;&nbsp; $813025<br>|
| Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year <br> Treasury Constant Maturity Rate + 1.220%) | &nbsp;&nbsp; 3.649% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 248264<br> <sup>(a)(b)</sup><br>|
| Cooperatieve Rabobank UA, Senior Notes (SOFR + 0.590%) | &nbsp;&nbsp; 4.831% | &nbsp;&nbsp; 5/27/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250834<br> <sup>(a)</sup><br>|
| Credit Agricole SA, Senior Notes | &nbsp;&nbsp; 5.589% | &nbsp;&nbsp; 7/5/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 505613<br> <sup>(b)</sup><br>|
| Credit Agricole SA, Senior Notes (SOFR + 0.870%) | &nbsp;&nbsp; 5.052% | &nbsp;&nbsp; 3/11/27 | &nbsp;&nbsp; 356000<br>| &nbsp;&nbsp; 357618<br> <sup>(a)(b)</sup><br>|
| Credit Agricole SA, Senior Notes (SOFR + 1.210%) | &nbsp;&nbsp; 5.392% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 503609<br> <sup>(a)(b)</sup><br>|
| Danske Bank A/S, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 291209<br> <sup>(b)</sup><br>|
| Danske Bank A/S, Senior Notes (4.298% to 4/1/27 then 1 year Treasury <br> Constant Maturity Rate + 1.750%) | &nbsp;&nbsp; 4.298% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 400468<br> <sup>(a)(b)</sup><br>|
| Danske Bank A/S, Senior Notes (5.427% to 3/1/27 then 1 year Treasury <br> Constant Maturity Rate + 0.950%) | &nbsp;&nbsp; 5.427% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 406948<br> <sup>(a)(b)</sup><br>|
| DNB Bank ASA, Senior Notes (5.896% to 10/9/25 then SOFR + 1.950%) | &nbsp;&nbsp; 5.896% | &nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp; 945000<br>| &nbsp;&nbsp; 945255<br> <sup>(a)(b)</sup><br>|
| 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; 252572<br> <sup>(a)</sup><br>|
| Fifth Third Bank NA, Senior Notes (SOFR + 0.810%) | &nbsp;&nbsp; 5.108% | &nbsp;&nbsp; 1/28/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250439<br> <sup>(a)</sup><br>|
| Goldman Sachs Bank USA, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.986% | &nbsp;&nbsp; 5/21/27 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 622254<br> <sup>(a)</sup><br>|
| Goldman Sachs Bank USA, Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.929% | &nbsp;&nbsp; 3/18/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 601436<br> <sup>(a)</sup><br>|
| Huntington National Bank, Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 5.048% | &nbsp;&nbsp; 4/12/28 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp; 763733<br> <sup>(a)</sup><br>|
| ING Groep NV, Senior Notes (SOFR + 1.010%) | &nbsp;&nbsp; 5.163% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp; 678584<br> <sup>(a)</sup><br>|
| ING Groep NV, Senior Notes (SOFR + 1.560%) | &nbsp;&nbsp; 5.742% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1009410<br> <sup>(a)</sup><br>|
| Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp; 506857<br> <sup>(b)</sup><br>|
| 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; 751570<br> <sup>(a)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (SOFR + 0.860%) | &nbsp;&nbsp; 5.166% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 562299<br> <sup>(a)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (SOFR + 0.885%) | &nbsp;&nbsp; 5.191% | &nbsp;&nbsp; 4/22/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250843<br> <sup>(a)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 5.226% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 502931<br> <sup>(a)</sup><br>|
| KeyCorp, Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/29/25 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp; 644795<br>|
| Lloyds Banking Group PLC, Senior Notes (4.818% to 6/13/28 then 1 year <br> Treasury Constant Maturity Rate + 0.830%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 6/13/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 202856<br> <sup>(a)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes (5.087% to 11/26/27 then 1 year <br> Treasury Constant Maturity Rate + 0.850%) | &nbsp;&nbsp; 5.087% | &nbsp;&nbsp; 11/26/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 203587<br> <sup>(a)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes (SOFR + 1.060%) | &nbsp;&nbsp; 5.298% | &nbsp;&nbsp; 11/26/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201140<br> <sup>(a)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes (SOFR + 1.060%) | &nbsp;&nbsp; 5.268% | &nbsp;&nbsp; 6/13/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200856<br> <sup>(a)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes (SOFR + 1.560%) | &nbsp;&nbsp; 5.842% | &nbsp;&nbsp; 8/7/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1008457<br> <sup>(a)</sup><br>|
| Lloyds Banking Group PLC, Subordinated Notes | &nbsp;&nbsp; 4.582% | &nbsp;&nbsp; 12/10/25 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250062<br>|
| Macquarie Bank Ltd., Senior Notes (SOFR + 0.740%) | &nbsp;&nbsp; 4.919% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 492648<br> <sup>(a)(b)</sup><br>|
| Mitsubishi UFJ Financial Group Inc., Senior Notes (5.017% to 7/20/27 then 1 <br> year Treasury Constant Maturity Rate + 1.950%) | &nbsp;&nbsp; 5.017% | &nbsp;&nbsp; 7/20/28 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 659953<br> <sup>(a)</sup><br>|
| Mizuho Financial Group Inc., Subordinated Notes | &nbsp;&nbsp; 4.353% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 279976<br> <sup>(b)</sup><br>|
| National Australia Bank Ltd., Senior Notes (SOFR + 0.600%) | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/26/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250977<br> <sup>(a)(b)</sup><br>|
| National Australia Bank Ltd., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.825% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 251179<br> <sup>(a)(b)</sup><br>|
| National Australia Bank Ltd., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 4.826% | &nbsp;&nbsp; 6/13/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 372281<br> <sup>(a)(b)</sup><br>|
| 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; 280428<br> <sup>(a)</sup><br>|
| 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; 656549<br> <sup>(a)</sup><br>|
| 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; 458529<br> <sup>(a)</sup><br>|
| 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; 744520<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 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 |
| NatWest Group PLC, Senior Notes (7.472% to 11/10/25 then 1 year Treasury <br> Constant Maturity Rate + 2.850%) | &nbsp;&nbsp; 7.472% | &nbsp;&nbsp; 11/10/26 | &nbsp;&nbsp; $600000<br>| &nbsp;&nbsp; $601899<br> <sup>(a)</sup><br>|
| NatWest Group PLC, Senior Notes (SOFR + 1.100%) | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/23/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200906<br> <sup>(a)</sup><br>|
| Nordea Bank Abp, Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.889% | &nbsp;&nbsp; 3/17/28 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp; 608069<br> <sup>(a)(b)</sup><br>|
| 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; 251315<br> <sup>(a)</sup><br>|
| 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; 450583<br> <sup>(a)</sup><br>|
| PNC Bank NA, Senior Notes (SOFR + 0.730%) | &nbsp;&nbsp; 5.036% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250489<br> <sup>(a)</sup><br>|
| 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; 931090<br> <sup>(a)</sup><br>|
| 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; 168141<br> <sup>(a)</sup><br>|
| Royal Bank of Canada, Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 5.033% | &nbsp;&nbsp; 10/18/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 601626<br> <sup>(a)</sup><br>|
| Royal Bank of Canada, Senior Notes (SOFR + 0.790%) | &nbsp;&nbsp; 5.093% | &nbsp;&nbsp; 7/23/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300659<br> <sup>(a)</sup><br>|
| Royal Bank of Canada, Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 5.132% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 601060<br> <sup>(a)</sup><br>|
| Royal Bank of Canada, Senior Notes (SOFR + 1.080%) | &nbsp;&nbsp; 5.398% | &nbsp;&nbsp; 7/20/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 502922<br> <sup>(a)</sup><br>|
| Santander UK Group Holdings PLC, Senior Notes (6.833% to 11/21/25 then <br> SOFR + 2.749%) | &nbsp;&nbsp; 6.833% | &nbsp;&nbsp; 11/21/26 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 601798<br> <sup>(a)</sup><br>|
| Skandinaviska Enskilda Banken AB, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.984% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 495000<br>| &nbsp;&nbsp; 497892<br> <sup>(a)(b)</sup><br>|
| Skandinaviska Enskilda Banken AB, Senior Notes (SOFR + 0.890%) | &nbsp;&nbsp; 5.090% | &nbsp;&nbsp; 3/5/27 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 402926<br> <sup>(a)(b)</sup><br>|
| Societe Generale SA, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/12/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199046<br> <sup>(b)</sup><br>|
| Societe Generale SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/19/27 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 657275<br> <sup>(b)</sup><br>|
| 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; 507491<br> <sup>(a)(b)</sup><br>|
| Societe Generale SA, Senior Notes (SOFR + 1.100%) | &nbsp;&nbsp; 5.345% | &nbsp;&nbsp; 2/19/27 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 291014<br> <sup>(a)(b)</sup><br>|
| Sumitomo Mitsui Financial Group Inc., Senior Notes | &nbsp;&nbsp; 5.520% | &nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp; 935000<br>| &nbsp;&nbsp; 964844<br>|
| Sumitomo Mitsui Financial Group Inc., Senior Notes (SOFR + 1.300%) | &nbsp;&nbsp; 5.635% | &nbsp;&nbsp; 7/13/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 503670<br> <sup>(a)</sup><br>|
| Svenska Handelsbanken AB, Senior Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.880% | &nbsp;&nbsp; 5/28/27 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp; 507574<br> <sup>(a)(b)</sup><br>|
| Svenska Handelsbanken AB, Senior Notes (SOFR + 0.740%) | &nbsp;&nbsp; 4.989% | &nbsp;&nbsp; 5/23/28 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp; 437795<br> <sup>(a)(b)</sup><br>|
| Swedbank AB, Senior Notes | &nbsp;&nbsp; 6.136% | &nbsp;&nbsp; 9/12/26 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 285318<br> <sup>(b)</sup><br>|
| Swedbank AB, Senior Notes | &nbsp;&nbsp; 5.337% | &nbsp;&nbsp; 9/20/27 | &nbsp;&nbsp; 496000<br>| &nbsp;&nbsp; 508172<br> <sup>(b)</sup><br>|
| Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 5.523% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp; 254516<br>|
| Toronto-Dominion Bank, Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.783% | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1003362<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank, Senior Notes (SOFR + 0.820%) | &nbsp;&nbsp; 5.106% | &nbsp;&nbsp; 1/31/28 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp; 673501<br> <sup>(a)</sup><br>|
| 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; 252000<br>| &nbsp;&nbsp; 253127<br> <sup>(a)</sup><br>|
| 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; 621437<br> <sup>(a)</sup><br>|
| Truist Bank, Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 5.072% | &nbsp;&nbsp; 7/24/28 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 430329<br> <sup>(a)</sup><br>|
| Truist Financial Corp., Senior Notes (5.900% to 10/28/25 then SOFR + 1.626%) | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 10/28/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500424<br> <sup>(a)</sup><br>|
| 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; 622227<br> <sup>(a)</sup><br>|
| UniCredit SpA, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/12/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200920<br> <sup>(b)</sup><br>|
| US Bancorp, Senior Notes (5.727% to 10/21/25 then SOFR + 1.430%) | &nbsp;&nbsp; 5.727% | &nbsp;&nbsp; 10/21/26 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp; 845580<br> <sup>(a)</sup><br>|
| 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; 1003359<br> <sup>(a)</sup><br>|
| 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; 262341<br> <sup>(a)</sup><br>|
| US Bank NA, Senior Notes (SOFR + 0.910%) | &nbsp;&nbsp; 5.161% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp; 326381<br> <sup>(a)</sup><br>|
| 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; 248261<br> <sup>(a)</sup><br>|
| 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; 307048<br> <sup>(a)</sup><br>|
| Wells Fargo & Co., Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 5.082% | &nbsp;&nbsp; 1/24/28 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 531189<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual 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 |
| Wells Fargo & Co., Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 5.376% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; $77000<br>| &nbsp;&nbsp; $77509<br> <sup>(a)</sup><br>|
| Wells Fargo & Co., Senior Notes (SOFR + 1.370%) | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 639004<br> <sup>(a)</sup><br>|
| Westpac Banking Corp., Senior Notes (SOFR + 0.460%) | &nbsp;&nbsp; 4.778% | &nbsp;&nbsp; 10/20/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1001225<br> <sup>(a)</sup><br>|
| Westpac Banking Corp., Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.969% | &nbsp;&nbsp; 11/17/25 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp; 445358<br> <sup>(a)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 67246724 |
| Capital Markets — 6.9% | Capital Markets — 6.9% | Capital Markets — 6.9% | Capital Markets — 6.9% | Capital Markets — 6.9% |
| 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; 186322<br> <sup>(a)</sup><br>|
| 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; 250786<br> <sup>(a)</sup><br>|
| Bank of New York Mellon Corp., Senior Notes (SOFR + 0.680%) | &nbsp;&nbsp; 4.874% | &nbsp;&nbsp; 6/9/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 310869<br> <sup>(a)</sup><br>|
| Bank of New York Mellon Corp., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 5.141% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 221098<br> <sup>(a)</sup><br>|
| Charles Schwab Corp., Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.776% | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100124<br> <sup>(a)</sup><br>|
| Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 505389<br> <sup>(b)</sup><br>|
| Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 8/12/27 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 180499<br> <sup>(b)</sup><br>|
| Daimler Truck Finance North America LLC, Senior Notes (SOFR + 0.840%) | &nbsp;&nbsp; 5.168% | &nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300290<br> <sup>(a)(b)</sup><br>|
| Deutsche Bank AG, Senior Notes (2.129% to 11/24/25 then SOFR + 1.870%) | &nbsp;&nbsp; 2.129% | &nbsp;&nbsp; 11/24/26 | &nbsp;&nbsp; 609000<br>| &nbsp;&nbsp; 606797<br> <sup>(a)</sup><br>|
| 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; 293474<br> <sup>(a)</sup><br>|
| 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; 643000<br>| &nbsp;&nbsp; 656820<br> <sup>(a)</sup><br>|
| Deutsche Bank AG, Senior Notes (SOFR + 1.210%) | &nbsp;&nbsp; 5.541% | &nbsp;&nbsp; 1/10/29 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp; 236245<br> <sup>(a)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (SOFR + 1.290%) | &nbsp;&nbsp; 5.593% | &nbsp;&nbsp; 4/23/28 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp; 227055<br> <sup>(a)</sup><br>|
| Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/11/26 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 681501<br>|
| Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 651393<br>|
| Morgan Stanley, Senior Notes (6.138% to 10/16/25 then SOFR + 1.770%) | &nbsp;&nbsp; 6.138% | &nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200129<br> <sup>(a)</sup><br>|
| Morgan Stanley, Senior Notes (SOFR + 1.020%) | &nbsp;&nbsp; 5.338% | &nbsp;&nbsp; 4/13/28 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 683655<br> <sup>(a)</sup><br>|
| Morgan Stanley, Senior Notes (SOFR + 1.380%) | &nbsp;&nbsp; 5.698% | &nbsp;&nbsp; 4/12/29 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp; 741312<br> <sup>(a)</sup><br>|
| Morgan Stanley Bank NA, Senior Notes (SOFR + 0.900%) | &nbsp;&nbsp; 5.228% | &nbsp;&nbsp; 1/12/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 251479<br> <sup>(a)</sup><br>|
| State Street Corp., Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.946% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 834000<br>| &nbsp;&nbsp; 836653<br> <sup>(a)</sup><br>|
| State Street Corp., Senior Notes (SOFR + 0.845%) | &nbsp;&nbsp; 5.118% | &nbsp;&nbsp; 8/3/26 | &nbsp;&nbsp; 395000<br>| &nbsp;&nbsp; 396637<br> <sup>(a)</sup><br>|
| State Street Corp., Senior Notes (SOFR + 0.950%) | &nbsp;&nbsp; 5.252% | &nbsp;&nbsp; 4/24/28 | &nbsp;&nbsp; 135000<br>| &nbsp;&nbsp; 135706<br> <sup>(a)</sup><br>|
| 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; 504324<br> <sup>(a)</sup><br>|
| UBS Group AG, Senior Notes | &nbsp;&nbsp; 4.282% | &nbsp;&nbsp; 1/9/28 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp; 760361<br> <sup>(b)</sup><br>|
| 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; 247933<br> <sup>(a)(b)</sup><br>|
| 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; 210000<br>| &nbsp;&nbsp; 215295<br> <sup>(a)(b)</sup><br>|
| 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; 374122<br> <sup>(a)(b)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 10756268 |
| Consumer Finance — 2.3% | Consumer Finance — 2.3% | Consumer Finance — 2.3% | Consumer Finance — 2.3% | Consumer Finance — 2.3% |
| 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; 125000<br>| &nbsp;&nbsp; 125756<br> <sup>(a)</sup><br>|
| American Express Co., Senior Notes (SOFR + 1.000%) | &nbsp;&nbsp; 5.264% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1006399<br> <sup>(a)</sup><br>|
| American Express Co., Senior Notes (SOFR + 1.260%) | &nbsp;&nbsp; 5.560% | &nbsp;&nbsp; 4/25/29 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp; 278984<br> <sup>(a)</sup><br>|
| Capital One Financial Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/9/27 | &nbsp;&nbsp; 855000<br>| &nbsp;&nbsp; 850488<br>|
| 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; 348601<br> <sup>(a)</sup><br>|
| Capital One Financial Corp., Senior Notes (6.312% to 6/8/28 then SOFR + <br> 2.640%) | &nbsp;&nbsp; 6.312% | &nbsp;&nbsp; 6/8/29 | &nbsp;&nbsp; 178000<br>| &nbsp;&nbsp; 186748<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued |
| Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; $800000<br>| &nbsp;&nbsp; $809339<br> <sup>(b)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 3606315 |
| Financial Services — 2.2% | Financial Services — 2.2% | Financial Services — 2.2% | Financial Services — 2.2% | Financial Services — 2.2% |
| 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; 446385<br>|
| 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; 491383<br>|
| 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; 451984<br>|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp; 457898<br>|
| Caterpillar Financial Services Corp., Senior Notes (SOFR + 0.560%) | &nbsp;&nbsp; 4.825% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 601629<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.849% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 270181<br> <sup>(a)(b)</sup><br>|
| Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp; 475233<br> <sup>(a)(b)</sup><br>|
| PayPal Holdings Inc., Senior Notes (SOFR + 0.670%) | &nbsp;&nbsp; 4.867% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 230482<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 3425175 |
| Insurance — 4.6% | Insurance — 4.6% | Insurance — 4.6% | Insurance — 4.6% | Insurance — 4.6% |
| AEGON Funding Co. LLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/16/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 509050<br> <sup>(b)</sup><br>|
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 665000<br>| &nbsp;&nbsp; 671800<br>|
| Athene Global Funding, Secured Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 561000<br>| &nbsp;&nbsp; 566034<br> <sup>(b)</sup><br>|
| Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.349% | &nbsp;&nbsp; 7/9/27 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 428002<br> <sup>(b)</sup><br>|
| Athene Global Funding, Secured Notes (SOFR + 0.950%) | &nbsp;&nbsp; 5.147% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 400890<br> <sup>(a)(b)</sup><br>|
| Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 4.860% | &nbsp;&nbsp; 8/27/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 503390<br> <sup>(b)</sup><br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/23/26 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp; 186033<br>|
| CNO Global Funding, Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/10/27 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp; 167200<br> <sup>(b)</sup><br>|
| Corebridge Global Funding, Senior Secured Notes (SOFR + 1.300%) | &nbsp;&nbsp; 5.453% | &nbsp;&nbsp; 9/25/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 503881<br> <sup>(a)(b)</sup><br>|
| Marsh & McLennan Cos. Inc., Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.980% | &nbsp;&nbsp; 11/8/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100490<br> <sup>(a)</sup><br>|
| MassMutual Global Funding II, Secured Notes (SOFR + 0.740%) | &nbsp;&nbsp; 5.073% | &nbsp;&nbsp; 4/9/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100516<br> <sup>(a)(b)</sup><br>|
| Metropolitan Life Global Funding I, Secured Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 243000<br>| &nbsp;&nbsp; 243766<br> <sup>(b)</sup><br>|
| Metropolitan Life Global Funding I, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.882% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 281597<br> <sup>(a)(b)</sup><br>|
| Metropolitan Life Global Funding I, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.932% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 451291<br> <sup>(a)(b)</sup><br>|
| New York Life Global Funding, Secured Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.960% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 370740<br> <sup>(a)(b)</sup><br>|
| New York Life Global Funding, Senior Secured Notes (SOFR + 0.880%) | &nbsp;&nbsp; 5.188% | &nbsp;&nbsp; 4/25/28 | &nbsp;&nbsp; 625000<br>| &nbsp;&nbsp; 630038<br> <sup>(a)(b)</sup><br>|
| Northwestern Mutual Global Funding, Secured Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.892% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 361140<br> <sup>(a)(b)</sup><br>|
| Principal Life Global Funding II, Secured Notes (SOFR + 0.810%) | &nbsp;&nbsp; 5.058% | &nbsp;&nbsp; 8/18/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 310807<br> <sup>(a)(b)</sup><br>|
| Protective Life Global Funding, Secured Notes | &nbsp;&nbsp; 4.335% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 211158<br> <sup>(b)</sup><br>|
| Protective Life Global Funding, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 5.031% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300648<br> <sup>(a)(b)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 7298471 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **92332953** |
| **Health Care — 1.9%** | **Health Care — 1.9%** | **Health Care — 1.9%** | **Health Care — 1.9%** | **Health Care — 1.9%** |
| 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% |
| GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 11/15/25 | &nbsp;&nbsp; 795000<br>| &nbsp;&nbsp; 795366<br>|
| Health Care Providers & Services — 0.7% | Health Care Providers & Services — 0.7% | Health Care Providers & Services — 0.7% | Health Care Providers & Services — 0.7% | Health Care Providers & Services — 0.7% |
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/20/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500768<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 148640<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp; 470199<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 1119607 |
| 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% |
| Illumina Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 9/9/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200985<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% |
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; $240000<br>| &nbsp;&nbsp; $240473<br>|
| Eli Lilly & Co., Senior Notes (SOFR + 0.530%) | &nbsp;&nbsp; 4.749% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 601167<br> <sup>(a)</sup><br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 841640 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **2957598** |
| **Industrials — 4.4%** | **Industrials — 4.4%** | **Industrials — 4.4%** | **Industrials — 4.4%** | **Industrials — 4.4%** |
| Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 2.196% | &nbsp;&nbsp; 2/4/26 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp; 714638<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 462000<br>| &nbsp;&nbsp; 458988<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 197212<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 242653<br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 285000<br>| &nbsp;&nbsp; 291745<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/27/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 501282<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 2406518 |
| Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% |
| Owens Corning, Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 401000<br>| &nbsp;&nbsp; 398012<br>|
| Owens Corning, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 102221<br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 500233 |
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| Siemens Funding BV, Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.887% | &nbsp;&nbsp; 5/26/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200541<br> <sup>(a)(b)</sup><br>|
| Machinery — 1.7% | Machinery — 1.7% | Machinery — 1.7% | Machinery — 1.7% | Machinery — 1.7% |
| John Deere Capital Corp., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 508493<br>|
| John Deere Capital Corp., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.732% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp; 821837<br> <sup>(a)</sup><br>|
| John Deere Capital Corp., Senior Notes (SOFR + 0.580%) | &nbsp;&nbsp; 4.799% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 362668<br> <sup>(a)</sup><br>|
| Sumitomo Mitsui Trust Bank Ltd., Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.947% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 240904<br> <sup>(a)(b)</sup><br>|
| Sumitomo Mitsui Trust Bank Ltd., Senior Notes (SOFR + 0.980%) | &nbsp;&nbsp; 5.180% | &nbsp;&nbsp; 9/10/27 | &nbsp;&nbsp; 685000<br>| &nbsp;&nbsp; 692169<br> <sup>(a)(b)</sup><br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 2626071 |
| Trading Companies & Distributors — 0.7% | Trading Companies & Distributors — 0.7% | Trading Companies & Distributors — 0.7% | Trading Companies & Distributors — 0.7% | Trading Companies & Distributors — 0.7% |
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp; 602382<br>|
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/25/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 503437<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 1105819 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **6839182** |
| **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** |
| Electronic Equipment, Instruments & Components — 0.3% | Electronic Equipment, Instruments & Components — 0.3% | Electronic Equipment, Instruments & Components — 0.3% | Electronic Equipment, Instruments & Components — 0.3% | Electronic Equipment, Instruments & Components — 0.3% |
| Amphenol Corp., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp; 439006<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% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/12/27 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 447684<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 335000<br>| &nbsp;&nbsp; 341229<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 788913 |
| Software — 0.5% | Software — 0.5% | Software — 0.5% | Software — 0.5% | Software — 0.5% |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp; 232260<br>|
| Oracle Corp., Senior Notes (SOFR + 0.760%) | &nbsp;&nbsp; 5.043% | &nbsp;&nbsp; 8/3/28 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp; 487797<br> <sup>(a)</sup><br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 65416<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 785473 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2013392** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** |
| Metals & Mining — 0.4% | Metals & Mining — 0.4% | Metals & Mining — 0.4% | Metals & Mining — 0.4% | Metals & Mining — 0.4% |
| Glencore Funding LLC, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.901% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; $405000<br>| &nbsp;&nbsp; $405942<br> <sup>(a)(b)</sup><br>|
| Rio Tinto Finance USA PLC, Senior Notes (SOFR + 0.840%) | &nbsp;&nbsp; 5.016% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 141200<br> <sup>(a)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 547142 |
| 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% |
| Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 106000<br>| &nbsp;&nbsp; 104018<br> <sup>(b)</sup><br>|
| Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 110979<br> <sup>(b)</sup><br>|
| Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 214997 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **762139** |
| **Real Estate — 3.2%** | **Real Estate — 3.2%** | **Real Estate — 3.2%** | **Real Estate — 3.2%** | **Real Estate — 3.2%** |
| Diversified REITs — 0.7% | Diversified REITs — 0.7% | Diversified REITs — 0.7% | Diversified REITs — 0.7% | Diversified REITs — 0.7% |
| Essex Portfolio LP, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 139302<br>|
| Realty Income Corp., Senior Notes | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 344524<br>|
| Realty Income Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 553000<br>| &nbsp;&nbsp; 555154<br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 1038980 |
| Office REITs — 0.5% | Office REITs — 0.5% | Office REITs — 0.5% | Office REITs — 0.5% | Office REITs — 0.5% |
| Boston Properties LP, Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 568328<br>|
| Boston Properties LP, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 195000<br>| &nbsp;&nbsp; 191947<br>|
| Total Office REITs | Total Office REITs | Total Office REITs | Total Office REITs | &nbsp;&nbsp; 760275 |
| Residential REITs — 0.3% | Residential REITs — 0.3% | Residential REITs — 0.3% | Residential REITs — 0.3% | Residential REITs — 0.3% |
| Camden Property Trust, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 11/3/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 509091<br>|
| Retail REITs — 1.2% | Retail REITs — 1.2% | Retail REITs — 1.2% | Retail REITs — 1.2% | Retail REITs — 1.2% |
| 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; 617837<br> <sup>(a)(b)</sup><br>|
| Nationwide Building Society, Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 5.398% | &nbsp;&nbsp; 7/14/29 | &nbsp;&nbsp; 366000<br>| &nbsp;&nbsp; 366722<br> <sup>(a)(b)</sup><br>|
| Nationwide Building Society, Senior Notes (SOFR + 1.290%) | &nbsp;&nbsp; 5.539% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp; 851748<br> <sup>(a)(b)</sup><br>|
| Total Retail REITs | Total Retail REITs | Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 1836307 |
| Specialized REITs — 0.5% | Specialized REITs — 0.5% | Specialized REITs — 0.5% | Specialized REITs — 0.5% | Specialized REITs — 0.5% |
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 347554<br>|
| Public Storage Operating Co., Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 5.018% | &nbsp;&nbsp; 4/16/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 501686<br> <sup>(a)</sup><br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 849240 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4993893** |
| **Utilities — 1.9%** | **Utilities — 1.9%** | **Utilities — 1.9%** | **Utilities — 1.9%** | **Utilities — 1.9%** |
| Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% |
| Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199513<br> <sup>(b)</sup><br>|
| Eversource Energy, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 391224<br>|
| Georgia Power Co., Senior Notes (SOFR + 0.280%) | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 140039<br> <sup>(a)</sup><br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99194<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.685% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 85000<br>| &nbsp;&nbsp; 85941<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 66165<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes (SOFR + 0.800%) | &nbsp;&nbsp; 5.082% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 564960<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 1547036 |
| Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% |
| Southern Co. Gas Capital Corp., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp; 74945<br>|
| Multi-Utilities — 0.8% | Multi-Utilities — 0.8% | Multi-Utilities — 0.8% | Multi-Utilities — 0.8% | Multi-Utilities — 0.8% |
| Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500000<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued |
| Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; $160000<br>| &nbsp;&nbsp; $161667<br>|
| DTE Energy Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp; 248170<br>|
| DTE Energy Co., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 162815<br>|
| WEC Energy Group Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 9/12/26 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 222970<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 1295622 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2917603** |
| **Total Corporate Bonds & Notes (Cost — $130,718,843)** | **Total Corporate Bonds & Notes (Cost — $130,718,843)** | **Total Corporate Bonds & Notes (Cost — $130,718,843)** | **Total Corporate Bonds & Notes (Cost — $130,718,843)** | &nbsp;&nbsp; **131305336** |
| **Certificates of Deposit — 0.7%** | **Certificates of Deposit — 0.7%** | **Certificates of Deposit — 0.7%** | **Certificates of Deposit — 0.7%** | **Certificates of Deposit — 0.7%** |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500908<br>|
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 8/19/26 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 610788<br>|
| **Total Certificates of Deposit (Cost — $1,110,000)** | **Total Certificates of Deposit (Cost — $1,110,000)** | **Total Certificates of Deposit (Cost — $1,110,000)** | **Total Certificates of Deposit (Cost — $1,110,000)** | &nbsp;&nbsp; **1111696** |
| **Total Investments before Short-Term Investments (Cost — $131,828,843)** | **Total Investments before Short-Term Investments (Cost — $131,828,843)** | **Total Investments before Short-Term Investments (Cost — $131,828,843)** | **Total Investments before Short-Term Investments (Cost — $131,828,843)** | &nbsp;&nbsp; **132417032** |
| **Short-Term Investments — 14.9%** | **Short-Term Investments — 14.9%** | **Short-Term Investments — 14.9%** | **Short-Term Investments — 14.9%** | **Short-Term Investments — 14.9%** |
| **Commercial Paper — 14.9%** | **Commercial Paper — 14.9%** |  |  |  |
| AES Corp. | &nbsp;&nbsp; 4.668% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp; 969879<br> <sup>(c)</sup><br>|
| Agree LP | &nbsp;&nbsp; 4.739% | &nbsp;&nbsp; 10/9/25 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 444492<br> <sup>(c)</sup><br>|
| Air Lease Corp. | &nbsp;&nbsp; 4.675% | &nbsp;&nbsp; 10/8/25 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 389610<br> <sup>(c)</sup><br>|
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 4.478% | &nbsp;&nbsp; 10/3/25 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 579791<br> <sup>(c)</sup><br>|
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 4.488% | &nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 304633<br> <sup>(c)</sup><br>|
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 4.498% | &nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 379222<br> <sup>(c)</sup><br>|
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.479% | &nbsp;&nbsp; 10/7/25 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 344710<br> <sup>(c)</sup><br>|
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.495% | &nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 284657<br> <sup>(c)</sup><br>|
| Ameren Corp. | &nbsp;&nbsp; 4.325% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; 619928<br> <sup>(c)</sup><br>|
| AutoNation Inc. | &nbsp;&nbsp; 4.725% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 569928<br> <sup>(c)</sup><br>|
| AvalonBay Communities Inc. | &nbsp;&nbsp; 4.421% | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249941<br> <sup>(c)</sup><br>|
| Bayer AG | &nbsp;&nbsp; 4.234% | &nbsp;&nbsp; 7/20/26 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 725444<br> <sup>(c)</sup><br>|
| Bell Canada | &nbsp;&nbsp; 4.371% | &nbsp;&nbsp; 10/6/25 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 359747<br> <sup>(c)</sup><br>|
| Boston Properties LP | &nbsp;&nbsp; 4.441% | &nbsp;&nbsp; 10/7/25 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 509575<br> <sup>(c)</sup><br>|
| Boston Properties LP | &nbsp;&nbsp; 4.441% | &nbsp;&nbsp; 10/8/25 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 414605<br> <sup>(c)</sup><br>|
| Bunge Global SA | &nbsp;&nbsp; 4.477% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 324221<br> <sup>(c)</sup><br>|
| Bunge Global SA | &nbsp;&nbsp; 4.482% | &nbsp;&nbsp; 10/22/25 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 324142<br> <sup>(c)</sup><br>|
| Bunge Global SA | &nbsp;&nbsp; 4.469% | &nbsp;&nbsp; 11/25/25 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 283095<br> <sup>(c)</sup><br>|
| Bunge Global SA | &nbsp;&nbsp; 4.460% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 456603<br> <sup>(c)</sup><br>|
| Charles Schwab Corp. | &nbsp;&nbsp; 4.256% | &nbsp;&nbsp; 11/14/25 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 363129<br> <sup>(c)</sup><br>|
| CRH America Finance Inc. | &nbsp;&nbsp; 4.434% | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 551000 | &nbsp;&nbsp; 549953<br> <sup>(c)</sup><br>|
| Crown Castle Inc. | &nbsp;&nbsp; 4.764% | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 584851<br> <sup>(c)</sup><br>|
| CVS Health Corp. | &nbsp;&nbsp; 4.809% | &nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249679<br> <sup>(c)</sup><br>|
| Enbridge US Inc. | &nbsp;&nbsp; 4.415% | &nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 294651<br> <sup>(c)</sup><br>|
| Enbridge US Inc. | &nbsp;&nbsp; 4.445% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 414012<br> <sup>(c)</sup><br>|
| Enel Finance America LLC | &nbsp;&nbsp; 4.389% | &nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 321954<br> <sup>(c)</sup><br>|
| Essex Portfolio LP | &nbsp;&nbsp; 4.382% | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 284933<br> <sup>(c)</sup><br>|
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 4.416% | &nbsp;&nbsp; 10/9/25 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249734<br> <sup>(c)</sup><br>|
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 4.419% | &nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 319621<br> <sup>(c)</sup><br>|
| FMC Corp. | &nbsp;&nbsp; 5.090% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 609917<br> <sup>(c)</sup><br>|
| General Motors Financial Co. Inc. | &nbsp;&nbsp; 4.443% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249405<br> <sup>(c)</sup><br>|
| Glencore Funding LLC | &nbsp;&nbsp; 4.487% | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249520<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **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** |  |  |  |
| Glencore Funding LLC | &nbsp;&nbsp; 4.465% | &nbsp;&nbsp; 11/28/25 | &nbsp;&nbsp; $415000 | &nbsp;&nbsp; $412080<br> <sup>(c)</sup><br>|
| Honeywell International Inc. | &nbsp;&nbsp; 4.181% | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 297452<br> <sup>(c)</sup><br>|
| Honeywell International Inc. | &nbsp;&nbsp; 4.179% | &nbsp;&nbsp; 12/16/25 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 297420<br> <sup>(c)</sup><br>|
| Macquarie Bank Ltd. | &nbsp;&nbsp; 0.473% | &nbsp;&nbsp; 5/14/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250177<br> <sup>(c)</sup><br>|
| Macquarie Group Ltd. | &nbsp;&nbsp; 4.187% | &nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 574810<br> <sup>(c)</sup><br>|
| Marriott International Inc. | &nbsp;&nbsp; 4.454% | &nbsp;&nbsp; 10/30/25 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 308892<br> <sup>(c)</sup><br>|
| Mid-America Apartments LP | &nbsp;&nbsp; 4.401% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 324962<br> <sup>(c)</sup><br>|
| Mid-America Apartments LP | &nbsp;&nbsp; 4.382% | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 284933<br> <sup>(c)</sup><br>|
| Mid-America Apartments LP | &nbsp;&nbsp; 4.389% | &nbsp;&nbsp; 10/3/25 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249912<br> <sup>(c)</sup><br>|
| Mid-America Apartments LP | &nbsp;&nbsp; 4.408% | &nbsp;&nbsp; 10/7/25 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299752<br> <sup>(c)</sup><br>|
| NiSource Inc. | &nbsp;&nbsp; 4.427% | &nbsp;&nbsp; 10/14/25 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp; 384361<br> <sup>(c)</sup><br>|
| Nutrien Ltd. | &nbsp;&nbsp; 4.492% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 304266<br> <sup>(c)</sup><br>|
| Oracle Corp. | &nbsp;&nbsp; 4.393% | &nbsp;&nbsp; 11/17/25 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 333111<br> <sup>(c)</sup><br>|
| Oracle Corp. | &nbsp;&nbsp; 4.335% | &nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 347082<br> <sup>(c)</sup><br>|
| O'Reilly Automotive Inc. | &nbsp;&nbsp; 4.441% | &nbsp;&nbsp; 10/6/25 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp; 484654<br> <sup>(c)</sup><br>|
| O'Reilly Automotive Inc. | &nbsp;&nbsp; 4.411% | &nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 374557<br> <sup>(c)</sup><br>|
| Ovintiv Inc. | &nbsp;&nbsp; 4.952% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 523611<br> <sup>(c)</sup><br>|
| Penske Truck Leasing Co. LP | &nbsp;&nbsp; 4.459% | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 259938<br> <sup>(c)</sup><br>|
| Phillips | &nbsp;&nbsp; 4.483% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 339184<br> <sup>(c)</sup><br>|
| Protective Life Corp. | &nbsp;&nbsp; 4.525% | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 538953<br> <sup>(c)</sup><br>|
| Protective Life Corp. | &nbsp;&nbsp; 5.408% | &nbsp;&nbsp; 10/23/25 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 308973<br> <sup>(c)(d)</sup><br>|
| Ryder System Inc. | &nbsp;&nbsp; 4.401% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 349959<br> <sup>(c)</sup><br>|
| Ryder System Inc. | &nbsp;&nbsp; 4.408% | &nbsp;&nbsp; 10/7/25 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249793<br> <sup>(c)</sup><br>|
| Targa Resources Corp. | &nbsp;&nbsp; 4.534% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 329960<br> <sup>(c)</sup><br>|
| Targa Resources Corp. | &nbsp;&nbsp; 4.817% | &nbsp;&nbsp; 10/6/25 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299768<br> <sup>(c)</sup><br>|
| Targa Resources Corp. | &nbsp;&nbsp; 4.883% | &nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299335<br> <sup>(c)</sup><br>|
| UDR Inc. | &nbsp;&nbsp; 4.382% | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 374912<br> <sup>(c)</sup><br>|
| UDR Inc. | &nbsp;&nbsp; 4.431% | &nbsp;&nbsp; 10/15/25 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 369341<br> <sup>(c)</sup><br>|
| VW Credit Inc. | &nbsp;&nbsp; 4.455% | &nbsp;&nbsp; 11/5/25 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248928<br> <sup>(c)</sup><br>|
| **Total Commercial Paper (Cost — $23,289,020)** | **Total Commercial Paper (Cost — $23,289,020)** | **Total Commercial Paper (Cost — $23,289,020)** | **Total Commercial Paper (Cost — $23,289,020)** | &nbsp;&nbsp; **23296658** |
|  |  |  | 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%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $4,667)  | &nbsp;&nbsp; 4.032% |  | &nbsp;&nbsp; 4667<br>| &nbsp;&nbsp; **4667**<br> <sup>(e)(f)(g)</sup><br>|
| **Total Short-Term Investments (Cost — $23,293,687)** | **Total Short-Term Investments (Cost — $23,293,687)** | **Total Short-Term Investments (Cost — $23,293,687)** | **Total Short-Term Investments (Cost — $23,293,687)** | &nbsp;&nbsp; **23301325** |
| **Total Investments — 99.4% (Cost — $155,122,530)** | **Total Investments — 99.4% (Cost — $155,122,530)** | **Total Investments — 99.4% (Cost — $155,122,530)** | **Total Investments — 99.4% (Cost — $155,122,530)** | &nbsp;&nbsp; **155718357** |
| Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | &nbsp;&nbsp; 922365 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$156640722** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **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> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $4,667 and the cost was $4,667 (Note 6).<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:** |
| LIBOR |  | London Interbank Offered Rate |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Assets and Liabilities (unaudited)

September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Disruptive <br>Commerce ETF<br>| Franklin Dividend <br>Growth ETF<br>| Franklin <br>Dynamic <br>Municipal <br>Bond ETF<br>| Franklin <br>Exponential <br>Data ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $6,965,004, $4,935,329, $969,997,190 and $3,179,963, <br> respectively)<br>| &nbsp;&nbsp; $8727066 | &nbsp;&nbsp; $4982957 | &nbsp;&nbsp; $984230751 | &nbsp;&nbsp; $4149558 |
| Investments in affiliated securities, at value (Cost — $0, $74,906, <br> $0 and $40,725, respectively)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 74906 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40725 |
| Foreign currency, at value (Cost — $5, $0, $0 and $8,682, <br> respectively)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8583 |
| Cash | &nbsp;&nbsp; 31639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8116044 | &nbsp;&nbsp; — |
| Dividends receivable | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 1488 | &nbsp;&nbsp; 12488427 | &nbsp;&nbsp; 105 |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46837 | &nbsp;&nbsp; — |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 237 | &nbsp;&nbsp; — | &nbsp;&nbsp; 174 |
| **Total Assets** | &nbsp;&nbsp; **8758931** | &nbsp;&nbsp; **5059588** | &nbsp;&nbsp; **1004882059** | &nbsp;&nbsp; **4199145** |
| **Liabilities:** |  |  |  |  |
| Investment management fee payable | &nbsp;&nbsp; 3579 | &nbsp;&nbsp; 2031 | &nbsp;&nbsp; 229737 | &nbsp;&nbsp; 1699 |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20966910 | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **3579** | &nbsp;&nbsp; **2031** | &nbsp;&nbsp; **21196647** | &nbsp;&nbsp; **1699** |
| **Total Net Assets** | &nbsp;&nbsp; **$8755352** | &nbsp;&nbsp; **$5057557** | &nbsp;&nbsp; **$983685412** | &nbsp;&nbsp; **$4197446** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $17902061 | &nbsp;&nbsp; $5009951 | &nbsp;&nbsp; $973093691 | &nbsp;&nbsp; $4109222 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (9146709) | &nbsp;&nbsp; 47606 | &nbsp;&nbsp; 10591721 | &nbsp;&nbsp; 88224 |
| **Total Net Assets** | &nbsp;&nbsp; **$8755352** | &nbsp;&nbsp; **$5057557** | &nbsp;&nbsp; **$983685412** | &nbsp;&nbsp; **$4197446** |
| **Shares Outstanding** | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 39800000 | &nbsp;&nbsp; 150000 |
| **Net Asset Value** | $43.78 | $25.29 | $24.72 | $27.98 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Focused <br>Growth ETF<br>| Franklin <br>Genomic <br>Advancements ETF<br>| Franklin <br>High Yield <br>Corporate ETF<br>| Franklin <br>Income Equity <br>Focus ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $134,235,780, $14,803,625, $607,286,787 and $91,183,078, <br> respectively)<br>| &nbsp;&nbsp; $187595177 | &nbsp;&nbsp; $16908994 | &nbsp;&nbsp; $616557402 | &nbsp;&nbsp; $97155421 |
| Investments in affiliated securities, at value (Cost — <br> $2,451,209, $0, $20,275,071 and $1,438,996, respectively)<br>| &nbsp;&nbsp; 2451209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20275071 | &nbsp;&nbsp; 1438996 |
| Foreign currency, at value (Cost — $0, $7, $25 and $0, <br> respectively)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; 56711 | &nbsp;&nbsp; 77547 | &nbsp;&nbsp; 5345 | &nbsp;&nbsp; 4 |
| Interest and dividends receivable from unaffiliated investments | &nbsp;&nbsp; 9455 | &nbsp;&nbsp; 1597 | &nbsp;&nbsp; 10820883 | &nbsp;&nbsp; 477907 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 6098 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8258 | &nbsp;&nbsp; 4908 |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 34170 | &nbsp;&nbsp; 2381101 | &nbsp;&nbsp; 722540 |
| **Total Assets** | &nbsp;&nbsp; **190118650** | &nbsp;&nbsp; **17022316** | &nbsp;&nbsp; **650048085** | &nbsp;&nbsp; **99799776** |
| **Liabilities:** |  |  |  |  |
| Investment management fee payable | &nbsp;&nbsp; 81749 | &nbsp;&nbsp; 6877 | &nbsp;&nbsp; 208626 | &nbsp;&nbsp; 22583 |
| Payable for securities purchased | &nbsp;&nbsp; 18910 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15135000 | &nbsp;&nbsp; 1990144 |
| **Total Liabilities** | &nbsp;&nbsp; **100659** | &nbsp;&nbsp; **6877** | &nbsp;&nbsp; **15343626** | &nbsp;&nbsp; **2012727** |
| **Total Net Assets** | &nbsp;&nbsp; **$190017991** | &nbsp;&nbsp; **$17015439** | &nbsp;&nbsp; **$634704459** | &nbsp;&nbsp; **$97787049** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $147846210 | &nbsp;&nbsp; $27858587 | &nbsp;&nbsp; $634606720 | &nbsp;&nbsp; $96953625 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 42171781 | &nbsp;&nbsp; (10843148) | &nbsp;&nbsp; 97739 | &nbsp;&nbsp; 833424 |
| **Total Net Assets** | &nbsp;&nbsp; **$190017991** | &nbsp;&nbsp; **$17015439** | &nbsp;&nbsp; **$634704459** | &nbsp;&nbsp; **$97787049** |
| **Shares Outstanding** | &nbsp;&nbsp; 3998775 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 25900000 | &nbsp;&nbsp; 1650000 |
| **Net Asset Value** | $47.52 | $30.94 | $24.51 | $59.26 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Assets and Liabilities (unaudited) (cont'd)

September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Income <br>Focus ETF<br>| Franklin <br>Intelligent <br>Machines ETF<br>| Franklin <br>International <br>Aggregate Bond ETF<br>| Franklin <br>Investment Grade <br>Corporate ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $801,597,013, $29,540,671, $605,127,291 and <br> $609,507,966, respectively)<br>| &nbsp;&nbsp; $845100345 | &nbsp;&nbsp; $47341445 | &nbsp;&nbsp; $627308099 | &nbsp;&nbsp; $601942392 |
| Investments in affiliated securities, at value (Cost — <br> $25,541,158, $0, $44,401,795 and $5,101,688, respectively)<br>| &nbsp;&nbsp; 25541158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44401795 | &nbsp;&nbsp; 5101688 |
| Foreign currency, at value (Cost — $56,953, $20, <br> $4,536,495 and $0, respectively)<br>| &nbsp;&nbsp; 63783 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 4556472 | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; 324079 | &nbsp;&nbsp; 655171 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 283 |
| Interest and dividends receivable from unaffiliated <br> investments<br>| &nbsp;&nbsp; 6989256 | &nbsp;&nbsp; 11520 | &nbsp;&nbsp; 4816307 | &nbsp;&nbsp; 6663906 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 5263117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for securities sold  | &nbsp;&nbsp; 4884437 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8336401 | &nbsp;&nbsp; 5716636 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 60882 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24412 | &nbsp;&nbsp; 2872 |
| Unrealized appreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2170098 | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **888227057** | &nbsp;&nbsp; **48008156** | &nbsp;&nbsp; **691843584** | &nbsp;&nbsp; **619427777** |
| **Liabilities:** |  |  |  |  |
| Payable for securities purchased | &nbsp;&nbsp; 25247972 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15012559 | &nbsp;&nbsp; 7222853 |
| Distributions payable | &nbsp;&nbsp; 3536558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment management fee payable | &nbsp;&nbsp; 254982 | &nbsp;&nbsp; 18863 | &nbsp;&nbsp; 139926 | &nbsp;&nbsp; 175198 |
| Deposits from brokers for OTC derivatives | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; — |
| Unrealized depreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2362216 | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **29039512** | &nbsp;&nbsp; **18863** | &nbsp;&nbsp; **17744701** | &nbsp;&nbsp; **7398051** |
| **Total Net Assets** | &nbsp;&nbsp; **$859187545** | &nbsp;&nbsp; **$47989293** | &nbsp;&nbsp; **$674098883** | &nbsp;&nbsp; **$612029726** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $819019606 | &nbsp;&nbsp; $32161209 | &nbsp;&nbsp; $702384621 | &nbsp;&nbsp; $691418709 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 40167939 | &nbsp;&nbsp; 15828084 | &nbsp;&nbsp; (28285738) | &nbsp;&nbsp; (79388983) |
| **Total Net Assets** | &nbsp;&nbsp; **$859187545** | &nbsp;&nbsp; **$47989293** | &nbsp;&nbsp; **$674098883** | &nbsp;&nbsp; **$612029726** |
| **Shares Outstanding** | &nbsp;&nbsp; 31050000 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 32850000 | &nbsp;&nbsp; 28000000 |
| **Net Asset Value** | $27.67 | $87.25 | $20.52 | $21.86 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Multisector <br>Income ETF <br>| Franklin <br>Municipal <br>Green Bond ETF<br>| Franklin <br>Senior Loan ETF<br>| Franklin <br>Systematic Style <br>Premia ETF<sup>‡</sup> <br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $14,420,485, $89,049,331, $1,119,798,965 and $303,700,347, <br> respectively)<br>| &nbsp;&nbsp; $14457442 | &nbsp;&nbsp; $88568206 | &nbsp;&nbsp; $1100898193 | &nbsp;&nbsp; $350479473 |
| Investments in affiliated securities, at value (Cost — $643,470, <br> $0, $132,864,654 and $0, respectively)<br>| &nbsp;&nbsp; 643470 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133029617 | &nbsp;&nbsp; — |
| Foreign currency, at value (Cost — $0, $0, $0 and $281,481, <br> respectively)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 283367 |
| Cash | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 142029 | &nbsp;&nbsp; 2874738 | &nbsp;&nbsp; 8204157 |
| Interest receivable | &nbsp;&nbsp; 152637 | &nbsp;&nbsp; 1211060 | &nbsp;&nbsp; 6473400 | &nbsp;&nbsp; 760454 |
| Deposits with brokers for centrally cleared swap contracts | &nbsp;&nbsp; 129739 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable from brokers — net variation margin on centrally <br> cleared swap contracts<br>| &nbsp;&nbsp; 62789 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| OTC swaps, at value (premiums received — $13,790, 0, 0 and <br> 0, respectively)<br>| &nbsp;&nbsp; 31385 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 26250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 1187 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67049 | &nbsp;&nbsp; — |
| Deposits with brokers for OTC derivatives | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1229786 |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32995228 |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4686358 | &nbsp;&nbsp; 1 |
| Receivable from brokers — net variation margin on open <br> futures contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58985497 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3249378 |
| **Total Assets** | &nbsp;&nbsp; **15505064** | &nbsp;&nbsp; **89921295** | &nbsp;&nbsp; **1248029355** | &nbsp;&nbsp; **456187341** |
| **Liabilities:** |  |  |  |  |
| Payable for securities purchased | &nbsp;&nbsp; 234251 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31328625 | &nbsp;&nbsp; 48 |
| Payable to brokers — net variation margin on open futures <br> contracts<br>| &nbsp;&nbsp; 60570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for open OTC swap contracts | &nbsp;&nbsp; 31787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| OTC swaps, at value (paid — $11,222, $0, $0 and $0, <br> respectively)<br>| &nbsp;&nbsp; 19400 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1513394 |
| Investment management fee payable | &nbsp;&nbsp; 4861 | &nbsp;&nbsp; 22048 | &nbsp;&nbsp; 435048 | &nbsp;&nbsp; 171283 |
| Deposits from brokers for open futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33811458 |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1163948 |
| Accrued expenses | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2477 |
| **Total Liabilities** | &nbsp;&nbsp; **350869** | &nbsp;&nbsp; **22048** | &nbsp;&nbsp; **31763673** | &nbsp;&nbsp; **36662608** |
| **Total Net Assets** | &nbsp;&nbsp; **$15154195** | &nbsp;&nbsp; **$89899247** | &nbsp;&nbsp; **$1216265682** | &nbsp;&nbsp; **$419524733** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $15047644 | &nbsp;&nbsp; $103272118 | &nbsp;&nbsp; $1240676398 | &nbsp;&nbsp; $375949520 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 106551 | &nbsp;&nbsp; (13372871) | &nbsp;&nbsp; (24410716) | &nbsp;&nbsp; 43575213 |
| **Total Net Assets** | &nbsp;&nbsp; **$15154195** | &nbsp;&nbsp; **$89899247** | &nbsp;&nbsp; **$1216265682** | &nbsp;&nbsp; **$419524733** |
| **Shares Outstanding** | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 3800000 | &nbsp;&nbsp; 50650000 | &nbsp;&nbsp; 15900000 |
| **Net Asset Value** | $25.26 | $23.66 | $24.01 | $26.39 |

---

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

‡ Consolidated
 Financial Statements (Note
 12) .

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Assets and Liabilities (unaudited) (cont'd)

September 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | Franklin <br>U.S. Core <br>Bond ETF<br>| Franklin <br>U.S. Treasury <br>Bond ETF<br>| Franklin <br>Ultra Short <br>Bond ETF<br>|
| **Assets:** |  |  |  |
| Investments in unaffiliated securities, at value (Cost — $2,734,579,316, <br> $1,048,887,122 and $155,117,863, respectively)<br>| &nbsp;&nbsp; $2697792387 | &nbsp;&nbsp; $1056442176 | &nbsp;&nbsp; $155713690 |
| Investments in affiliated securities, at value (Cost — $25,829,117, $7,442,825 and <br> $4,667, respectively)<br>| &nbsp;&nbsp; 25829117 | &nbsp;&nbsp; 7442825 | &nbsp;&nbsp; 4667 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5362 |
| Interest receivable | &nbsp;&nbsp; 17249737 | &nbsp;&nbsp; 9807889 | &nbsp;&nbsp; 1313625 |
| Receivable for securities sold  | &nbsp;&nbsp; 10843858 | &nbsp;&nbsp; 78380 | &nbsp;&nbsp; 3383 |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 2484300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 78793 | &nbsp;&nbsp; 31389 | &nbsp;&nbsp; 931 |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 9293494 | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **2754278192** | &nbsp;&nbsp; **1083096153** | &nbsp;&nbsp; **157041658** |
| **Liabilities:** |  |  |  |
| Payable for securities purchased | &nbsp;&nbsp; 21864968 | &nbsp;&nbsp; 9100916 | &nbsp;&nbsp; 381984 |
| Investment management fee payable | &nbsp;&nbsp; 331436 | &nbsp;&nbsp; 77940 | &nbsp;&nbsp; 18952 |
| Payable to brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 11859 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **22208263** | &nbsp;&nbsp; **9178856** | &nbsp;&nbsp; **400936** |
| **Total Net Assets** | &nbsp;&nbsp; **$2732069929** | &nbsp;&nbsp; **$1073917297** | &nbsp;&nbsp; **$156640722** |
| **Net Assets:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $2950579425 | &nbsp;&nbsp; $1147280234 | &nbsp;&nbsp; $155524525 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (218509496) | &nbsp;&nbsp; (73362937) | &nbsp;&nbsp; 1116197 |
| **Total Net Assets** | &nbsp;&nbsp; **$2732069929** | &nbsp;&nbsp; **$1073917297** | &nbsp;&nbsp; **$156640722** |
| **Shares Outstanding** | &nbsp;&nbsp; 125850000 | &nbsp;&nbsp; 52000000 | &nbsp;&nbsp; 6250000 |
| **Net Asset Value** | $21.71 | $20.65 | $25.06 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Operations (unaudited)

For the Six Months Ended September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Disruptive <br>Commerce ETF<br>| Franklin Dividend <br>Growth ETF†<br>| Franklin <br>Dynamic <br>Municipal <br>Bond ETF<br>| Franklin <br>Exponential <br>Data ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends | &nbsp;&nbsp; $9728 | &nbsp;&nbsp; $3771 | &nbsp;&nbsp; — | &nbsp;&nbsp; $4937 |
| Dividends from affiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 237 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1675 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $16020428 | &nbsp;&nbsp; — |
| Less: Foreign taxes withheld | (188) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (4) |
| **Total Investment Income** | &nbsp;&nbsp; **9540** | &nbsp;&nbsp; **4008** | &nbsp;&nbsp; **16020428** | &nbsp;&nbsp; **6608** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 20723 | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 1120445 | &nbsp;&nbsp; 10932 |
| **Total Expenses** | &nbsp;&nbsp; **20723** | &nbsp;&nbsp; **2300** | &nbsp;&nbsp; **1120445** | &nbsp;&nbsp; **10932** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (179) |
| **Net Expenses** | &nbsp;&nbsp; **20723** | &nbsp;&nbsp; **2300** | &nbsp;&nbsp; **1120445** | &nbsp;&nbsp; **10753** |
| **Net Investment Income (Loss)** | &nbsp;&nbsp; **(11183)** | &nbsp;&nbsp; **1708** | &nbsp;&nbsp; **14899983** | &nbsp;&nbsp; **(4145)** |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 234038 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67542 | &nbsp;&nbsp; 397890 |
| Foreign currency transactions | &nbsp;&nbsp; 31 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 136 |
| **Net Realized Gain**  | &nbsp;&nbsp; **234069** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **67542** | &nbsp;&nbsp; **398026** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 1579921 | &nbsp;&nbsp; 47628 | &nbsp;&nbsp; 15885351 | &nbsp;&nbsp; 642100 |
| Foreign currencies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (100) |
| **Change in Net Unrealized Appreciation (Depreciation)** <br> **From Investments** <br>| &nbsp;&nbsp; **1579921** | &nbsp;&nbsp; **47628** | &nbsp;&nbsp; **15885351** | &nbsp;&nbsp; **642000** |
| **Net Gain on Investments and Foreign Currency Transactions**  | &nbsp;&nbsp; **1813990** | &nbsp;&nbsp; **47628** | &nbsp;&nbsp; **15952893** | &nbsp;&nbsp; **1040026** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$1802807** | &nbsp;&nbsp; **$49336** | &nbsp;&nbsp; **$30852876** | &nbsp;&nbsp; **$1035881** |

---

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

† For
 the period August 28, 2025 (inception date) to September 30, 2025 (unaudited).

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Operations (unaudited) (cont'd)

For the Six Months Ended September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Focused <br>Growth ETF<br>| Franklin <br>Genomic <br>Advancements ETF<br>| Franklin <br>High Yield <br>Corporate ETF<br>| Franklin <br>Income Equity <br>Focus ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $219312 | &nbsp;&nbsp; $16725 | &nbsp;&nbsp; $8242 | &nbsp;&nbsp; $1156157 |
| Dividends from affiliated investments | &nbsp;&nbsp; 9881 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8258 | &nbsp;&nbsp; 4908 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20736240 | &nbsp;&nbsp; 1443088 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (6977) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (8988) |
| **Total Investment Income** | &nbsp;&nbsp; **222216** | &nbsp;&nbsp; **$16725** | &nbsp;&nbsp; **20752740** | &nbsp;&nbsp; **2595165** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 396776 | &nbsp;&nbsp; 31396 | &nbsp;&nbsp; 1249607 | &nbsp;&nbsp; 132797 |
| **Total Expenses** | &nbsp;&nbsp; **396776** | &nbsp;&nbsp; **31396** | &nbsp;&nbsp; **1249607** | &nbsp;&nbsp; **132797** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (1896) | &nbsp;&nbsp; — | (255) | (235) |
| **Net Expenses** | &nbsp;&nbsp; **394880** | &nbsp;&nbsp; **31396** | &nbsp;&nbsp; **1249352** | &nbsp;&nbsp; **132562** |
| **Net Investment Income (Loss)** | &nbsp;&nbsp; **(172664)** | &nbsp;&nbsp; **(14671)** | &nbsp;&nbsp; **19503388** | &nbsp;&nbsp; **2462603** |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 3400615 | &nbsp;&nbsp; (1442831)<br>| &nbsp;&nbsp; 185529 | &nbsp;&nbsp; 1038750 |
| Foreign currency transactions | &nbsp;&nbsp; 2290 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **3402905** | &nbsp;&nbsp; **(1442754)** | &nbsp;&nbsp; **185529** | &nbsp;&nbsp; **1038750** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 38147430 | &nbsp;&nbsp; 3420911 | &nbsp;&nbsp; 17481583 | &nbsp;&nbsp; 3416907 |
| Foreign currencies | (7) | &nbsp;&nbsp; 128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Change in Net Unrealized Appreciation** <br> **(Depreciation)** <br>| &nbsp;&nbsp; **38147423** | &nbsp;&nbsp; **3421039** | &nbsp;&nbsp; **17481583** | &nbsp;&nbsp; **3416907** |
| **Net Gain on Investments and Foreign Currency Transactions**  | &nbsp;&nbsp; **41550328** | &nbsp;&nbsp; **1978285** | &nbsp;&nbsp; **17667112** | &nbsp;&nbsp; **4455657** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$41377664** | &nbsp;&nbsp; **$1963614** | &nbsp;&nbsp; **$37170500** | &nbsp;&nbsp; **$6918260** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

For the Six Months Ended September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Income <br>Focus ETF<br>| Franklin <br>Intelligent <br>Machines ETF<br>| Franklin <br>International <br>Aggregate Bond ETF<br>| Franklin <br>Investment Grade <br>Corporate ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $4772840 | &nbsp;&nbsp; $70867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends from affiliated investments | &nbsp;&nbsp; 299325 | &nbsp;&nbsp; — | &nbsp;&nbsp; $24412 | &nbsp;&nbsp; $2872 |
| Interest | &nbsp;&nbsp; 8984753 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1229491 | &nbsp;&nbsp; 11547026 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (10079) | &nbsp;&nbsp; (4773) | &nbsp;&nbsp; (36646) | &nbsp;&nbsp; — |
| **Total Investment Income** | &nbsp;&nbsp; **14046839** | &nbsp;&nbsp; **66094** | &nbsp;&nbsp; **1217257** | &nbsp;&nbsp; **11549898** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 1313379 | &nbsp;&nbsp; 87126 | &nbsp;&nbsp; 857549 | &nbsp;&nbsp; 1037569 |
| **Total Expenses** | &nbsp;&nbsp; **1313379** | &nbsp;&nbsp; **87126** | &nbsp;&nbsp; **857549** | &nbsp;&nbsp; **1037569** |
| Less: Fee waivers and/or expense <br> reimbursements (Note 2)<br>| &nbsp;&nbsp; (28258) | &nbsp;&nbsp; — | (826) | (98) |
| **Net Expenses** | &nbsp;&nbsp; **1285121** | &nbsp;&nbsp; **87126** | &nbsp;&nbsp; **856723** | &nbsp;&nbsp; **1037471** |
| **Net Investment Income (Loss)** | &nbsp;&nbsp; **12761718** | &nbsp;&nbsp; **(21032)** | &nbsp;&nbsp; **360534** | &nbsp;&nbsp; **10512427** |
| **Realized and Unrealized Gain (Loss) on Investments, Written Options, Forward Foreign Currency Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Written Options, Forward Foreign Currency Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Written Options, Forward Foreign Currency Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Written Options, Forward Foreign Currency Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Written Options, Forward Foreign Currency Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 3944026 | &nbsp;&nbsp; (20962)<br>| &nbsp;&nbsp; (3165929)<br>| &nbsp;&nbsp; (1872936)<br>|
| Written options | &nbsp;&nbsp; 151803 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (39246605) | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 1812048 | &nbsp;&nbsp; — |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **4095829** | &nbsp;&nbsp; **(20753)** | &nbsp;&nbsp; **(40600486)** | &nbsp;&nbsp; **(1872936)** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 30488567 | &nbsp;&nbsp; 14485682 | &nbsp;&nbsp; 36860017 | &nbsp;&nbsp; 17553082 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14657378 | &nbsp;&nbsp; — |
| Foreign currencies | &nbsp;&nbsp; 5038 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1238663) | &nbsp;&nbsp; — |
| **Change in Net Unrealized Appreciation** <br> **(Depreciation)** <br>| &nbsp;&nbsp; **30493605** | &nbsp;&nbsp; **14485684** | &nbsp;&nbsp; **50278732** | &nbsp;&nbsp; **17553082** |
| **Net Gain on Investments, Written Options, Forward** <br> **Foreign Currency Contracts and Foreign Currency** <br> **Transactions** <br>| &nbsp;&nbsp; **34589434** | &nbsp;&nbsp; **14464931** | &nbsp;&nbsp; **9678246** | &nbsp;&nbsp; **15680146** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$47351152** | &nbsp;&nbsp; **$14443899** | &nbsp;&nbsp; **$10038780** | &nbsp;&nbsp; **$26192573** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Operations (unaudited) (cont'd)

For the Six Months Ended September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Multisector <br>Income ETF †<br>| Franklin <br>Municipal <br>Green Bond ETF<br>| Franklin <br>Senior Loan ETF<br>| Franklin <br>Systematic Style <br>Premia ETF‡<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $845953 | &nbsp;&nbsp; $4689668 |
| Dividends from affiliated investments | &nbsp;&nbsp; $1187 | &nbsp;&nbsp; — | &nbsp;&nbsp; 321078 | &nbsp;&nbsp; — |
| Interest | &nbsp;&nbsp; 64295 | &nbsp;&nbsp; $1122695 | &nbsp;&nbsp; 40934611 | &nbsp;&nbsp; — |
| Less: Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (116412) |
| **Total Investment Income** | &nbsp;&nbsp; **65482** | &nbsp;&nbsp; **$1122695** | &nbsp;&nbsp; **42101642** | &nbsp;&nbsp; **4573256** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 5667 | &nbsp;&nbsp; 143319 | &nbsp;&nbsp; 2525635 | &nbsp;&nbsp; 1162539 |
| Custody fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 382 |
| Transfer agent fees  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2436 |
| **Total Expenses** | &nbsp;&nbsp; **5667** | &nbsp;&nbsp; **143319** | &nbsp;&nbsp; **2525635** | &nbsp;&nbsp; **1165357** |
| Less: Fee waivers and/or expense reimbursements (Note <br> 2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (64689) | &nbsp;&nbsp; (207758) |
| **Net Expenses** | &nbsp;&nbsp; **5667** | &nbsp;&nbsp; **143319** | &nbsp;&nbsp; **2460946** | &nbsp;&nbsp; **957599** |
| **Net Investment Income** | &nbsp;&nbsp; **59815** | &nbsp;&nbsp; **979376** | &nbsp;&nbsp; **39640696** | &nbsp;&nbsp; **3615657** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Forward Foreign Currency Contracts** <br> **and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Forward Foreign Currency Contracts** <br> **and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Forward Foreign Currency Contracts** <br> **and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Forward Foreign Currency Contracts** <br> **and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Forward Foreign Currency Contracts** <br> **and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 4254 | &nbsp;&nbsp; (51155)<br>| &nbsp;&nbsp; (207006)<br>| &nbsp;&nbsp; 1628907 |
| Futures contracts | &nbsp;&nbsp; (10015) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15648883 |
| Swap contracts | &nbsp;&nbsp; (5143) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (23180922) |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1287898 |
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1399668) |
| **Net Realized Loss**  | &nbsp;&nbsp; **(10904)** | &nbsp;&nbsp; **(51155)** | &nbsp;&nbsp; **(207006)** | &nbsp;&nbsp; **(6014902)** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 36957 | &nbsp;&nbsp; 1624255 | &nbsp;&nbsp; (2724270)<br>| &nbsp;&nbsp; 29603737 |
| Investments in affiliated securities | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 220177 | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 4565 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 363754 |
| Swap contracts | &nbsp;&nbsp; 16118 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1513395) |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1377691 |
| Foreign currencies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1889 |
| **Change in Net Unrealized Appreciation** <br> **(Depreciation)** <br>| &nbsp;&nbsp; **57640** | &nbsp;&nbsp; **1624255** | &nbsp;&nbsp; **(2504093)** | &nbsp;&nbsp; **29833676** |
| **Net Gain (Loss) on Investments, Futures Contracts, Swap** <br> **Contracts, Forward Foreign Currency Contracts and** <br> **Foreign Currency Transactions** <br>| &nbsp;&nbsp; **46736** | &nbsp;&nbsp; **1573100** | &nbsp;&nbsp; **(2711099)** | &nbsp;&nbsp; **23818774** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$106551** | &nbsp;&nbsp; **$2552476** | &nbsp;&nbsp; **$36929597** | &nbsp;&nbsp; **$27434431** |

---

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

† For
 the period August 26, 2025 (inception date) to September 30, 2025 (unaudited).

‡ Consolidated
 Financial Statements (Note
 12) .

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

For the Six Months Ended September 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | Franklin <br>U.S. Core <br>Bond ETF<br>| Franklin <br>U.S. Treasury <br>Bond ETF<br>| Franklin <br>Ultra Short <br>Bond ETF<br>|
| **Investment Income:** |  |  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $608772 | &nbsp;&nbsp; $202269 | &nbsp;&nbsp; $10366 |
| Interest | &nbsp;&nbsp; 51556259 | &nbsp;&nbsp; 21934101 | &nbsp;&nbsp; 3402475 |
| **Total Investment Income** | &nbsp;&nbsp; **52165031** | &nbsp;&nbsp; **22136370** | &nbsp;&nbsp; **3412841** |
| **Expenses:** |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 1953149 | &nbsp;&nbsp; 458499 | &nbsp;&nbsp; 106031 |
| **Total Expenses** | &nbsp;&nbsp; **1953149** | &nbsp;&nbsp; **458499** | &nbsp;&nbsp; **106031** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (26848) | &nbsp;&nbsp; (5710) | (677) |
| **Net Expenses** | &nbsp;&nbsp; **1926301** | &nbsp;&nbsp; **452789** | &nbsp;&nbsp; **105354** |
| **Net Investment Income** | &nbsp;&nbsp; **50238730** | &nbsp;&nbsp; **21683581** | &nbsp;&nbsp; **3307487** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Swap Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Swap Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Swap Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Swap Contracts (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (9963622)<br>| &nbsp;&nbsp; (31231)<br>| &nbsp;&nbsp; (7565)<br>|
| Futures contracts | &nbsp;&nbsp; 1519314 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; (163542) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Realized Loss**  | &nbsp;&nbsp; **(8607850)** | &nbsp;&nbsp; **(31231)** | &nbsp;&nbsp; **(7565)** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 44872366 | &nbsp;&nbsp; 4714556 | &nbsp;&nbsp; 447792 |
| Futures contracts | &nbsp;&nbsp; (202623) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; 30880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **44700623** | &nbsp;&nbsp; **4714556** | &nbsp;&nbsp; **447792** |
| **Net Gain on Investments, Futures Contracts and Swap Contracts**  | &nbsp;&nbsp; **36092773** | &nbsp;&nbsp; **4683325** | &nbsp;&nbsp; **440227** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$86331503** | &nbsp;&nbsp; **$26366906** | &nbsp;&nbsp; **$3747714** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

Franklin Disruptive Commerce ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment loss  | &nbsp;&nbsp; $(11183) | $(18757) |
| Net realized gain  | &nbsp;&nbsp; 234069 | 2227121 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 1579921 | (1451976) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **1802807** | **756388** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; — | (11522) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **—** | **(11522)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (0 and 150,000 shares issued, respectively)  | &nbsp;&nbsp; — | 5771679 |
| Cost of shares repurchased (100,000 and 200,000 shares repurchased, respectively)  | &nbsp;&nbsp; (3325094)<br>| (7540643)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(3325094)** | **(1768964)** |
| **Decrease in Net Assets** | &nbsp;&nbsp; **(1522287)** | **(1024098)** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 10277639 | 11301737 |
| **End of period** | &nbsp;&nbsp; **$8755352** | **$10277639** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Dividend Growth ETF

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

---

| | |
|:---|:---|
| For the Period Ended September 30, 2025<sup>†</sup> <br>| 2025 |
| **Operations:** |  |
| Net investment income  | &nbsp;&nbsp; $1708 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 47628 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **49336** |
| **Distributions to Shareholders From (Note 1) :** |  |
| Total distributable earnings | &nbsp;&nbsp; (1730) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1730)** |
| **Fund Share Transactions (Note 5):** |  |
| Net proceeds from sale of shares (200,001 shares issued)  | &nbsp;&nbsp; 5009976 |
| Cost of shares repurchased (1 shares repurchased)  | &nbsp;&nbsp; (25)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **5009951** |
| **Increase in Net Assets** | &nbsp;&nbsp; **5057557** |
| **Net Assets:** |  |
| Beginning of period | &nbsp;&nbsp; — |
| **End of period** | &nbsp;&nbsp; **$5057557** |

---

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

† For
 the period August 28, 2025 (inception date) to September 30, 2025 (unaudited).

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Dynamic Municipal Bond ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $14899983 | $14526527 |
| Net realized gain  | &nbsp;&nbsp; 67542 | 12441 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 15885351 | (4874374) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **30852876** | **9664594** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (15163291) | (13040439) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(15163291)** | **(13040439)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (16,450,000 and 17,300,000 shares issued, respectively)  | &nbsp;&nbsp; 398017075 | 424978353 |
| Cost of shares repurchased (1,700,000 and 300,000 shares repurchased, respectively)  | &nbsp;&nbsp; (40910611)<br>| (7306344)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **357106464** | **417672009** |
| **Increase in Net Assets** | &nbsp;&nbsp; **372796049** | **414296164** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 610889363 | 196593199 |
| **End of period** | &nbsp;&nbsp; **$983685412** | **$610889363** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Exponential Data ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment loss  | &nbsp;&nbsp; $(4145) | $(2700) |
| Net realized gain  | &nbsp;&nbsp; 398026 | 887936 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 642000 | (751496) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **1035881** | **133740** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; — | (6435) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **—** | **(6435)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Cost of shares repurchased (50,000 and 100,000 shares repurchased, respectively)  | &nbsp;&nbsp; (1320227)<br>| (2459548)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(1320227)** | **(2459548)** |
| **Decrease in Net Assets** | &nbsp;&nbsp; **(284346)** | **(2332243)** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 4481792 | 6814035 |
| **End of period** | &nbsp;&nbsp; **$4197446** | **$4481792** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Focused Growth ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment loss  | &nbsp;&nbsp; $(172664) | $(152766) |
| Net realized gain  | &nbsp;&nbsp; 3402905 | 16085264 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 38147423 | (14378028) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **41377664** | **1554470** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,100,326 and 1,950,000 shares issued, respectively)  | &nbsp;&nbsp; 48943614 | 71697338 |
| Cost of shares repurchased (200,000 and 850,000 shares repurchased, respectively)  | &nbsp;&nbsp; (8490670)<br>| (32849891)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **40452944** | **38847447** |
| **Increase in Net Assets** | &nbsp;&nbsp; **81830608** | **40401917** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 108187383 | 67785466 |
| **End of period** | &nbsp;&nbsp; **$190017991** | **$108187383** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Genomic Advancements ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment loss  | &nbsp;&nbsp; $(14671) | $(20119) |
| Net realized loss  | &nbsp;&nbsp; (1442754) | (1714783) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 3421039 | (435421) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **1963614** | **(2170323)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (150,000 and 400,000 shares issued, respectively)  | &nbsp;&nbsp; 4264714 | 4665875 |
| Cost of shares repurchased (0 and 50,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (1533973)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **4264714** | **3131902** |
| **Increase in Net Assets** | &nbsp;&nbsp; **6228328** | **961579** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 10787111 | 9825532 |
| **End of period** | &nbsp;&nbsp; **$17015439** | **$10787111** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin High Yield Corporate ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $19503388 | $30315287 |
| Net realized gain (loss)  | &nbsp;&nbsp; 185529 | (431261) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 17481583 | (3847921) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **37170500** | **26036105** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (21030403) | (28955352) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(21030403)** | **(28955352)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (3,800,000 and 15,400,000 shares issued, respectively)  | &nbsp;&nbsp; 92072093 | 371149467 |
| Cost of shares repurchased (3,700,000 and 950,000 shares repurchased, respectively)  | &nbsp;&nbsp; (88060224)<br>| (22874174)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **4011869** | **348275293** |
| **Increase in Net Assets** | &nbsp;&nbsp; **20151966** | **345356046** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 614552493 | 269196447 |
| **End of period** | &nbsp;&nbsp; **$634704459** | **$614552493** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Income Equity Focus ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $2462603 | $2032644 |
| Net realized gain  | &nbsp;&nbsp; 1038750 | 21412534 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 3416907 | (16646358) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **6918260** | **6798820** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (2421855) | (4064715) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(2421855)** | **(4064715)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (100,000 and 1,250,000 shares issued, respectively)  | &nbsp;&nbsp; 5552813 | 68829467 |
| Cost of shares repurchased (100,000 and 1,800,000 shares repurchased, respectively)  | &nbsp;&nbsp; (5094765)<br>| (98945173)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **458048** | **(30115706)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **4954453** | **(27381601)** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 92832596 | 120214197 |
| **End of period** | &nbsp;&nbsp; **$97787049** | **$92832596** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Income Focus ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $12761718 | $14154470 |
| Net realized gain  | &nbsp;&nbsp; 4095829 | 2159413 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 30493605 | 8069612 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **47351152** | **24383495** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (18324724) | (18595992) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(18324724)** | **(18595992)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (10,050,000 and 14,300,000 shares issued, respectively)  | &nbsp;&nbsp; 271203108 | 378622024 |
| Cost of shares repurchased (100,000 and 0 shares repurchased, respectively)  | &nbsp;&nbsp; (2484944)<br>|  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **268718164** | **378622024** |
| **Increase in Net Assets** | &nbsp;&nbsp; **297744592** | **384409527** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 561442953 | 177033426 |
| **End of period** | &nbsp;&nbsp; **$859187545** | **$561442953** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Intelligent Machines ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment loss  | &nbsp;&nbsp; $(21032) | $(33077) |
| Net realized loss  | &nbsp;&nbsp; (20753) | (204394) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 14485684 | (815073) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **14443899** | **(1052544)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (100,000 and 100,000 shares issued, respectively)  | &nbsp;&nbsp; 8019142 | 6160137 |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **8019142** | **6160137** |
| **Increase in Net Assets** | &nbsp;&nbsp; **22463041** | **5107593** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 25526252 | 20418659 |
| **End of period** | &nbsp;&nbsp; **$47989293** | **$25526252** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin International Aggregate Bond ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $360534 | $13253759 |
| Net realized gain (loss)  | &nbsp;&nbsp; (40600486) | 25257708 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 50278732 | (22050037) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **10038780** | **16461430** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (2462489) | (17714764) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(2462489)** | **(17714764)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (4,100,000 and 6,750,000 shares issued, respectively)  | &nbsp;&nbsp; 87129257 | 137278103 |
| Cost of shares repurchased (2,250,000 and 0 shares repurchased, respectively)  | &nbsp;&nbsp; (46098960)<br>|  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **41030297** | **137278103** |
| **Increase in Net Assets** | &nbsp;&nbsp; **48606588** | **136024769** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 625492295 | 489467526 |
| **End of period** | &nbsp;&nbsp; **$674098883** | **$625492295** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Investment Grade Corporate ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $10512427 | $20253607 |
| Net realized loss  | &nbsp;&nbsp; (1872936) | (13576724) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 17553082 | 11318581 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **26192573** | **17995464** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (13631780) | (20452540) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(13631780)** | **(20452540)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (2,550,000 and 14,400,000 shares issued, respectively)  | &nbsp;&nbsp; 53909464 | 313064908 |
| Cost of shares repurchased (900,000 and 5,100,000 shares repurchased, respectively)  | &nbsp;&nbsp; (19279352)<br>| (109921043)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **34630112** | **203143865** |
| **Increase in Net Assets** | &nbsp;&nbsp; **47190905** | **200686789** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 564838821 | 364152032 |
| **End of period** | &nbsp;&nbsp; **$612029726** | **$564838821** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Multisector Income ETF

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

---

| | |
|:---|:---|
| For the Period Ended September 30, 2025<sup>†</sup> <br>| 2025 |
| **Operations:** |  |
| Net investment income  | &nbsp;&nbsp; $59815 |
| Net realized loss  | &nbsp;&nbsp; (10904) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 57640 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **106551** |
| **Fund Share Transactions (Note 5):** |  |
| Net proceeds from sale of shares (600,000 shares issued)  | &nbsp;&nbsp; 15047644 |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **15047644** |
| **Increase in Net Assets** | &nbsp;&nbsp; **15154195** |
| **Net Assets:** |  |
| Beginning of period | &nbsp;&nbsp; — |
| **End of period** | &nbsp;&nbsp; **$15154195** |

---

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

† For
 the period August 26, 2025 (inception date) to September 30, 2025 (unaudited).

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Municipal Green Bond ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $979376 | $3843222 |
| Net realized loss  | &nbsp;&nbsp; (51155) | (103353) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 1624255 | (2048233) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **2552476** | **1691636** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1960176) | (4031657) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1960176)** | **(4031657)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,100,000 and 550,000 shares issued, respectively)  | &nbsp;&nbsp; 25092494 | 13171317 |
| Cost of shares repurchased (1,500,000 and 1,050,000 shares repurchased, respectively)  | &nbsp;&nbsp; (34415648)<br>| (25155640)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(9323154)** | **(11984323)** |
| **Decrease in Net Assets** | &nbsp;&nbsp; **(8730854)** | **(14324344)** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 98630101 | 112954445 |
| **End of period** | &nbsp;&nbsp; **$89899247** | **$98630101** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Senior Loan ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $39640696 | $47669691 |
| Net realized loss  | &nbsp;&nbsp; (207006) | (3736632) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (2504093) | (14504638) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **36929597** | **29428421** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (37982681) | (44477601) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(37982681)** | **(44477601)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (8,650,000 and 31,050,000 shares issued, respectively)  | &nbsp;&nbsp; 208794017 | 753768850 |
| Cost of shares repurchased (2,500,000 and 0 shares repurchased, respectively)  | &nbsp;&nbsp; (58682361)<br>|  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **150111656** | **753768850** |
| **Increase in Net Assets** | &nbsp;&nbsp; **149058572** | **738719670** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1067207110 | 328487440 |
| **End of period** | &nbsp;&nbsp; **$1216265682** | **$1067207110** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Systematic Style Premia ETF<sup>‡</sup>

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $3615657 | $5028031 |
| Net realized gain (loss)  | &nbsp;&nbsp; (6014902) | 7993278 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 29833676 | (1876418) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **27434431** | **11144891** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; — | (3594570) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **—** | **(3594570)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (3,400,000 and 5,100,000 shares issued, respectively)  | &nbsp;&nbsp; 85358967 | 122215366 |
| Cost of shares repurchased (250,000 and 50,000 shares repurchased, respectively)  | &nbsp;&nbsp; (6016138)<br>| (1172113)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **79342829** | **121043253** |
| **Increase in Net Assets** | &nbsp;&nbsp; **106777260** | **128593574** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 312747473 | 184153899 |
| **End of period** | &nbsp;&nbsp; **$419524733** | **$312747473** |

---

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

‡ Consolidated
 Financial Statements (Note
 12) .

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin U.S. Core Bond ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $50238730 | $85660544 |
| Net realized loss  | &nbsp;&nbsp; (8607850) | (16461781) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 44700623 | 27341376 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **86331503** | **96540139** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (54510887) | (87023535) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(54510887)** | **(87023535)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (17,350,000 and 37,800,000 shares issued, respectively)  | &nbsp;&nbsp; 368971155 | 815196006 |
| Cost of shares repurchased (4,450,000 and 8,150,000 shares repurchased, respectively)  | &nbsp;&nbsp; (95238893)<br>| (174807093)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **273732262** | **640388913** |
| **Increase in Net Assets** | &nbsp;&nbsp; **305552878** | **649905517** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2426517051 | 1776611534 |
| **End of period** | &nbsp;&nbsp; **$2732069929** | **$2426517051** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin U.S. Treasury Bond ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $21683581 | $34564385 |
| Net realized loss  | &nbsp;&nbsp; (31231) | (10468912) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 4714556 | 12433193 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **26366906** | **36528666** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (20563018) | (33558135) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(20563018)** | **(33558135)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (7,600,000 and 16,950,000 shares issued, respectively)  | &nbsp;&nbsp; 154849273 | 348038141 |
| Cost of shares repurchased (2,500,000 and 4,950,000 shares repurchased, respectively)  | &nbsp;&nbsp; (51104809)<br>| (101744209)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **103744464** | **246293932** |
| **Increase in Net Assets** | &nbsp;&nbsp; **109548352** | **249264463** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 964368945 | 715104482 |
| **End of period** | &nbsp;&nbsp; **$1073917297** | **$964368945** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Ultra Short Bond ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $3307487 | $1282508 |
| Net realized gain (loss)  | &nbsp;&nbsp; (7565) | 11651 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 447792 | 141220 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **3747714** | **1435379** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (3153437) | (887716) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(3153437)** | **(887716)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (2,350,000 and 3,950,000 shares issued, respectively)  | &nbsp;&nbsp; 58529755 | 98227243 |
| Cost of shares repurchased (150,000 and 50,000 shares repurchased, respectively)  | &nbsp;&nbsp; (3744729)<br>| (1246251)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **54785026** | **96980992** |
| **Increase in Net Assets** | &nbsp;&nbsp; **55379303** | **97528655** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 101261419 | 3732764 |
| **End of period** | &nbsp;&nbsp; **$156640722** | **$101261419** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights

Franklin Disruptive Commerce ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $34.26 | &nbsp;&nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $24.05 | &nbsp;&nbsp;&nbsp; $30.97 | &nbsp;&nbsp;&nbsp; $49.21 | &nbsp;&nbsp;&nbsp; $21.32 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| Net realized and unrealized gain (loss) | 9.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;&nbsp; (6.94)<br>| &nbsp;&nbsp;&nbsp; (17.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.10 |
| **Total income (loss) from operations** | **9.52** | &nbsp;&nbsp;&nbsp;&nbsp;**2.00** | &nbsp;&nbsp;&nbsp;&nbsp;**8.24** | &nbsp;&nbsp;&nbsp; **(6.92)** | &nbsp;&nbsp;&nbsp; **(17.92)** | &nbsp;&nbsp;&nbsp;&nbsp;**27.89** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total distributions**  | &nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.03)**<br>| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.32)**<br>| &nbsp;&nbsp;&nbsp; **—** |
| **Net asset value, end of period** | &nbsp;&nbsp; $43.78 | &nbsp;&nbsp;&nbsp; $34.26 | &nbsp;&nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $24.05 | &nbsp;&nbsp;&nbsp; $30.97 | &nbsp;&nbsp;&nbsp; $49.21 |
| **Total return, based on NAV**<sup>3</sup> <br>| **27.79%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6.17%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **34.26%**<br>| &nbsp;&nbsp;&nbsp; **(22.34)%**<br>| &nbsp;&nbsp;&nbsp; **(36.59)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **130.82%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $8755 | &nbsp;&nbsp;&nbsp; $10278 | &nbsp;&nbsp;&nbsp; $11302 | &nbsp;&nbsp;&nbsp; $9619 | &nbsp;&nbsp;&nbsp; $18584 | &nbsp;&nbsp;&nbsp; $41827 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.50 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>|
| Net expenses | 0.50 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net investment income (loss) | &nbsp;&nbsp; (0.27 )<sup>4</sup><br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **16%**<br>| &nbsp;&nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp;&nbsp; **13%**<br>| &nbsp;&nbsp;&nbsp; **47%**<br>| &nbsp;&nbsp;&nbsp; **90%**<br>| &nbsp;&nbsp;&nbsp; **46%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin Dividend Growth ETF

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

---

| | |
|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.00 |
| **Income from operations:** | **Income from operations:** |
| Net investment income | 0.00 <br><sup>3</sup><br>|
| Net realized and unrealized gain | 0.30 |
| **Total income from operations** | **0.30** |
| **Less distributions from:** |  |
| Net investment income | &nbsp;&nbsp; (0.01)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.01)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $25.29 |
| **Total return, based on NAV**<sup>4</sup> <br>| **14.03%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $5058 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |
| Gross expenses | 0.49 %<sup>5</sup><br>|
| Net expenses | 0.49 <br><sup>5</sup><br>|
| Net investment income | 0.36 <br><sup>5</sup><br>|
| **Portfolio turnover rate** | &nbsp;&nbsp; **0%** <br><sup>6,7</sup><br>|

---

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

<sup>1</sup> For the period August 28, 2025 (inception date) to September 30, 2025 (unaudited).

<sup>2</sup> Per share amounts have been calculated using the average shares method.

<sup>3</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

<sup>7</sup> Amount represents less than 1%.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Dynamic Municipal Bond ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.39 | &nbsp;&nbsp;&nbsp; $24.42 | &nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp; $24.81 | &nbsp;&nbsp;&nbsp; $26.32 | &nbsp;&nbsp;&nbsp; $24.72 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net realized and unrealized gain (loss) | 0.36 | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| **Total income (loss) from operations** | **0.84** | &nbsp;&nbsp;&nbsp;&nbsp;**0.95** | &nbsp;&nbsp;&nbsp;&nbsp;**1.47** | &nbsp;&nbsp;&nbsp; **(0.22)** | &nbsp;&nbsp;&nbsp; **(0.95)** | &nbsp;&nbsp;&nbsp;&nbsp;**2.18** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.51)**<br>| &nbsp;&nbsp;&nbsp; **(0.98)**<br>| &nbsp;&nbsp;&nbsp; **(0.93)**<br>| &nbsp;&nbsp;&nbsp; **(0.71)**<br>| &nbsp;&nbsp;&nbsp; **(0.56)**<br>| &nbsp;&nbsp;&nbsp; **(0.58)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.72 | &nbsp;&nbsp;&nbsp; $24.39 | &nbsp;&nbsp;&nbsp; $24.42 | &nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp; $24.81 | &nbsp;&nbsp;&nbsp; $26.32 |
| **Total return, based on NAV**<sup>3</sup> <br>| **3.53%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3.97%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6.37%**<br>| &nbsp;&nbsp;&nbsp; **(0.82)%**<br>| &nbsp;&nbsp;&nbsp; **(3.70)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **8.84%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $983685 | &nbsp;&nbsp;&nbsp; $610889 | &nbsp;&nbsp;&nbsp; $196593 | &nbsp;&nbsp;&nbsp; $101497 | &nbsp;&nbsp;&nbsp; $76908 | &nbsp;&nbsp;&nbsp; $42112 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.30 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>|
| Net expenses | 0.30 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net investment income | 3.99 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **31%**<br>| &nbsp;&nbsp;&nbsp; **50%**<br>| &nbsp;&nbsp;&nbsp; **83%**<br>| &nbsp;&nbsp;&nbsp; **64%**<br>| &nbsp;&nbsp;&nbsp; **28%**<br>| &nbsp;&nbsp;&nbsp; **14%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin Exponential Data ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>13</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $22.41 | &nbsp;&nbsp;&nbsp; $22.71 | &nbsp;&nbsp;&nbsp; $16.86 | &nbsp;&nbsp;&nbsp; $22.78 | &nbsp;&nbsp;&nbsp; $23.34 | &nbsp;&nbsp;&nbsp; $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>4</sup><br>|
| Net realized and unrealized gain (loss) | 5.59 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp; (5.91)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (1.66)<br>|
| **Total income (loss) from operations** | **5.57** | &nbsp;&nbsp;&nbsp; **(0.27)** | &nbsp;&nbsp;&nbsp;&nbsp;**5.85** | &nbsp;&nbsp;&nbsp; **(5.92)** | &nbsp;&nbsp;&nbsp; **(0.56)** | &nbsp;&nbsp;&nbsp; **(1.66)** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total distributions**  | &nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.03)**<br>| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** |
| **Net asset value, end of period** | &nbsp;&nbsp; $27.98 | &nbsp;&nbsp;&nbsp; $22.41 | &nbsp;&nbsp;&nbsp; $22.71 | &nbsp;&nbsp;&nbsp; $16.86 | &nbsp;&nbsp;&nbsp; $22.78 | &nbsp;&nbsp;&nbsp; $23.34 |
| **Total return, based on NAV**<sup>5</sup> <br>| **24.85%**<br>| &nbsp;&nbsp;&nbsp; **(1.20)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **34.70%**<br>| &nbsp;&nbsp;&nbsp; **(25.99)%**<br>| &nbsp;&nbsp;&nbsp; **(2.40)%**<br>| &nbsp;&nbsp;&nbsp; **(6.64)%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $4197 | &nbsp;&nbsp;&nbsp; $4482 | &nbsp;&nbsp;&nbsp; $6814 | &nbsp;&nbsp;&nbsp; $3372 | &nbsp;&nbsp;&nbsp; $3417 | &nbsp;&nbsp;&nbsp; $2334 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.50 %<sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.95<br> %<br>|
| Net expenses | 0.49 <br><sup>678</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 <br><sup>78</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 <br><sup>78</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net investment income (loss) | &nbsp;&nbsp; (0.19 )<sup>6</sup><br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| **Portfolio turnover rate**<sup>9</sup> <br>| &nbsp;&nbsp; **18%**<br>| &nbsp;&nbsp;&nbsp; **28%**<br>| &nbsp;&nbsp;&nbsp; **7%**<br>| &nbsp;&nbsp;&nbsp; **21%**<br>| &nbsp;&nbsp;&nbsp; **50%**<br>| &nbsp;&nbsp;&nbsp; **23%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> For the period January 12, 2021 (inception date) to March 31, 2021.

<sup>4</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>5</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>6</sup> Annualized.

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>9</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Focused Growth ETF<sup>†</sup> 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12,†</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>13</sup> <br>| 2023<sup>14</sup> <br>| 2022<sup>14</sup> <br>| 2021<sup>14</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $34.92 | &nbsp;&nbsp;&nbsp; $33.92 | &nbsp;&nbsp;&nbsp; $24.99 | &nbsp;&nbsp;&nbsp; $19.43 | &nbsp;&nbsp;&nbsp; $31.75 | &nbsp;&nbsp;&nbsp; $25.10 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| Net realized and unrealized gain (loss) | 12.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.60 | &nbsp;&nbsp;&nbsp; (12.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.02 |
| **Total income (loss) from operations** | **12.60** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** | &nbsp;&nbsp;&nbsp;&nbsp;**8.93** | &nbsp;&nbsp;&nbsp;&nbsp;**5.56** | &nbsp;&nbsp;&nbsp; **(12.14)** | &nbsp;&nbsp;&nbsp;&nbsp;**6.86** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| **Total distributions**  | &nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.18)**<br>| &nbsp;&nbsp;&nbsp; **(0.21)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $47.52 | &nbsp;&nbsp;&nbsp; $34.92 | &nbsp;&nbsp;&nbsp; $33.92 | &nbsp;&nbsp;&nbsp; $24.99 | &nbsp;&nbsp;&nbsp; $19.43 | &nbsp;&nbsp;&nbsp; $31.75 |
| **Total return, based on NAV**<sup>5</sup> <br>| **36.12%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.95%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **35.73%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **28.55%**<br>| &nbsp;&nbsp;&nbsp; **(38.44)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **27.47%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $190018 | &nbsp;&nbsp;&nbsp; $108187 | &nbsp;&nbsp;&nbsp; $67785 | &nbsp;&nbsp;&nbsp; $14135 | &nbsp;&nbsp;&nbsp; $9519 | &nbsp;&nbsp;&nbsp; $25041 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.55 %<sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>|
| Net expenses | 0.55 <br><sup>678</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 <br><sup>78</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85 <br><sup>8</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 <br><sup>8</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 <br><sup>8</sup><br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.24 )<sup>6</sup><br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>|
| **Portfolio turnover rate** | &nbsp;&nbsp; **10%** <br><sup>9</sup><br>| &nbsp;&nbsp;&nbsp; **30%** <br><sup>9</sup><br>| &nbsp;&nbsp;&nbsp; **10%** <br><sup>9</sup><br>| &nbsp;&nbsp;&nbsp; **27%**<br>| &nbsp;&nbsp;&nbsp; **40%**<br>| &nbsp;&nbsp;&nbsp; **23%**<br>|

---

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

---

| | |
|:---|:---|
| <sup>1</sup> | Per share amounts have been calculated using the average shares method. |
| <sup>2</sup> | For the six months ended September 30, 2025 (unaudited). |
| <sup>3</sup> | For the period October 1, 2023 through March 31, 2024. |
| <sup>4</sup> | For the year ended September 30. |
| <sup>5</sup> | Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total <br> return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future <br> results. Total returns for periods of less than one year are not annualized.<br>|
| <sup>6</sup> | Annualized. |
| <sup>7</sup> | The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any <br> investment in an affiliated money market fund.<br>|
| <sup>8</sup> | Reflects fee waivers and/or expense reimbursements. |
| <sup>9</sup> | Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. |
| † | Effective after the market close on November 3, 2023, the Fund's predecessor mutual fund, Franklin Focused Growth Fund, reorganized into this Fund (the <br> "Reorganization"). See Note 1 in the Notes to Financial Statements for additional information about the Reorganization.<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin Genomic Advancements ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $26.97 | &nbsp;&nbsp;&nbsp; $32.75 | &nbsp;&nbsp;&nbsp; $30.40 | &nbsp;&nbsp;&nbsp; $37.00 | &nbsp;&nbsp;&nbsp; $43.26 | &nbsp;&nbsp;&nbsp; $22.58 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment loss | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Net realized and unrealized gain (loss) | 4.00 | &nbsp;&nbsp;&nbsp; (5.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp; (6.55)<br>| &nbsp;&nbsp;&nbsp; (5.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.92 |
| **Total income (loss) from operations** | **3.97** | &nbsp;&nbsp;&nbsp; **(5.78)** | &nbsp;&nbsp;&nbsp;&nbsp;**2.35** | &nbsp;&nbsp;&nbsp; **(6.60)** | &nbsp;&nbsp;&nbsp; **(6.14)** | &nbsp;&nbsp;&nbsp;&nbsp;**20.74** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>|
| **Total distributions**  | &nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.12)**<br>| &nbsp;&nbsp;&nbsp; **(0.06)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $30.94 | &nbsp;&nbsp;&nbsp; $26.97 | &nbsp;&nbsp;&nbsp; $32.75 | &nbsp;&nbsp;&nbsp; $30.40 | &nbsp;&nbsp;&nbsp; $37.00 | &nbsp;&nbsp;&nbsp; $43.26 |
| **Total return, based on NAV**<sup>3</sup> <br>| **14.72%**<br>| &nbsp;&nbsp;&nbsp; **(17.67)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.76%**<br>| &nbsp;&nbsp;&nbsp; **(17.84)%**<br>| &nbsp;&nbsp;&nbsp; **(14.26)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **91.81%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $17015 | &nbsp;&nbsp;&nbsp; $10787 | &nbsp;&nbsp;&nbsp; $9826 | &nbsp;&nbsp;&nbsp; $10641 | &nbsp;&nbsp;&nbsp; $14799 | &nbsp;&nbsp;&nbsp; $15140 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.50 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>|
| Net expenses | 0.50 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net investment loss | &nbsp;&nbsp; (0.23 )<sup>4</sup><br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp;&nbsp; **31%**<br>| &nbsp;&nbsp;&nbsp; **18%**<br>| &nbsp;&nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp;&nbsp; **60%**<br>| &nbsp;&nbsp;&nbsp; **45%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin High Yield Corporate ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp; $23.72 | &nbsp;&nbsp;&nbsp; $22.63 | &nbsp;&nbsp;&nbsp; $24.76 | &nbsp;&nbsp;&nbsp; $26.16 | &nbsp;&nbsp;&nbsp; $22.67 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Net realized and unrealized gain (loss) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.73 |
| **Total income (loss) from operations** | **1.50** | &nbsp;&nbsp;&nbsp;&nbsp;**1.65** | &nbsp;&nbsp;&nbsp;&nbsp;**2.63** | &nbsp;&nbsp;&nbsp; **(0.70)** | &nbsp;&nbsp;&nbsp; **(0.14)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.96** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total distributions**  | &nbsp;&nbsp; **(0.81)**<br>| &nbsp;&nbsp;&nbsp; **(1.55)**<br>| &nbsp;&nbsp;&nbsp; **(1.54)**<br>| &nbsp;&nbsp;&nbsp; **(1.43)**<br>| &nbsp;&nbsp;&nbsp; **(1.26)**<br>| &nbsp;&nbsp;&nbsp; **(1.47)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.51 | &nbsp;&nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp; $23.72 | &nbsp;&nbsp;&nbsp; $22.63 | &nbsp;&nbsp;&nbsp; $24.76 | &nbsp;&nbsp;&nbsp; $26.16 |
| **Total return, based on NAV**<sup>3</sup> <br>| **6.44%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.16%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12.13%**<br>| &nbsp;&nbsp;&nbsp; **(2.68)%**<br>| &nbsp;&nbsp;&nbsp; **(0.69)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **22.28%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $635 | &nbsp;&nbsp;&nbsp; $615 | &nbsp;&nbsp;&nbsp; $269 | &nbsp;&nbsp;&nbsp; $208 | &nbsp;&nbsp;&nbsp; $334 | &nbsp;&nbsp;&nbsp; $347 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.40 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>|
| Net expenses | 0.40 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net investment income | 6.24 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **21%**<br>| &nbsp;&nbsp;&nbsp; **27%**<br>| &nbsp;&nbsp;&nbsp; **30%**<br>| &nbsp;&nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp;&nbsp; **44%**<br>| &nbsp;&nbsp;&nbsp; **53%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin Income Equity Focus ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $56.26 | &nbsp;&nbsp;&nbsp; $54.64 | &nbsp;&nbsp;&nbsp; $47.16 | &nbsp;&nbsp;&nbsp; $49.07 | &nbsp;&nbsp;&nbsp; $43.69 | &nbsp;&nbsp;&nbsp; $30.93 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net realized and unrealized gain (loss) | 2.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 |
| **Total income (loss) from operations** | **4.49** | &nbsp;&nbsp;&nbsp;&nbsp;**3.98** | &nbsp;&nbsp;&nbsp;&nbsp;**8.42** | &nbsp;&nbsp;&nbsp; **(1.13)** | &nbsp;&nbsp;&nbsp;&nbsp;**6.09** | &nbsp;&nbsp;&nbsp;&nbsp;**13.40** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(1.49)**<br>| &nbsp;&nbsp;&nbsp; **(2.36)**<br>| &nbsp;&nbsp;&nbsp; **(0.94)**<br>| &nbsp;&nbsp;&nbsp; **(0.78)**<br>| &nbsp;&nbsp;&nbsp; **(0.71)**<br>| &nbsp;&nbsp;&nbsp; **(0.64)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $59.26 | &nbsp;&nbsp;&nbsp; $56.26 | &nbsp;&nbsp;&nbsp; $54.64 | &nbsp;&nbsp;&nbsp; $47.16 | &nbsp;&nbsp;&nbsp; $49.07 | &nbsp;&nbsp;&nbsp; $43.69 |
| **Total return, based on NAV**<sup>3</sup> <br>| **8.13%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.33%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **18.04%**<br>| &nbsp;&nbsp;&nbsp; **(2.22)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **13.98%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **43.52%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $97787 | &nbsp;&nbsp;&nbsp; $92833 | &nbsp;&nbsp;&nbsp; $120214 | &nbsp;&nbsp;&nbsp; $155613 | &nbsp;&nbsp;&nbsp; $134935 | &nbsp;&nbsp;&nbsp; $139822 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.29 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| Net expenses | 0.29 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net investment income | 5.38 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **35%**<br>| &nbsp;&nbsp;&nbsp; **26%**<br>| &nbsp;&nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp;&nbsp; **22%**<br>| &nbsp;&nbsp;&nbsp; **41%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Income Focus ETF

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

---

| | | | |
|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>13</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $26.61 | &nbsp;&nbsp;&nbsp; $26.03 | &nbsp;&nbsp;&nbsp; $25.00 |
| **Income from operations:** | **Income from operations:** |  |  |
| Net investment income | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Net realized and unrealized gain | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| **Total income from operations** | **1.75** | &nbsp;&nbsp;&nbsp;&nbsp;**2.00** | &nbsp;&nbsp;&nbsp;&nbsp;**2.04** |
| **Less distributions from:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.69)**<br>| &nbsp;&nbsp;&nbsp; **(1.42)**<br>| &nbsp;&nbsp;&nbsp; **(1.01)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $27.67 | &nbsp;&nbsp;&nbsp; $26.61 | &nbsp;&nbsp;&nbsp; $26.03 |
| **Total return, based on NAV**<sup>4</sup> <br>| **6.69%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.85%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **8.40%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $859 | &nbsp;&nbsp;&nbsp; $561 | &nbsp;&nbsp;&nbsp; $177 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |
| Gross expenses | 0.38 %<sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %<sup>5</sup><br>|
| Net expenses | 0.37 <br><sup>567</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 <br><sup>67</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 <br><sup>5</sup><br>|
| Net investment income | 3.69 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp; 5.49 <br><sup>5</sup><br>|
| **Portfolio turnover rate**<sup>8</sup> <br>| &nbsp;&nbsp; **21%**<br>| &nbsp;&nbsp;&nbsp; **68%**<br>| &nbsp;&nbsp;&nbsp; **47%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> For the period June 6, 2023 (inception date) through March 31, 2024.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin Intelligent Machines ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $56.73 | &nbsp;&nbsp;&nbsp; $58.34 | &nbsp;&nbsp;&nbsp; $44.16 | &nbsp;&nbsp;&nbsp; $46.30 | &nbsp;&nbsp;&nbsp; $43.24 | &nbsp;&nbsp;&nbsp; $20.67 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net realized and unrealized gain (loss) | 30.56 | &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.21 | &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;22.63 |
| **Total income (loss) from operations** | **30.52** | &nbsp;&nbsp;&nbsp; **(1.61)** | &nbsp;&nbsp;&nbsp;&nbsp;**14.18** | &nbsp;&nbsp;&nbsp; **(2.14)** | &nbsp;&nbsp;&nbsp;&nbsp;**3.15** | &nbsp;&nbsp;&nbsp;&nbsp;**22.57** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>3</sup><br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total distributions**  | &nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.09)**<br>| &nbsp;&nbsp;&nbsp; **—** |
| **Net asset value, end of period** | &nbsp;&nbsp; $87.25 | &nbsp;&nbsp;&nbsp; $56.73 | &nbsp;&nbsp;&nbsp; $58.34 | &nbsp;&nbsp;&nbsp; $44.16 | &nbsp;&nbsp;&nbsp; $46.30 | &nbsp;&nbsp;&nbsp; $43.24 |
| **Total return, based on NAV**<sup>4</sup> <br>| **53.83%**<br>| &nbsp;&nbsp;&nbsp; **(2.78)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **32.13%**<br>| &nbsp;&nbsp;&nbsp; **(4.62)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.27%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **109.21%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $47989 | &nbsp;&nbsp;&nbsp; $25526 | &nbsp;&nbsp;&nbsp; $20419 | &nbsp;&nbsp;&nbsp; $8832 | &nbsp;&nbsp;&nbsp; $11574 | &nbsp;&nbsp;&nbsp; $10809 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.50 %<sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>|
| Net expenses | 0.50 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net investment income (loss) | &nbsp;&nbsp; (0.12 )<sup>5</sup><br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp;&nbsp; **44%**<br>| &nbsp;&nbsp;&nbsp; **11%**<br>| &nbsp;&nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp;&nbsp; **36%**<br>| &nbsp;&nbsp;&nbsp; **75%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</sup> Amount represents less than 0.005% or greater than (0.005)%.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin International Aggregate Bond ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $20.18 | &nbsp;&nbsp;&nbsp; $20.18 | &nbsp;&nbsp;&nbsp; $19.59 | &nbsp;&nbsp;&nbsp; $23.65 | &nbsp;&nbsp;&nbsp; $25.02 | &nbsp;&nbsp;&nbsp; $24.95 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income (loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| **Total income (loss) from operations** | **0.43** | &nbsp;&nbsp;&nbsp;&nbsp;**0.60** | &nbsp;&nbsp;&nbsp;&nbsp;**0.78** | &nbsp;&nbsp;&nbsp; **(0.58)** | &nbsp;&nbsp;&nbsp; **(0.82)** | &nbsp;&nbsp;&nbsp;&nbsp;**0.18** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total distributions**  | &nbsp;&nbsp; **(0.09)**<br>| &nbsp;&nbsp;&nbsp; **(0.60)**<br>| &nbsp;&nbsp;&nbsp; **(0.19)**<br>| &nbsp;&nbsp;&nbsp; **(3.48)**<br>| &nbsp;&nbsp;&nbsp; **(0.55)**<br>| &nbsp;&nbsp;&nbsp; **(0.11)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $20.52 | &nbsp;&nbsp;&nbsp; $20.18 | &nbsp;&nbsp;&nbsp; $20.18 | &nbsp;&nbsp;&nbsp; $19.59 | &nbsp;&nbsp;&nbsp; $23.65 | &nbsp;&nbsp;&nbsp; $25.02 |
| **Total return, based on NAV**<sup>3</sup> <br>| **2.05%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.91%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.04%**<br>| &nbsp;&nbsp;&nbsp; **(2.38)%**<br>| &nbsp;&nbsp;&nbsp; **(3.35)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **0.72%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $674 | &nbsp;&nbsp;&nbsp; $625 | &nbsp;&nbsp;&nbsp; $489 | &nbsp;&nbsp;&nbsp; $276 | &nbsp;&nbsp;&nbsp; $194 | &nbsp;&nbsp;&nbsp; $181 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.25 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>|
| Net expenses | 0.25 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net investment income (loss) | 0.11 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (0.03)<br>|
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp;&nbsp; **26%**<br>| &nbsp;&nbsp;&nbsp; **31%**<br>| &nbsp;&nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **72%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin Investment Grade Corporate ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $21.44 | &nbsp;&nbsp;&nbsp; $21.36 | &nbsp;&nbsp;&nbsp; $21.44 | &nbsp;&nbsp;&nbsp; $23.71 | &nbsp;&nbsp;&nbsp; $25.47 | &nbsp;&nbsp;&nbsp; $24.22 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and unrealized gain (loss) | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| **Total income (loss) from operations** | **0.91** | &nbsp;&nbsp;&nbsp;&nbsp;**1.01** | &nbsp;&nbsp;&nbsp;&nbsp;**0.85** | &nbsp;&nbsp;&nbsp; **(1.54)** | &nbsp;&nbsp;&nbsp; **(1.05)** | &nbsp;&nbsp;&nbsp;&nbsp;**2.31** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.49)**<br>| &nbsp;&nbsp;&nbsp; **(0.93)**<br>| &nbsp;&nbsp;&nbsp; **(0.93)**<br>| &nbsp;&nbsp;&nbsp; **(0.73)**<br>| &nbsp;&nbsp;&nbsp; **(0.71)**<br>| &nbsp;&nbsp;&nbsp; **(1.06)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $21.86 | &nbsp;&nbsp;&nbsp; $21.44 | &nbsp;&nbsp;&nbsp; $21.36 | &nbsp;&nbsp;&nbsp; $21.44 | &nbsp;&nbsp;&nbsp; $23.71 | &nbsp;&nbsp;&nbsp; $25.47 |
| **Total return, based on NAV**<sup>3</sup> <br>| **4.34%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.85%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.13%**<br>| &nbsp;&nbsp;&nbsp; **(6.46)%**<br>| &nbsp;&nbsp;&nbsp; **(4.30)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **9.43%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $612 | &nbsp;&nbsp;&nbsp; $565 | &nbsp;&nbsp;&nbsp; $364 | &nbsp;&nbsp;&nbsp; $644 | &nbsp;&nbsp;&nbsp; $982 | &nbsp;&nbsp;&nbsp; $1019 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.35 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net expenses | 0.35 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net investment income | 3.55 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **16%**<br>| &nbsp;&nbsp;&nbsp; **47%**<br>| &nbsp;&nbsp;&nbsp; **25%**<br>| &nbsp;&nbsp;&nbsp; **28%**<br>| &nbsp;&nbsp;&nbsp; **37%**<br>| &nbsp;&nbsp;&nbsp; **53%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Multisector Income ETF

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

---

| | |
|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.00 |
| **Income from operations:** | **Income from operations:** |
| Net investment income | 0.10 |
| Net realized and unrealized gain | 0.16 |
| **Total income from operations** | **0.26** |
| **Net asset value, end of period** | &nbsp;&nbsp; $25.26 |
| **Total return, based on NAV**<sup>3</sup> <br>| **1.04%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $15154 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |
| Gross expenses | 0.39 %<sup>4</sup><br>|
| Net expenses | 0.39 <br><sup>4</sup><br>|
| Net investment income | 4.12 <br><sup>4</sup><br>|
| **Portfolio turnover rate** | &nbsp;&nbsp; **25%**<br>|

---

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

<sup>1</sup> For the period August 26, 2025 (inception date) to September 30, 2025 (unaudited).

<sup>2</sup> Per share amounts have been calculated using the average shares method.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin Municipal Green Bond ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $23.48 | &nbsp;&nbsp;&nbsp; $24.03 | &nbsp;&nbsp;&nbsp; $23.90 | &nbsp;&nbsp;&nbsp; $24.99 | &nbsp;&nbsp;&nbsp; $26.86 | &nbsp;&nbsp;&nbsp; $26.07 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain (loss) | 0.40 | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Total income (loss) from operations** | **0.64** | &nbsp;&nbsp;&nbsp;&nbsp;**0.35** | &nbsp;&nbsp;&nbsp;&nbsp;**0.99** | &nbsp;&nbsp;&nbsp; **(0.44)** | &nbsp;&nbsp;&nbsp; **(1.43)** | &nbsp;&nbsp;&nbsp;&nbsp;**1.34** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.46)**<br>| &nbsp;&nbsp;&nbsp; **(0.90)**<br>| &nbsp;&nbsp;&nbsp; **(0.86)**<br>| &nbsp;&nbsp;&nbsp; **(0.65)**<br>| &nbsp;&nbsp;&nbsp; **(0.44)**<br>| &nbsp;&nbsp;&nbsp; **(0.55)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.66 | &nbsp;&nbsp;&nbsp; $23.48 | &nbsp;&nbsp;&nbsp; $24.03 | &nbsp;&nbsp;&nbsp; $23.90 | &nbsp;&nbsp;&nbsp; $24.99 | &nbsp;&nbsp;&nbsp; $26.86 |
| **Total return, based on NAV**<sup>3</sup> <br>| **2.81%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.45%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.31%**<br>| &nbsp;&nbsp;&nbsp; **(1.68)%**<br>| &nbsp;&nbsp;&nbsp; **(5.44)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **5.16%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $89899 | &nbsp;&nbsp;&nbsp; $98630 | &nbsp;&nbsp;&nbsp; $112954 | &nbsp;&nbsp;&nbsp; $112349 | &nbsp;&nbsp;&nbsp; $104939 | &nbsp;&nbsp;&nbsp; $126221 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.30 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>|
| Net expenses | 0.30 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net investment income | 2.05 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **23%**<br>| &nbsp;&nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **44%**<br>| &nbsp;&nbsp;&nbsp; **67%**<br>| &nbsp;&nbsp;&nbsp; **48%**<br>| &nbsp;&nbsp;&nbsp; **12%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Senior Loan ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $23.98 | &nbsp;&nbsp;&nbsp; $24.42 | &nbsp;&nbsp;&nbsp; $23.83 | &nbsp;&nbsp;&nbsp; $24.70 | &nbsp;&nbsp;&nbsp; $24.83 | &nbsp;&nbsp;&nbsp; $22.85 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| **Total income from operations** | **0.85** | &nbsp;&nbsp;&nbsp;&nbsp;**1.42** | &nbsp;&nbsp;&nbsp;&nbsp;**2.68** | &nbsp;&nbsp;&nbsp;&nbsp;**0.57** | &nbsp;&nbsp;&nbsp;&nbsp;**0.68** | &nbsp;&nbsp;&nbsp;&nbsp;**2.69** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.82)**<br>| &nbsp;&nbsp;&nbsp; **(1.86)**<br>| &nbsp;&nbsp;&nbsp; **(2.09)**<br>| &nbsp;&nbsp;&nbsp; **(1.44)**<br>| &nbsp;&nbsp;&nbsp; **(0.81)**<br>| &nbsp;&nbsp;&nbsp; **(0.71)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.01 | &nbsp;&nbsp;&nbsp; $23.98 | &nbsp;&nbsp;&nbsp; $24.42 | &nbsp;&nbsp;&nbsp; $23.83 | &nbsp;&nbsp;&nbsp; $24.70 | &nbsp;&nbsp;&nbsp; $24.83 |
| **Total return, based on NAV**<sup>4</sup> <br>| **3.62%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6.01%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11.80%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.53%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.76%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11.91%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $1216 | &nbsp;&nbsp;&nbsp; $1067 | &nbsp;&nbsp;&nbsp; $328 | &nbsp;&nbsp;&nbsp; $206 | &nbsp;&nbsp;&nbsp; $293 | &nbsp;&nbsp;&nbsp; $201 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.45 %<sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>|
| Net expenses | 0.44 <br><sup>567</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 <br><sup>67</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 <br><sup>67</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 <br><sup>67</sup><br>|
| Net investment income | 7.06 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;7.60 | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| **Portfolio turnover rate**<sup>8</sup> <br>| &nbsp;&nbsp; **14%**<br>| &nbsp;&nbsp;&nbsp; **13%**<br>| &nbsp;&nbsp;&nbsp; **16%**<br>| &nbsp;&nbsp;&nbsp; **26%**<br>| &nbsp;&nbsp;&nbsp; **36%**<br>| &nbsp;&nbsp;&nbsp; **46%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin Systematic Style Premia ETF<sup>‡</sup>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.53 | &nbsp;&nbsp;&nbsp; $23.92 | &nbsp;&nbsp;&nbsp; $21.45 | &nbsp;&nbsp;&nbsp; $21.25 | &nbsp;&nbsp;&nbsp; $19.55 | &nbsp;&nbsp;&nbsp; $23.16 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp; (2.25)<br>|
| **Total income (loss) from operations** | **1.86** | &nbsp;&nbsp;&nbsp;&nbsp;**0.89** | &nbsp;&nbsp;&nbsp;&nbsp;**2.73** | &nbsp;&nbsp;&nbsp;&nbsp;**0.66** | &nbsp;&nbsp;&nbsp;&nbsp;**1.96** | &nbsp;&nbsp;&nbsp; **(2.02)** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.54)<br>|
| **Total distributions**  | &nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.28)**<br>| &nbsp;&nbsp;&nbsp; **(0.26)**<br>| &nbsp;&nbsp;&nbsp; **(0.46)**<br>| &nbsp;&nbsp;&nbsp; **(0.26)**<br>| &nbsp;&nbsp;&nbsp; **(1.59)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $26.39 | &nbsp;&nbsp;&nbsp; $24.53 | &nbsp;&nbsp;&nbsp; $23.92 | &nbsp;&nbsp;&nbsp; $21.45 | &nbsp;&nbsp;&nbsp; $21.25 | &nbsp;&nbsp;&nbsp; $19.55 |
| **Total return, based on NAV**<sup>3</sup> <br>| **7.54%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3.77%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12.83%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3.13%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.09%**<br>| &nbsp;&nbsp;&nbsp; **(8.70)%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $419525 | &nbsp;&nbsp;&nbsp; $312747 | &nbsp;&nbsp;&nbsp; $184154 | &nbsp;&nbsp;&nbsp; $91146 | &nbsp;&nbsp;&nbsp; $55258 | &nbsp;&nbsp;&nbsp; $46927 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.65 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>|
| Net expenses<sup>5</sup> <br>| 0.55 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net investment income | 2.07 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **37%**<br>| &nbsp;&nbsp;&nbsp; **88%** <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp; **180%** <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp; **188%** <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp; **190%** <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp; **171%** <br><sup>6</sup><br>|

---

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

---

| | |
|:---|:---|
| <sup>1</sup> | Per share amounts have been calculated using the average shares method. |
| <sup>2</sup> | For the six months ended September 30, 2025 (unaudited). |
| <sup>3</sup> | Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total <br> return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future <br> results. Total returns for periods of less than one year are not annualized.<br>|
| <sup>4</sup> | Annualized. |
| <sup>5</sup> | Reflects fee waivers and/or expense reimbursements. |
| <sup>6</sup> | Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. |
| ‡ | Consolidated Financial Statements (Note 12). |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin U.S. Core Bond ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $21.48 | &nbsp;&nbsp;&nbsp; $21.33 | &nbsp;&nbsp;&nbsp; $21.74 | &nbsp;&nbsp;&nbsp; $23.43 | &nbsp;&nbsp;&nbsp; $25.14 | &nbsp;&nbsp;&nbsp; $25.44 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net realized and unrealized gain (loss) | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Total income (loss) from operations** | **0.68** | &nbsp;&nbsp;&nbsp;&nbsp;**1.04** | &nbsp;&nbsp;&nbsp;&nbsp;**0.35** | &nbsp;&nbsp;&nbsp; **(1.15)** | &nbsp;&nbsp;&nbsp; **(1.16)** | &nbsp;&nbsp;&nbsp;&nbsp;**0.54** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.45)**<br>| &nbsp;&nbsp;&nbsp; **(0.89)**<br>| &nbsp;&nbsp;&nbsp; **(0.76)**<br>| &nbsp;&nbsp;&nbsp; **(0.54)**<br>| &nbsp;&nbsp;&nbsp; **(0.55)**<br>| &nbsp;&nbsp;&nbsp; **(0.84)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $21.71 | &nbsp;&nbsp;&nbsp; $21.48 | &nbsp;&nbsp;&nbsp; $21.33 | &nbsp;&nbsp;&nbsp; $21.74 | &nbsp;&nbsp;&nbsp; $23.43 | &nbsp;&nbsp;&nbsp; $25.14 |
| **Total return, based on NAV**<sup>3</sup> <br>| **3.23%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.99%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.69%**<br>| &nbsp;&nbsp;&nbsp; **(4.88)%**<br>| &nbsp;&nbsp;&nbsp; **(4.72)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.07%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $2732 | &nbsp;&nbsp;&nbsp; $2427 | &nbsp;&nbsp;&nbsp; $1777 | &nbsp;&nbsp;&nbsp; $1512 | &nbsp;&nbsp;&nbsp; $1510 | &nbsp;&nbsp;&nbsp; $1461 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.15 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| Net expenses | 0.15 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net investment income | 3.86 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **22%**<br>| &nbsp;&nbsp;&nbsp; **35%**<br>| &nbsp;&nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp;&nbsp; **69%**<br>| &nbsp;&nbsp;&nbsp; **70%**<br>| &nbsp;&nbsp;&nbsp; **91%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin U.S. Treasury Bond ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>13</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $20.56 | &nbsp;&nbsp;&nbsp; $20.49 | &nbsp;&nbsp;&nbsp; $21.23 | &nbsp;&nbsp;&nbsp; $22.67 | &nbsp;&nbsp;&nbsp; $23.83 | &nbsp;&nbsp;&nbsp; $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>|
| **Total income (loss) from operations** | **0.51** | &nbsp;&nbsp;&nbsp;&nbsp;**0.92** | &nbsp;&nbsp;&nbsp; **(0.01)** | &nbsp;&nbsp;&nbsp; **(0.90)** | &nbsp;&nbsp;&nbsp; **(0.78)** | &nbsp;&nbsp;&nbsp; **(0.83)** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.42)**<br>| &nbsp;&nbsp;&nbsp; **(0.85)**<br>| &nbsp;&nbsp;&nbsp; **(0.73)**<br>| &nbsp;&nbsp;&nbsp; **(0.54)**<br>| &nbsp;&nbsp;&nbsp; **(0.38)**<br>| &nbsp;&nbsp;&nbsp; **(0.34)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $20.65 | &nbsp;&nbsp;&nbsp; $20.56 | &nbsp;&nbsp;&nbsp; $20.49 | &nbsp;&nbsp;&nbsp; $21.23 | &nbsp;&nbsp;&nbsp; $22.67 | &nbsp;&nbsp;&nbsp; $23.83 |
| **Total return, based on NAV**<sup>4</sup> <br>| **2.50%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.58%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **0.01%**<br>| &nbsp;&nbsp;&nbsp; **(3.95)%**<br>| &nbsp;&nbsp;&nbsp; **(3.35)%**<br>| &nbsp;&nbsp;&nbsp; **(3.36)%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $1074 | &nbsp;&nbsp;&nbsp; $964 | &nbsp;&nbsp;&nbsp; $715 | &nbsp;&nbsp;&nbsp; $429 | &nbsp;&nbsp;&nbsp; $404 | &nbsp;&nbsp;&nbsp; $418 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.09 %<sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>5</sup><br>|
| Net expenses | 0.09 <br><sup>567</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>67</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>67</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>5</sup><br>|
| Net investment income | 4.26 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp; 0.54 <br><sup>5</sup><br>|
| **Portfolio turnover rate**<sup>8</sup> <br>| &nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp;&nbsp; **134%**<br>| &nbsp;&nbsp;&nbsp; **92%**<br>| &nbsp;&nbsp;&nbsp; **148%**<br>| &nbsp;&nbsp;&nbsp; **14%**<br>| &nbsp;&nbsp;&nbsp; **102%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> For the period June 9, 2020 (inception date) to March 31, 2021.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin Ultra Short Bond ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>13</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp; $24.89 | &nbsp;&nbsp;&nbsp; $24.58 | &nbsp;&nbsp;&nbsp; $24.55 | &nbsp;&nbsp;&nbsp; $24.88 | &nbsp;&nbsp;&nbsp; $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| **Total income (loss) from operations** | **0.65** | &nbsp;&nbsp;&nbsp;&nbsp;**1.30** | &nbsp;&nbsp;&nbsp;&nbsp;**1.53** | &nbsp;&nbsp;&nbsp;&nbsp;**0.49** | &nbsp;&nbsp;&nbsp; **(0.19)** | &nbsp;&nbsp;&nbsp;&nbsp;**0.23** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.59)**<br>| &nbsp;&nbsp;&nbsp; **(1.19)**<br>| &nbsp;&nbsp;&nbsp; **(1.22)**<br>| &nbsp;&nbsp;&nbsp; **(0.46)**<br>| &nbsp;&nbsp;&nbsp; **(0.14)**<br>| &nbsp;&nbsp;&nbsp; **(0.35)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $25.06 | &nbsp;&nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp; $24.89 | &nbsp;&nbsp;&nbsp; $24.58 | &nbsp;&nbsp;&nbsp; $24.55 | &nbsp;&nbsp;&nbsp; $24.88 |
| **Total return, based on NAV**<sup>4</sup> <br>| **2.63%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **5.39%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6.41%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.00%**<br>| &nbsp;&nbsp;&nbsp; **(0.78)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **0.91%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $156641 | &nbsp;&nbsp;&nbsp; $101261 | &nbsp;&nbsp;&nbsp; $3733 | &nbsp;&nbsp;&nbsp; $2458 | &nbsp;&nbsp;&nbsp; $3682 | &nbsp;&nbsp;&nbsp; $2488 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.15 %<sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17 %<sup>5</sup><br>|
| Net expenses<sup>6,7</sup> <br>| 0.15 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 <br><sup>5</sup><br>|
| Net investment income | 4.68 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 0.58 <br><sup>5</sup><br>|
| **Portfolio turnover rate**<sup>8</sup> <br>| &nbsp;&nbsp; **23%**<br>| &nbsp;&nbsp;&nbsp; **22%**<br>| &nbsp;&nbsp;&nbsp; **39%**<br>| &nbsp;&nbsp;&nbsp; **49%**<br>| &nbsp;&nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> For the period July 14, 2020 (inception date) to March 31, 2021.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>8</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Notes to Financial Statements (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 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 High Yield Corporate ETF ("High Yield 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 Ultra Short Bond ETF ("Ultra Short Bond ETF"), Franklin U.S. Core Bond ETF ("U.S. Core Bond ETF") and Franklin U.S. Treasury Bond ETF ("U.S. Treasury 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 Franklin Focused Growth ETF adopted the performance of the Franklin Focused Growth Fund (the "predecessor mutual fund") as the result of a reorganization of the predecessor mutual fund into the fund (the Reorganization) that was effective after the market close on November 3, 2023. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ended on or prior to November 3, 2023 are those of the predecessor mutual fund.

Prior to the Franklin Focused Growth ETF's listing on November 6, 2023, the net asset value (NAV) performance of the Advisor Class Shares of the predecessor mutual fund is used as a proxy for the Fund's market price returns. Had the predecessor mutual fund have been structured as an ETF, its performance may have differed.

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 the 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 the 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, Ultra Short Bond ETF, U.S. Core Bond ETF and U.S. Treasury Bond ETF are listed for trading on NYSE Arca, Inc. Shares of Multisector Income ETF is listed for trading on NASDAQ. (Cboe and NYSE Arca, collectively with NASDAQ, the "Listing Exchanges"). 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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities 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. 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

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

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. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund 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 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. Additionally, if the closing net asset value per share for an Underlying Fund is not available on the day of valuation, the Valuation Committee may adjust the Underlying Fund's last available net asset value per share to account for significant events that have occurred subsequent to the Underlying Fund's last net asset value per share calculation but prior to the day of valuation.

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.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

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

**Disruptive Commerce ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $8727066 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $8727066 |
| **Total Investments** | &nbsp;&nbsp; **$8727066** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$8727066** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Dividend Growth ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $4982957 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $4982957 |
| Short-Term Investments† | &nbsp;&nbsp; 74906 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 74906 |
| **Total Investments** | &nbsp;&nbsp; **$5057863** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$5057863** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Dynamic Municipal Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $912683638 | &nbsp;&nbsp; $2813 | &nbsp;&nbsp; $912686451 |
| Corporate Bonds & Notes: |  |  |  |  |
| Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; 7394120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7394120 |
| Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20180 | &nbsp;&nbsp; 20180 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 920077758 | &nbsp;&nbsp; 22993 | &nbsp;&nbsp; 920100751 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 64130000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64130000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$984207758** | &nbsp;&nbsp; **$22993** | &nbsp;&nbsp; **$984230751** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Exponential Data ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $4149558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $4149558 |
| Short-Term Investments† | &nbsp;&nbsp; 40725 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40725 |
| **Total Investments** | &nbsp;&nbsp; **$4190283** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$4190283** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

**Focused Growth ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $187595177 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $187595177 |
| Short-Term Investments† | &nbsp;&nbsp; 2451209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2451209 |
| **Total Investments** | &nbsp;&nbsp; **$190046386** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$190046386** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Genomic Advancements ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Health Care | &nbsp;&nbsp; $16108387 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $16108387 |
| Other Common Stocks | &nbsp;&nbsp; 634812 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 634812 |
| Preferred Stocks | &nbsp;&nbsp; 165795 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 165795 |
| **Total Investments** | &nbsp;&nbsp; **$16908994** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$16908994** |

---

&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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes: |  |  |  |  |
| Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; $96371345 | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $96371345 |
| Health Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 48631850 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 48631850 |
| Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 465318503 | &nbsp;&nbsp; — | &nbsp;&nbsp; 465318503 |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 3694040 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3694040 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1621533 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1621533 |
| Convertible Preferred Stocks | &nbsp;&nbsp; $765270 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 765270 |
| Common Stocks: |  |  |  |  |
| Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5304 | &nbsp;&nbsp; 5304 |
| Health Care | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 149557 | &nbsp;&nbsp; 149557 |
| Total Long-Term Investments | &nbsp;&nbsp; 765270 | &nbsp;&nbsp; 615637271 | &nbsp;&nbsp; 154861 | &nbsp;&nbsp; 616557402 |
| Short-Term Investments† | &nbsp;&nbsp; 20275071 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20275071 |
| **Total Investments** | &nbsp;&nbsp; **$21040341** | &nbsp;&nbsp; **$615637271** | &nbsp;&nbsp; **$154861** | &nbsp;&nbsp; **$636832473** |

---

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

---

| | |
|:---|:---|
| <sup>1</sup> | Value is less than $1. |
| † | See Schedules of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

**Income Equity Focus ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $61663915 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $61663915 |
| Equity-Linked Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; $30113190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30113190 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 5378316 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5378316 |
| Total Long-Term Investments | &nbsp;&nbsp; 67042231 | &nbsp;&nbsp; 30113190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97155421 |
| Short-Term Investments† | &nbsp;&nbsp; 1438996 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1438996 |
| **Total Investments** | &nbsp;&nbsp; **$68481227** | &nbsp;&nbsp; **$30113190** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$98594417** |

---

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

† See
 Schedule of Investments for additional detailed categorizations.

**Income Focus ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $295389618 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $295389618 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $251517554 | &nbsp;&nbsp; — | &nbsp;&nbsp; 251517554 |
| Equity-Linked Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 167056529 | &nbsp;&nbsp; — | &nbsp;&nbsp; 167056529 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 54533992 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54533992 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 54115127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54115127 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 19662822 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19662822 |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 2114553 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2114553 |
| Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 710150 | &nbsp;&nbsp; — | &nbsp;&nbsp; 710150 |
| Total Long-Term Investments | &nbsp;&nbsp; 315052440 | &nbsp;&nbsp; 530047905 | &nbsp;&nbsp; — | &nbsp;&nbsp; 845100345 |
| Short-Term Investments† | &nbsp;&nbsp; 25541158 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25541158 |
| **Total Investments** | &nbsp;&nbsp; **$340593598** | &nbsp;&nbsp; **$530047905** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$870641503** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Intelligent Machines ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $47341445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $47341445 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 0\* |
| **Total Investments** | &nbsp;&nbsp; **$47341445** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$47341445** |

---

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

---

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

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

**International Aggregate Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $578871325 | &nbsp;&nbsp; — | &nbsp;&nbsp; $578871325 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 48436774 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48436774 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 627308099 | &nbsp;&nbsp; — | &nbsp;&nbsp; 627308099 |
| Short-Term Investments† | &nbsp;&nbsp; $44401795 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44401795 |
| **Total Investments** | &nbsp;&nbsp; **$44401795** | &nbsp;&nbsp; **$627308099** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$671709894** |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $2170098 | &nbsp;&nbsp; — | &nbsp;&nbsp; $2170098 |
| **Total** | &nbsp;&nbsp; **$44401795** | &nbsp;&nbsp; **$629478197** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$673879992** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $2362216 | &nbsp;&nbsp; — | &nbsp;&nbsp; $2362216 |

---

&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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $599649715 | &nbsp;&nbsp; — | &nbsp;&nbsp; $599649715 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2292677 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2292677 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 601942392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 601942392 |
| Short-Term Investments† | &nbsp;&nbsp; $5101688 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5101688 |
| **Total Investments** | &nbsp;&nbsp; **$5101688** | &nbsp;&nbsp; **$601942392** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$607044080** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Multisector Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $7174998 | &nbsp;&nbsp; — | &nbsp;&nbsp; $7174998 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2296690 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2296690 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2233456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2233456 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1424587 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1424587 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1198628 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1198628 |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 129083 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129083 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 14457442 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14457442 |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | Quoted Prices<br> (Level 1)<br>| Other Significant<br> Observable Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments† | &nbsp;&nbsp; $643470 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $643470 |
| **Total Investments** | &nbsp;&nbsp; **$643470** | &nbsp;&nbsp; **$14457442** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$15100912** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $4565 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $4565 |
| OTC Interest Rate Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; $21429 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21429 |
| Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 6701 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6701 |
| OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 9956 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9956 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$4565** | &nbsp;&nbsp; **$38086** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$42651** |
| **Total** | &nbsp;&nbsp; **$648035** | &nbsp;&nbsp; **$14495528** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$15143563** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| OTC Interest Rate Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; $19400 | &nbsp;&nbsp; — | &nbsp;&nbsp; $19400 |

---

&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.

**Municipal Green Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $87889380 | &nbsp;&nbsp; — | &nbsp;&nbsp; $87889380 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 78826 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78826 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 87968206 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87968206 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 600000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$88568206** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$88568206** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Senior Loan ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; $1040400351 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1040400351 |
| Corporate Bonds & Notes: |  |  |  |  |
| Health Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 1929767 | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 1929767 |
| Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 36037439 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36037439 |
| Investments in Underlying Funds | &nbsp;&nbsp; $28635870 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28635870 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2003330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2003330 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 377982 | &nbsp;&nbsp; 377982 |
| Total Long-Term Investments | &nbsp;&nbsp; 28635870 | &nbsp;&nbsp; 1080370887 | &nbsp;&nbsp; 377982 | &nbsp;&nbsp; 1109384739 |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | Quoted Prices<br> (Level 1)<br>| Other Significant<br> Observable Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments† | &nbsp;&nbsp; $124543071 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $124543071 |
| **Total Investments** | &nbsp;&nbsp; **$153178941** | &nbsp;&nbsp; **$1080370887** | &nbsp;&nbsp; **$377982** | &nbsp;&nbsp; **$1233927810** |

---

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

---

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

---

**Systematic Style Premia ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $249348112 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $249348112 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; 249348112 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 249348112 |
| Short-Term Investments† | &nbsp;&nbsp; 101131361 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 101131361 |
| **Total Investments** | &nbsp;&nbsp; **$350479473** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$350479473** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $5146639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $5146639 |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $3249378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3249378 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$5146639** | &nbsp;&nbsp; **$3249378** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$8396017** |
| **Total** | &nbsp;&nbsp; **$355626112** | &nbsp;&nbsp; **$3249378** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$358875490** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $1474482 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1474482 |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $1163948 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1163948 |
| OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 1513394 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1513394 |
| **Total** | &nbsp;&nbsp; **$1474482** | &nbsp;&nbsp; **$2677342** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$4151824** |

---

&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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $1127872644 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1127872644 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 766473635 | &nbsp;&nbsp; — | &nbsp;&nbsp; 766473635 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 725326343 | &nbsp;&nbsp; — | &nbsp;&nbsp; 725326343 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 54519015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54519015 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 18023345 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18023345 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 5577405 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5577405 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2697792387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2697792387 |

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | Quoted Prices<br> (Level 1)<br>| Other Significant<br> Observable Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments† | &nbsp;&nbsp; $25829117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $25829117 |
| **Total Investments** | &nbsp;&nbsp; **$25829117** | &nbsp;&nbsp; **$2697792387** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2723621504** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $584170 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $584170 |
| **Total** | &nbsp;&nbsp; **$26413287** | &nbsp;&nbsp; **$2697792387** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2724205674** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $119513 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $119513 |

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&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.

**U.S. Treasury Bond ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $1017495636 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1017495636 |
| U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 38946540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38946540 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1056442176 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1056442176 |
| Short-Term Investments† | &nbsp;&nbsp; $7442825 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7442825 |
| **Total Investments** | &nbsp;&nbsp; **$7442825** | &nbsp;&nbsp; **$1056442176** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1063885001** |

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

† See
 Schedules of Investments for additional detailed categorizations.

**Ultra Short Bond ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $131305336 | &nbsp;&nbsp; — | &nbsp;&nbsp; $131305336 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1111696 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1111696 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 132417032 | &nbsp;&nbsp; — | &nbsp;&nbsp; 132417032 |
| Short-Term Investments†: |  |  |  |  |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 23296658 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23296658 |
| Money Market Funds | &nbsp;&nbsp; $4667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4667 |
| Total Short-Term Investments | &nbsp;&nbsp; 4667 | &nbsp;&nbsp; 23296658 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23301325 |
| **Total Investments** | &nbsp;&nbsp; **$4667** | &nbsp;&nbsp; **$155713690** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$155718357** |

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

† See
 Schedules of Investments for additional detailed categorizations.

**(b) Written options.** The Fund may write option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the premium received is recorded as a realized gain. When a

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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written call option is exercised, the difference between the premium received plus the option exercise price and the Fund's basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is recognized as a realized gain or loss. When a written put option is exercised, the amount of the premium received is subtracted from the cost of the security purchased by the Fund from the exercise of the written put option to form the Fund's basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a closing transaction. The cost of a closing transaction is deducted from the original premium received resulting in a realized gain or loss to the Fund.

The risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Fund is exposed to the risk of loss if the market price of the underlying security increases. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

**(c) Futures contracts.** The Funds use futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Funds are required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Funds each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statements of Operations and the Funds recognize a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Funds may not be able to enter into a closing transaction because of an illiquid secondary market.

**(d) Forward foreign currency contracts.** The Funds enter into a forward foreign currency contract to hedge exposure of bond positions or in an attempt to increase the Fund's return. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Funds as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Funds recognize a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statements of Assets and Liabilities. The Funds bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

**(e) Swap agreements.** The Funds invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract ("OTC Swaps") or centrally cleared ("Centrally Cleared Swaps"). Unlike Centrally Cleared Swaps, the Funds have credit exposure to the counterparties of OTC Swaps.

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the "CCP") and the CCP becomes the ultimate counterparty of the swap agreement. The Funds are required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Funds are required to deposit initial margin with the broker in the form of cash or securities.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statements of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund's custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statements of Assets and Liabilities. Risks may exceed amounts recorded in the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms, and the possible lack of liquidity with respect to the swap agreements.

OTC Swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statements of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statements of Operations. Net periodic payments received or paid by the Funds are recognized as a realized gain or loss in the Statements of Operations.

The Fund's maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of September 30, 2025, the Fund did not hold any credit default swaps to sell protection.

For average notional amounts of swaps held during the six months ended September 30, 2025, see Note 4.

**<u>Interest rate swaps</u>**

The Funds enter into interest rate swap contracts to manage its exposure to interest rate risk. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Funds may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. Interest rate swaps are marked-to-market daily based upon quotations from market makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation in the Statement of Operations. When a swap contract is terminated early, the Funds records a realized gain or loss equal to the difference between the original cost and the settlement amount of the closing transaction.

The risks of interest rate swaps include changes in market conditions that will affect the value of the contract or changes in the present value of the future cash flow streams and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. This risk is mitigated by the posting of collateral by the counterparty to the Funds to cover the Fund's exposure to the counterparty.

**<u>Total return swaps</u>**

The Funds enter into total return swaps for investment purposes. Total return swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument. For example, the agreement to pay a predetermined or fixed interest rate in exchange for a market-linked return based on a notional amount. To the extent the total return of a referenced index or instrument exceeds the offsetting interest obligation, the Fund will receive a payment from the counterparty. To the extent it is less, the Funds will make a payment to the counterparty.

**(f) Short sale transactions.** Short sales are transactions in which the Fund sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, a Fund must borrow the security to deliver to the buyer. The Fund is then obligated to replace the security borrowed by purchasing it in the open market at the time of replacement. The proceeds received by the Fund for the short sale are retained by the broker as collateral until the Fund replaces the borrowed security. If the market value of the security sold short increases, additional collateral may be required. The amount of collateral required is determined daily by reference to the market value of the short positions. Liabilities for securities sold short are marked-to-market daily and reported at market value in the financial statements.

Short sale transactions may result in a risk of loss that may exceed the amount shown on the Statement of Assets and Liabilities. A gain, limited to the price at which the Fund sold the security short, or a loss, potentially unlimited in size, will be recognized upon termination of a short sale. Dividends on short positions are recorded as a liability on the ex-dividend date and are shown in the Statement of Operations as Dividend Expense because the Fund must pay the dividend to the lender of the security.

Short selling is a technique that may be considered speculative, involves risk beyond the amount of money used to secure each transaction and may represent a form of leverage.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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

**(g) Loan participations.** The Funds may invest in loans arranged through private negotiation between one or more financial institutions. The Fund's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of offset against the borrower and the Funds may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

The Funds assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Funds and the borrower. In the event of the insolvency of the lender selling the participation, the Funds may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower.

**(h) Unfunded loan commitments.** The Funds may enter into certain credit agreements where all or a portion of the total amount committed may be unfunded. The Funds is obligated to fund these commitments at the borrower's discretion. The commitments are disclosed in the accompanying Schedule of Investments. At September 30, 2025, the Funds had sufficient cash and/or securities to cover these commitments.

**(i) Equity-linked securities.** Certain or all Funds invest in equity-linked securities. Equity-linked securities are hybrid financial instruments that generally combine both debt and equity characteristics into a single note form. Income received from equity-linked securities is recorded as realized gains in the Statements of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. The risks of investing in equity-linked securities include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with equity-linked securities and the appreciation potential may be limited. Equity-linked securities may be more volatile and less liquid than other investments held by the Funds.

**(j) Stripped securities.** The Funds may invest in ''Stripped Securities,'' a term used collectively for components, or strips, of fixed income securities. Stripped Securities can be principal only securities ("PO"), which are debt obligations that have been stripped of unmatured interest coupons, or interest only securities ("IO"), which are unmatured interest coupons that have been stripped from debt obligations. The market value of Stripped Securities will fluctuate in response to changes in economic conditions, rates of pre-payment, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation may increase with a longer period of maturity.

The yield to maturity on IO's is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Funds may not fully recoup its initial investment in IO's.

**(k) Securities traded on a when-issued and delayed delivery basis.** The Funds may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Funds with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Funds at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**(l) Mortgage dollar rolls.** The Funds may enter into mortgage dollar rolls in which the Funds sells mortgage-backed securities for delivery in the current month, realizing a gain or loss, and simultaneously entering into contracts to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specified future date.

The Funds executes its mortgage dollar rolls entirely in the TBA market, whereby the Funds makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by a sale of the security with a simultaneous agreement to repurchase at a future date. The Funds accounts for mortgage dollar rolls as purchases and sales.

The risk of entering into mortgage dollar rolls is that the market value of the securities the Funds is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund's use of the proceeds of the mortgage dollar roll may be restricted pending a determination by the counterparty, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities.

**(m) Inflation-indexed bonds.** Inflation-indexed bonds are fixed income securities whose principal value or interest rate is periodically adjusted according to the rate of inflation. As the index measuring inflation changes, the principal value or

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

interest rate of inflation-indexed bonds will be adjusted accordingly. Inflation adjustments to the principal amount of inflation-indexed bonds are reflected as an increase or decrease to investment income on the Statement of Operations. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**(n) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

**(o) Credit and market risk.** Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks.When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values ofunderlying real estate properties are materially below the outstanding amount of these underlying mortgages, collectionof the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions maysignificantly impair the value and liquidity of these investments and may result in a lack of correlation between their creditratings and values.

**(p) Foreign investment risks.** The Funds' investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(q) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Funds may invest in certain securities or engage in other transactions where the Funds is exposed to counterparty credit risk in addition to broader market risks. The Funds may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Funds' subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Funds have entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Funds under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedules of Investments.

As of September 30, 2025, International Aggregate Bond ETF held forward foreign currency contracts with credit related contingent features which had a liability position of $2,362,216, Systematic Style Premia ETF held forward foreign currency contracts and OTC total return swap with credit related contingent features which had a liability position of $2,677,342. Multisector Income ETF held OTC interest rate swaps with credit related contingent features which had a liability position of $19,400. If a contingent feature in the master agreements would have been triggered, the Multisector Income ETF would have been required to pay this amount to its derivatives counterparties. As of September 30, 2025, the International Aggregate Bond ETF held cash collateral from Citibank N.A. in the amount of $230,000. This amount could be used to reduce the International Aggregate Bond ETF exposure to the counterparty in the event of default.

**(r) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Funds may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(s) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Funds are generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Funds' records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

**(t) Distributions to shareholders.** Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. For Multisector Income ETF, distributions from net investment income of the Fund, if any, are declared and paid on a monthly basis and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

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

**(u) Federal and other taxes.** It is the Funds' policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Funds intend to distribute their taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Funds' financial statements.

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2025, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

**(v) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**(w) Guarantees and indemnifications.** Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisers, Inc. ("Advisers") and Franklin Templeton Investment Management Limited ("FTIML") are the Funds' investment managers. Advisers, Franklin Templeton Institutional, LLC ("FT Institutional") and K2/D&S Management Co., L.L.C. (Effective on or about January 1, 2026, the investment management services provided by K2/D&S Management Co., L.L.C. will be transferred to Advisers) ("K2 Advisors") are the Funds' subadvisers. Franklin Templeton Services, LLC ("Franklin Templeton Services") is each Fund's administrative manager. Advisers and FTIML are wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with Advisers and FTIML, Franklin Templeton Services provides administrative services to the Funds. The fee is paid by Advisers and FTIML based on the Funds' average daily net assets, and is not an additional expense of the Funds.

The Funds pay Advisers and FTIML a unified management fee for managing the Funds' assets, as approved by the Board. Pursuant to the investment management agreement with the Trust on behalf of the Funds, FTIML reimburses the Funds for all acquired fund fees and expenses (such as those associated with the Funds' investment in a Franklin Templeton money fund) and, with respect to Systematic Style Premia ETF, reimburses all expenses related to the Fund's investment in the Subsidiary, and pays all of the ordinary operating expenses of the Funds, except for (i) the Funds' management fee, (ii) payments under the Funds' Rule 12b-1 plan (if any), (iii) brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Funds may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses.

Each Fund pays gross effective investment management fee, calculated daily and paid monthly according to the terms of the management agreement, at an annual rate of each Fund's average daily net assets as follows:

---

| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| Disruptive Commerce ETF | &nbsp;&nbsp; 0.50% |
| Dividend Growth ETF | &nbsp;&nbsp; 0.49% |
| Dynamic Municipal Bond ETF | &nbsp;&nbsp; 0.30% |
| Exponential Data ETF | &nbsp;&nbsp; 0.50% |
| Focused Growth ETF | &nbsp;&nbsp; 0.55% |
| Genomic Advancements ETF | &nbsp;&nbsp; 0.50% |
| High Yield Corporate ETF | &nbsp;&nbsp; 0.40% |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

---

| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| Income Equity Focus ETF | &nbsp;&nbsp; 0.29% |
| Income Focus ETF | &nbsp;&nbsp; 0.38% |
| Intelligent Machines ETF | &nbsp;&nbsp; 0.50% |
| International Aggregate Bond ETF | &nbsp;&nbsp; 0.25% |
| Investment Grade Corporate ETF | &nbsp;&nbsp; 0.35% |
| Multisector Income ETF | &nbsp;&nbsp; 0.39% |
| Municipal Green Bond ETF | &nbsp;&nbsp; 0.30% |
| Senior Loan ETF | &nbsp;&nbsp; 0.45% |
| Systematic Style Premia ETF | &nbsp;&nbsp; 0.65% |
| U.S. Core Bond ETF | &nbsp;&nbsp; 0.15% |
| U.S. Treasury Bond ETF | &nbsp;&nbsp; 0.09% |
| Ultra Short Bond ETF | &nbsp;&nbsp; 0.15% |

---

The manager has agreed to waive the Funds' management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver").

For Systematic Style Premia ETF, pursuant to the terms of the Fund's Investment Management Agreement, the investment manager reimburses the Fund for all acquired Fund fees as well as all expenses related to the Fund's investment in a Cayman Islands-based company that is wholly owned by the Fund (the "Subsidiary"). Thus, expenses incurred in connection with the Fund's investment in the Subsidiary are paid/reimbursed by the investment manager under the unitary management fee structure. Total expenses waived or paid are not subject to recapture subsequent to the Funds' fiscal year end.

During the six months ended September 30, 2025, fees waived and/or expenses reimbursed, all of which was an affiliated money market fund waiver, amounted to as follows:

---

| | |
|:---|:---|
| Exponential Data ETF | &nbsp;&nbsp; $179 |
| Focused Growth ETF | &nbsp;&nbsp; 1896 |
| High Yield Corporate ETF | &nbsp;&nbsp; 255 |
| Income Equity Focus ETF | &nbsp;&nbsp; 235 |
| Income Focus ETF | &nbsp;&nbsp; 28258 |
| International Aggregate Bond ETF | &nbsp;&nbsp; 826 |
| Investment Grade Corporate ETF | &nbsp;&nbsp; 98 |
| Senior Loan ETF | &nbsp;&nbsp; 64689 |
| U.S. Core Bond ETF | &nbsp;&nbsp; 26848 |
| U.S. Treasury Bond ETF | &nbsp;&nbsp; 5710 |
| Ultra Short Bond ETF | &nbsp;&nbsp; 677 |

---

For Systematic Style Premia ETF, during the six months ended September 30, 2025, fees waived and/or expenses reimbursed amounted to $207,758.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Funds on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, each Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Funds, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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

**3. Investments**

During the six months ended September 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | |
|:---|:---|
|  | Disruptive Commerce ETF |
| Purchases | &nbsp;&nbsp; $1331959 |
| Sales | &nbsp;&nbsp; 1299127 |

---

---

| | |
|:---|:---|
|  | Dividend Growth ETF |
| Purchases | &nbsp;&nbsp; $30554 |
| Sales | &nbsp;&nbsp; — |

---

---

| | |
|:---|:---|
|  | Dynamic Municipal Bond ETF |
| Purchases | &nbsp;&nbsp; $582466137 |
| Sales | &nbsp;&nbsp; 235035453 |

---

---

| | |
|:---|:---|
|  | Exponential Data ETF |
| Purchases | &nbsp;&nbsp; $781264 |
| Sales | &nbsp;&nbsp; 2090798 |

---

---

| | |
|:---|:---|
|  | Focused Growth ETF |
| Purchases | &nbsp;&nbsp; $32866688 |
| Sales | &nbsp;&nbsp; 14507037 |

---

---

| | |
|:---|:---|
|  | Genomic Advancements ETF |
| Purchases | &nbsp;&nbsp; $2555908 |
| Sales | &nbsp;&nbsp; 2139186 |

---

---

| | |
|:---|:---|
|  | High Yield Corporate ETF |
| Purchases | &nbsp;&nbsp; $134000326 |
| Sales | &nbsp;&nbsp; 125089233 |

---

---

| | |
|:---|:---|
|  | Income Equity Focus ETF |
| Purchases | &nbsp;&nbsp; $31463276 |
| Sales | &nbsp;&nbsp; 33191971 |

---

---

| | | |
|:---|:---|:---|
|  | Income Focus ETF | Income Focus ETF |
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $300724149 | &nbsp;&nbsp; $67435165 |
| Sales | &nbsp;&nbsp; 108643537 | &nbsp;&nbsp; 30391902 |

---

---

| | |
|:---|:---|
|  | Intelligent Machines ETF |
| Purchases | &nbsp;&nbsp; $3344062 |
| Sales | &nbsp;&nbsp; 3058069 |

---

---

| | |
|:---|:---|
|  | International Aggregate Bond ETF |
| Purchases | &nbsp;&nbsp; $142537396 |
| Sales | &nbsp;&nbsp; 118351386 |

---

---

| | | |
|:---|:---|:---|
|  | Investment Grade Corporate ETF | Investment Grade Corporate ETF |
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $84480342 | &nbsp;&nbsp; $12403402 |
| Sales | &nbsp;&nbsp; 70212785 | &nbsp;&nbsp; 21210340 |

---

---

| | | |
|:---|:---|:---|
|  | Multisector Income ETF  | Multisector Income ETF  |
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $11729684 | &nbsp;&nbsp; $6206493 |
| Sales | &nbsp;&nbsp; 75503 | &nbsp;&nbsp; 3429077 |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

---

| | |
|:---|:---|
|  | Municipal Green Bond ETF |
| Purchases | &nbsp;&nbsp; $21278418 |
| Sales | &nbsp;&nbsp; 30653170 |

---

---

| | |
|:---|:---|
|  | Senior Loan ETF |
| Purchases | &nbsp;&nbsp; $255829672 |
| Sales | &nbsp;&nbsp; 148618315 |

---

---

| | |
|:---|:---|
|  | Systematic Style Premia ETF |
| Purchases | &nbsp;&nbsp; $102221609 |
| Sales | &nbsp;&nbsp; 87814272 |

---

---

| | | |
|:---|:---|:---|
|  | U.S. Core Bond ETF | U.S. Core Bond ETF |
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $670543781 | &nbsp;&nbsp; $202183165 |
| Sales | &nbsp;&nbsp; 471967044 | &nbsp;&nbsp; 138551605 |

---

---

| | | |
|:---|:---|:---|
|  | U.S. Treasury Bond ETF | U.S. Treasury Bond ETF |
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; — | &nbsp;&nbsp; $209972938 |
| Sales | &nbsp;&nbsp; — | &nbsp;&nbsp; 103598575 |

---

---

| | |
|:---|:---|
|  | Ultra Short Bond ETF |
| Purchases | &nbsp;&nbsp; $74226209 |
| Sales | &nbsp;&nbsp; 25075830 |

---

During the six months ended September 30, 2025, in-kind transactions (Note 5) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Contributions | Redemptions | Realized Gain (Loss)\* |
| Disruptive Commerce ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; $3285307 | &nbsp;&nbsp; $374409 |
| Dividend Growth ETF | &nbsp;&nbsp; $4904775 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dynamic Municipal Bond ETF | &nbsp;&nbsp; 1192545 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Exponential Data ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Focused Growth ETF | &nbsp;&nbsp; 29524863 | &nbsp;&nbsp; 6670238 | &nbsp;&nbsp; 3733045 |
| Genomic Advancements ETF | &nbsp;&nbsp; 3950644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| High Yield Corporate ETF | &nbsp;&nbsp; 78067175 | &nbsp;&nbsp; 86412467 | &nbsp;&nbsp; (212646)<br>|
| Income Equity Focus ETF | &nbsp;&nbsp; 1944848 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Income Focus ETF | &nbsp;&nbsp; 39262256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Intelligent Machines ETF | &nbsp;&nbsp; 7919393 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Aggregate Bond ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment Grade Corporate ETF | &nbsp;&nbsp; 47953297 | &nbsp;&nbsp; 18690483 | &nbsp;&nbsp; (803133)<br>|
| Multisector Income ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Municipal Green Bond ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Senior Loan ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Systematic Style Premia ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Core Bond ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Bond ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ultra Short Bond ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Funds.

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

At September 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Disruptive Commerce ETF | Disruptive Commerce ETF | Disruptive Commerce ETF | Disruptive Commerce ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $7042939 | &nbsp;&nbsp; $2034543 | &nbsp;&nbsp; $(350416)<br>| &nbsp;&nbsp; $1684127 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend Growth ETF | Dividend Growth ETF | Dividend Growth ETF | Dividend Growth ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $5010235 | &nbsp;&nbsp; $145478 | &nbsp;&nbsp; $(97850)<br>| &nbsp;&nbsp; $47628 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dynamic Municipal Bond ETF | Dynamic Municipal Bond ETF | Dynamic Municipal Bond ETF | Dynamic Municipal Bond ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $970086445 | &nbsp;&nbsp; $19491211 | &nbsp;&nbsp; $(5346905)<br>| &nbsp;&nbsp; $14144306 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Exponential Data ETF | Exponential Data ETF | Exponential Data ETF | Exponential Data ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $3253398 | &nbsp;&nbsp; $1214561 | &nbsp;&nbsp; $(277676)<br>| &nbsp;&nbsp; $936885 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Focused Growth ETF | Focused Growth ETF | Focused Growth ETF | Focused Growth ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $136851961 | &nbsp;&nbsp; $54056526 | &nbsp;&nbsp; $(862101)<br>| &nbsp;&nbsp; $53194425 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Genomic Advancements ETF | Genomic Advancements ETF | Genomic Advancements ETF | Genomic Advancements ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $14892098 | &nbsp;&nbsp; $3037033 | &nbsp;&nbsp; $(1020137)<br>| &nbsp;&nbsp; $2016896 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | High Yield Corporate ETF | High Yield Corporate ETF | High Yield Corporate ETF | High Yield Corporate ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $628881417 | &nbsp;&nbsp; $13344316 | &nbsp;&nbsp; $(5393260)<br>| &nbsp;&nbsp; $7951056 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Income Equity Focus ETF | Income Equity Focus ETF | Income Equity Focus ETF | Income Equity Focus ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $93148282 | &nbsp;&nbsp; $8492594 | &nbsp;&nbsp; $(3046459)<br>| &nbsp;&nbsp; $5446135 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Income Focus ETF | Income Focus ETF | Income Focus ETF | Income Focus ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $828225895 | &nbsp;&nbsp; $45087367 | &nbsp;&nbsp; $(2671759)<br>| &nbsp;&nbsp; $42415608 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Intelligent Machines ETF | Intelligent Machines ETF | Intelligent Machines ETF | Intelligent Machines ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $29540671 | &nbsp;&nbsp; $18120885 | &nbsp;&nbsp; $(320111)<br>| &nbsp;&nbsp; $17800774 |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International Aggregate Bond ETF | International Aggregate Bond ETF | International Aggregate Bond ETF | International Aggregate Bond ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $645962225 | &nbsp;&nbsp; $37739907 | &nbsp;&nbsp; $(11992238)<br>| &nbsp;&nbsp; $25747669 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 2170098 | &nbsp;&nbsp; (2362216)<br>| &nbsp;&nbsp; (192118)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Investment Grade Corporate ETF | Investment Grade Corporate ETF | Investment Grade Corporate ETF | Investment Grade Corporate ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $617687285 | &nbsp;&nbsp; $10555548 | &nbsp;&nbsp; $(21198753)<br>| &nbsp;&nbsp; $(10643205)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Multisector Income ETF  | Multisector Income ETF  | Multisector Income ETF  | Multisector Income ETF  |
|  | Cost/Premiums <br>Paid (Received)<br>| Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $15063955 | &nbsp;&nbsp; $60000 | &nbsp;&nbsp; $(23043)<br>| &nbsp;&nbsp; $36957 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 4565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4565 |
| Swap contracts | &nbsp;&nbsp; 58923 | &nbsp;&nbsp; 25063 | &nbsp;&nbsp; (8945)<br>| &nbsp;&nbsp; 16118 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Municipal Green Bond ETF | Municipal Green Bond ETF | Municipal Green Bond ETF | Municipal Green Bond ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $89434981 | &nbsp;&nbsp; $1634880 | &nbsp;&nbsp; $(2501655)<br>| &nbsp;&nbsp; $(866775)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Senior Loan ETF | Senior Loan ETF | Senior Loan ETF | Senior Loan ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $1252875513 | &nbsp;&nbsp; $4673993 | &nbsp;&nbsp; $(23621696)<br>| &nbsp;&nbsp; $(18947703)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Systematic Style Premia ETF | Systematic Style Premia ETF | Systematic Style Premia ETF | Systematic Style Premia ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $309782048 | &nbsp;&nbsp; $51449945 | &nbsp;&nbsp; $(10752520)<br>| &nbsp;&nbsp; $40697425 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 5146639 | &nbsp;&nbsp; (1474482)<br>| &nbsp;&nbsp; 3672157 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 3249378 | &nbsp;&nbsp; (1163948)<br>| &nbsp;&nbsp; 2085430 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1513394)<br>| &nbsp;&nbsp; (1513394)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Core Bond ETF | U.S. Core Bond ETF | U.S. Core Bond ETF | U.S. Core Bond ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $2777427711 | &nbsp;&nbsp; $38236495 | &nbsp;&nbsp; $(92042702)<br>| &nbsp;&nbsp; $(53806207)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 584170 | &nbsp;&nbsp; (119513)<br>| &nbsp;&nbsp; 464657 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Treasury Bond ETF | U.S. Treasury Bond ETF | U.S. Treasury Bond ETF | U.S. Treasury Bond ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $1056625505 | &nbsp;&nbsp; $12285349 | &nbsp;&nbsp; $(5025853)<br>| &nbsp;&nbsp; $7259496 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ultra Short Bond ETF | Ultra Short Bond ETF | Ultra Short Bond ETF | Ultra Short Bond ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $155142000 | &nbsp;&nbsp; $601947 | &nbsp;&nbsp; $(25590)<br>| &nbsp;&nbsp; $576357 |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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

**4. Derivative instruments and hedging activities** 

**Disruptive Commerce ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**Dividend Growth ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**Dynamic Municipal Bond ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**Exponential Data ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**Focused Growth ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**Genomic Advancements ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**High Yield Corporate ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**Income Equity Focus ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**Income Focus ETF**

At September 30, 2025, the Fund did not have any derivative instruments outstanding.

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Written options | &nbsp;&nbsp; $151803 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Written options† | &nbsp;&nbsp; $1886 |

---

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

\* Based on the average of the market values at each month-end during the period. <br> † At September 30, 2025, there were no open positions held in this derivative.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

**Intelligent Machines ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**International Aggregate Bond ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $2170098 |

---

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $2362216 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation.

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $(39246605)<br>|

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $14657378 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; $243892467 |
| Forward foreign currency contracts (to sell) | &nbsp;&nbsp; 693416503 |

---

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

\* Based on the average of the market values at each month-end during the period.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<sup>2,3</sup> <br>| Net <br>Amount<sup>4,5</sup> <br>|
| BNP Paribas | &nbsp;&nbsp; $1290678 | &nbsp;&nbsp; $(1182129)<br>| &nbsp;&nbsp; $108549 | &nbsp;&nbsp; — | &nbsp;&nbsp; $108549 |
| Citibank N.A. | &nbsp;&nbsp; 879420 | &nbsp;&nbsp; (1180087)<br>| &nbsp;&nbsp; (300667)<br>| &nbsp;&nbsp; $(230000)<br>| &nbsp;&nbsp; (530667)<br>|
| **Total** | &nbsp;&nbsp; **$2170098** | &nbsp;&nbsp; **$(2362216)**<br>| &nbsp;&nbsp; **$(192118)**<br>| &nbsp;&nbsp; **$(230000)**<br>| &nbsp;&nbsp; **$(422118)**<br>|

---

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

<sup>1</sup> Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. 

<sup>2</sup> Gross amounts are not offset in the Statement of Assets and Liabilities.

<sup>3</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

<sup>4</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>5</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

**Investment Grade Corporate ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**Multisector Income ETF** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Market <br>Risk<br>| Total |
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $4565 | &nbsp;&nbsp; — | &nbsp;&nbsp; $4565 |
| OTC swap contracts<sup>3</sup> <br>| &nbsp;&nbsp; 21429 | &nbsp;&nbsp; $9956 | &nbsp;&nbsp; 31385 |
| Centrally cleared swap contracts<sup>4</sup> <br>| &nbsp;&nbsp; 6701 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6701 |
| **Total** | &nbsp;&nbsp; **$32695** | &nbsp;&nbsp; **$9956** | &nbsp;&nbsp; **$42651** |

---

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| OTC swap contracts<sup>3</sup> <br>| &nbsp;&nbsp; $19400 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

<sup>3</sup> Values include premiums paid (received) on swap contracts which are shown separately in the Statements of Assets and Liabilities.

<sup>4</sup> Includes cumulative unrealized appreciation (depreciation) of centrally cleared swap contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Market <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $(10015)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(10015)<br>|
| Swap contracts | &nbsp;&nbsp; (302)<br>| &nbsp;&nbsp; $(4841)<br>| &nbsp;&nbsp; (5143)<br>|
| **Total** | &nbsp;&nbsp; **$(10317)**<br>| &nbsp;&nbsp; **$(4841)**<br>| &nbsp;&nbsp; **$(15158)**<br>|

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Market <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $4565 | &nbsp;&nbsp; — | &nbsp;&nbsp; $4565 |
| Swap contracts | &nbsp;&nbsp; 6162 | &nbsp;&nbsp; $9956 | &nbsp;&nbsp; 16118 |
| **Total** | &nbsp;&nbsp; **$10727** | &nbsp;&nbsp; **$9956** | &nbsp;&nbsp; **$20683** |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to sell) | &nbsp;&nbsp; $3226457 |
|  | Average Notional <br>Balance<sup>\*\*</sup> <br>|
| Interest rate swap contracts | &nbsp;&nbsp; $22268800 |
| Total return swap contracts | &nbsp;&nbsp; 1275000 |

---

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

\* Based on the average of the market values at each month-end during the period.

\*\* Based on the average of the notional amounts at each month-end during the period.

The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<br>| Net <br>Amount<sup>2</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; — | &nbsp;&nbsp; $(2004)<br>| &nbsp;&nbsp; $(2004)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(2004)<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; $31385 | &nbsp;&nbsp; (17396)<br>| &nbsp;&nbsp; 13989 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13989 |
| **Total** | &nbsp;&nbsp; **$31385** | &nbsp;&nbsp; **$(19400)**<br>| &nbsp;&nbsp; **$11985** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$11985** |

---

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

<sup>1</sup> Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. 

<sup>2</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

**Municipal Green Bond ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**Senior Loan ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**Systematic Style Premia ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Consolidated Statements of Assets and Liabilities at September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Commodity <br>Risk<br>| Total |
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $738003 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1412793 | &nbsp;&nbsp; $2995843 | &nbsp;&nbsp; $5146639 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $3249378 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3249378 |
| **Total** | &nbsp;&nbsp; **$738003** | &nbsp;&nbsp; **$3249378** | &nbsp;&nbsp; **$1412793** | &nbsp;&nbsp; **$2995843** | &nbsp;&nbsp; **$8396017** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Commodity <br>Risk<br>| Total |
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $328581 | &nbsp;&nbsp; — | &nbsp;&nbsp; $339920 | &nbsp;&nbsp; $805981 | &nbsp;&nbsp; $1474482 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $1163948 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1163948 |
| OTC swap contracts<sup>3</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1513394 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1513394 |
| **Total** | &nbsp;&nbsp; **$328581** | &nbsp;&nbsp; **$1163948** | &nbsp;&nbsp; **$1853314** | &nbsp;&nbsp; **$805981** | &nbsp;&nbsp; **$4151824** |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Consolidated Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Consolidated Statements of Assets and Liabilities. 

<sup>3</sup> Values include premiums paid (received) on swap contracts which are shown separately in the Consolidated Statements of Assets and Liabilities.

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Consolidated Statements of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Commodity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $668730 | &nbsp;&nbsp; — | &nbsp;&nbsp; $9058965 | &nbsp;&nbsp; $5921188 | &nbsp;&nbsp; $15648883 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (23180922)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (23180922)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $1287898 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1287898 |
| **Total** | &nbsp;&nbsp; **$668730** | &nbsp;&nbsp; **$1287898** | &nbsp;&nbsp; **$(14121957)**<br>| &nbsp;&nbsp; **$5921188** | &nbsp;&nbsp; **$(6244141)**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Commodity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $(181534)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(1284622)<br>| &nbsp;&nbsp; $1829910 | &nbsp;&nbsp; $363754 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1513395)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1513395)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $1377691 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1377691 |
| **Total** | &nbsp;&nbsp; **$(181534)**<br>| &nbsp;&nbsp; **$1377691** | &nbsp;&nbsp; **$(2798017)**<br>| &nbsp;&nbsp; **$1829910** | &nbsp;&nbsp; **$228050** |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $219509774 |
| Futures contracts (to sell) | &nbsp;&nbsp; 225555627 |
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; 202770490 |
| Forward foreign currency contracts (to sell) | &nbsp;&nbsp; 221878341 |
|  | Average Notional <br>Balance<sup>\*\*</sup> <br>|
| Total return swap contracts | &nbsp;&nbsp; $186667307 |

---

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

\* Based on the average of the market values at each month-end during the period.

\*\* Based on the average of the notional amounts at each month-end during the period.

The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<br>| Net <br>Amount<sup>2,3</sup> <br>|
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; $3249378 | &nbsp;&nbsp; $(2677342)<br>| &nbsp;&nbsp; $572036 | &nbsp;&nbsp; — | &nbsp;&nbsp; $572036 |
| **Total** | &nbsp;&nbsp; **$3249378** | &nbsp;&nbsp; **$(2677342)**<br>| &nbsp;&nbsp; **$572036** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$572036** |

---

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

<sup>1</sup> Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Consolidated Statements of Assets and Liabilities. 

<sup>2</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>3</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

**U.S. Core Bond ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $584170 |

---

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $119513 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $1519314 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1519314 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $(163542)<br>| &nbsp;&nbsp; (163542)<br>|
| **Total** | &nbsp;&nbsp; **$1519314** | &nbsp;&nbsp; **$(163542)**<br>| &nbsp;&nbsp; **$1355772** |

---

---

| | | | |
|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $(202623)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(202623)<br>|
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $30880 | &nbsp;&nbsp; 30880 |
| **Total** | &nbsp;&nbsp; **$(202623)**<br>| &nbsp;&nbsp; **$30880** | &nbsp;&nbsp; **$(171743)**<br>|

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $148464058 |
|  | Average Notional <br>Balance<sup>\*\*</sup> <br>|
| Credit default swap contracts (sell protection)† | &nbsp;&nbsp; $3435714 |

---

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

---

| | |
|:---|:---|
| \* | Based on the average of the market values at each month-end during the period. |
| \*\* | Based on the average of the notional amounts at each month-end during the period. |
| † | At September 30, 2025, there were no open positions held in this derivative. |

---

**U.S. Treasury Bond ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**Ultra Short Bond ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**5. Fund share transactions**

At September 30, 2025, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Each Fund's shares are issued and redeemed by the Funds only in Creation Units or Creation Unit aggregations, where 50,000

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

shares of each Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Funds are disclosed in detail in the Statements of Changes in Net Assets Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Funds' Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 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 six months ended September 30, 2025. The following transactions were effected in such companies for the six months ended September 30, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Dividend Growth ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Dividend Growth ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. Government Money <br> Market Fund, Class A Shares<sup>(a)</sup> <br>| $— | $76522 | 76522 | $1616 | 1616 |  | $237 |  | $74906 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Exponential Data ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Exponential Data ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $56007 | $268811 | 268811 | $284093 | 284093 |  | $1675 |  | $40725 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Focused Growth ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Focused Growth ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $3386667 | $5157434 | 5157434 | $6092892 | 6092892 |  | $9881 |  | $2451209 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| High Yield Corporate ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| High Yield Corporate ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $— | $20275071 | 20275071 |  |  |  | $8258 |  | $20275071 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Income Equity Focus ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Income Equity Focus ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $— | $5798400 | 5798400 | $4359404 | 4359404 |  | $4908 |  | $1438996 |

---

&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 Semi-Annual Report

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Income Focus ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Income Focus ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| $16115318 | $157900313 | 157900313 | $148474473 | 148474473 |  | $299325 |  | $25541158 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| International Aggregate Bond ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| International Aggregate Bond ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $— | $44401795 | 44401795 |  |  |  | $24412 |  | $44401795 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investment Grade Corporate ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Investment Grade Corporate ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $— | $5242697 | 5242697 | $141009 | 141009 |  | $2872 |  | $5101688 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Multisector Income ETF  | Affiliate <br>Value at <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>September 30, <br>2025 |
| Multisector Income ETF  | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $— | $2032110 | 2032110 | $1388640 | 1388640 |  | $1187 |  | $643470 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Senior Loan ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Senior Loan ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $— | $124543071 | 124543071 |  |  |  | $67049 |  | $124543071 |
| Franklin High Yield Corporate ETF | 7052870 | 1213499 | 50000 |  |  |  | 254029 | $220177 | 8486546 |
|  | **$7052870** | **$125756570** |  | **—** |  | **—** | **$321078** | **$220177** | **$133029617** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Core Bond ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| U.S. Core Bond ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| $26518552 | $312896205 | 312896205 | $313585640 | 313585640 |  | $608772 |  | $25829117 |

---

&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 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Treasury Bond ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| U.S. Treasury Bond ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $15120922 | $80729060 | 80729060 | $88407157 | 88407157 |  | $202269 |  | $7442825 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Ultra Short Bond ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Ultra Short Bond ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $1259 | $40934740 | 40934740 | $40931332 | 40931332 |  | $10366 |  | $4667 |

---

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

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

**7. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | Number of <br>Shares<br>| Acquisition <br>Date<br>| Cost | Value <br>at 9/30/2025<br>| 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>|
|  |  |  | **$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%.

**8. Redemption facility**

The Franklin High Yield Corporate ETF and Franklin Senior Loan ETF, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 30, 2026.

Under the terms of the Global Credit Facility, the shall, in addition to interest charged on any borrowings made by the and other costs incurred by the , pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. The Funds did not utilize the Global Credit Facility during the six months ended September 30, 2025.

**9. Capital loss carryforwards**

As of March 31, 2025, the following Funds had capital loss carryforwards remaining, which have no expiration date, that will be available to offset future taxable capital gains. The capital loss carryforwards were as follows:

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss Carryforwards<br>|
| Disruptive Commerce ETF | &nbsp;&nbsp; $11043739 |
| Dividend Growth ETF | &nbsp;&nbsp; — |

---

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

---

| | |
|:---|:---|
|  | Non-Expiring<br> Capital Loss Carryforwards<br>|
| Dynamic Municipal Bond ETF | &nbsp;&nbsp; $5771066 |
| Exponential Data ETF | &nbsp;&nbsp; 1240100 |
| Focused Growth ETF | &nbsp;&nbsp; 14214546 |
| Genomic Advancements ETF | &nbsp;&nbsp; 11400102 |
| High Yield Corporate ETF | &nbsp;&nbsp; 10830826 |
| Income Equity Focus ETF | &nbsp;&nbsp; 5714836 |
| Income Focus ETF | &nbsp;&nbsp; 1151344 |
| Intelligent Machines ETF | &nbsp;&nbsp; 1920267 |
| International Aggregate Bond ETF | &nbsp;&nbsp; 15487341 |
| Investment Grade Corporate ETF | &nbsp;&nbsp; 66114320 |
| Multisector Income ETF  | &nbsp;&nbsp; — |
| Municipal Green Bond ETF | &nbsp;&nbsp; 11834906 |
| Senior Loan ETF | &nbsp;&nbsp; 12934161 |
| Systematic Style Premia ETF | &nbsp;&nbsp; 7750834 |
| U.S. Core Bond ETF | &nbsp;&nbsp; 161888772 |
| U.S. Treasury Bond ETF | &nbsp;&nbsp; 85136010 |
| Ultra Short Bond ETF | &nbsp;&nbsp; 36965 |

---

**10. Concentration of risk**

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local, regional and global economic, political and social conditions, which may result in greater market volatility. Political and financial uncertainty in many foreign regions may increase market volatility and the economic risk of investing in foreign securities. In addition, certain foreign securities may not be as liquid as U.S. securities.

Certain investments in Chinese companies are made through a special structure known as a variable interest entity (VIE). In a VIE structure, foreign investors, such as Disruptive Commerce ETF will only own stock in a shell company rather than directly in the VIE, which must be owned by Chinese nationals (and/or Chinese companies) to obtain the licenses and/or assets required to operate in a restricted or prohibited sector in China. The value of the shell company is derived from its ability to consolidate the VIE into its financials pursuant to contractual arrangements that allow the shell company to exert a degree of control over, and obtain economic benefits arising from, the VIE without formal legal ownership. While VIEs are a longstanding industry practice and are well known by Chinese officials and regulators, the structure historically has not been formally recognized under Chinese law and it is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the structure. It is also uncertain whether the contractual arrangements, which may be subject to conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent losses, and in turn, adversely affect the Funds' returns and net asset value.

**11. Credit Risk and Defaulted Securities**

At September 30, 2025, Franklin Dynamic Municipal Bond ETF, Franklin High Yield Corporate ETF, Franklin Municipal Green Bond ETF and Franklin Senior Loan ETF had 31.42%, 95.59%, 10.79% and 89.53% respectively, of their portfolio invested in high yield securities, senior secured floating rate notes, or other securities rated below investment grade and unrated securities, if any. These securities may be more sensitive to economic conditions causing greater price volatility and are potentially subject to a greater risk of loss due to default than higher rated securities.

The Fund may purchase the pre-default or defaulted debt of distressed companies. Distressed companies are financially troubled and could be or are already involved in financial restructuring or bankruptcy. Risks associated with purchasing these securities include the possibility that the bankruptcy or other restructuring process takes longer than expected, or that distributions in restructuring are less than anticipated, either or both of which may result in unfavorable consequences to the Fund. If it becomes probable that the income on debt securities, including those distressed companies, will not be collected, the Fund discontinues accruing income and recognizes an adjustment for uncollectible interest. Franklin Dynamic Municipal Bond ETF and Franklin High Yield Corporate ETF held defaulted securities and/or other securities for which the income

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

has been deemed uncollectible. At September 30, 2025, the aggregate value of these securities represented 0.01% and 0.00%, respectively, of the Fund's net assets. The Fund discontinues accruing income on securities for which income has been deemed uncollectible and provides an estimate for losses on interest receivable. The securities have been identified in the accompanying Schedule of Investments.

**12. 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 September 30, 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 September 30, 2025, the net assets of the FLSP Holdings Corporation were $15,229,024, representing 3.63% of the Fund's consolidated net assets. The Fund's investment(s) in the FLSP Holdings Corporation is limited to 25% of consolidated assets.

**13. Recent accounting pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

**14. Operating segments**

Each Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Funds within the Funds' investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Funds' operating results and allocating resources in accordance with the Funds' investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. The Funds' Schedules of Investments provides details of the Funds' investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

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

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> Fund. |

---

------

Franklin Templeton ETF Trust

------

Board Approval of Management and

Subadvisory Agreements (unaudited)

**Franklin Templeton ETF Trust**

**Franklin Disruptive Commerce ETF**

**Franklin Dynamic Municipal Bond ETF**

**Franklin Exponential Data ETF**

**Franklin Focused Growth ETF**

**Franklin Genomic Advancements ETF**

**Franklin High Yield Corporate ETF**

**Franklin Income Equity Focus ETF**

**Franklin Income Focus ETF**

**Franklin Intelligent Machines ETF**

**Franklin International Aggregate Bond ETF**

**Franklin Investment Grade Corporate ETF**

**Franklin Municipal Green Bond ETF**

**Franklin Senior Loan ETF**

**Franklin Systematic Style Premia ETF**

**Franklin Ultra Short Bond ETF**

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

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

(each a Fund)

At an in-person meeting held on May 21, 2025 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the continuance of (i) the investment management agreement between Franklin Advisers, Inc. (FAV) and the Trust, on behalf of each Fund (except the Franklin International Aggregate Bond ETF); (ii) an investment management agreement between Franklin Templeton Investment Management Limited (FTIML) and the Trust, on behalf of the Franklin International Aggregate Bond ETF; (iii) an investment sub-advisory agreement between FAV and Franklin Templeton Institutional, LLC (FT Institutional), an affiliate of FAV, on behalf of each of the Franklin Investment Grade Corporate ETF, Franklin U.S. Core Bond ETF and Franklin U.S. Treasury Bond ETF; and (iv) an investment sub-advisory agreement between FTIML and FAV, an affiliate of FTIML, on behalf of the Franklin International Aggregate Bond ETF (v) (each a Management Agreement) for an additional one-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the renewal of each Management Agreement. Although the Management Agreements for the Funds were considered at the same Board meeting, the Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate. FAV, FTIML and FT Institutional are each referred to herein as a Manager.

In considering the continuance of each Management Agreement, the Board reviewed and considered information provided by each Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information provided in response to a detailed set of requests for information submitted to each Manager by Independent Trustee counsel on behalf of the Independent Trustees in connection with the annual contract renewal process. In addition, prior to the Meeting, the Independent Trustees held a virtual contract renewal meeting at which the Independent Trustees first conferred amongst themselves and Independent Trustee counsel about contract renewal matters, and then met with management to request additional information that the Independent Trustees also considered prior to and at the Meeting. The Board further considered all of the factors it deemed relevant in approving the continuance of each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by each Manager; (ii) the investment performance of each Fund; (iii) the costs of the services provided and profits realized by each Manager and its affiliates from the relationship with each Fund; (iv) the extent to which economies of scale are realized as each Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund investors.

In approving the continuance of each Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of each Management Agreement are fair and reasonable and that the continuance of the Management Agreement is in the best interests of the applicable Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

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**Nature, Extent and Quality of Services**

The Board reviewed the information it received regarding the nature, extent and quality of investment management services provided by each Manager and its affiliates to the Funds and their shareholders. This information included, among other things, the qualifications, background and experience of the senior management and investment personnel of each Manager, as well as information on succession planning where appropriate; the structure of investment personnel compensation; oversight of third-party service providers; investment performance reports and related financial information for each Fund; reports on expenses and shareholder services; legal and compliance matters; risk controls; pricing and other services provided by each Manager and its affiliates; and management fees charged by each Manager and its affiliates to US funds and other accounts, including management's explanation of differences among accounts where relevant. The Board acknowledged the ongoing integration of acquired third-party fund families into the Franklin Templeton (FT) family of funds and management's continued development of strategies to address evolving changes in domestic policy and continuing geopolitical concerns. The Board also considered the investment management services that FAV provides to the Cayman Islands-based company, which is wholly owned by the Franklin Systematic Style Premia ETF (Cayman Subsidiary).

The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the FT family of funds. The Board noted the financial position of Franklin Resources, Inc. (FRI), the Managers' parent, and its commitment to the registered fund business as evidenced by its continued introduction of new funds, reassessment of the fund offerings in response to FT acquisitions and the market environment, as well as its evaluation of ways to incorporate private assets into more traditional investment vehicles. The Board specifically noted FT's commitment to technological innovation and advancement, including its continued focus on developing potential use cases for tokenization and the blockchain and the use of artificial intelligence tools to help streamline day-to-day tasks.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by each Manager and its affiliates to the Funds and their shareholders.

**Fund Performance**

The Board reviewed and considered the performance results of each Fund for various time periods ended December 31, 2024. The Board considered the performance returns for each Fund in comparison to the performance returns of registered funds deemed comparable to the Fund included in a universe (Performance Universe) selected by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the registered funds included in a Performance Universe. The Board also reviewed and considered Fund performance reports provided and discussions that occurred with portfolio managers at Board meetings throughout the year. The Board referenced earlier discussions with management on matters related to, among other things, the expansion and rationalization of the overall product line, including investments in novel asset classes, as well as the growth in assets from internal and external clients. In addition, the Board acknowledged information provided regarding management's strategy to grow market share through the use of innovative data and technology and investments in marketing and distribution. The Board noted management's high level of client engagement and the strength of its internal audit and compliance program. A summary of each Fund's performance results is below.

<u>Franklin Disruptive Commerce ETF</u> - The Performance Universe for the Fund included the Fund and all retail and institutional consumer services funds and exchange-traded funds. The Fund commenced operations on February 25, 2020, and thus had been in operation for less than five years as of December 31, 2024. The Board noted that Fund's annualized total return for the one-year period was above the median and in the first quintile (best) of its Performance Universe, but for the three-year period was below the median of its Performance Universe and in the fifth quintile (worst) of its Performance Universe. The Board further noted that the Fund's annualized total return for the one-year period was 28.16%. The Board concluded that the Fund's performance was satisfactory.

<u>Franklin Dynamic Municipal Bond ETF, Franklin High Yield Corporate ETF, and Franklin International Aggregate Bond ETF</u> - The Performance Universe for the Franklin Dynamic Municipal Bond ETF included the Fund and all retail and institutional intermediate municipal debt funds and exchange-traded funds. The Performance Universe for the Franklin High Yield Corporate ETF included the Fund and all retail and institutional high yield funds and exchange-traded funds. The Performance Universe for the Franklin International Aggregate Bond ETF included the Fund and all retail and institutional international income funds and exchange-traded funds. The Franklin Dynamic Municipal Bond ETF commenced operations on August 31,

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Subadvisory Agreements (unaudited) (cont'd)

2017 and the Franklin High Yield Corporate ETF and the Franklin International Aggregate Bond ETF commenced operations on May 30, 2018, and thus had been in operation for less than 10 years. The Board noted that each Fund's annualized total return for the one-, three- and five-year periods was above the median of its respective Performance Universe. The Board concluded that each Fund's performance was satisfactory.

<u>Franklin Exponential Data ETF, Franklin Genomic Advancements ETF and Franklin Ultra Short Bond ETF</u> - The Performance Universe for the Franklin Exponential Data ETF included the Fund and all retail and institutional science and technology funds and exchange-traded funds. The Performance Universe for the Franklin Genomic Advancements ETF included the Fund and all retail and institutional health/biotechnology funds and exchange-traded funds. The Performance Universe for the Franklin Ultra Short Bond ETF included the Fund and all retail and institutional ultra-short obligation funds and exchange-traded funds. The Franklin Exponential Data ETF commenced operations on January 12, 2021, and thus had been in operation for less than five years. The Franklin Genomic Advancements ETF commenced operations on February 25, 2020, and thus had been in operation for less than five years as of December 31, 2024. The Franklin Ultra Short Bond ETF commenced operations on July 14, 2020, and thus had been in operation for less than five years. The Board noted that each Fund's annualized total return for the one- and three-year periods was below the median of its respective Performance Universe. The Board also noted each Fund's short operating history. The Board concluded that each Fund's Management Agreement should be continued for an additional one-year period, while management's efforts continue to be closely monitored.

<u>Franklin Focused Growth ETF</u> - The Performance Universe for the Fund included the Fund and all retail and institutional large-cap growth funds and exchange-traded funds. The Fund's predecessor whose performance the Fund adopted on November 3, 2023 commenced operations on April 13, 2016, and thus had been in operation for less than 10 years. The Board noted that Fund's annualized total return for the for the one-year period was above the median and in the first quintile (best) of its Performance Universe, but for the three- and five-year period was below the median of its Performance Universe. The Board noted that the annualized total return for the one-, three- and five-year periods was 38.17%, 7.55% and 17.67% respectively. The Board concluded that the Fund's performance was satisfactory.

<u>Franklin Income Equity Focus ETF, Franklin Investment Grade Corporate ETF and Franklin U.S. Core Bond ETF</u> - The Performance Universe for the Franklin Income Equity Focus ETF included the Fund and all retail and institutional large-cap core funds and exchange-traded funds. The Performance Universe for the Franklin Investment Grade Corporate ETF included the Fund and all retail and institutional BBB-rated corporate debt funds and exchange-traded funds. The Performance Universe for the Franklin U.S. Core Bond ETF included the Fund and all retail and institutional core bond funds and exchange-traded funds. The Franklin Income Equity Focus ETF commenced operations on September 20, 2016, the Franklin Investment Grade Corporate ETF commenced operations on October 3, 2016 and the Franklin U.S. Core Bond ETF commenced operations on September 17, 2019, and thus each respective Fund has been in operation for less than 10 years. The Board noted that each Fund's annualized total return for the one-, three- and five-year periods was below the median of its respective Performance Universe.

The Board discussed the performance of the Franklin Income Equity Focus ETF with management and management explained that the Fund's relative underperformance in comparison to its Performance Universe was due, in part, to the Fund's emphasis on both income and capital appreciation versus the total return focus of the majority of peers in the Performance Universe. The Board noted management's representations regarding the actions that management was taking/had taken in an effort to improve the overall performance of the Fund, including the repositioning of the Fund which was effective May 31, 2024 and included the Fund changing its name, ticker symbol, investment goal, strategies and policies (including the Fund's 80% investment policy), primary benchmark index, and other related changes. The Board further noted management's representation that since the repositioning, the Fund outperformed its benchmark. Management discussed with the Board management's conviction in the Fund's core equity income strategy.

The Board discussed the performance of the Franklin Investment Grade Corporate ETF with management and management explained that the Fund's relative underperformance in comparison to its Performance Universe was due, in part, to the Fund having less exposure to high yield securities than its Performance Universe peers, noting that high yield securities strongly outperformed investment grade bonds over recent years. Management also explained that the Fund's performance for the one-year period was consistent with the Bloomberg US Corporate Investment Grade Index which is more reflective of the Fund's strategy than the full peer group. Management further explained that much of the Fund's three- and five-year underperformance was attributable to security selection and, in particular, the Fund's exposure to Silicon Valley Bank. The Board noted management's representations regarding the actions that management was taking/had taken in an effort to

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improve the overall performance of the Fund, including recent changes to the research team, although management confirmed its conviction in the Fund's current portfolio positioning at this time.

The Board discussed the performance of the Franklin U.S. Core Bond ETF with management and management explained that the Fund's relative underperformance in comparison to its Performance Universe was due, in part, to duration and security selection. The Board noted management's representations regarding the actions that management was taking/had taken in an effort to improve the overall performance of the Fund, including recent changes to the investment team and enhancements to the portfolio construction process. The Board also noted that the Fund outperformed its benchmark, the Bloomberg US Aggregate Index, for the one-year period ended December 31, 2024.

The Board concluded that each Fund's Management Agreement(s) should be continued for an additional one-year period, while management's efforts continue to be closely monitored.

<u>Franklin Income Focus ETF</u> - The Performance Universe for the Fund included the Fund and all retail and institutional flexible portfolio funds and exchange-traded funds. The Fund commenced operations on June 6, 2023, and thus had been in operation for less than three years. The Board noted that the Fund's annualized total return for the one-year period was below the median of its Performance Universe. The Board further noted the Fund's short operating history. The Board also noted that effective January 1, 2025, the Fund changed its benchmark to a benchmark comprised of 50% MSCI USA High Dividend Yield Index, 25% Bloomberg High Yield Very Liquid Index and 25% Bloomberg U.S. Aggregate Index and changed its investment policies to permit the Fund to invest up to 40% of its assets in equity-linked notes. The Board concluded that the Fund's Management Agreement should be continued for an additional one-year period, while management's efforts continue to be closely monitored.

<u>Franklin Intelligent Machines ETF and Franklin U.S. Treasury Bond ETF</u> - The Performance Universe for the Franklin Intelligent Machines ETF included the Fund and all retail and institutional science and technology funds and exchange-traded funds. The Performance Universe for the Franklin U.S. Treasury Bond ETF included the Fund and all retail and institutional general US Treasury funds and exchange-traded funds. The Franklin Intelligent Machines ETF commenced operations on February 25, 2020 and the Franklin U.S. Treasury Bond ETF commenced operations on June 9, 2020, and thus had been in operation for less than five years as of December 31, 2024. The Board noted that each Fund's annualized total return for the one- and three-year periods was above the median of its respective Performance Universe. The Board concluded that each Fund's performance was satisfactory.

<u>Franklin Municipal Green Bond ETF</u>- The Performance Universe for the Fund included the Fund and all retail and institutional general and insured municipal debt funds and exchange-traded funds. The Fund commenced operations on August 31, 2017, and thus has been in operation for less than 10 years. The Board noted that the Fund's annualized total return for the for the one-year period was above the median of its Performance Universe, for the five-year period was equal to the median of its Performance Universe, but for the three-year period was below the median of its Performance Universe. The Board further noted the repositioning of the Fund effective May 3, 2022, which changed the Fund's name and principal investment strategies to invest, under normal circumstances, at least 80% of its net assets in municipal green bonds. The Board concluded that the Fund's performance was satisfactory.

<u>Franklin Senior Loan ETF</u>- The Performance Universe for the Franklin Senior Loan ETF included the Fund and all retail and institutional loan participation funds and exchange-traded funds. The Fund commenced operations on May 30, 2018 and thus had been in operation for less than 10 years. The Board noted that each Fund's annualized total return for the three- and five-year periods was above the median of its Performance Universe, but for the one-year period was equal to the median of its Performance Universe. The Board concluded that the Fund's performance was satisfactory.

<u>Franklin Systematic Style Premia ETF</u>- The Performance Universe for the Fund included the Fund and all retail and institutional absolute-return funds and exchange-traded funds. The Fund commenced operations on December 18, 2019 and thus has been in operation for less than 10 years. The Board noted that the Fund's annualized total return for the one- and three-year periods was above the median of its Performance Universe, but for its five-year period was below the median of its Performance Universe. The Board further noted the small size of the Fund's performance universe for the five-year period, and that therefore no quintile information was available for the period for the Fund. The Board concluded that the Fund's performance was satisfactory.

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding each Fund's actual total expense ratio, noting that each Fund pays a Unified Fee (as defined below). The Board considered the actual total expense ratio and, separately, the contractual management fee rate, without the effect of fee waivers, if any (Management Rate), of each Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-traded funds deemed comparable to and with a similar expense structure to the Fund selected by Broadridge (Expense Group). Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report, which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in an Expense Group.

<u>Franklin Disruptive Commerce ETF, Franklin Exponential Data ETF, Franklin Focused Growth ETF, Franklin Genomic Advancements</u> <u>ETF, Franklin High Yield Corporate ETF, Franklin Income Equity Focus ETF, Franklin Income Focus ETF, Franklin Intelligent</u> <u>Machines ETF, Franklin Senior Loan ETF, Franklin Systematic Style Premia ETF, Franklin Ultra Short Bond ETF and Franklin U.S.</u> <u>Core Bond ETF</u> – The Expense Group for each of these Funds was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin Disruptive Commerce ETF was comprised of actively managed exchange-traded funds, which included the Fund, two other consumer services funds, one global financial services fund, one global science/technology fund, and two financial services funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin Exponential Data ETF was comprised of actively managed exchange-traded funds, which included the Fund, and 10 other science and technology funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin Focused Growth ETF was comprised of actively managed exchange-traded funds, which included the Fund and nine other large-cap growth funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin Genomic Advancements ETF was comprised of actively managed exchange-traded funds, which included the Fund, five other health/biotechnology funds, and two global health/biotechnology funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin High Yield Corporate ETF was comprised of actively managed exchange-traded funds, which included the Fund and 13 other high yield funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin Income Equity Focus ETF was comprised of actively managed exchange-traded funds, which included the Fund, one other large-cap core fund, and three multi-cap core funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin Income Focus ETF was comprised of actively managed exchange-traded funds, which included the Fund and four other flexible portfolio funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin Intelligent Machines ETF was comprised of actively managed exchange-traded funds, which included the Fund and 11 other science and technology funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin Senior Loan ETF was comprised of actively managed exchange-traded funds, which included the Fund and eight other loan participation funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin Systematic Style Premia ETF was comprised of actively managed exchange-traded funds, which included the Fund, three other absolute-return funds, and five alternative long/short equity funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin Ultra Short Bond ETF was comprised of actively managed exchange-traded funds, which included the Fund and 12 other ultra-short obligation funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin U.S. Core Bond ETF was comprised of actively managed exchange-traded funds, which included the Fund, four other core bond funds, and seven core plus bond funds.

The Board noted that the Management Rate and actual total expense ratio for each Fund were below the medians of its respective Expense Group. The Board further noted that each Fund has a unified management fee (Unified Fee) and that pursuant to the Unified Fee arrangement the applicable Manager reimburses each Fund for all of its acquired fund fees

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and expenses (if any) and pays all of the ordinary operating expenses of the Fund, except for (i) the Fund's Unified Fee, (ii) future Rule 12b-1 fees (if any), (iii) brokerage expenses, (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses (Unified Fee Arrangement). The Board also noted the small size of the Expense Group for the Franklin Income Equity Focus ETF and Franklin Income Focus ETF and that therefore no quintile information was available for those Funds. The Board also noted that FT Institutional is paid by FAV out of the management fee FAV receives from the Franklin U.S. Core Bond ETF, and further noted that the allocation of the fee between FAV and FT Institutional reflected the services provided by each Manager to the applicable Fund. The Board concluded that the Management Rate charged to each Fund and the sub-advisory fee paid to FT Institutional are reasonable.

<u>Franklin Dynamic Municipal Bond ETF and Franklin Municipal Green Bond ETF</u> - The Expense Group for the Franklin Municipal Green Bond ETF was comprised of actively managed exchange-traded funds, which included the Fund, six other general and insured municipal debt funds, and two intermediate municipal debt funds. The Expense Group for the Franklin Dynamic Municipal Bond ETF was comprised of actively managed exchange-traded funds, which included the Fund and nine other intermediate municipal debt funds. The Board noted that the Management Rate for each Fund was below the median of its respective Expense Group. The Board also noted that the actual total expense ratio for each Fund was equal to the median of its respective Expense Group. The Board further noted the Funds' Unified Fee. The Board also noted the terms of the Unified Fee Arrangement. The Board concluded that the Management Rate charged to each Fund is reasonable.

<u>Franklin International Aggregate Bond ETF and Franklin U.S. Treasury Bond ETF</u> - The Expense Group for the Franklin International Aggregate Bond ETF was comprised of exchange-traded funds, which included the Fund and two other international income funds. The Expense Group for the Franklin U.S. Treasury Bond ETF was comprised of exchange-traded funds, which included the Fund and eight other general US Treasury funds. The Board noted that the Management Rate and actual total expense ratio for each Fund were above the medians of its respective Expense Group. The Board discussed the above median Management Rate and actual total expense ratio with management and management explained that many of the Franklin U.S. Treasury Bond ETF's Expense Group peers are passively managed whereas the Franklin U.S. Treasury Bond ETF is actively managed. Management also explained that there are few actively managed ETFs in the Franklin International Aggregate Bond ETF's peer group and that the Management Rate is comparable to those actively managed peers. The Board also noted the small size of the Franklin International Aggregate Bond ETF's Expense Group and that there was no quintile information available. The Board further noted each Fund's Unified Fee. The Board also noted the terms of the Unified Fee Arrangement. The Board also noted that FT Institutional is paid by FAV out of the management fee FAV receives from the Franklin U.S. Treasury Bond ETF and that FAV is paid by FTIML out of the management fee FTIML receives from the Franklin International Aggregate Bond ETF. The Board also noted that the allocation of the fee between FTIML and FAV and FAV and FT Institutional reflected the services provided by each Manager to the applicable Fund. After consideration of the above, the Board concluded that the Management Rate charged to the Funds and the sub-advisory fee paid to FT Institutional and FAV are reasonable.

<u>Franklin Investment Grade Corporate ETF</u>- The Expense Group for the Fund was comprised of actively managed exchange-traded funds, which included the Fund and four other BBB-rated corporate debt funds. The Board noted that the Management Rate and actual total expense ratio was equal to the medians of its Expense Group. The Board further noted the Fund's Unified Fee. The Board also noted the terms of the Unified Fee Arrangement. The Board also noted that FT Institutional is paid by FAV out of the management fee FAV receives from the Fund and that the allocation of the fee between FAV and FT Institutional reflected the services provided by each Manager to the Fund. The Board also noted the small size of the Fund's Expense Group and that therefore no quintile information was available for the Fund. After consideration of the above, the Board concluded that the Management Rate charged to the Fund and the sub-advisory fee paid to FT Institutional are reasonable.

**Profitability**

The Board reviewed and considered information regarding the profits realized by each Manager and its affiliates in connection with the operation of each Fund. In this respect, the Board considered the Fund profitability analysis that addresses the overall profitability of FT's US fund business, as well as its profits in providing investment management and other services to each of the individual Funds during the 12-month period ended September 30, 2024 (the most recent fiscal year-end for FRI). The Board noted that although management continually makes refinements to its methodologies used in calculating

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Subadvisory Agreements (unaudited) (cont'd)

profitability in response to organizational and product-related changes, the overall methodology has remained consistent with that used in the Funds' profitability report presentations from prior years. The Board also noted that an independent registered public accounting firm has been engaged to periodically review and assess the allocation methodologies to be used solely by the Funds' Board with respect to the profitability analysis.

The Board noted management's belief that costs incurred in establishing the infrastructure necessary for the type of fund operations conducted by each Manager and its affiliates may not be fully reflected in the expenses allocated to each Fund in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. As part of this evaluation, the Board considered management's outsourcing of certain operations, which effort has required considerable up-front expenditures, but over the long run, is expected to result in greater efficiencies. The Board also noted management's expenditures in improving shareholder services provided to the Funds, as well as the need to implement systems and meet additional regulatory and compliance requirements resulting from recent US Securities and Exchange Commission and other regulatory requirements.

The Board also considered the extent to which each Manager and its affiliates might derive ancillary benefits from fund operations, including potential benefits resulting from personnel and systems enhancements necessitated by fund growth, as well as increased leverage with service providers and counterparties. Based upon its consideration of all these factors, the Board concluded that the level of profits realized by each Manager and its affiliates from providing services to each Fund was not excessive in view of the nature, extent and quality of services provided to each Fund.

**Economies of Scale**

The Board reviewed and considered the extent to which each Manager may realize economies of scale, if any, as each Fund grows larger and whether each Fund's management fee structure reflects any economies of scale for the benefit of shareholders. The Board considered that each Fund would likely experience benefits from the Unified Fee at the Fund's projected asset levels because of the applicable Manager's contractual requirement to bear most of the Fund's ordinary operating expenses. The Board noted that, under the Unified Fee, it is not anticipated that any of the Funds will generate significant, if any, profit for the applicable Manager and/or its affiliates for some time. The Board also considered management's view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments the Managers incur across the FT family of funds as a whole. The Board also noted that, as of December 31, 2024, each Fund (except for the Franklin High Yield Corporate ETF, Franklin International Aggregate Bond ETF, Franklin Investment Grade Corporate ETF, Franklin Senior Loan ETF, Franklin U.S. Core Bond ETF and Franklin U.S. Treasury Bond ETF) had net assets below $500 million (and in most cases much less) and thus did not have an asset size that would likely enable them to achieve economies of scale. The Board recognized that there would not likely be any economies of scale for these Funds until their assets grow. The Board also noted management's representation that while the Franklin High Yield Corporate ETF, Franklin International Aggregate Bond ETF, Franklin Investment Grade Corporate ETF, Franklin Senior Loan ETF, Franklin U.S. Core Bond ETF and Franklin U.S. Treasury Bond ETF had net assets of $597 million, $610 million, $548 million, $729 million, $2.30 billion and $841 million, respectively, as of December 31, 2024, only Franklin International Aggregate Bond ETF, Franklin Investment Grade Corporate ETF and Franklin U.S. Core Bond ETF experienced a profit for the fiscal year ended September 30, 2024. The Board concluded that to the extent economies of scale may be realized by the Manager and its affiliates, each Fund's management fee structure provided a sharing of benefits with a Fund and its shareholders as the Fund grows.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the continuance of each Management Agreement for an additional one-year period.

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**Franklin Templeton ETF Trust**

— **Franklin Dividend Growth ETF**

At an in-person meeting held on May 21, 2025 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved an investment management agreement between Franklin Advisers, Inc. (Manager) and the Trust, on behalf of the Fund (Management Agreement), for an initial two-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the approval of the Management Agreement.

In considering the approval of the Management Agreement, the Board reviewed and considered information provided by the Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board reviewed and considered all of the factors it deemed relevant in approving the Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services to be provided by the Manager; (ii) the costs of the services to be provided by the Manager; and (iii) the extent to which economies of scale may be realized as the Fund grows. The Board also reviewed and considered the form of Management Agreement and the terms of the Management Agreement which were discussed at the Meeting. The Board noted that the Manager would provide general investment management and administrative services and that the Fund would operate under a unified management fee structure whereby the Manager would reimburse the Fund for all acquired fund fees and expenses and pay all of the ordinary operating expenses of the Fund, except for certain excluded items (Unified Fee). The Board also noted that the Unified Fee was consistent with the current management fee structure for the existing Franklin Templeton (FT) exchange-traded funds.

In approving the Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of the proposed Management Agreement are fair and reasonable and that such Management Agreement is in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services**

The Board reviewed and considered information regarding the nature, extent and quality of investment management services to be provided by the Manager and its affiliates to the Fund and its shareholders. This information included, among other things, the Fund's proposed investment strategies and the ability of the Manager to implement such investment strategies; the qualifications, background and experience of the investment personnel that will be responsible for the day-to-day portfolio management of the Fund; the Manager's experience as the manager of other funds and accounts, including other series of the Trust and other funds in the FT family of funds; the Manager's strength and reputation within the industry; the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of the Manager; and the Manager's compliance capabilities, as demonstrated by, among other things, its policies and procedures reasonably designed to prevent violations of the federal securities laws. Following consideration of such information, the Board was satisfied with the nature, extent and quality of services to be provided by the Manager and its affiliates to the Fund and its shareholders.

**Fund Performance**

The Board noted that, as the Fund had not yet commenced investment operations, there was no investment performance for the Fund. The Board also considered the proposed performance benchmark for the Fund and how such benchmark would be utilized to measure performance of the Manager.

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding the Fund's proposed total expense ratio, noting that the Fund will pay a Unified Fee. The Board considered the proposed total expense ratio and, separately, the proposed contractual management fee rate, without the effect of fee waivers, if any (Management Rate), of the Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-traded funds deemed comparable to and with a similar expense structure as the Fund (Expense Group) as selected by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report (excluding the Fund), which reflects historical asset levels that may

------

Franklin Templeton ETF Trust

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in the Expense Group.

The Expense Group for the Fund was comprised of actively managed exchange-traded funds, which included the Fund, one large-cap core fund and seven equity income funds. The Board noted that the proposed Management Rate and estimated total expense ratio for the Fund were below the medians of its Expense Group. The Board further noted that pursuant to the proposed Unified Fee arrangement the Manager would reimburse the Fund for all of its acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Fund, except for (i) the Fund's Unified Fee, (ii) payments under the Fund's Rule 12b-1 plan (if any), (iii) brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses. After consideration of the above, the Board concluded that the Management Rate to be charged to the Fund is reasonable.

**Profitability**

The Board noted that the Manager (and its affiliates) could not report any financial results from their relationships with the Fund because the Fund has not yet commenced investment operations, and thus, the Board could not evaluate the Manager's (or its affiliates') profitability with respect to the Fund.

**Economies of Scale**

The Board reviewed and considered the extent to which the Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's proposed management fee structure reflects any economies of scale for the benefit of shareholders. With respect to possible economies of scale in the future, the Board noted that it is not anticipated that the Fund will generate significant profit for the Manager and/or its affiliates for some time.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the Management Agreement for the Fund for an initial two-year period.

------

Franklin Templeton ETF Trust

------

**Franklin Templeton ETF Trust**

— **Franklin Multisector Income ETF**

At a meeting held on February 27, 2025 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved an investment management agreement between Franklin Advisers, Inc. (Manager) and the Trust, on behalf of the Fund (Management Agreement), for an initial two-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve the Management Agreement.

In considering the approval of the Management Agreement, the Board reviewed and considered information provided by the Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board reviewed and considered all of the factors it deemed relevant in approving the Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services to be provided by the Manager; (ii) the costs of the services to be provided by the Manager; and (iii) the extent to which economies of scale may be realized as the Fund grows. The Board also reviewed and considered the form of Management Agreement and the terms of the Management Agreement which were discussed at the Meeting. The Board noted that the Manager would provide general investment management and administrative services and that the Fund would operate under a unified management fee structure whereby the Manager would reimburse the Fund for all acquired fund fees and expenses and pay all of the ordinary operating expenses of the Fund, except for certain excluded items (Unified Fee). The Board also noted that the Unified Fee was consistent with the current management fee structure for the existing Franklin Templeton (FT) exchange-traded funds.

In approving the Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of the proposed Management Agreement are fair and reasonable and that such Management Agreement is in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services**

The Board reviewed and considered information regarding the nature, extent and quality of investment management services to be provided by the Manager and its affiliates to the Fund and its shareholders. This information included, among other things, the Fund's proposed investment strategies and the ability of the Manager to implement such investment strategies; the qualifications, background and experience of the investment personnel that will be responsible for the day-to-day portfolio management of the Fund; the Manager's experience as the manager of other funds and accounts, including other series of the Trust and other funds in the FT family of funds; the Manager's strength and reputation within the industry; the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of the Manager; and the Manager's compliance capabilities, as demonstrated by, among other things, its policies and procedures reasonably designed to prevent violations of the federal securities laws. Following consideration of such information, the Board was satisfied with the nature, extent and quality of services to be provided by the Manager and its affiliates to the Fund and its shareholders.

**Fund Performance**

The Board noted that, as the Fund had not yet commenced investment operations, there was no investment performance for the Fund. The Board also considered the proposed performance benchmark for the Fund and how such benchmark would be utilized to measure performance of the Manager.

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding the Fund's proposed total expense ratio, noting that the Fund will pay a Unified Fee. The Board considered the proposed total expense ratio and, separately, the proposed contractual management fee rate, without the effect of fee waivers, if any (Management Rate), of the Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-traded funds deemed comparable to and with a similar expense structure as the Fund (Expense Group) as selected by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report (excluding the Fund), which reflects historical asset levels that may

------

Franklin Templeton ETF Trust

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in an Expense Group.

The Expense Group for the Fund was comprised of actively managed exchange-traded funds, which included the Fund and eight other multi-sector income funds. The Board noted that the proposed Management Rate and estimated total expense ratio for the Fund were below the medians of its Expense Group. The Board further noted that pursuant to the proposed Unified Fee arrangement the Manager would reimburse the Fund for all of its acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Fund, except for (i) the Fund's Unified Fee, (ii) payments under the Fund's Rule 12b-1 plan (if any), (iii) brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses. After consideration of the above, the Board concluded that the Management Rate to be charged to the Fund is reasonable.

**Profitability**

The Board noted that the Manager (and its affiliates) could not report any financial results from their relationships with the Fund because the Fund has not yet commenced investment operations, and thus, the Board could not evaluate the Manager's (or its affiliates') profitability with respect to the Fund.

**Economies of Scale**

The Board reviewed and considered the extent to which the Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's proposed management fee structure reflects any economies of scale for the benefit of shareholders. With respect to possible economies of scale in the future, the Board noted that it is not anticipated that the Fund will generate significant profit for the Manager and/or its affiliates for some time.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the Management Agreement for the Fund for an initial two-year period.

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Franklin Templeton ETF Trust

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Franklin Templeton ETF Trust

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisers, Inc.

Franklin Templeton Investment Management Limited

**Subadvisers**

Franklin Advisers, Inc

Franklin Templeton Institutional, LLC

K2/D&S Management Co., L.L.C.†

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

†

Effective Jan 1, 2026, K2/D&S Management Co., L.L.C will cease to be a sub-advisor.

**Franklin Templeton ETF Trust**

Franklin Disruptive Commerce ETF

Franklin Dividend Growth ETF

Franklin Dynamic Municipal Bond ETF

Franklin Exponential Data ETF

Franklin Focused Growth ETF

Franklin Genomic Advancements ETF

Franklin High Yield Corporate ETF

Franklin Income Equity Focus ETF

Franklin Income Focus ETF

Franklin Intelligent Machines ETF

Franklin International Aggregate Bond ETF

Franklin Investment Grade Corporate ETF

Franklin Multisector Income ETF

Franklin Municipal Green Bond ETF

Franklin Senior Loan ETF

Franklin Systematic Style Premia ETF

Franklin U.S. Core Bond ETF

Franklin U.S. Treasury Bond ETF

Franklin Ultra Short Bond ETF

The Funds are a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin Templeton ETF Trust

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Funds at (800) DIAL BEN/342-5236.

Information on how the Funds voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Funds at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin Templeton ETF Trust. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current prospectus.

**Investors should consider each Fund's investment objectives, risks, charges and expenses carefully before investing. Each prospectus contains this and other important information about the Funds. Please read the prospectuses carefully before investing.**

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](imgf5859f273.jpg)

**ETF2-SFSOI 11/25**© 2025 Franklin Templeton. All rights reserved.

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![](img0f389d611.gif)

**Franklin Templeton ETF Trust**

**Financial Statements and Other Important Information**

**Semi-Annual** \| September 30, 2025 ![](img20e3cd752.gif)

**Franklin FTSE Asia ex Japan ETF**

**Franklin FTSE Australia ETF**

**Franklin FTSE Brazil ETF**

**Franklin FTSE Canada ETF**

**Franklin FTSE China ETF**

**Franklin FTSE Europe ETF**

**Franklin FTSE Eurozone ETF**

**Franklin FTSE Germany ETF**

**Franklin FTSE India ETF**

**Franklin FTSE Japan ETF**

**Franklin FTSE Japan Hedged ETF**

**Franklin FTSE Latin America ETF** 

**Franklin FTSE Mexico ETF**

**Franklin FTSE Saudi Arabia ETF**

**Franklin FTSE South Korea ETF**

**Franklin FTSE Switzerland ETF**

**Franklin FTSE Taiwan ETF**

**Franklin FTSE United Kingdom ETF**

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_975cf163-21fa-4900-a89e-59658feb025b_SOI-Header-SOI-5018_1) | **1** |
| [Statements of Assets and Liabilities](#xx_975cf163-21fa-4900-a89e-59658feb025b_SAL-Header-SAL_1) | **180** |
| [Statements of Operations](#xx_975cf163-21fa-4900-a89e-59658feb025b_SOP-Header-SOP_1) | **185** |
| [Statements of Changes in Net Assets](#xx_975cf163-21fa-4900-a89e-59658feb025b_SOC-Header-SOC-5018_1) | **190** |
| [Financial Highlights](#xx_975cf163-21fa-4900-a89e-59658feb025b_FH-Header-Financialhighlights-5018_1) | **208** |
| [Notes to Financial Statements](#xx_975cf163-21fa-4900-a89e-59658feb025b_NTF-Header-Notestofinancialstatements-5018_1) | **226** |
| [Changes in and Disagreements with Accountants](#xx_975cf163-21fa-4900-a89e-59658feb025b_TSR-TOCTSRDisclosures-5018_1) | **259** |
| [Results of Meeting(s) of Shareholders](#xx_975cf163-21fa-4900-a89e-59658feb025b_TSR-TOCTSRDisclosures-5018_1) | **259** |
| [Remuneration Paid to Directors, Officers and Others](#xx_975cf163-21fa-4900-a89e-59658feb025b_TSR-TOCTSRDisclosures-5018_1) | **259** |
| [Board Approval of Management and Subadvisory](#xx_975cf163-21fa-4900-a89e-59658feb025b_BAMSA-TOC-Mgmtandsubadvisoryagreements_1) [Agreements](#xx_975cf163-21fa-4900-a89e-59658feb025b_BAMSA-TOC-Mgmtandsubadvisoryagreements_1) | **260** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedules of Investments (unaudited)

September 30, 2025

 **Franklin FTSE Asia ex Japan 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 — 10.2%** | **Communication Services — 10.2%** | **Communication Services — 10.2%** |
| Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% |
| China Tower Corp. Ltd., Class H Shares | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; $26559<br> <sup>(a)</sup><br>|
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 14200 | &nbsp;&nbsp; 62199<br>|
| Converge Information and Communications Technology Solutions Inc. | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 2065<br>|
| Dayamitra Telekomunikasi PT | &nbsp;&nbsp; 69600 | &nbsp;&nbsp; 2422<br>|
| Digital Telecommunications Infrastructure Fund, Class F Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 5362<br>|
| Indus Towers Ltd. | &nbsp;&nbsp; 4878 | &nbsp;&nbsp; 18,839<br> \*<br>|
| LG Uplus Corp. | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 8271<br>|
| NetLink NBN Trust | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 8401<br>|
| PCCW Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 8221<br>|
| PT Tower Bersama Infrastructure Tbk | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 251<br>|
| Sarana Menara Nusantara Tbk PT | &nbsp;&nbsp; 70800 | &nbsp;&nbsp; 2485<br>|
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 26400 | &nbsp;&nbsp; 84573<br>|
| Tata Communications Ltd. | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 7413<br>|
| Tata Teleservices Maharashtra Ltd. | &nbsp;&nbsp; 1956 | &nbsp;&nbsp; 1,212<br> \*<br>|
| Telekom Malaysia Bhd | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 7066<br>|
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 162600 | &nbsp;&nbsp; 29856<br>|
| True Corp. PCL | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 11,554<br> \*<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 286749 |
| Entertainment — 1.1% | Entertainment — 1.1% | Entertainment — 1.1% |
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1828<br>|
| Beijing Enlight Media Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3261<br>|
| China Ruyi Holdings Ltd. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 18,323<br> \*<sup>(b)</sup><br>|
| Damai Entertainment Holdings Ltd. | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 8,252<br> \*<br>|
| Giant Network Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3803<br>|
| HYBE Co. Ltd. | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 15925<br>|
| International Games System Co. Ltd. | &nbsp;&nbsp; 828 | &nbsp;&nbsp; 21381<br>|
| iQIYI Inc., ADR | &nbsp;&nbsp; 1788 | &nbsp;&nbsp; 4,577<br> \*<sup>(b)</sup><br>|
| Kakao Games Corp. | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 1,736<br> \*<br>|
| Kingnet Network Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2364<br>|
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 16019<br>|
| Krafton Inc. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 21,264<br> \*<br>|
| Mango Excellent Media Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3010<br>|
| NCSoft Corp. | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 7390<br>|
| NetEase Cloud Music Inc. | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 10,017<br> \*<sup>(a)(b)</sup><br>|
| NetEase Inc. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 206961<br> <sup>(b)</sup><br>|
| Netmarble Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 4486<br> <sup>(a)</sup><br>|
| Pearl Abyss Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 2,577<br> \*<br>|
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; 43132<br> <sup>(b)</sup><br>|
| Wanda Film Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1,036<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 397342 |
| Interactive Media & Services — 7.1% | Interactive Media & Services — 7.1% | Interactive Media & Services — 7.1% |
| Autohome Inc., ADR | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 6509<br> <sup>(b)</sup><br>|
| Baidu Inc., Class A Shares | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 138,672<br> \*<sup>(b)</sup><br>|
| Bilibili Inc., Class Z Shares | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 31,177<br> \*<sup>(b)</sup><br>|
| Info Edge India Ltd. | &nbsp;&nbsp; 1302 | &nbsp;&nbsp; 19200<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Interactive Media & Services — continued | Interactive Media & Services — continued | Interactive Media & Services — continued |
| JOYY Inc., ADR | &nbsp;&nbsp; 102 | &nbsp;&nbsp; $5978<br> <sup>(b)</sup><br>|
| Kakao Corp. | &nbsp;&nbsp; 1146 | &nbsp;&nbsp; 48681<br>|
| Kuaishou Technology | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 110909<br> <sup>(a)(b)</sup><br>|
| Kunlun Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 4,090<br> \*<br>|
| Meitu Inc. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 14298<br> <sup>(a)(b)</sup><br>|
| NAVER Corp. | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 106784<br>|
| Tencent Holdings Ltd. | &nbsp;&nbsp; 23000 | &nbsp;&nbsp; 1959925<br> <sup>(b)</sup><br>|
| Weibo Corp., Class A Shares | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 4650<br> <sup>(b)</sup><br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 2450873 |
| Media — 0.1% | Media — 0.1% | Media — 0.1% |
| Bluefocus Intelligent Communications Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 801<br> \*<br>|
| Cheil Worldwide Inc. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 3906<br>|
| China Literature Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 6,089<br> \*<sup>(a)(b)</sup><br>|
| China South Publishing & Media Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1034<br>|
| Elang Mahkota Teknologi Tbk PT | &nbsp;&nbsp; 60600 | &nbsp;&nbsp; 4564<br>|
| Focus Media Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4750<br>|
| Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 886<br>|
| Leo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1424<br>|
| People.cn Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1669<br>|
| Sun TV Network Ltd. | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 1946<br>|
| Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp; 3228 | &nbsp;&nbsp; 4085<br>|
| Total Media | Total Media | &nbsp;&nbsp; 31154 |
| Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 37716<br>|
| Axiata Group Bhd | &nbsp;&nbsp; 16200 | &nbsp;&nbsp; 10316<br>|
| Bharti Airtel Ltd. | &nbsp;&nbsp; 10182 | &nbsp;&nbsp; 215409<br>|
| Bharti Airtel PP Ltd. | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 9988<br>|
| Bharti Hexacom Ltd. | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 5234<br>|
| CelcomDigi Bhd | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 12660<br>|
| China United Network Communications Ltd., Class A Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 6482<br>|
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 17403<br>|
| Globe Telecom Inc. | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 3093<br>|
| Indosat Tbk PT | &nbsp;&nbsp; 21600 | &nbsp;&nbsp; 2268<br>|
| Maxis Bhd | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 8774<br>|
| PLDT Inc. | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 6804<br>|
| StarHub Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2104<br>|
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 21458<br>|
| Vodafone Idea Ltd. | &nbsp;&nbsp; 96810 | &nbsp;&nbsp; 8,864<br> \*<br>|
| XLSMART Telecom Sejahtera Tbk PT | &nbsp;&nbsp; 16800 | &nbsp;&nbsp; 2682<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 371255 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3537373** |
| **Consumer Discretionary — 14.4%** | **Consumer Discretionary — 14.4%** | **Consumer Discretionary — 14.4%** |
| Automobile Components — 0.7% | Automobile Components — 0.7% | Automobile Components — 0.7% |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 7444<br>|
| Bharat Forge Ltd. | &nbsp;&nbsp; 954 | &nbsp;&nbsp; 13027<br>|
| Bosch Ltd. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 12888<br>|
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 1892<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; $8894<br>|
| Endurance Technologies Ltd. | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 3710<br> <sup>(a)</sup><br>|
| Exide Industries Ltd. | &nbsp;&nbsp; 1578 | &nbsp;&nbsp; 6945<br>|
| Fuyao Glass Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 6180<br>|
| Fuyao Glass Industry Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 24153<br> <sup>(a)</sup><br>|
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 7052<br>|
| Hanon Systems | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 1,356<br> \*<br>|
| HL Mando Co. Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 3017<br>|
| Huayu Automotive Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3451<br>|
| Huizhou Desay Sv Automotive Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 4244<br>|
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 45954<br>|
| Johnson Electric Holdings Ltd. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 7847<br>|
| Minth Group Ltd. | &nbsp;&nbsp; 2580 | &nbsp;&nbsp; 11215<br>|
| MRF Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 13139<br>|
| Ningbo Joyson Electronic Corp., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2931<br>|
| Ningbo Tuopu Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 6818<br>|
| Sailun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2421<br>|
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 16497 | &nbsp;&nbsp; 19630<br>|
| Sona Blw Precision Forgings Ltd. | &nbsp;&nbsp; 1668 | &nbsp;&nbsp; 7735<br> <sup>(a)</sup><br>|
| Tube Investments of India Ltd. | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 14439<br>|
| UNO Minda Ltd. | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 9654<br>|
| Wanxiang Qianchao Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2132<br>|
| Weifu High-Technology Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1100<br>|
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1520<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 250788 |
| Automobiles — 3.3% | Automobiles — 3.3% | Automobiles — 3.3% |
| Anhui Jianghuai Automobile Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 4,537<br> \*<br>|
| BAIC BluePark New Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2,041<br> \*<br>|
| BAIC Motor Corp. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 2,452<br> \*<sup>(a)</sup><br>|
| Bajaj Auto Ltd. | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 24045<br>|
| Brilliance China Automotive Holdings Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 6354<br>|
| BYD Co. Ltd., Class A Shares | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 22984<br>|
| BYD Co. Ltd., Class H Shares | &nbsp;&nbsp; 13661 | &nbsp;&nbsp; 193492<br>|
| China Motor Corp. | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 1669<br>|
| Chongqing Changan Automobile Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 4,118<br> \*<br>|
| Chongqing Changan Automobile Co. Ltd., Class B Shares | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 4,044<br> \*<br>|
| Chongqing Qianli Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 3,139<br> \*<br>|
| Dongfeng Motor Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 10,411<br> \*<br>|
| Eicher Motors Ltd. | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 39293<br>|
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 52767<br>|
| Great Wall Motor Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 4142<br>|
| Great Wall Motor Co. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 19433<br>|
| Guangzhou Automobile Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1924<br>|
| Guangzhou Automobile Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 5244<br>|
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 29955<br>|
| Hyundai Motor Co. | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 75393<br>|
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 15369<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobiles — continued | Automobiles — continued | Automobiles — continued |
| Kia Corp. | &nbsp;&nbsp; 900 | &nbsp;&nbsp; $64595<br>|
| Li Auto Inc., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 54,738<br> \*<sup>(b)</sup><br>|
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 3444 | &nbsp;&nbsp; 132929<br>|
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 88821<br>|
| NIO Inc., Class A Shares | &nbsp;&nbsp; 6540 | &nbsp;&nbsp; 48,249<br> \*<sup>(b)</sup><br>|
| SAIC Motor Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 5765<br>|
| Seres Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 12036<br>|
| Tata Motors Ltd. | &nbsp;&nbsp; 7675 | &nbsp;&nbsp; 58797<br>|
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 33694<br>|
| XPeng Inc., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 64,651<br> \*<sup>(b)</sup><br>|
| Yadea Group Holdings Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 7487<br> <sup>(a)</sup><br>|
| Yulon Motor Co. Ltd. | &nbsp;&nbsp; 1878 | &nbsp;&nbsp; 2150<br>|
| ZEEKR Intelligent Technology Holding Ltd., ADR | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 2,377<br> \*<br>|
| Zhejiang Leapmotor Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 20,467<br> \*<sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 1119562 |
| Broadline Retail — 6.1% | Broadline Retail — 6.1% | Broadline Retail — 6.1% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 66400 | &nbsp;&nbsp; 1510565<br> <sup>(b)</sup><br>|
| CCOOP Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 1,947<br> \*<br>|
| Central Retail Corp. PCL, NVDR | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 6893<br>|
| GoTo Gojek Tokopedia Tbk PT | &nbsp;&nbsp; 2943000 | &nbsp;&nbsp; 9,536<br> \*<br>|
| JD.com Inc., Class A Shares | &nbsp;&nbsp; 9300 | &nbsp;&nbsp; 165551<br> <sup>(b)</sup><br>|
| Lotte Shopping Co. Ltd. | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 2119<br>|
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 6870<br>|
| momo.com Inc. | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 2132<br>|
| PDD Holdings Inc., ADR | &nbsp;&nbsp; 2838 | &nbsp;&nbsp; 375,098<br> \*<sup>(b)</sup><br>|
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 828 | &nbsp;&nbsp; 16262<br> <sup>(b)</sup><br>|
| Vishal Mega Mart Ltd. | &nbsp;&nbsp; 7584 | &nbsp;&nbsp; 12,728<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 2109701 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| Wuchan Zhongda Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1518<br>|
| Zhejiang China Commodities City Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 4685<br>|
| Total Distributors | Total Distributors | &nbsp;&nbsp; 6203 |
| Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 29,331<br> \*<sup>(b)</sup><br>|
| TAL Education Group, ADR | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 16,800<br> \*<sup>(b)</sup><br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 46131 |
| Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% |
| Asset World Corp. PCL, NVDR | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 1908<br>|
| Bloomberry Resorts Corp. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 768<br>|
| Eternal Ltd. | &nbsp;&nbsp; 16770 | &nbsp;&nbsp; 61,479<br> \*<br>|
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 8040 | &nbsp;&nbsp; 44311<br>|
| Genting Bhd | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 5412<br>|
| Genting Malaysia Bhd | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 5389<br>|
| Genting Singapore Ltd. | &nbsp;&nbsp; 21600 | &nbsp;&nbsp; 12315<br>|
| H World Group Ltd. | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 28669<br> <sup>(b)</sup><br>|
| Haidilao International Holding Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 10349<br> <sup>(a)(b)</sup><br>|
| Hanjin Kal Corp. | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 7736<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Indian Hotels Co. Ltd. | &nbsp;&nbsp; 3174 | &nbsp;&nbsp; $25749<br>|
| ITC Hotels Ltd. | &nbsp;&nbsp; 3486 | &nbsp;&nbsp; 8,923<br> \*<br>|
| Jollibee Foods Corp. | &nbsp;&nbsp; 1740 | &nbsp;&nbsp; 6398<br>|
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 9805<br>|
| Kangwon Land Inc. | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 5417<br>|
| Meituan, Class B Shares | &nbsp;&nbsp; 19900 | &nbsp;&nbsp; 267,281<br> \*<sup>(a)(b)</sup><br>|
| MGM China Holdings Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 5130<br>|
| Minor International PCL, NVDR | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 9837<br>|
| NagaCorp Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4519<br>|
| Sands China Ltd. | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 20081<br>|
| Shanghai Jinjiang International Hotels Co. Ltd., Class B Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 806<br>|
| Shangri-La Asia Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 2339<br>|
| SJM Holdings Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 5,121<br> \*<br>|
| Songcheng Performance Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 737<br>|
| Swiggy Ltd. | &nbsp;&nbsp; 3684 | &nbsp;&nbsp; 17,549<br> \*<br>|
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 14189<br> <sup>(b)</sup><br>|
| TravelSky Technology Ltd., Class H Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 5460<br>|
| Trip.com Group Ltd. | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 176186<br> <sup>(b)</sup><br>|
| Wynn Macau Ltd. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 4454<br>|
| Yum China Holdings Inc. | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 59168<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 827485 |
| Household Durables — 0.4% | Household Durables — 0.4% | Household Durables — 0.4% |
| Coway Co. Ltd. | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 13900<br>|
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 23163<br>|
| Ecovacs Robotics Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 3017<br>|
| Gree Electric Appliances Inc. of Zhuhai, Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 6687<br>|
| Haier Smart Home Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 6397<br>|
| Haier Smart Home Co. Ltd., Class H Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 27358<br>|
| Hangzhou GreatStar Industrial Co. Ltd. | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 1727<br>|
| Hisense Home Appliances Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 3121<br>|
| LG Electronics Inc. | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 21337<br>|
| Man Wah Holdings Ltd. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 2659<br>|
| Midea Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 25371<br>|
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 8357<br>|
| Shenzhen MTC Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1672<br>|
| Sichuan Changhong Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1763<br>|
| Whirlpool of India Ltd. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 3381<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 149910 |
| Leisure Products — 0.0%†† | Leisure Products — 0.0%†† | Leisure Products — 0.0%†† |
| Giant Manufacturing Co. Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3737<br>|
| Specialty Retail — 0.6% | Specialty Retail — 0.6% | Specialty Retail — 0.6% |
| China Tourism Group Duty Free Corp. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 6025<br>|
| China Tourism Group Duty Free Corp. Ltd., Class H Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 5086<br> <sup>(a)</sup><br>|
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 11999<br>|
| FSN E-Commerce Ventures Ltd. | &nbsp;&nbsp; 4260 | &nbsp;&nbsp; 11,149<br> \*<br>|
| HLA Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1089<br>|
| Home Product Center PCL, NVDR | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 4276<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; $19846<br>|
| Hotel Shilla Co. Ltd. | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 4,396<br> \*<br>|
| Metro Brands Ltd. | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 2790<br>|
| MR DIY Group M Bhd | &nbsp;&nbsp; 13200 | &nbsp;&nbsp; 5144<br> <sup>(a)</sup><br>|
| Pop Mart International Group Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 82299<br> <sup>(a)(b)</sup><br>|
| PTT Oil & Retail Business PCL, NVDR | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 3944<br>|
| Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 970<br>|
| Topsports International Holdings Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 4874<br> <sup>(a)</sup><br>|
| Trent Ltd. | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 35718<br>|
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 5622<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 205227 |
| Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 57683<br>|
| Bata India Ltd. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 3306<br>|
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 9542<br>|
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 10359<br>|
| F&F Co. Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 2145<br>|
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 7264<br>|
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 1416 | &nbsp;&nbsp; 7245<br>|
| Lao Feng Xiang Co. Ltd., Class B Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 4408<br>|
| Laopu Gold Co. Ltd., Class H Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 9151<br>|
| Li Ning Co. Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 20405<br>|
| Misto Holdings Corp. | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 3792<br>|
| Page Industries Ltd. | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 10997<br>|
| Pou Chen Corp. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5680<br>|
| PRADA SpA | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 10827<br>|
| Relaxo Footwears Ltd. | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 1416<br>|
| Samsonite Group SA | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 11563<br> <sup>(a)</sup><br>|
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 23771<br>|
| Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1,922<br> \*<br>|
| Titan Co. Ltd. | &nbsp;&nbsp; 1368 | &nbsp;&nbsp; 51877<br>|
| Vedant Fashions Ltd. | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 1819<br>|
| Xtep International Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4504<br>|
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 5109<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 264785 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **4983529** |
| **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** |
| Beverages — 0.9% | Beverages — 0.9% | Beverages — 0.9% |
| Anhui Gujing Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 2253<br>|
| Anhui Gujing Distillery Co. Ltd., Class B Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 8329<br>|
| Beijing Yanjing Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2042<br>|
| Budweiser Brewing Co. APAC Ltd. | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 7024<br> <sup>(a)</sup><br>|
| Carabao Group PCL, NVDR | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2027<br>|
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 21161<br>|
| Eastroc Beverage Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 8525<br>|
| Fraser & Neave Holdings Bhd | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3884<br>|
| Hite Jinro Co. Ltd. | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 1629<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Beverages — continued | Beverages — continued | Beverages — continued |
| Jiangsu King's Luck Brewery JSC Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; $3308<br>|
| Jiangsu Yanghe Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 5719<br>|
| Kweichow Moutai Co. Ltd., Class A Shares | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 66857<br>|
| Luzhou Laojiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 7404<br>|
| Nongfu Spring Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 41566<br> <sup>(a)</sup><br>|
| Osotspa PCL, NVDR | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 2866<br>|
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 10888<br>|
| Thai Beverage PCL | &nbsp;&nbsp; 27000 | &nbsp;&nbsp; 9739<br>|
| Tsingtao Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 3699<br>|
| Tsingtao Brewery Co. Ltd., Class H Shares | &nbsp;&nbsp; 2304 | &nbsp;&nbsp; 15695<br>|
| United Breweries Ltd. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 5476<br>|
| United Spirits Ltd. | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; 16198<br>|
| Varun Beverages Ltd. | &nbsp;&nbsp; 5024 | &nbsp;&nbsp; 25106<br>|
| Wuliangye Yibin Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 20453<br>|
| Yantai Changyu Pioneer Wine Co. Ltd., Class B Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1342<br>|
| ZJLD Group Inc. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2776<br> <sup>(a)</sup><br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 295966 |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| 99 Speed Mart Retail Holdings Bhd | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 3516<br>|
| Alibaba Health Information Technology Ltd. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 15,408<br> \*<br>|
| Avenue Supermarts Ltd. | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 27,521<br> \*<sup>(a)</sup><br>|
| Berli Jucker PCL, NVDR | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 1518<br>|
| BGF retail Co. Ltd. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 2309<br>|
| CP ALL PCL, NVDR | &nbsp;&nbsp; 19800 | &nbsp;&nbsp; 28870<br>|
| CP Axtra PCL, NVDR | &nbsp;&nbsp; 5913 | &nbsp;&nbsp; 4106<br>|
| DFI Retail Group Holdings Ltd., Registered Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3912<br>|
| Dongsuh Cos. Inc. | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 2301<br>|
| East Buy Holding Ltd. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 5,009<br> \*<sup>(a)(b)</sup><br>|
| E-MART Inc. | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 3551<br>|
| GS Retail Co. Ltd. | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 1436<br>|
| JD Health International Inc. | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 33,334<br> \*<sup>(b)</sup><br>|
| Olam Group Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2304<br>|
| Ping An Healthcare and Technology Co. Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 8472<br> <sup>(a)(b)</sup><br>|
| President Chain Store Corp. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 16274<br>|
| Puregold Price Club Inc. | &nbsp;&nbsp; 4060 | &nbsp;&nbsp; 2930<br>|
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 75300 | &nbsp;&nbsp; 8721<br>|
| Sun Art Retail Group Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 2163<br>|
| Yifeng Pharmacy Chain Co. Ltd., Class A Shares | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 1093<br>|
| Yonghui Superstores Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 1,576<br> \*<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 176324 |
| Food Products — 1.3% | Food Products — 1.3% | Food Products — 1.3% |
| Anjoy Foods Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 989<br>|
| AWL Agri Business Ltd. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 3,111<br> \*<br>|
| Britannia Industries Ltd. | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 29554<br>|
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 8258<br>|
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 28200 | &nbsp;&nbsp; 7886<br>|
| China Feihe Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 6169<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Food Products — continued | Food Products — continued | Food Products — continued |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; $23135<br>|
| CJ CheilJedang Corp. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 4929<br>|
| First Pacific Co. Ltd. | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 6714<br>|
| Foshan Haitian Flavouring & Food Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 6559<br>|
| Fujian Sunner Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1518<br>|
| Guangdong Haid Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 5368<br>|
| Heilongjiang Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1210<br>|
| Henan Shuanghui Investment & Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 4165<br>|
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 4435<br>|
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 16800 | &nbsp;&nbsp; 7284<br>|
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 6889<br>|
| IOI Corp. Bhd | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 9573<br>|
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 8811<br>|
| Marico Ltd. | &nbsp;&nbsp; 1974 | &nbsp;&nbsp; 15505<br>|
| Mayora Indah Tbk PT | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 1681<br>|
| Monde Nissin Corp. | &nbsp;&nbsp; 17400 | &nbsp;&nbsp; 1997<br> <sup>(a)</sup><br>|
| Muyuan Foods Co. Ltd., Class A Shares | &nbsp;&nbsp; 1596 | &nbsp;&nbsp; 11868<br>|
| Nestle India Ltd. | &nbsp;&nbsp; 2664 | &nbsp;&nbsp; 34591<br>|
| Nestle Malaysia Bhd | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 5487<br>|
| New Hope Liuhe Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1650<br>|
| NongShim Co. Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 3691<br>|
| Orion Corp. | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 6203<br>|
| Otoki Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1755<br>|
| Patanjali Foods Ltd. | &nbsp;&nbsp; 1224 | &nbsp;&nbsp; 7938<br>|
| PPB Group Bhd | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 5817<br>|
| QL Resources Bhd | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 5878<br>|
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13077<br>|
| SD Guthrie Bhd | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 17117<br>|
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 2424 | &nbsp;&nbsp; 30831<br>|
| Thai Union Group PCL, NVDR | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 2844<br>|
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 8036<br>|
| Uni-President China Holdings Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4226<br>|
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 46302<br>|
| Universal Robina Corp. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3655<br>|
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 12238<br>|
| Wens Foodstuff Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 4700<br>|
| WH Group Ltd. | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32505<br> <sup>(a)</sup><br>|
| Wilmar International Ltd. | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 14590<br>|
| Yihai International Holding Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 3234<br>|
| Yihai Kerry Arawana Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2656<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 446629 |
| Household Products — 0.0%†† | Household Products — 0.0%†† | Household Products — 0.0%†† |
| Blue Moon Group Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 1261<br> <sup>(a)</sup><br>|
| Unilever Indonesia Tbk PT | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 2435<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 3696 |
| Personal Care Products — 0.5% | Personal Care Products — 0.5% | Personal Care Products — 0.5% |
| Amorepacific Corp. | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 9414<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Personal Care Products — continued | Personal Care Products — continued | Personal Care Products — continued |
| Amorepacific Holdings Corp. | &nbsp;&nbsp; 96 | &nbsp;&nbsp; $1823<br>|
| By-health Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 971<br>|
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 12165<br>|
| Dabur India Ltd. | &nbsp;&nbsp; 2148 | &nbsp;&nbsp; 11886<br>|
| Emami Ltd. | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 4328<br>|
| Giant Biogene Holding Co. Ltd | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 14524<br> <sup>(a)</sup><br>|
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 19714<br>|
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 7182<br>|
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 93452<br>|
| LG H&H Co. Ltd. | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 7338<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 182797 |
| Tobacco — 0.3% | Tobacco — 0.3% | Tobacco — 0.3% |
| Gudang Garam Tbk PT | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1509<br>|
| ITC Ltd. | &nbsp;&nbsp; 11148 | &nbsp;&nbsp; 50417<br>|
| KT&G Corp. | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 36565<br>|
| RLX Technology Inc., ADR | &nbsp;&nbsp; 2466 | &nbsp;&nbsp; 6486<br> <sup>(b)</sup><br>|
| Smoore International Holdings Ltd. | &nbsp;&nbsp; 6960 | &nbsp;&nbsp; 15771<br> <sup>(a)</sup><br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 110748 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1216160** |
| **Energy — 2.9%** | **Energy — 2.9%** | **Energy — 2.9%** |
| Energy Equipment & Services — 0.0%†† | Energy Equipment & Services — 0.0%†† | Energy Equipment & Services — 0.0%†† |
| China Oilfield Services Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1133<br>|
| China Oilfield Services Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5152<br>|
| CNOOC Energy Technology & Services Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 970<br>|
| Dialog Group Bhd | &nbsp;&nbsp; 16200 | &nbsp;&nbsp; 7275<br>|
| Offshore Oil Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 892<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 15422 |
| Oil, Gas & Consumable Fuels — 2.9% | Oil, Gas & Consumable Fuels — 2.9% | Oil, Gas & Consumable Fuels — 2.9% |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 35400 | &nbsp;&nbsp; 3590<br>|
| Banpu PCL, NVDR | &nbsp;&nbsp; 28200 | &nbsp;&nbsp; 3951<br>|
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 7320 | &nbsp;&nbsp; 28002<br>|
| Bukit Asam Tbk PT | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 1692<br>|
| China Coal Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2869<br>|
| China Coal Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 10746<br>|
| China Merchants Energy Shipping Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2616<br>|
| China Petroleum & Chemical Corp., Class A Shares | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 7571<br>|
| China Petroleum & Chemical Corp., Class H Shares | &nbsp;&nbsp; 86000 | &nbsp;&nbsp; 44766<br>|
| China Shenhua Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 9723<br>|
| China Shenhua Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 57375<br>|
| China Suntien Green Energy Corp. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 3277<br>|
| Coal India Ltd. | &nbsp;&nbsp; 8466 | &nbsp;&nbsp; 37182<br>|
| COSCO Shipping Energy Transportation Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2041<br>|
| COSCO Shipping Energy Transportation Co. Ltd., Class H Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4637<br>|
| Dian Swastatika Sentosa Tbk PT | &nbsp;&nbsp; 3480 | &nbsp;&nbsp; 22,177<br> \*<br>|
| Formosa Petrochemical Corp. | &nbsp;&nbsp; 4360 | &nbsp;&nbsp; 5808<br>|
| Guanghui Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1273<br>|
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 17278<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 3576 | &nbsp;&nbsp; $17858<br>|
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 14028 | &nbsp;&nbsp; 23666<br>|
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1900<br>|
| Inner Mongolia Yitai Coal Co. Ltd., Class B Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 6898<br>|
| Jizhong Energy Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 992<br>|
| Mangalore Refinery & Petrochemicals Ltd. | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 1005<br>|
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 14556 | &nbsp;&nbsp; 39264<br>|
| Oil India Ltd. | &nbsp;&nbsp; 1998 | &nbsp;&nbsp; 9312<br>|
| Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 66000 | &nbsp;&nbsp; 6,416<br> \*<br>|
| PetroChina Co. Ltd., Class A Shares | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 8142<br>|
| PetroChina Co. Ltd., Class H Shares | &nbsp;&nbsp; 78000 | &nbsp;&nbsp; 70978<br>|
| Petronas Dagangan Bhd | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 6541<br>|
| Petronet LNG Ltd. | &nbsp;&nbsp; 2748 | &nbsp;&nbsp; 8629<br>|
| Pingdingshan Tianan Coal Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 663<br>|
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 17108<br>|
| PTT PCL, NVDR | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 46789<br>|
| Reliance Industries Ltd. | &nbsp;&nbsp; 25296 | &nbsp;&nbsp; 388605<br>|
| Semirara Mining & Power Corp. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 1814<br>|
| Shaanxi Coal Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 7015<br>|
| Shan Xi Hua Yang Group New Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1241<br>|
| Shanxi Coking Coal Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1755<br>|
| Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2398<br>|
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 16761<br>|
| S-Oil Corp. | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 6,938<br> \*<br>|
| Thai Oil PCL, NVDR | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4569<br>|
| United Energy Group Ltd. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 1635<br>|
| United Tractors Tbk PT | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 8676<br>|
| Yankuang Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1860 | &nbsp;&nbsp; 3473<br>|
| Yankuang Energy Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 15308<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 992923 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1008345** |
| **Financials — 19.9%** | **Financials — 19.9%** | **Financials — 19.9%** |
| Banks — 12.6% | Banks — 12.6% | Banks — 12.6% |
| Agricultural Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 22460<br>|
| Agricultural Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 76924<br>|
| Alliance Bank Malaysia Bhd | &nbsp;&nbsp; 3494 | &nbsp;&nbsp; 3628<br>|
| AMMB Holdings Bhd | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 13694<br>|
| AU Small Finance Bank Ltd. | &nbsp;&nbsp; 1332 | &nbsp;&nbsp; 10972<br> <sup>(a)</sup><br>|
| Axis Bank Ltd. | &nbsp;&nbsp; 8484 | &nbsp;&nbsp; 108127<br>|
| Bandhan Bank Ltd. | &nbsp;&nbsp; 3078 | &nbsp;&nbsp; 5623<br> <sup>(a)</sup><br>|
| Bangkok Bank PCL, NVDR | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 11035<br>|
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 180900 | &nbsp;&nbsp; 82770<br>|
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 162000 | &nbsp;&nbsp; 42772<br>|
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 11071<br>|
| Bank of Baroda | &nbsp;&nbsp; 3912 | &nbsp;&nbsp; 11391<br>|
| Bank of Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4638<br>|
| Bank of Changsha Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1487<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Bank of Chengdu Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; $2904<br>|
| Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 13200 | &nbsp;&nbsp; 9593<br>|
| Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 252000 | &nbsp;&nbsp; 137977<br>|
| Bank of Communications Co. Ltd., Class A Shares | &nbsp;&nbsp; 14300 | &nbsp;&nbsp; 13483<br>|
| Bank of Communications Co. Ltd., Class H Shares | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 25179<br>|
| Bank of East Asia Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 5599<br>|
| Bank of Guiyang Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 970<br>|
| Bank of Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 3856<br>|
| Bank of India | &nbsp;&nbsp; 3552 | &nbsp;&nbsp; 4937<br>|
| Bank of Jiangsu Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 7599<br>|
| Bank of Maharashtra | &nbsp;&nbsp; 5826 | &nbsp;&nbsp; 3673<br>|
| Bank of Nanjing Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 5521<br>|
| Bank of Ningbo Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 6675<br>|
| Bank of Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 5280<br>|
| Bank of the Philippine Islands | &nbsp;&nbsp; 7036 | &nbsp;&nbsp; 13903<br>|
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 246600 | &nbsp;&nbsp; 57710<br>|
| Bank Syariah Indonesia Tbk PT | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 1865<br>|
| BDO Unibank Inc. | &nbsp;&nbsp; 8520 | &nbsp;&nbsp; 19455<br>|
| BNK Financial Group Inc. | &nbsp;&nbsp; 936 | &nbsp;&nbsp; 9733<br>|
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 63402<br>|
| Canara Bank | &nbsp;&nbsp; 6612 | &nbsp;&nbsp; 9213<br>|
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 26006 | &nbsp;&nbsp; 16767<br>|
| China Bohai Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 1,589<br> \*<sup>(a)</sup><br>|
| China CITIC Bank Corp. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3637<br>|
| China CITIC Bank Corp. Ltd., Class H Shares | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 30955<br>|
| China Construction Bank Corp., Class A Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 6765<br>|
| China Construction Bank Corp., Class H Shares | &nbsp;&nbsp; 354000 | &nbsp;&nbsp; 340332<br>|
| China Everbright Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 13200 | &nbsp;&nbsp; 6223<br>|
| China Everbright Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 4997<br>|
| China Merchants Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 34018<br>|
| China Merchants Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 84140<br>|
| China Minsheng Banking Corp. Ltd., Class A Shares | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 5696<br>|
| China Minsheng Banking Corp. Ltd., Class H Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 12678<br>|
| China Zheshang Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 2509<br>|
| China Zheshang Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 3979<br>|
| Chongqing Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2774<br>|
| Chongqing Rural Commercial Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4635<br>|
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 31200 | &nbsp;&nbsp; 54416<br>|
| CNPC Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 3536<br>|
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 66000 | &nbsp;&nbsp; 92900<br>|
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 297568<br>|
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 57652 | &nbsp;&nbsp; 63085<br>|
| Far Eastern International Bank | &nbsp;&nbsp; 7029 | &nbsp;&nbsp; 2871<br>|
| Federal Bank Ltd. | &nbsp;&nbsp; 6750 | &nbsp;&nbsp; 14667<br>|
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 41050 | &nbsp;&nbsp; 40204<br>|
| Hana Financial Group Inc. | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; 62647<br>|
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 36553<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| HDFC Bank Ltd. | &nbsp;&nbsp; 42072 | &nbsp;&nbsp; $450625<br>|
| Hong Leong Bank Bhd | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 11702<br>|
| Hong Leong Financial Group Bhd | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2455<br>|
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 34703 | &nbsp;&nbsp; 33703<br>|
| Huaxia Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 4431<br>|
| ICICI Bank Ltd. | &nbsp;&nbsp; 19584 | &nbsp;&nbsp; 297326<br>|
| IDBI Bank Ltd. | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; 1903<br>|
| IDFC First Bank Ltd. | &nbsp;&nbsp; 13488 | &nbsp;&nbsp; 10599<br>|
| iM Financial Group Co. Ltd. | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 5060<br>|
| Indian Bank | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 8167<br>|
| IndusInd Bank Ltd. | &nbsp;&nbsp; 444 | &nbsp;&nbsp; 3,678<br> \*<br>|
| Industrial & Commercial Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 20894<br>|
| Industrial & Commercial Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 294000 | &nbsp;&nbsp; 216899<br>|
| Industrial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 16710<br>|
| Industrial Bank of Korea | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 12899<br>|
| KakaoBank Corp. | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 11883<br>|
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; 33081<br>|
| KB Financial Group Inc. | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 109157<br>|
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 4032 | &nbsp;&nbsp; 90491<br>|
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 21600 | &nbsp;&nbsp; 16531<br>|
| Malayan Banking Bhd | &nbsp;&nbsp; 28200 | &nbsp;&nbsp; 66404<br>|
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 43260 | &nbsp;&nbsp; 60324<br>|
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 6720 | &nbsp;&nbsp; 7852<br>|
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 153025<br>|
| Ping An Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 8592<br>|
| Postal Savings Bank of China Co. Ltd., Class A Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 7261<br>|
| Postal Savings Bank of China Co. Ltd., Class H Shares | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 25263<br> <sup>(a)</sup><br>|
| Public Bank Bhd | &nbsp;&nbsp; 54600 | &nbsp;&nbsp; 56176<br>|
| Punjab National Bank | &nbsp;&nbsp; 8586 | &nbsp;&nbsp; 10911<br>|
| RBL Bank Ltd. | &nbsp;&nbsp; 1722 | &nbsp;&nbsp; 5377<br> <sup>(a)</sup><br>|
| RHB Bank Bhd | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 12232<br>|
| SCB X PCL, NVDR | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 23793<br>|
| Shanghai Commercial & Savings Bank Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 16556<br>|
| Shanghai Pudong Development Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 14025<br>|
| Shanghai Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3443<br>|
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 1542 | &nbsp;&nbsp; 77812<br>|
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 44377 | &nbsp;&nbsp; 36401<br>|
| State Bank of India | &nbsp;&nbsp; 6858 | &nbsp;&nbsp; 67388<br>|
| Taiwan Business Bank | &nbsp;&nbsp; 25440 | &nbsp;&nbsp; 13147<br>|
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 37080 | &nbsp;&nbsp; 29990<br>|
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 141600 | &nbsp;&nbsp; 8302<br>|
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 81166 | &nbsp;&nbsp; 47936<br>|
| Union Bank of India Ltd. | &nbsp;&nbsp; 5778 | &nbsp;&nbsp; 9014<br>|
| United Overseas Bank Ltd. | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 123385<br>|
| Woori Financial Group Inc. | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 46054<br>|
| Yes Bank Ltd. | &nbsp;&nbsp; 69060 | &nbsp;&nbsp; 16,528<br> \*<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 4350645 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — 2.1% | Capital Markets — 2.1% | Capital Markets — 2.1% |
| 360 ONE WAM Ltd. | &nbsp;&nbsp; 866 | &nbsp;&nbsp; $9988<br>|
| Beijing Compass Technology Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 4,690<br> \*<br>|
| BSE Ltd. | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 17234<br>|
| Caitong Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1418<br>|
| Capital Securities Corp. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4853<br>|
| Central Depository Services India Ltd. | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 6308<br>|
| Changjiang Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2096<br>|
| China Cinda Asset Management Co. Ltd., Class H Shares | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 7342<br>|
| China CITIC Financial Asset Management Co. Ltd., Class H Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 9,624<br> \*<sup>(a)</sup><br>|
| China Everbright Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 6288<br>|
| China Galaxy Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 4488<br>|
| China Galaxy Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 18261<br>|
| China Great Wall Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1955<br>|
| China International Capital Corp. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 4658<br>|
| China International Capital Corp. Ltd., Class H Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 13202<br> <sup>(a)</sup><br>|
| China Merchants Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 5761<br>|
| China Merchants Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2671<br> <sup>(a)</sup><br>|
| CITIC Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 15102<br>|
| CITIC Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 23752<br>|
| CRISIL Ltd. | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 3898<br>|
| CSC Financial Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 6773<br>|
| CSC Financial Co. Ltd., Class H Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 5452<br> <sup>(a)</sup><br>|
| Dongxing Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1951<br>|
| East Money Information Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 15981<br>|
| Everbright Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3169<br>|
| First Capital Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1318<br>|
| Founder Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2741<br>|
| GF Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 5627<br>|
| GF Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 9393<br>|
| Guolian Minsheng Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2821<br>|
| Guosen Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 3417<br>|
| Guosheng Securities Inc., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2,049<br> \*<br>|
| Guotai Haitong Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 3660 | &nbsp;&nbsp; 9690<br>|
| Guotai Haitong Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 10528 | &nbsp;&nbsp; 21731<br> <sup>(a)</sup><br>|
| Guoyuan Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1537<br>|
| HDFC Asset Management Co. Ltd. | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 22806<br> <sup>(a)</sup><br>|
| Hithink RoyalFlush Information Network Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 10432<br>|
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 255642<br>|
| Hongta Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1487<br>|
| Huaan Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1064<br>|
| Huatai Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 5803<br>|
| Huatai Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 12697<br> <sup>(a)</sup><br>|
| Industrial Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2202<br>|
| J-Yuan Trust Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 1,305<br> \*<br>|
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 15502<br>|
| Minmetals Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 998<br>|
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 10956<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 534 | &nbsp;&nbsp; $5374<br>|
| Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 7902<br>|
| Nanjing Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1438<br>|
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 6644<br>|
| Nippon Life India Asset Management Ltd. | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 6631<br> <sup>(a)</sup><br>|
| Northeast Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 730<br>|
| Orient Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 3852<br>|
| Orient Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2486<br> <sup>(a)</sup><br>|
| Pacific Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1,157<br> \*<br>|
| Samsung Securities Co. Ltd. | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 11651<br>|
| SDIC Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1993<br>|
| Sealand Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1149<br>|
| Shaanxi International Trust Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 904<br>|
| Shanxi Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1089<br>|
| Shenwan Hongyuan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 4936<br>|
| Shenwan Hongyuan Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 2215<br> <sup>(a)</sup><br>|
| Singapore Exchange Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 38466<br>|
| Sinolink Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1722<br>|
| SooChow Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1650<br>|
| Southwest Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 1599<br>|
| Tianfeng Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 1,788<br> \*<br>|
| Western Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1445<br>|
| Xiangcai Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1,110<br> \*<br>|
| Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 7819<br>|
| Zheshang Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1941<br>|
| Zhongtai Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2340<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 718164 |
| Consumer Finance — 0.7% | Consumer Finance — 0.7% | Consumer Finance — 0.7% |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 10390 | &nbsp;&nbsp; 116891<br>|
| Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 7898<br>|
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 1554 | &nbsp;&nbsp; 28193<br>|
| Krungthai Card PCL, NVDR | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2777<br>|
| Lufax Holding Ltd., ADR | &nbsp;&nbsp; 1164 | &nbsp;&nbsp; 4,726<br> \*<sup>(b)</sup><br>|
| Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 7162<br>|
| Muangthai Capital PCL, NVDR | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2999<br>|
| Muthoot Finance Ltd. | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 13516<br>|
| Poonawalla Fincorp Ltd. | &nbsp;&nbsp; 936 | &nbsp;&nbsp; 5,246<br> \*<br>|
| Qfin Holdings Inc., ADR | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 11742<br> <sup>(b)</sup><br>|
| Samsung Card Co. Ltd. | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 3355<br>|
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 11082<br>|
| Shriram Finance Ltd. | &nbsp;&nbsp; 4644 | &nbsp;&nbsp; 32224<br>|
| Sundaram Finance Ltd. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 12521<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 260332 |
| Financial Services — 0.9% | Financial Services — 0.9% | Financial Services — 0.9% |
| Aditya Birla Capital Ltd. | &nbsp;&nbsp; 2394 | &nbsp;&nbsp; 7,883<br> \*<br>|
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 1416 | &nbsp;&nbsp; 31998<br>|
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 14069<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Financial Services — continued | Financial Services — continued | Financial Services — continued |
| Bajaj Housing Finance Ltd. | &nbsp;&nbsp; 3564 | &nbsp;&nbsp; $4,416<br> \*<br>|
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 5626 | &nbsp;&nbsp; 20582<br>|
| Far East Horizon Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 10596<br>|
| Housing & Urban Development Corp. Ltd. | &nbsp;&nbsp; 1884 | &nbsp;&nbsp; 4745<br>|
| Indian Railway Finance Corp. Ltd. | &nbsp;&nbsp; 6576 | &nbsp;&nbsp; 9147<br> <sup>(a)</sup><br>|
| Indian Renewable Energy Development Agency Ltd. | &nbsp;&nbsp; 2592 | &nbsp;&nbsp; 4,341<br> \*<br>|
| Jiangsu Financial Leasing Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1432<br>|
| Jio Financial Services Ltd. | &nbsp;&nbsp; 11634 | &nbsp;&nbsp; 38418<br>|
| Kakaopay Corp. | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 4,141<br> \*<br>|
| L&T Finance Ltd. | &nbsp;&nbsp; 2982 | &nbsp;&nbsp; 8372<br>|
| LIC Housing Finance Ltd. | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; 6911<br>|
| Meritz Financial Group Inc. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 21842<br>|
| One 97 Communications Ltd. | &nbsp;&nbsp; 1278 | &nbsp;&nbsp; 16,176<br> \*<br>|
| Piramal Finance Ltd. | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 5242<br> <sup>(c)</sup><br>|
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 24951<br>|
| REC Ltd. | &nbsp;&nbsp; 4608 | &nbsp;&nbsp; 19350<br>|
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 40128 | &nbsp;&nbsp; 45884<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 300496 |
| Insurance — 3.6% | Insurance — 3.6% | Insurance — 3.6% |
| AIA Group Ltd. | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 374190<br>|
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 77485<br>|
| China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 79533<br>|
| China Pacific Insurance Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 8869<br>|
| China Pacific Insurance Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 38225<br>|
| China Reinsurance Group Corp., Class H Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 4781<br>|
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 9390<br>|
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 15992<br>|
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 29725 | &nbsp;&nbsp; 86119<br>|
| General Insurance Corp. of India | &nbsp;&nbsp; 1158 | &nbsp;&nbsp; 4808<br> <sup>(a)</sup><br>|
| Hanwha Life Insurance Co. Ltd. | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 2,246<br> \*<br>|
| HDFC Life Insurance Co. Ltd. | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; 30006<br> <sup>(a)</sup><br>|
| Hyundai Marine & Fire Insurance Co. Ltd. | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 4,575<br> \*<br>|
| ICICI Lombard General Insurance Co. Ltd. | &nbsp;&nbsp; 894 | &nbsp;&nbsp; 19028<br> <sup>(a)</sup><br>|
| ICICI Prudential Life Insurance Co. Ltd. | &nbsp;&nbsp; 1362 | &nbsp;&nbsp; 9130<br> <sup>(a)</sup><br>|
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 60600 | &nbsp;&nbsp; 29725<br>|
| Max Financial Services Ltd. | &nbsp;&nbsp; 984 | &nbsp;&nbsp; 17,465<br> \*<br>|
| New China Life Insurance Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 5149<br>|
| New China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 21358<br>|
| New India Assurance Co. Ltd. | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 1815<br> <sup>(a)</sup><br>|
| PB Fintech Ltd. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 24,153<br> \*<br>|
| People's Insurance Co. Group of China Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3279<br>|
| People's Insurance Co. Group of China Ltd., Class H Shares | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 26258<br>|
| PICC Property & Casualty Co. Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 58681<br>|
| Ping An Insurance Group Co. of China Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 23196<br>|
| Ping An Insurance Group Co. of China Ltd., Class H Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 163642<br>|
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 36685<br>|
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 32815<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| SBI Life Insurance Co. Ltd. | &nbsp;&nbsp; 1614 | &nbsp;&nbsp; $32550<br> <sup>(a)</sup><br>|
| Star Health & Allied Insurance Co. Ltd. | &nbsp;&nbsp; 888 | &nbsp;&nbsp; 4,468<br> \*<br>|
| Sunshine Insurance Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 4442<br>|
| Thai Life Insurance PCL, NVDR | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 2355<br>|
| ZhongAn Online P&C Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 8,139<br> \*<sup>(a)</sup><br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 1260552 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **6890189** |
| **Health Care — 4.1%** | **Health Care — 4.1%** | **Health Care — 4.1%** |
| Biotechnology — 1.2% | Biotechnology — 1.2% | Biotechnology — 1.2% |
| 3SBio Inc. | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 25063<br> <sup>(a)</sup><br>|
| Akeso Inc. | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 47,185<br> \*<sup>(a)</sup><br>|
| Alteogen Inc. | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 47,006<br> \*<br>|
| Beijing Tiantan Biological Products Corp. Ltd., Class A Shares | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 1927<br>|
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A Shares | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 2,404<br> \*<br>|
| BeOne Medicines Ltd., Class H Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 79,122<br> \*<br>|
| Biocon Ltd. | &nbsp;&nbsp; 2178 | &nbsp;&nbsp; 8365<br>|
| Celltrion Inc. | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 68221<br>|
| Chongqing Zhifei Biological Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2039<br>|
| Green Cross Corp. | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 2210<br>|
| Hualan Biological Engineering Inc., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1340<br>|
| Imeik Technology Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 3566<br>|
| Innovent Biologics Inc. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 74,341<br> \*<sup>(a)</sup><br>|
| PharmaEssentia Corp. | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 18097<br>|
| Remegen Co. Ltd., Class H Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 7,532<br> \*<sup>(a)</sup><br>|
| Shanghai Junshi Biosciences Co. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 4,698<br> \*<sup>(a)</sup><br>|
| Shanghai RAAS Blood Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1690<br>|
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 13,213<br> \*<br>|
| SK Bioscience Co. Ltd. | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 3,202<br> \*<br>|
| Walvax Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 977<br>|
| Yili Chuanning Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 907<br>|
| Zai Lab Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 12,345<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 425450 |
| Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% |
| Hartalega Holdings Bhd | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 1835<br>|
| HLB Inc. | &nbsp;&nbsp; 444 | &nbsp;&nbsp; 12,009<br> \*<br>|
| Jafron Biomedical Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 623<br>|
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 1642<br>|
| Lepu Medical Technology Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1475<br>|
| Microport Scientific Corp. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 6,381<br> \*<br>|
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 7169<br>|
| Shanghai United Imaging Healthcare Co. Ltd., Class A Shares | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 4597<br>|
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 13789<br>|
| Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2875<br>|
| Top Glove Corp. Bhd | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 2,811<br> \*<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 55206 |
| Health Care Providers & Services — 0.6% | Health Care Providers & Services — 0.6% | Health Care Providers & Services — 0.6% |
| Aier Eye Hospital Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2455 | &nbsp;&nbsp; 4250<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 366 | &nbsp;&nbsp; $30541<br>|
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 40200 | &nbsp;&nbsp; 25431<br>|
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 12998<br>|
| Dr Lal PathLabs Ltd. | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 5057<br> <sup>(a)</sup><br>|
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 19923<br>|
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2151<br>|
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 2340<br>|
| Hanmi Science Co. ltd | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 1996<br>|
| Huadong Medicine Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3498<br>|
| Hygeia Healthcare Holdings Co. Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2,207<br> \*<sup>(a)(b)</sup><br>|
| IHH Healthcare Bhd | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 20451<br>|
| Jinxin Fertility Group Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 3,308<br> \*<sup>(a)(b)</sup><br>|
| Jointown Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1606 | &nbsp;&nbsp; 1093<br>|
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 2802 | &nbsp;&nbsp; 35178<br>|
| Meinian Onehealth Healthcare Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 837<br>|
| Narayana Hrudayalaya Ltd. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 4932<br>|
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3022<br>|
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 4735<br>|
| Sinopharm Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 11315<br>|
| Topchoice Medical Corp., Class A Shares | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 865<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 196128 |
| Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 29989<br>|
| Genscript Biotech Corp. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 8,596<br> \*<br>|
| Hangzhou Tigermed Consulting Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2441<br>|
| Hangzhou Tigermed Consulting Co. Ltd., Class H Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3529<br> <sup>(a)</sup><br>|
| Pharmaron Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3009<br>|
| Pharmaron Beijing Co. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 4386<br> <sup>(a)</sup><br>|
| Samsung Biologics Co. Ltd. | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 46,899<br> \*<sup>(a)</sup><br>|
| Syngene International Ltd. | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 5219<br> <sup>(a)</sup><br>|
| WuXi AppTec Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 12575<br>|
| WuXi AppTec Co. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 18308<br> <sup>(a)</sup><br>|
| WuXi Biologics Cayman Inc. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 68,472<br> \*<sup>(a)</sup><br>|
| WuXi XDC Cayman Inc. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 15,096<br> \*<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 218519 |
| Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% |
| Ajanta Pharma Ltd. | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 4390<br>|
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 9165<br>|
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 12891<br>|
| Beijing Tong Ren Tang Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2864<br>|
| Caliway Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 24,345<br> \*<br>|
| Celltrion Pharm Inc. | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 2,745<br> \*<br>|
| Changchun High-Tech Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 1824<br>|
| China Medical System Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 10789<br>|
| China Resources Double Crane Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1573<br>|
| China Resources Pharmaceutical Group Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 3709<br> <sup>(a)</sup><br>|
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 1844<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| China Traditional Chinese Medicine Holdings Co. Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; $3763<br>|
| Cipla Ltd. | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 35048<br>|
| CSPC Innovation Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3866<br>|
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 36129<br>|
| Dong-E-E-Jiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1330<br>|
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 2232 | &nbsp;&nbsp; 30762<br>|
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 4853<br>|
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 11480<br>|
| Haisco Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 3000<br>|
| Hanmi Pharm Co. Ltd. | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 6278<br>|
| Hansoh Pharmaceutical Group Co. Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 18539<br> <sup>(a)</sup><br>|
| Humanwell Healthcare Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1775<br>|
| HUTCHMED China Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 6,457<br> \*<br>|
| Ipca Laboratories Ltd. | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 7782<br>|
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 18070<br>|
| Joincare Pharmaceutical Group Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1051<br>|
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 73200 | &nbsp;&nbsp; 4963<br>|
| Laurus Labs Ltd. | &nbsp;&nbsp; 1368 | &nbsp;&nbsp; 12970<br> <sup>(a)</sup><br>|
| Livzon Pharmaceutical Group Inc., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1079<br>|
| Livzon Pharmaceutical Group Inc., Class H Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2670<br>|
| Lupin Ltd. | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 19761<br>|
| Luye Pharma Group Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 2,630<br> \*<sup>(a)</sup><br>|
| Mankind Pharma Ltd. | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 11522<br>|
| Oneness Biotech Co. Ltd. | &nbsp;&nbsp; 1461 | &nbsp;&nbsp; 3,288<br> \*<br>|
| Shanghai Allist Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 2073<br>|
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2512<br>|
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 6627<br>|
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 3387<br>|
| Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 1,382<br> \*<br>|
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 5,266<br> \*<br>|
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3092<br>|
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 37664<br>|
| SK Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 7,805<br> \*<br>|
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 3978 | &nbsp;&nbsp; 71429<br>|
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 16314<br>|
| Yuhan Corp. | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 17317<br>|
| Yunnan Baiyao Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 4777<br>|
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 5522<br>|
| Zhejiang Huahai Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1784<br>|
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 10616<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 522772 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1418075** |
| **Industrials — 8.7%** | **Industrials — 8.7%** | **Industrials — 8.7%** |
| Aerospace & Defense — 0.9% | Aerospace & Defense — 0.9% | Aerospace & Defense — 0.9% |
| AECC Aero-Engine Control Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 1128<br>|
| AECC Aviation Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 4143<br>|
| AviChina Industry & Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 6725<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued |
| Avicopter PLC, Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; $1017<br>|
| Bharat Dynamics Ltd. | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 5852<br>|
| Bharat Electronics Ltd. | &nbsp;&nbsp; 13338 | &nbsp;&nbsp; 60682<br>|
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 99413<br>|
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 11450<br>|
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 37849<br>|
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 19860<br>|
| Kuang-Chi Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 4226<br>|
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 17550<br>|
| Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 8957<br>|
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 36064<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 314916 |
| Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% |
| CJ Logistics Corp. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 1800<br>|
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 16268<br>|
| J&T Global Express Ltd. | &nbsp;&nbsp; 21600 | &nbsp;&nbsp; 27,151<br> \*<br>|
| JD Logistics Inc. | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 12,123<br> \*<sup>(a)(b)</sup><br>|
| SF Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 8488<br>|
| SF Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 5728<br>|
| Sinotrans Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1076<br>|
| Sinotrans Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 3756<br>|
| YTO Express Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3089<br>|
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 28437<br> <sup>(b)</sup><br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 107916 |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Astral Ltd. | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 7110<br>|
| Beijing New Building Materials PLC, Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1992<br>|
| Blue Star Ltd. | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 9957<br>|
| China Lesso Group Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 3763<br>|
| Taiwan Glass Industry Corp. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5,394<br> \*<br>|
| Xinyi Glass Holdings Ltd. | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; 7420<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 35636 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 6848<br>|
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 1098 | &nbsp;&nbsp; 8661<br>|
| KEPCO Plant Service & Engineering Co. Ltd. | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 2853<br>|
| S-1 Corp. | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 4316<br>|
| Taiwan Secom Co. Ltd. | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 3073<br>|
| Zhefu Holding Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1023<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 26774 |
| Construction & Engineering — 0.8% | Construction & Engineering — 0.8% | Construction & Engineering — 0.8% |
| China Communications Services Corp. Ltd., Class H Shares | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 4730<br>|
| China Conch Venture Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 8460<br>|
| China Energy Engineering Corp. Ltd., Class A Shares | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 3449<br>|
| China Energy Engineering Corp. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 1835<br>|
| China National Chemical Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1879<br>|
| China Railway Group Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4638<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued |
| China Railway Group Ltd., Class H Shares | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; $9092<br>|
| China State Construction Engineering Corp. Ltd., Class A Shares | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 8717<br>|
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 7642<br>|
| Gamuda Bhd | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 24441<br>|
| GS Engineering & Construction Corp. | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 3226<br>|
| Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 10469<br>|
| IJM Corp. Bhd | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 8041<br>|
| IRB Infrastructure Developers Ltd. | &nbsp;&nbsp; 7494 | &nbsp;&nbsp; 3477<br>|
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 2514 | &nbsp;&nbsp; 103602<br>|
| Metallurgical Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 2593<br>|
| Metallurgical Corp. of China Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 4180<br>|
| Power Construction Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 3758<br>|
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 2160 | &nbsp;&nbsp; 8258<br>|
| Samsung E&A Co. Ltd. | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 10658<br>|
| Shanghai Construction Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 1242<br>|
| Shanghai Tunnel Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1077<br>|
| Shenzhen SED Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1849<br>|
| Sichuan Road and Bridge Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2043<br>|
| Sinoma International Engineering Co., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 752<br>|
| Sinopec Engineering Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5213<br>|
| Voltas Ltd. | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 12988<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 258309 |
| Electrical Equipment — 1.8% | Electrical Equipment — 1.8% | Electrical Equipment — 1.8% |
| ABB India Ltd. | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 11209<br>|
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 4692 | &nbsp;&nbsp; 12601<br>|
| Bizlink Holding Inc. | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 21967<br>|
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 2406 | &nbsp;&nbsp; 20078<br>|
| China XD Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1707<br>|
| CNGR Advanced Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 1960<br>|
| Contemporary Amperex Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 67682<br>|
| Dongfang Electric Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3248<br>|
| Dongfang Electric Corp. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2562<br>|
| Doosan Enerbility Co. Ltd. | &nbsp;&nbsp; 1644 | &nbsp;&nbsp; 73,468<br> \*<br>|
| Ecopro BM Co. Ltd. | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 14,014<br> \*<br>|
| Ecopro Co. Ltd. | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 12581<br>|
| Ecopro Materials Co. Ltd. | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 3,236<br> \*<br>|
| Eve Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 7661<br>|
| Fangda Carbon New Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 879<br>|
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 10485<br>|
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 15605<br>|
| GEM Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1418<br>|
| Goldwind Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2520<br>|
| Goldwind Science & Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 4319<br>|
| Goneo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 1754<br>|
| Gotion High-tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3930<br>|
| Havells India Ltd. | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 14413<br>|
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 34844<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electrical Equipment — continued | Electrical Equipment — continued | Electrical Equipment — continued |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp; $9731<br>|
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17191<br>|
| Jiangsu Zhongtian Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3185<br>|
| KEI Industries Ltd. | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 10432<br>|
| L&F Co. Ltd. | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 5,084<br> \*<br>|
| LG Energy Solution Ltd. | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 38,637<br> \*<br>|
| LS Corp. | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 7856<br>|
| LS Electric Co. Ltd. | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 10950<br>|
| Ming Yang Smart Energy Group Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1360<br>|
| NARI Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 7731<br>|
| Ningbo Deye Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 2864<br>|
| Ningbo Orient Wires & Cables Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1982<br>|
| Ningbo Sanxing Medical Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 1377<br>|
| Polycab India Ltd. | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 15263<br>|
| POSCO Future M Co. Ltd. | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 12,273<br> \*<br>|
| Qingdao TGOOD Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2286<br>|
| Shanghai Electric Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 4,768<br> \*<br>|
| Shanghai Electric Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 6,293<br> \*<br>|
| Shanghai Moons' Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 2375<br>|
| Shihlin Electric & Engineering Corp. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 5971<br>|
| SK IE Technology Co. Ltd. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 1,927<br> \*<sup>(a)</sup><br>|
| Sungrow Power Supply Co. Ltd., Class A Shares | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 14999<br>|
| Sunwoda Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2844<br>|
| Suzlon Energy Ltd. | &nbsp;&nbsp; 40626 | &nbsp;&nbsp; 25,189<br> \*<br>|
| Tatung Co. Ltd. | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 7247<br>|
| TBEA Co. Ltd., Class A Shares | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 4545<br>|
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 12481<br>|
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 7604<br>|
| Walsin Lihwa Corp. | &nbsp;&nbsp; 11194 | &nbsp;&nbsp; 9531<br>|
| Wolong Electric Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 4891<br>|
| Xuji Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 1489<br>|
| Zhejiang Chint Electrics Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2585<br>|
| Zhejiang Huayou Cobalt Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 5548<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 612630 |
| Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† |
| Hanwha Vision Co. Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 4,769<br> \*<br>|
| Ground Transportation — 0.3% | Ground Transportation — 0.3% | Ground Transportation — 0.3% |
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 8205<br>|
| BTS Group Holdings PCL, NVDR | &nbsp;&nbsp; 33000 | &nbsp;&nbsp; 3,116<br> \*<br>|
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 8773<br>|
| Container Corp. of India Ltd. | &nbsp;&nbsp; 1245 | &nbsp;&nbsp; 7373<br>|
| Daqin Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4958<br>|
| Full Truck Alliance Co. Ltd., ADR | &nbsp;&nbsp; 2976 | &nbsp;&nbsp; 38599<br> <sup>(b)</sup><br>|
| Guangshen Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 844<br>|
| MTR Corp. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 20343<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 92211 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Industrial Conglomerates — 1.3% | Industrial Conglomerates — 1.3% | Industrial Conglomerates — 1.3% |
| 3M India Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; $3979<br>|
| Apar Industries Ltd. | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 5532<br>|
| Astra International Tbk PT | &nbsp;&nbsp; 76200 | &nbsp;&nbsp; 26406<br>|
| Ayala Corp. | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 9457<br>|
| China Baoan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1049<br>|
| CITIC Ltd. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 26420<br>|
| CJ Corp. | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 6278<br>|
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 65871<br>|
| CTF Services Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4329<br>|
| DMCI Holdings Inc. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 2679<br>|
| Doosan Co. Ltd. | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 9254<br>|
| Far Eastern New Century Corp. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 10945<br>|
| Fosun International Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 6374<br>|
| Godrej Industries Ltd. | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 1,949<br> \*<br>|
| GS Holdings Corp. | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 5109<br>|
| GT Capital Holdings Inc. | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 3560<br>|
| Hanwha Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 6150<br>|
| Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 4449<br>|
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 47250<br>|
| JG Summit Holdings Inc. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 4505<br>|
| Keppel Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 37363<br>|
| LG Corp. | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 16319<br>|
| Lotte Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 2105<br>|
| LT Group Inc. | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 1885<br>|
| Samsung C&T Corp. | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 37103<br>|
| Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1758<br>|
| Siemens Ltd. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 11842<br>|
| Sime Darby Bhd | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 8126<br>|
| SK Inc. | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 19757<br>|
| SK Square Co. Ltd. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 48,255<br> \*<br>|
| Sunway Bhd | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 12083<br>|
| Swire Pacific Ltd., Class A Shares | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 12715<br>|
| Swire Pacific Ltd., Class B Shares | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 3753<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 464609 |
| Machinery — 1.6% | Machinery — 1.6% | Machinery — 1.6% |
| AIA Engineering Ltd. | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 3920<br>|
| Airtac International Group | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 13341<br>|
| Ashok Leyland Ltd. | &nbsp;&nbsp; 10608 | &nbsp;&nbsp; 17045<br>|
| China CSSC Holdings Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 5825<br>|
| China International Marine Containers Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 698<br>|
| China International Marine Containers Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3204<br>|
| Cochin Shipyard Ltd. | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 6409<br> <sup>(a)</sup><br>|
| CRRC Corp. Ltd., Class A Shares | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 7546<br>|
| CRRC Corp. Ltd., Class H Shares | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 13881<br>|
| Cummins India Ltd. | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 22554<br>|
| Doosan Bobcat Inc. | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 6883<br>|
| Escorts Kubota Ltd. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 3959<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| FAW Jiefang Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; $590<br>|
| Guangxi Liugong Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 931<br>|
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 5511<br>|
| Han's Laser Technology Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3427<br>|
| Hanwha Ocean Co. Ltd. | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 36,320<br> \*<br>|
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 30833<br>|
| HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 7184<br>|
| HD Hyundai Mipo | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 12183<br>|
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 49213<br>|
| Hiwin Technologies Corp. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 8485<br>|
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 42144<br>|
| Jiangsu Hengli Hydraulic Co. Ltd., Class A Shares | &nbsp;&nbsp; 496 | &nbsp;&nbsp; 6665<br>|
| Keda Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1030<br>|
| Samsung Heavy Industries Co. Ltd. | &nbsp;&nbsp; 2358 | &nbsp;&nbsp; 36,806<br> \*<br>|
| Sany Heavy Equipment International Holdings Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5225<br>|
| Sany Heavy Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 7826<br>|
| Schaeffler India Ltd. | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 7395<br>|
| Seatrium Ltd. | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 14339<br>|
| Shandong Himile Mechanical Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2494<br>|
| Shanghai Mechanical and Electrical Industry Co. Ltd., Class B Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1607<br>|
| Shanghai Zhenhua Heavy Industries Co. Ltd., Class B Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 1154<br>|
| Shenzhen Inovance Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 9408<br>|
| Siasun Robot & Automation Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1,642<br> \*<br>|
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 8853<br>|
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 70372<br>|
| Thermax Ltd. | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 3856<br>|
| Tian Di Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 998<br>|
| Weichai Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 3541<br>|
| Weichai Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 12551<br>|
| XCMG Construction Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 5809<br>|
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 23526<br>|
| Yutong Bus Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2291<br>|
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 4077<br>|
| Zhuzhou CRRC Times Electric Co. Ltd., Class H Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 9902<br>|
| ZMJ Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2092<br>|
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2697<br>|
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5622<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 553864 |
| Marine Transportation — 0.4% | Marine Transportation — 0.4% | Marine Transportation — 0.4% |
| COSCO Shipping Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 7243<br>|
| COSCO Shipping Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 9500 | &nbsp;&nbsp; 14787<br>|
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 4020 | &nbsp;&nbsp; 23610<br>|
| HMM Co. Ltd. | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 15262<br>|
| MISC Bhd | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 12489<br>|
| Orient Overseas International Ltd. | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 9740<br>|
| Pan Ocean Co. Ltd. | &nbsp;&nbsp; 954 | &nbsp;&nbsp; 2625<br>|
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 19253<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Marine Transportation — continued | Marine Transportation — continued | Marine Transportation — continued |
| U-Ming Marine Transport Corp. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; $2810<br>|
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 8776<br>|
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 11477<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 128072 |
| Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% |
| Air China Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3,995<br> \*<br>|
| Air China Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4,488<br> \*<br>|
| Cathay Pacific Airways Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 5383<br>|
| China Airlines Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 8209<br>|
| China Eastern Airlines Corp. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 3,144<br> \*<br>|
| China Eastern Airlines Corp. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 5,136<br> \*<br>|
| China Southern Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3,056<br> \*<br>|
| China Southern Airlines Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 3,208<br> \*<br>|
| Eva Airways Corp. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 15001<br>|
| Hainan Airlines Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 2,728<br> \*<br>|
| InterGlobe Aviation Ltd. | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 44610<br> <sup>(a)</sup><br>|
| Juneyao Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1145<br>|
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 11188<br>|
| Singapore Airlines Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 27310<br>|
| Spring Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2251<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 140852 |
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 28,032<br> \*<sup>(b)</sup><br>|
| L&T Technology Services Ltd. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 4726<br> <sup>(a)</sup><br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 32758 |
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 972 | &nbsp;&nbsp; 27433<br>|
| BOC Aviation Ltd. | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 5367<br> <sup>(a)</sup><br>|
| COSCO Shipping Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 1069<br>|
| COSCO Shipping Development Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 1758<br>|
| Posco International Corp. | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 6009<br>|
| Shanxi Coal International Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 824<br>|
| Xiamen C & D Inc., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 864<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 43324 |
| Transportation Infrastructure — 0.5% | Transportation Infrastructure — 0.5% | Transportation Infrastructure — 0.5% |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 2748 | &nbsp;&nbsp; 43438<br>|
| Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 17247<br>|
| Anhui Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2941<br>|
| Bangkok Expressway & Metro PCL, NVDR | &nbsp;&nbsp; 22200 | &nbsp;&nbsp; 3528<br>|
| Beijing Capital International Airport Co. Ltd., Class H Shares | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 2,858<br> \*<br>|
| China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2460<br>|
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 4380 | &nbsp;&nbsp; 8202<br>|
| COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 2925<br>|
| GMR Airports Ltd. | &nbsp;&nbsp; 9738 | &nbsp;&nbsp; 9,564<br> \*<br>|
| Hutchison Port Holdings Trust | &nbsp;&nbsp; 19800 | &nbsp;&nbsp; 3960<br>|
| International Container Terminal Services Inc. | &nbsp;&nbsp; 4020 | &nbsp;&nbsp; 32574<br>|
| Jasa Marga Persero Tbk PT | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 1128<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Transportation Infrastructure — continued | Transportation Infrastructure — continued | Transportation Infrastructure — continued |
| Jiangsu Expressway Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; $1057<br>|
| Jiangsu Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4637<br>|
| JSW Infrastructure Ltd. | &nbsp;&nbsp; 948 | &nbsp;&nbsp; 3366<br>|
| Liaoning Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 1318<br>|
| Ningbo Zhoushan Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 922<br>|
| SATS Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 9466<br>|
| Shandong Hi-speed Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 725<br>|
| Shanghai International Airport Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 4027<br>|
| Shanghai International Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2294<br>|
| Shenzhen Expressway Corp. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1895<br>|
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6023<br>|
| SIA Engineering Co. Ltd. | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1648<br>|
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5532<br>|
| TangShan Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 962<br>|
| Zhejiang Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5545<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 180242 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **2996882** |
| **Information Technology — 27.3%** | **Information Technology — 27.3%** | **Information Technology — 27.3%** |
| Communications Equipment — 0.4% | Communications Equipment — 0.4% | Communications Equipment — 0.4% |
| Accton Technology Corp. | &nbsp;&nbsp; 1836 | &nbsp;&nbsp; 62951<br>|
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 15940<br>|
| Fiberhome Telecommunication Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 1540<br>|
| Glarun Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2898<br>|
| Guangzhou Haige Communications Group Inc. Co., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1102<br>|
| Hengtong Optic-electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1934<br>|
| Shenzhen Sunway Communication Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 1448<br>|
| Suzhou TFC Optical Communication Co. Ltd., Class A Shares | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 6969<br>|
| VTech Holdings Ltd. | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 4835<br>|
| Yealink Network Technology Corp. Ltd., Class A Shares | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 2180<br>|
| Zhongji Innolight Co. Ltd., Class A Shares | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 21522<br>|
| ZTE Corp., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 7684<br>|
| ZTE Corp., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 10951<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 141954 |
| Electronic Equipment, Instruments & Components — 3.5% | Electronic Equipment, Instruments & Components — 3.5% | Electronic Equipment, Instruments & Components — 3.5% |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 14697<br>|
| AUO Corp. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 10749<br>|
| Avary Holding Shenzhen Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 4720<br>|
| BOE Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 6654<br>|
| BOE Technology Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 1383<br>|
| Chaozhou Three-Circle Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3900<br>|
| China Railway Signal & Communication Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1510<br>|
| China Railway Signal & Communication Corp. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 2691<br> <sup>(a)</sup><br>|
| Chroma ATE Inc. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 28496<br>|
| Delta Electronics Inc. | &nbsp;&nbsp; 7160 | &nbsp;&nbsp; 200625<br>|
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 52825<br>|
| E Ink Holdings Inc. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 23673<br>|
| Elite Material Co. Ltd. | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 41238<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued |
| Eoptolink Technology Inc. Ltd., Class A Shares | &nbsp;&nbsp; 280 | &nbsp;&nbsp; $14369<br>|
| Everdisplay Optronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 1,221<br> \*<br>|
| FIT Hon Teng Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4,920<br> \*<sup>(a)</sup><br>|
| Foxconn Industrial Internet Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 33341<br>|
| Foxconn Technology Co. Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 8073<br>|
| Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 5055<br>|
| GoerTek Inc., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 6314<br>|
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 17147<br>|
| Hengdian Group DMEGC Magnetics Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1725<br>|
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 318919<br>|
| Honeywell Automation India Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3252<br>|
| Huagong Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 3893<br>|
| Innolux Corp. | &nbsp;&nbsp; 26400 | &nbsp;&nbsp; 12473<br>|
| IRICO Display Devices Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 992<br> \*<br>|
| Kaynes Technology India Ltd. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 8,101<br> \*<br>|
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 10658<br>|
| Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 4754<br>|
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 27912<br>|
| Lens Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 8455<br>|
| Leyard Optoelectronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 609<br>|
| LG Display Co. Ltd. | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 11,092<br> \*<br>|
| LG Innotek Co. Ltd. | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 7228<br>|
| Lingyi iTech Guangdong Co., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 5492<br>|
| Lotes Co. Ltd. | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 15208<br>|
| Luxshare Precision Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 21783<br>|
| Maxscend Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 3032<br>|
| Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 5784<br>|
| OFILM Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2,204<br> \*<br>|
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 28134<br>|
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 33021<br>|
| Shengyi Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 2247<br>|
| Shengyi Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 6821<br>|
| Shennan Circuits Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 9119<br>|
| Shenzhen Kaifa Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2346<br>|
| Shenzhen Kinwong Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2650<br>|
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 27901<br>|
| SUPCON Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 1654<br>|
| Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 6019<br>|
| Synnex Technology International Corp. | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 9539<br>|
| TCL Technology Group Corp., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 3265<br>|
| Tianma Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 835<br> \*<br>|
| Unimicron Technology Corp. | &nbsp;&nbsp; 4920 | &nbsp;&nbsp; 24456<br>|
| Unisplendour Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 5081<br>|
| Venture Corp. Ltd. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 10813<br>|
| Victory Giant Technology Huizhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 12017<br>|
| Walsin Technology Corp. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 4114<br>|
| WPG Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 13013<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued |
| Wuhan Guide Infrared Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; $2,079<br> \*<br>|
| WUS Printed Circuit Kunshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 6185<br>|
| Yageo Corp. | &nbsp;&nbsp; 5728 | &nbsp;&nbsp; 31950<br>|
| Zhejiang Crystal-Optech Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2226<br>|
| Zhejiang Dahua Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3392<br>|
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 2440 | &nbsp;&nbsp; 13290<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1219334 |
| IT Services — 1.7% | IT Services — 1.7% | IT Services — 1.7% |
| Beijing Sinnet Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1271<br>|
| Beijing Ultrapower Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1201<br>|
| Coforge Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 21503<br>|
| DHC Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1815<br>|
| GDS Holdings Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 15,454<br> \*<sup>(b)</sup><br>|
| HCL Technologies Ltd. | &nbsp;&nbsp; 3942 | &nbsp;&nbsp; 61495<br>|
| Hexaware Technologies Ltd. | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 3308<br>|
| Hyundai Autoever Corp. | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 2612<br>|
| Infosys Ltd. | &nbsp;&nbsp; 13116 | &nbsp;&nbsp; 212985<br>|
| LG CNS Co. Ltd. | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 6462<br>|
| LTIMindtree Ltd. | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 20214<br> <sup>(a)</sup><br>|
| Mphasis Ltd. | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 12738<br>|
| Persistent Systems Ltd. | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 20857<br>|
| Posco DX Co. Ltd. | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 3053<br>|
| Range Intelligent Computing Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 4491<br>|
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 16852<br>|
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 3816 | &nbsp;&nbsp; 124139<br>|
| Tata Technologies Ltd. | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 4298<br>|
| Tech Mahindra Ltd. | &nbsp;&nbsp; 2328 | &nbsp;&nbsp; 36715<br>|
| Wangsu Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 972<br>|
| Wipro Ltd. | &nbsp;&nbsp; 10440 | &nbsp;&nbsp; 28146<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 600581 |
| Semiconductors & Semiconductor Equipment — 15.3% | Semiconductors & Semiconductor Equipment — 15.3% | Semiconductors & Semiconductor Equipment — 15.3% |
| Advanced Micro-Fabrication Equipment Inc. China, Class A Shares | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 10278<br>|
| Alchip Technologies Ltd. | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 33879<br>|
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 64571<br>|
| ASMedia Technology Inc. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 6798<br>|
| ASMPT Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 12655<br>|
| ASPEED Technology Inc. | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 17563<br>|
| Cambricon Technologies Corp. Ltd., Class A Shares | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 22,308<br> \*<br>|
| China Resources Microelectronics Ltd., Class A Shares | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 3079<br>|
| Daqo New Energy Corp., ADR | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 4,388<br> \*<br>|
| eMemory Technology Inc. | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 17454<br>|
| Flat Glass Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1452<br>|
| Flat Glass Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2920<br>|
| GalaxyCore Inc., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3022<br>|
| GCL Technology Holdings Ltd. | &nbsp;&nbsp; 84000 | &nbsp;&nbsp; 14,143<br> \*<br>|
| GigaDevice Semiconductor Inc., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 5985<br>|
| Global Unichip Corp. | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 13190<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 940 | &nbsp;&nbsp; $14388<br>|
| Hangzhou First Applied Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 1397<br>|
| Hangzhou Silan Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2647<br>|
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 10729<br>|
| Hua Hong Semiconductor Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 20,564<br> \*<sup>(a)</sup><br>|
| Hygon Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 21264<br>|
| JA Solar Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1136 | &nbsp;&nbsp; 2,094<br> \*<br>|
| JCET Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3712<br>|
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 23722<br>|
| Jinko Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 2,808<br> \*<br>|
| King Yuan Electronics Co. Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 21524<br>|
| LONGi Green Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 6,061<br> \*<br>|
| MediaTek Inc. | &nbsp;&nbsp; 5440 | &nbsp;&nbsp; 234714<br>|
| Montage Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 6646<br>|
| Nanya Technology Corp. | &nbsp;&nbsp; 4750 | &nbsp;&nbsp; 11,377<br> \*<br>|
| National Silicon Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 4,344<br> \*<br>|
| NAURA Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 17136<br>|
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 2160 | &nbsp;&nbsp; 30226<br>|
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 12726<br>|
| Parade Technologies Ltd. | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 7294<br>|
| Powerchip Semiconductor Manufacturing Corp. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 10,001<br> \*<br>|
| Powertech Technology Inc. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 11497<br>|
| Premier Energies Ltd. | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 3935<br> <sup>(a)</sup><br>|
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 32482<br>|
| Rockchip Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 3165<br>|
| Sanan Optoelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 3935<br>|
| SG Micro Corp., Class A Shares | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 2957<br>|
| Shanghai Aiko Solar Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1,392<br> \*<br>|
| Shanghai Fudan Microelectronics Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 5851<br>|
| Silergy Corp. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 10666<br>|
| Sino-American Silicon Products Inc. | &nbsp;&nbsp; 2160 | &nbsp;&nbsp; 8221<br>|
| SK Hynix Inc. | &nbsp;&nbsp; 2010 | &nbsp;&nbsp; 497826<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 90154 | &nbsp;&nbsp; 3860193<br>|
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1,524<br> \*<br>|
| Tianshui Huatian Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1983<br> <sup>(c)</sup><br>|
| TongFu Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3382<br>|
| Tongwei Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3,753<br> \*<br>|
| Trina Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 1,901<br> \*<br>|
| Unigroup Guoxin Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 4042<br>|
| United Microelectronics Corp. | &nbsp;&nbsp; 43320 | &nbsp;&nbsp; 64743<br>|
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 3929 | &nbsp;&nbsp; 13149<br>|
| Verisilicon Microelectronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 5,135<br> \*<br>|
| WAAREE Energies Ltd. | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 11,246<br> \*<br>|
| Win Semiconductors Corp. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 4572<br>|
| Winbond Electronics Corp. | &nbsp;&nbsp; 12734 | &nbsp;&nbsp; 14,226<br> \*<br>|
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 16500 | &nbsp;&nbsp; 7295<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; $3831<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 5281961 |
| Software — 0.5% | Software — 0.5% | Software — 0.5% |
| 360 Security Technology Inc., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 3808<br>|
| Beijing Kingsoft Office Software Inc., Class A Shares | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 5684<br>|
| Beijing Shiji Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 900<br>|
| China National Software & Service Co. Ltd., Class A Shares | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 1,815<br> \*<br>|
| Empyrean Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 3544<br>|
| Horizon Robotics | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 35,461<br> \*<br>|
| Hundsun Technologies Inc., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2906<br>|
| Iflytek Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 4718<br>|
| Jiangsu Hoperun Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2,551<br> \*<br>|
| Kingdee International Software Group Co. Ltd. | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 24,770<br> \*<sup>(b)</sup><br>|
| KPIT Technologies Ltd. | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 6824<br>|
| NavInfo Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 804<br> \*<br>|
| Newland Digital Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2488<br>|
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 8518<br>|
| SenseTime Group Inc., Class B Shares | &nbsp;&nbsp; 102000 | &nbsp;&nbsp; 37,888<br> \*<sup>(a)(b)</sup><br>|
| Shanghai Baosight Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 2580<br>|
| Shanghai Baosight Software Co. Ltd., Class B Shares | &nbsp;&nbsp; 2880 | &nbsp;&nbsp; 3243<br>|
| Shanghai Stonehill Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1,985<br> \*<br>|
| Tata Elxsi Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 7418<br>|
| Thunder Software Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 2180<br>|
| Yonyou Network Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2,630<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 162715 |
| Technology Hardware, Storage & Peripherals — 5.9% | Technology Hardware, Storage & Peripherals — 5.9% | Technology Hardware, Storage & Peripherals — 5.9% |
| Acer Inc. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 12186<br>|
| Advantech Co. Ltd. | &nbsp;&nbsp; 1740 | &nbsp;&nbsp; 18212<br>|
| Anker Innovations Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 3416<br>|
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 1224 | &nbsp;&nbsp; 39397<br>|
| Asustek Computer Inc. | &nbsp;&nbsp; 2520 | &nbsp;&nbsp; 55480<br>|
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 2160 | &nbsp;&nbsp; 12934<br>|
| Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 2260 | &nbsp;&nbsp; 10233<br>|
| China Greatwall Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2,852<br> \*<br>|
| Compal Electronics Inc. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 19135<br>|
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 20013<br>|
| GRG Banking Equipment Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1168<br>|
| HTC Corp. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 4,693<br> \*<br>|
| Huaqin Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 4435<br>|
| IEIT Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 6265<br>|
| Inventec Corp. | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 15011<br>|
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 25259<br>|
| Legend Holdings Corp., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 3,532<br> \*<sup>(a)</sup><br>|
| Lenovo Group Ltd. | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 44535<br>|
| Lite-On Technology Corp. | &nbsp;&nbsp; 7400 | &nbsp;&nbsp; 41883<br>|
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 9134<br>|
| Ninestar Corp., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1,976<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued |
| Pegatron Corp. | &nbsp;&nbsp; 7170 | &nbsp;&nbsp; $16656<br>|
| Quanta Computer Inc. | &nbsp;&nbsp; 9820 | &nbsp;&nbsp; 93438<br>|
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 17364 | &nbsp;&nbsp; 1038338<br>|
| Shenzhen Transsion Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 4943<br>|
| Transcend Information Inc. | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 3681<br>|
| Tsinghua Tongfang Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1,365<br> \*<br>|
| Wistron Corp. | &nbsp;&nbsp; 10346 | &nbsp;&nbsp; 47694<br>|
| Wiwynn Corp. | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 39156<br>|
| Xiaomi Corp., Class B Shares | &nbsp;&nbsp; 63600 | &nbsp;&nbsp; 441,417<br> \*<sup>(b)</sup><br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 2038437 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **9444982** |
| **Materials — 4.3%** | **Materials — 4.3%** | **Materials — 4.3%** |
| Chemicals — 1.3% | Chemicals — 1.3% | Chemicals — 1.3% |
| Aarti Industries Ltd. | &nbsp;&nbsp; 798 | &nbsp;&nbsp; 3369<br>|
| Asian Paints Ltd. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 39701<br>|
| Avia Avian Tbk PT | &nbsp;&nbsp; 38600 | &nbsp;&nbsp; 945<br>|
| Barito Pacific Tbk PT | &nbsp;&nbsp; 77400 | &nbsp;&nbsp; 17,417<br> \*<br>|
| Bayer CropScience Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 2601<br>|
| Berger Paints India Ltd. | &nbsp;&nbsp; 912 | &nbsp;&nbsp; 5292<br>|
| Castrol India Ltd. | &nbsp;&nbsp; 1842 | &nbsp;&nbsp; 4142<br>|
| Coromandel International Ltd. | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 11092<br>|
| Deepak Nitrite Ltd. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 5580<br>|
| Eternal Materials Co. Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 4001<br>|
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 11713<br>|
| Formosa Plastics Corp. | &nbsp;&nbsp; 15600 | &nbsp;&nbsp; 19732<br>|
| Ganfeng Lithium Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 5125<br>|
| Ganfeng Lithium Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 9980<br> <sup>(a)</sup><br>|
| Guangzhou Tinci Materials Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 3213<br>|
| Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 6515<br>|
| Hanwha Solutions Corp. | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 7936<br>|
| Hengli Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 4329<br>|
| Hengyi Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1106<br>|
| Hoshine Silicon Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1388<br>|
| Huafon Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1535<br>|
| Hubei Xingfa Chemicals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2371<br>|
| Indorama Ventures PCL, NVDR | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 4562<br>|
| Inner Mongolia Berun Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1069<br>|
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 1761<br>|
| Jiangsu Eastern Shenghong Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2,402<br> \*<br>|
| Kansai Nerolac Paints Ltd. | &nbsp;&nbsp; 798 | &nbsp;&nbsp; 2223<br>|
| KCC Corp. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 4926<br>|
| Kingfa Sci & Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3534<br>|
| Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 4018<br>|
| LB Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1638<br>|
| LG Chem Ltd. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 33287<br>|
| Linde India Ltd. | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 4643<br>|
| Lotte Chemical Corp. | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 3474<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Luxi Chemical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; $1222<br>|
| Meihua Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1786<br>|
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 18340 | &nbsp;&nbsp; 23739<br>|
| Ningbo Shanshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1,339<br> \*<br>|
| Ningxia Baofeng Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 5994<br>|
| Petronas Chemicals Group Bhd | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 10855<br>|
| PI Industries Ltd. | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 12109<br>|
| Pidilite Industries Ltd. | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; 19642<br>|
| PTT Global Chemical PCL, NVDR | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 5994<br>|
| Qinghai Salt Lake Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 5,266<br> \*<br>|
| Rongsheng Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 3050 | &nbsp;&nbsp; 4129<br>|
| Satellite Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3256<br>|
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2240<br>|
| Shanghai Putailai New Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2603<br>|
| Sinoma Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2864<br>|
| Sinopec Shanghai Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 682<br>|
| Sinopec Shanghai Petrochemical Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 2098<br>|
| SKC Co. Ltd. | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 5,188<br> \*<br>|
| Skshu Paint Co. Ltd., Class A Shares | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 1317<br>|
| Solar Industries India Ltd. | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 13508<br>|
| SRF Ltd. | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 17364<br>|
| Supreme Industries Ltd. | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 10550<br>|
| Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 4843<br>|
| Tianqi Lithium Corp., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 4,005<br> \*<br>|
| Tianqi Lithium Corp., Class H Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 2,310<br> \*<br>|
| Tongkun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1264<br>|
| UPL Ltd. | &nbsp;&nbsp; 1884 | &nbsp;&nbsp; 13915<br>|
| Wanhua Chemical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 9341<br>|
| Yunnan Energy New Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 2,621<br> \*<br>|
| Yunnan Yuntianhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2256<br>|
| Zangge Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 3274<br>|
| Zhejiang Juhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3929<br>|
| Zhejiang Longsheng Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1679<br>|
| Zhejiang NHU Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 4012<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 443814 |
| Construction Materials — 0.7% | Construction Materials — 0.7% | Construction Materials — 0.7% |
| ACC Ltd. | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 5919<br>|
| Ambuja Cements Ltd. | &nbsp;&nbsp; 2970 | &nbsp;&nbsp; 19065<br>|
| Anhui Conch Cement Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3909<br>|
| Anhui Conch Cement Co. Ltd., Class H Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 13592<br>|
| Asia Cement Corp. | &nbsp;&nbsp; 8640 | &nbsp;&nbsp; 10815<br>|
| China Jushi Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2919<br>|
| China National Building Material Co. Ltd., Class H Shares | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 9578<br>|
| China Resources Building Materials Technology Holdings Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 2792<br>|
| CSG Holding Co. Ltd., Class B Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 1104<br>|
| Dalmia Bharat Ltd. | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 7074<br>|
| Grasim Industries Ltd. | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 41172<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction Materials — continued | Construction Materials — continued | Construction Materials — continued |
| Huaxin Cement Co. Ltd., Class H Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; $1210<br>|
| Indocement Tunggal Prakarsa Tbk PT | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 1410<br>|
| JK Cement Ltd. | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 9366<br>|
| Semen Indonesia Persero Tbk PT | &nbsp;&nbsp; 13200 | &nbsp;&nbsp; 2249<br>|
| Shree Cement Ltd. | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 11866<br>|
| Siam Cement PCL, NVDR | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 17034<br>|
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 18899<br>|
| UltraTech Cement Ltd. | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 61944<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 241917 |
| Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† |
| SCG Packaging PCL, NVDR | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 2133<br>|
| Metals & Mining — 2.3% | Metals & Mining — 2.3% | Metals & Mining — 2.3% |
| Aluminum Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 4162<br>|
| Aluminum Corp. of China Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 14521<br>|
| Amman Mineral Internasional PT | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 19,509<br> \*<br>|
| Angang Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 667<br> \*<br>|
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 12533<br>|
| Baoshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 6547<br>|
| Chifeng Jilong Gold Mining Co. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 4692<br>|
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 30561<br>|
| China Northern Rare Earth Group High-Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 8132<br>|
| China Rare Earth Resources and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 4,356<br> \*<br>|
| China Steel Corp. | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 26734<br>|
| Citic Pacific Special Steel Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1480 | &nbsp;&nbsp; 2828<br>|
| CMOC Group Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 10573<br>|
| CMOC Group Ltd., Class H Shares | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 30249<br>|
| Guangdong HEC Technology Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3,920<br> \*<br>|
| Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1685<br>|
| Hesteel Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 1283<br>|
| Hindalco Industries Ltd. | &nbsp;&nbsp; 5430 | &nbsp;&nbsp; 46598<br>|
| Hindustan Zinc Ltd. | &nbsp;&nbsp; 1614 | &nbsp;&nbsp; 8770<br>|
| Huaibei Mining Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1038<br>|
| Hunan Valin Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2185<br>|
| Hyundai Steel Co. | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 7840<br>|
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A Shares | &nbsp;&nbsp; 12600 | &nbsp;&nbsp; 4207<br>|
| Inner Mongolia ERDOS Resources Co. Ltd., Class B Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2270<br>|
| Jiangxi Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2988<br>|
| Jiangxi Copper Co. Ltd., Class H Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 15680<br>|
| Jindal Stainless Ltd. | &nbsp;&nbsp; 1116 | &nbsp;&nbsp; 9273<br>|
| Jindal Steel Ltd. | &nbsp;&nbsp; 1386 | &nbsp;&nbsp; 16605<br>|
| Jinduicheng Molybdenum Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2601<br>|
| JSW Steel Ltd. | &nbsp;&nbsp; 3258 | &nbsp;&nbsp; 41930<br>|
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 11816<br>|
| Lloyds Metals & Energy Ltd. | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 5050<br>|
| Maanshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1,010<br> \*<br>|
| Merdeka Copper Gold Tbk PT | &nbsp;&nbsp; 46200 | &nbsp;&nbsp; 5,850<br> \*<br>|
| MMG Ltd. | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 13,881<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Nanjing Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; $1326<br>|
| National Aluminium Co. Ltd. | &nbsp;&nbsp; 3340 | &nbsp;&nbsp; 8045<br>|
| NMDC Ltd. | &nbsp;&nbsp; 12708 | &nbsp;&nbsp; 10928<br>|
| Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 1,034<br> \*<br>|
| POSCO Holdings Inc. | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 54293<br>|
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 12600 | &nbsp;&nbsp; 17694<br>|
| Shandong Gold Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 6622<br>|
| Shandong Gold Mining Co. Ltd., Class H Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 14244<br> <sup>(a)</sup><br>|
| Shandong Nanshan Aluminum Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 2000<br>|
| Shanjin International Gold Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 2883<br>|
| Shanxi Meijin Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 795<br> \*<br>|
| Shanxi Taigang Stainless Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1,010<br> \*<br>|
| Shenghe Resources Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1940<br>|
| Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 960<br>|
| Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 4380<br>|
| Steel Authority of India Ltd. | &nbsp;&nbsp; 5238 | &nbsp;&nbsp; 7934<br>|
| Tata Steel Ltd. | &nbsp;&nbsp; 30888 | &nbsp;&nbsp; 58712<br>|
| Tianshan Aluminum Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2927<br>|
| Tongling Nonferrous Metals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 2707<br>|
| Trimegah Bangun Persada Tbk PT | &nbsp;&nbsp; 31200 | &nbsp;&nbsp; 2228<br>|
| Vale Indonesia Tbk PT | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 2218<br>|
| Vedanta Ltd. | &nbsp;&nbsp; 6042 | &nbsp;&nbsp; 31697<br>|
| Western Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1852<br>|
| Xiamen Tungsten Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2492<br>|
| Yunnan Aluminium Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3468<br>|
| Yunnan Chihong Zinc&Germanium Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1083<br>|
| Yunnan Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1472<br>|
| Yunnan Tin Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1948<br>|
| Zhaojin Mining Industry Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 24107<br>|
| Zhongjin Gold Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 5538<br>|
| Zijin Mining Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 24783<br>|
| Zijin Mining Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 22000 | &nbsp;&nbsp; 92180<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 778044 |
| Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† |
| Indah Kiat Pulp & Paper Tbk PT | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 4499<br>|
| Lee & Man Paper Manufacturing Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 2182<br>|
| Nine Dragons Paper Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4,234<br> \*<br>|
| Shandong Sun Paper Industry JSC Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1203<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 12118 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1478026** |
| **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** |
| Diversified REITs — 0.2% | Diversified REITs — 0.2% | Diversified REITs — 0.2% |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 21136 | &nbsp;&nbsp; 37544<br>|
| Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 9317<br>|
| Suntec Real Estate Investment Trust | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 7149<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 54010 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotel & Resort REITs — 0.0%†† | Hotel & Resort REITs — 0.0%†† | Hotel & Resort REITs — 0.0%†† |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; $6925<br>|
| Industrial REITs — 0.2% | Industrial REITs — 0.2% | Industrial REITs — 0.2% |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 29865<br>|
| Frasers Logistics & Commercial Trust | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 7958<br>|
| Mapletree Industrial Trust | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 12887<br>|
| Mapletree Logistics Trust | &nbsp;&nbsp; 12600 | &nbsp;&nbsp; 12217<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 62927 |
| Office REITs — 0.1% | Office REITs — 0.1% | Office REITs — 0.1% |
| Champion REIT | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 1650<br>|
| Embassy Office Parks REIT | &nbsp;&nbsp; 3258 | &nbsp;&nbsp; 15482<br>|
| Keppel REIT | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 7051<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 24183 |
| Real Estate Management & Development — 1.7% | Real Estate Management & Development — 1.7% | Real Estate Management & Development — 1.7% |
| Ayala Land Inc. | &nbsp;&nbsp; 25200 | &nbsp;&nbsp; 10543<br>|
| Bumi Serpong Damai Tbk PT | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 725<br> \*<br>|
| C&D International Investment Group Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 4599<br>|
| CapitaLand Investment Ltd. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 17527<br>|
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 15553<br>|
| China Jinmao Holdings Group Ltd. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 4781<br>|
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 3425<br>|
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 27685<br>|
| China Resources Land Ltd. | &nbsp;&nbsp; 10900 | &nbsp;&nbsp; 42561<br>|
| China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 12752<br> <sup>(a)</sup><br>|
| China Vanke Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2,900<br> \*<br>|
| China Vanke Co. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 6,443<br> \*<br>|
| City Developments Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 6441<br>|
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 31997<br>|
| Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 6797<br>|
| DLF Ltd. | &nbsp;&nbsp; 2364 | &nbsp;&nbsp; 18984<br>|
| Gemdale Corp., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 731<br> \*<br>|
| Godrej Properties Ltd. | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 11,442<br> \*<br>|
| Greenland Holdings Corp. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 774<br> \*<br>|
| Greentown China Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3663<br>|
| Hainan Airport Infrastructure Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 1751<br>|
| Hang Lung Group Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 5653<br>|
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 7854<br>|
| Hangzhou Binjiang Real Estate Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2113<br>|
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 17634<br>|
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 22788<br>|
| Hopson Development Holdings Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 1,862<br> \*<br>|
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 4087<br>|
| KE Holdings Inc., ADR | &nbsp;&nbsp; 2418 | &nbsp;&nbsp; 45942<br> <sup>(b)</sup><br>|
| Kerry Properties Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 5357<br>|
| Land & Houses PCL, NVDR | &nbsp;&nbsp; 25800 | &nbsp;&nbsp; 3439<br>|
| Lodha Developers Ltd. | &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 13355<br> <sup>(a)</sup><br>|
| Longfor Group Holdings Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 13742<br> <sup>(a)(b)</sup><br>|
| Megaworld Corp. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 821<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Real Estate Management & Development — continued | Real Estate Management & Development — continued | Real Estate Management & Development — continued |
| New World Development Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; $6,031<br> \*<br>|
| Oberoi Realty Ltd. | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 7591<br>|
| Phoenix Mills Ltd. | &nbsp;&nbsp; 696 | &nbsp;&nbsp; 12193<br>|
| Poly Developments and Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3970<br>|
| Poly Property Services Co. Ltd., Class H Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2685<br>|
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 9899<br>|
| Ruentex Development Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5827<br>|
| Seazen Group Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 3,948<br> \*<br>|
| Seazen Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1,368<br> \*<br>|
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 918<br>|
| Shanghai Lingang Holdings Corp. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 968<br>|
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 727<br>|
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 2122<br>|
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 4626<br>|
| Shenzhen Overseas Chinese Town Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 892<br> \*<br>|
| Sino Land Co. Ltd. | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 16838<br>|
| SM Prime Holdings Inc. | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 14350<br>|
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 5190 | &nbsp;&nbsp; 62170<br>|
| Swire Properties Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 10244<br>|
| UOL Group Ltd. | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 10904<br>|
| Wharf Holdings Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 10300<br>|
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 17737<br>|
| Yango Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Youngor Fashion Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1248<br>|
| Yuexiu Property Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4018<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 588295 |
| Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% |
| Link REIT | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 49355<br>|
| Specialized REITs — 0.0%†† | Specialized REITs — 0.0%†† | Specialized REITs — 0.0%†† |
| Keppel DC REIT | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 12236<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **797931** |
| **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% |
| Adani Energy Solutions Ltd. | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; 10,669<br> \*<br>|
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 16419<br>|
| CLP Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 49702<br>|
| Korea Electric Power Corp. | &nbsp;&nbsp; 948 | &nbsp;&nbsp; 24358<br>|
| Manila Electric Co. | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 8196<br>|
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 31669<br>|
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 16890 | &nbsp;&nbsp; 53311<br>|
| SJVN Ltd. | &nbsp;&nbsp; 2814 | &nbsp;&nbsp; 2863<br>|
| Tata Power Co. Ltd. | &nbsp;&nbsp; 6294 | &nbsp;&nbsp; 27550<br>|
| Tenaga Nasional Bhd | &nbsp;&nbsp; 16800 | &nbsp;&nbsp; 52773<br>|
| Torrent Power Ltd. | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 9637<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 287147 |
| Gas Utilities — 0.5% | Gas Utilities — 0.5% | Gas Utilities — 0.5% |
| Adani Total Gas Ltd. | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 5958<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Gas Utilities — continued | Gas Utilities — continued | Gas Utilities — continued |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; $8550<br>|
| China Gas Holdings Ltd. | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 9402<br>|
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 9180<br>|
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 24812<br>|
| ENN Natural Gas Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3027<br>|
| GAIL India Ltd. | &nbsp;&nbsp; 10074 | &nbsp;&nbsp; 20002<br>|
| Gujarat Gas Ltd. | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 3164<br>|
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 36492<br>|
| Indraprastha Gas Ltd. | &nbsp;&nbsp; 2724 | &nbsp;&nbsp; 6398<br>|
| Korea Gas Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 2842<br>|
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 12524<br>|
| Perusahaan Gas Negara Tbk PT | &nbsp;&nbsp; 30600 | &nbsp;&nbsp; 3103<br>|
| Petronas Gas Bhd | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 15825<br>|
| Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 161279 |
| Independent Power and Renewable Electricity Producers — 0.9% | Independent Power and Renewable Electricity Producers — 0.9% | Independent Power and Renewable Electricity Producers — 0.9% |
| ACEN Corp. | &nbsp;&nbsp; 35400 | &nbsp;&nbsp; 1429<br>|
| Adani Green Energy Ltd. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 11,565<br> \*<br>|
| Adani Power Ltd. | &nbsp;&nbsp; 19500 | &nbsp;&nbsp; 31,768<br> \*<br>|
| An Hui Wenergy Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 598<br>|
| CECEP Solar Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 764<br>|
| CECEP Wind-Power Corp., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 806<br>|
| CGN Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 3047<br>|
| CGN Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 13372<br> <sup>(a)</sup><br>|
| China Longyuan Power Group Corp. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 12817<br>|
| China National Nuclear Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 7332<br>|
| China Power International Development Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 4982<br>|
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 16509<br>|
| China Three Gorges Renewables Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 5009<br>|
| China Yangtze Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 25234<br>|
| Datang International Power Generation Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 1141<br>|
| Datang International Power Generation Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 3455<br>|
| Electricity Generating PCL, NVDR | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2120<br>|
| Fujian Funeng Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1655<br>|
| GD Power Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 3354<br>|
| Global Power Synergy PCL, NVDR | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2870<br>|
| Guangdong Electric Power Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 842<br>|
| Gulf Development PCL, NVDR | &nbsp;&nbsp; 16219 | &nbsp;&nbsp; 21,772<br> \*<br>|
| Huadian Power International Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 1714<br>|
| Huadian Power International Corp. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 3231<br>|
| Huaneng Lancang River Hydropower Inc., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2386<br>|
| Huaneng Power International Inc., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2972<br>|
| Huaneng Power International Inc., Class H Shares | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 11146<br>|
| Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1033<br>|
| JSW Energy Ltd. | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 11659<br>|
| NHPC Ltd. | &nbsp;&nbsp; 11610 | &nbsp;&nbsp; 11287<br>|
| NLC India Ltd. | &nbsp;&nbsp; 1278 | &nbsp;&nbsp; 4107<br>|
| NTPC Green Energy Ltd. | &nbsp;&nbsp; 3510 | &nbsp;&nbsp; 3,843<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued |
| NTPC Ltd. | NTPC Ltd. | &nbsp;&nbsp; 17712 | &nbsp;&nbsp; $67914<br>|
| Ratch Group PCL, NVDR | Ratch Group PCL, NVDR | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2384<br>|
| SDIC Power Holdings Co. Ltd., Class A Shares | SDIC Power Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 4398<br>|
| Shaanxi Energy Investment Co. Ltd., Class A Shares | Shaanxi Energy Investment Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 753<br>|
| Shanghai Electric Power Co. Ltd., Class A Shares | Shanghai Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 3563<br>|
| Shenergy Co. Ltd., Class A Shares | Shenergy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1317<br>|
| Shenzhen Energy Group Co. Ltd., Class A Shares | Shenzhen Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1118<br>|
| Sichuan Chuantou Energy Co. Ltd., Class A Shares | Sichuan Chuantou Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 3606<br>|
| Wintime Energy Group Co. Ltd., Class A Shares | Wintime Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 1372<br>|
| Zhejiang Zheneng Electric Power Co. Ltd., Class A Shares | Zhejiang Zheneng Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 1667<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 313911 |
| Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% |
| Sembcorp Industries Ltd. | Sembcorp Industries Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 14009<br>|
| YTL Corp. Bhd | YTL Corp. Bhd | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 9116<br>|
| YTL Power International Bhd | YTL Power International Bhd | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 9603<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 32728 |
| Water Utilities — 0.1% | Water Utilities — 0.1% | Water Utilities — 0.1% | Water Utilities — 0.1% |
| Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A Shares | Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 1071<br>|
| Beijing Enterprises Water Group Ltd. | Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 3686<br>|
| Chengdu Xingrong Environment Co. Ltd., Class A Shares | Chengdu Xingrong Environment Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1121<br>|
| Guangdong Investment Ltd. | Guangdong Investment Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 10905<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 16783 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **811848** |
| **Total Common Stocks (Cost — $24,797,806)** | **Total Common Stocks (Cost — $24,797,806)** | **Total Common Stocks (Cost — $24,797,806)** | &nbsp;&nbsp; **34583340**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** |
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% |
| Hyundai Motor Co.  | &nbsp;&nbsp; 1.533% | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 9765<br> <sup>(f)</sup><br>|
| Hyundai Motor Co., Series 2  | &nbsp;&nbsp; 1.502% | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 14240<br> <sup>(f)</sup><br>|
| TVS Motor Co. Ltd.  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3480 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 24005 |
| Household Durables — 0.0%†† | Household Durables — 0.0%†† | Household Durables — 0.0%†† | Household Durables — 0.0%†† |
| LG Electronics Inc.  | &nbsp;&nbsp; 1.366% | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 1722<br> <sup>(f)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **25727** |
| **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** |
| Personal Care Products — 0.0%†† | Personal Care Products — 0.0%†† | Personal Care Products — 0.0%†† | Personal Care Products — 0.0%†† |
| Amorepacific Corp.  | &nbsp;&nbsp; 2.746% | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 1232<br> <sup>(f)</sup><br>|
| LG H&H Co. Ltd.  | &nbsp;&nbsp; 0.870% | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 983<br> <sup>(f)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2215** |
| **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** |
| Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† |
| Samsung Fire & Marine Insurance Co. Ltd.  | &nbsp;&nbsp; 5.565% | &nbsp;&nbsp; 12 | &nbsp;&nbsp; **2921**<br> <sup>(f)</sup><br>|
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Industrial Conglomerates — 0.0%†† | Industrial Conglomerates — 0.0%†† | Industrial Conglomerates — 0.0%†† | Industrial Conglomerates — 0.0%†† |
| Hanwha Corp.  | &nbsp;&nbsp; 2.310% | &nbsp;&nbsp; 78 | &nbsp;&nbsp; **2046**<br> <sup>(f)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate |  | Shares | Value |
| **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** |
| Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% |
| Samsung Electronics Co. Ltd.  | &nbsp;&nbsp; 0.553% |  | &nbsp;&nbsp; 3006 | &nbsp;&nbsp; **$142260**<br> <sup>(f)</sup><br>|
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† |
| LG Chem Ltd.  | &nbsp;&nbsp; 0.759% |  | &nbsp;&nbsp; 30 | &nbsp;&nbsp; **2957**<br> <sup>(f)</sup><br>|
| **Total Preferred Stocks (Cost — $139,958)** | **Total Preferred Stocks (Cost — $139,958)** | **Total Preferred Stocks (Cost — $139,958)** | **Total Preferred Stocks (Cost — $139,958)** | &nbsp;&nbsp; **178126** |
|  |  | Expiration <br>Date <br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** |
| Multi-Utilities — 0.0%†† | Multi-Utilities — 0.0%†† | Multi-Utilities — 0.0%†† | Multi-Utilities — 0.0%†† | Multi-Utilities — 0.0%†† |
| YTL Corp. Bhd (Cost — $0) |  | &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; 3720<br>| &nbsp;&nbsp; **1,132**<br> \*<sup>(c)(d)</sup><br>|
|  |  |  | Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| Specialized REITs — 0.0%†† | Specialized REITs — 0.0%†† | Specialized REITs — 0.0%†† | Specialized REITs — 0.0%†† | Specialized REITs — 0.0%†† |
| Keppel DC REIT |  | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 528 | &nbsp;&nbsp; **61**<br> \*<sup>(c)</sup><br>|
| **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** |
| Multi-Utilities — 0.0%†† | Multi-Utilities — 0.0%†† | Multi-Utilities — 0.0%†† | Multi-Utilities — 0.0%†† | Multi-Utilities — 0.0%†† |
| YTL Power International Bhd |  | &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; **803**<br> \*<sup>(c)(d)</sup><br>|
| **Total Rights (Cost — $0)** | **Total Rights (Cost — $0)** | **Total Rights (Cost — $0)** | **Total Rights (Cost — $0)** | &nbsp;&nbsp; **864** |
| **Total Investments before Short-Term Investments (Cost — $24,937,764)** | **Total Investments before Short-Term Investments (Cost — $24,937,764)** | **Total Investments before Short-Term Investments (Cost — $24,937,764)** | **Total Investments before Short-Term Investments (Cost — $24,937,764)** | &nbsp;&nbsp; **34763462** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $52,179)  | &nbsp;&nbsp; 4.032% |  | &nbsp;&nbsp; 52179<br>| &nbsp;&nbsp; **52179**<br> <sup>(g)(h)(i)</sup><br>|
| **Total Investments — 100.6% (Cost — $24,989,943)** | **Total Investments — 100.6% (Cost — $24,989,943)** | **Total Investments — 100.6% (Cost — $24,989,943)** | **Total Investments — 100.6% (Cost — $24,989,943)** | &nbsp;&nbsp; **34815641** |
| Liabilities in Excess of Other Assets — (0.6)% | Liabilities in Excess of Other Assets — (0.6)% | Liabilities in Excess of Other Assets — (0.6)% | Liabilities in Excess of Other Assets — (0.6)% | &nbsp;&nbsp; (215507)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$34600134** |

---

&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> | Variable interest entity (VIE). See Note 8 regarding investments made through a VIE structure. At September 30, 2025, the value of these securities was <br> $6,183,123, representing 17.9% of net assets.<br>|
| <sup>(c)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(d)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(e)</sup> | Value is less than $1. |
| <sup>(f)</sup> | The rate shown represents the yield as of September 30, 2025. |
| <sup>(g)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(h)</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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $52,179 and the cost was $52,179 (Note 6).<br>|
| <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 Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |
| JSC |  | Joint Stock Company |
| NVDR |  | Non-Voting Depositary Receipt |
| REIT |  | Real Estate Investment Trust |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Australia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **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% |
| Telstra Group Ltd. | &nbsp;&nbsp; 205898 | &nbsp;&nbsp; $657732<br>|
| TPG Telecom Ltd. | &nbsp;&nbsp; 20335 | &nbsp;&nbsp; 67654<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 725386 |
| Interactive Media & Services — 1.5% | Interactive Media & Services — 1.5% | Interactive Media & Services — 1.5% |
| CAR Group Ltd. | &nbsp;&nbsp; 18522 | &nbsp;&nbsp; 451491<br>|
| REA Group Ltd. | &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 375181<br>|
| SEEK Ltd. | &nbsp;&nbsp; 17591 | &nbsp;&nbsp; 332382<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 1159054 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1884440** |
| **Consumer Discretionary — 7.5%** | **Consumer Discretionary — 7.5%** | **Consumer Discretionary — 7.5%** |
| Broadline Retail — 4.6% | Broadline Retail — 4.6% | Broadline Retail — 4.6% |
| Harvey Norman Holdings Ltd. | &nbsp;&nbsp; 26607 | &nbsp;&nbsp; 130137<br>|
| Wesfarmers Ltd. | &nbsp;&nbsp; 58212 | &nbsp;&nbsp; 3550131<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 3680268 |
| Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 28616 | &nbsp;&nbsp; 1327188<br>|
| Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp; 3381 | &nbsp;&nbsp; 30206<br>|
| Flight Centre Travel Group Ltd. | &nbsp;&nbsp; 9114 | &nbsp;&nbsp; 69886<br>|
| Lottery Corp. Ltd. | &nbsp;&nbsp; 113435 | &nbsp;&nbsp; 442053<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1869333 |
| Specialty Retail — 0.5% | Specialty Retail — 0.5% | Specialty Retail — 0.5% |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 5586 | &nbsp;&nbsp; 429446<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **5979047** |
| **Consumer Staples — 3.6%** | **Consumer Staples — 3.6%** | **Consumer Staples — 3.6%** |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 40915 | &nbsp;&nbsp; 191713<br>|
| Consumer Staples Distribution & Retail — 3.1% | Consumer Staples Distribution & Retail — 3.1% | Consumer Staples Distribution & Retail — 3.1% |
| Coles Group Ltd. | &nbsp;&nbsp; 68894 | &nbsp;&nbsp; 1063410<br>|
| Endeavour Group Ltd. | &nbsp;&nbsp; 73843 | &nbsp;&nbsp; 177650<br>|
| Metcash Ltd. | &nbsp;&nbsp; 55419 | &nbsp;&nbsp; 139570<br>|
| Woolworths Group Ltd. | &nbsp;&nbsp; 62769 | &nbsp;&nbsp; 1110724<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 2491354 |
| Food Products — 0.3% | Food Products — 0.3% | Food Products — 0.3% |
| a2 Milk Co. Ltd. | &nbsp;&nbsp; 35868 | &nbsp;&nbsp; 205148<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2888215** |
| **Energy — 3.6%** | **Energy — 3.6%** | **Energy — 3.6%** |
| Oil, Gas & Consumable Fuels — 3.6% | Oil, Gas & Consumable Fuels — 3.6% | Oil, Gas & Consumable Fuels — 3.6% |
| Ampol Ltd. | &nbsp;&nbsp; 12250 | &nbsp;&nbsp; 242830<br>|
| Beach Energy Ltd. | &nbsp;&nbsp; 75901 | &nbsp;&nbsp; 57597<br>|
| New Hope Corp. Ltd. | &nbsp;&nbsp; 23618 | &nbsp;&nbsp; 61359<br>|
| Santos Ltd. | &nbsp;&nbsp; 167384 | &nbsp;&nbsp; 746584<br>|
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 38857 | &nbsp;&nbsp; 169709<br>|
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 97755 | &nbsp;&nbsp; 1492047<br>|
| Yancoal Australia Ltd. | &nbsp;&nbsp; 17003 | &nbsp;&nbsp; 59724<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2829850** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Australia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Financials — 37.8%** | **Financials — 37.8%** | **Financials — 37.8%** |
| Banks — 28.5% | Banks — 28.5% | Banks — 28.5% |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 153615 | &nbsp;&nbsp; $3381054<br>|
| Bank of Queensland Ltd. | &nbsp;&nbsp; 33467 | &nbsp;&nbsp; 160807<br>|
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 29253 | &nbsp;&nbsp; 253393<br>|
| Commonwealth Bank of Australia | &nbsp;&nbsp; 86240 | &nbsp;&nbsp; 9539260<br>|
| National Australia Bank Ltd. | &nbsp;&nbsp; 157780 | &nbsp;&nbsp; 4616707<br>|
| Westpac Banking Corp. | &nbsp;&nbsp; 176449 | &nbsp;&nbsp; 4557212<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 22508433 |
| Capital Markets — 4.5% | Capital Markets — 4.5% | Capital Markets — 4.5% |
| ASX Ltd. | &nbsp;&nbsp; 9996 | &nbsp;&nbsp; 388150<br>|
| GQG Partners Inc., CDI | &nbsp;&nbsp; 40229 | &nbsp;&nbsp; 44792<br>|
| HUB24 Ltd. | &nbsp;&nbsp; 3969 | &nbsp;&nbsp; 265045<br>|
| Insignia Financial Ltd. | &nbsp;&nbsp; 26607 | &nbsp;&nbsp; 78,999<br> \*<br>|
| Macquarie Group Ltd. | &nbsp;&nbsp; 17640 | &nbsp;&nbsp; 2564167<br>|
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 8428 | &nbsp;&nbsp; 53678<br>|
| Netwealth Group Ltd. | &nbsp;&nbsp; 6174 | &nbsp;&nbsp; 120258<br>|
| Perpetual Ltd. | &nbsp;&nbsp; 5831 | &nbsp;&nbsp; 72382<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 3587471 |
| Financial Services — 0.9% | Financial Services — 0.9% | Financial Services — 0.9% |
| AMP Ltd. | &nbsp;&nbsp; 129311 | &nbsp;&nbsp; 142263<br>|
| Challenger Ltd. | &nbsp;&nbsp; 25970 | &nbsp;&nbsp; 149053<br>|
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 15533 | &nbsp;&nbsp; 396235<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 687551 |
| Insurance — 3.9% | Insurance — 3.9% | Insurance — 3.9% |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 116620 | &nbsp;&nbsp; 633777<br>|
| Medibank Private Ltd. | &nbsp;&nbsp; 142002 | &nbsp;&nbsp; 453619<br>|
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 78008 | &nbsp;&nbsp; 1064499<br>|
| Steadfast Group Ltd. | &nbsp;&nbsp; 54047 | &nbsp;&nbsp; 212410<br>|
| Suncorp Group Ltd. | &nbsp;&nbsp; 55860 | &nbsp;&nbsp; 750050<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 3114355 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **29897810** |
| **Health Care — 7.2%** | **Health Care — 7.2%** | **Health Care — 7.2%** |
| Biotechnology — 4.3% | Biotechnology — 4.3% | Biotechnology — 4.3% |
| CSL Ltd. | &nbsp;&nbsp; 24941 | &nbsp;&nbsp; 3276175<br>|
| Telix Pharmaceuticals Ltd. | &nbsp;&nbsp; 13867 | &nbsp;&nbsp; 133,903<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 3410078 |
| Health Care Equipment & Supplies — 1.0% | Health Care Equipment & Supplies — 1.0% | Health Care Equipment & Supplies — 1.0% |
| Ansell Ltd. | &nbsp;&nbsp; 7399 | &nbsp;&nbsp; 156231<br>|
| Cochlear Ltd. | &nbsp;&nbsp; 3381 | &nbsp;&nbsp; 625732<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 781963 |
| Health Care Providers & Services — 1.2% | Health Care Providers & Services — 1.2% | Health Care Providers & Services — 1.2% |
| Ramsay Health Care Ltd. | &nbsp;&nbsp; 9506 | &nbsp;&nbsp; 199902<br>|
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 221627 | &nbsp;&nbsp; 436243<br>|
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 24157 | &nbsp;&nbsp; 343256<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 979401 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Australia 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% |
| Pro Medicus Ltd. | &nbsp;&nbsp; 2744 | &nbsp;&nbsp; $560652<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5732094** |
| **Industrials — 7.0%** | **Industrials — 7.0%** | **Industrials — 7.0%** |
| Commercial Services & Supplies — 1.9% | Commercial Services & Supplies — 1.9% | Commercial Services & Supplies — 1.9% |
| Brambles Ltd. | &nbsp;&nbsp; 70560 | &nbsp;&nbsp; 1159738<br>|
| Cleanaway Waste Management Ltd. | &nbsp;&nbsp; 115248 | &nbsp;&nbsp; 211574<br>|
| Downer EDI Ltd. | &nbsp;&nbsp; 34496 | &nbsp;&nbsp; 168495<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 1539807 |
| Construction & Engineering — 0.3% | Construction & Engineering — 0.3% | Construction & Engineering — 0.3% |
| Worley Ltd. | &nbsp;&nbsp; 24941 | &nbsp;&nbsp; 232242<br>|
| Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 89964 | &nbsp;&nbsp; 190199<br>|
| Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% |
| Qantas Airways Ltd. | &nbsp;&nbsp; 38318 | &nbsp;&nbsp; 277316<br>|
| Professional Services — 1.3% | Professional Services — 1.3% | Professional Services — 1.3% |
| ALS Ltd. | &nbsp;&nbsp; 25676 | &nbsp;&nbsp; 338974<br>|
| Computershare Ltd. | &nbsp;&nbsp; 27195 | &nbsp;&nbsp; 654072<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 993046 |
| Trading Companies & Distributors — 0.5% | Trading Companies & Distributors — 0.5% | Trading Companies & Distributors — 0.5% |
| Reece Ltd. | &nbsp;&nbsp; 12201 | &nbsp;&nbsp; 91293<br>|
| SGH Ltd. | &nbsp;&nbsp; 9898 | &nbsp;&nbsp; 327536<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 418829 |
| Transportation Infrastructure — 2.4% | Transportation Infrastructure — 2.4% | Transportation Infrastructure — 2.4% |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 52528 | &nbsp;&nbsp; 170931<br>|
| Qube Holdings Ltd. | &nbsp;&nbsp; 86289 | &nbsp;&nbsp; 235043<br>|
| Transurban Group | &nbsp;&nbsp; 159887 | &nbsp;&nbsp; 1462318<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 1868292 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **5519731** |
| **Information Technology — 2.7%** | **Information Technology — 2.7%** | **Information Technology — 2.7%** |
| IT Services — 0.5% | IT Services — 0.5% | IT Services — 0.5% |
| NEXTDC Ltd. | &nbsp;&nbsp; 32879 | &nbsp;&nbsp; 368,696<br> \*<br>|
| Software — 2.2% | Software — 2.2% | Software — 2.2% |
| Technology One Ltd. | &nbsp;&nbsp; 15141 | &nbsp;&nbsp; 385934<br>|
| WiseTech Global Ltd. | &nbsp;&nbsp; 9604 | &nbsp;&nbsp; 574446<br>|
| Xero Ltd. | &nbsp;&nbsp; 7938 | &nbsp;&nbsp; 828,593<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 1788973 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2157669** |
| **Materials — 18.8%** | **Materials — 18.8%** | **Materials — 18.8%** |
| Chemicals — 0.7% | Chemicals — 0.7% | Chemicals — 0.7% |
| Dyno Nobel Ltd. | &nbsp;&nbsp; 86534 | &nbsp;&nbsp; 177786<br>|
| Orica Ltd. | &nbsp;&nbsp; 24598 | &nbsp;&nbsp; 344631<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 522417 |
| Construction Materials — 0.7% | Construction Materials — 0.7% | Construction Materials — 0.7% |
| James Hardie Industries PLC, CDI | &nbsp;&nbsp; 29057 | &nbsp;&nbsp; 540,751<br> \*<br>|
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Orora Ltd. | &nbsp;&nbsp; 60809 | &nbsp;&nbsp; 83826<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Australia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — 17.3% | Metals & Mining — 17.3% | Metals & Mining — 17.3% |
| BHP Group Ltd. | &nbsp;&nbsp; 252987 | &nbsp;&nbsp; $7130881<br>|
| BlueScope Steel Ltd. | &nbsp;&nbsp; 21462 | &nbsp;&nbsp; 322741<br>|
| Deterra Royalties Ltd. | &nbsp;&nbsp; 21903 | &nbsp;&nbsp; 57775<br>|
| Evolution Mining Ltd. | &nbsp;&nbsp; 102165 | &nbsp;&nbsp; 733298<br>|
| Fortescue Ltd. | &nbsp;&nbsp; 81732 | &nbsp;&nbsp; 1011856<br>|
| IGO Ltd. | &nbsp;&nbsp; 34643 | &nbsp;&nbsp; 118,931<br> \*<br>|
| Iluka Resources Ltd. | &nbsp;&nbsp; 21854 | &nbsp;&nbsp; 91682<br>|
| Lynas Rare Earths Ltd. | &nbsp;&nbsp; 49686 | &nbsp;&nbsp; 553,543<br> \*<br>|
| Mineral Resources Ltd. | &nbsp;&nbsp; 8624 | &nbsp;&nbsp; 235,138<br> \*<br>|
| Northern Star Resources Ltd. | &nbsp;&nbsp; 73794 | &nbsp;&nbsp; 1160562<br>|
| Pilbara Minerals Ltd. | &nbsp;&nbsp; 146020 | &nbsp;&nbsp; 243,872<br> \*<br>|
| Rio Tinto Ltd. | &nbsp;&nbsp; 19061 | &nbsp;&nbsp; 1541565<br>|
| Sims Ltd. | &nbsp;&nbsp; 8232 | &nbsp;&nbsp; 72944<br>|
| South32 Ltd. | &nbsp;&nbsp; 231427 | &nbsp;&nbsp; 420256<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 13695044 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **14842038** |
| **Real Estate — 6.7%** | **Real Estate — 6.7%** | **Real Estate — 6.7%** |
| Diversified REITs — 1.9% | Diversified REITs — 1.9% | Diversified REITs — 1.9% |
| Charter Hall Group | &nbsp;&nbsp; 24206 | &nbsp;&nbsp; 364967<br>|
| GPT Group | &nbsp;&nbsp; 98980 | &nbsp;&nbsp; 352266<br>|
| Mirvac Group | &nbsp;&nbsp; 202958 | &nbsp;&nbsp; 305339<br>|
| Stockland | &nbsp;&nbsp; 120540 | &nbsp;&nbsp; 488914<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 1511486 |
| Industrial REITs — 2.8% | Industrial REITs — 2.8% | Industrial REITs — 2.8% |
| Goodman Group | &nbsp;&nbsp; 102312 | &nbsp;&nbsp; 2222722<br>|
| Office REITs — 0.3% | Office REITs — 0.3% | Office REITs — 0.3% |
| Dexus | &nbsp;&nbsp; 54341 | &nbsp;&nbsp; 258584<br>|
| Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% |
| Lendlease Corp. Ltd. | &nbsp;&nbsp; 35182 | &nbsp;&nbsp; 128243<br>|
| Retail REITs — 1.5% | Retail REITs — 1.5% | Retail REITs — 1.5% |
| Region Group | &nbsp;&nbsp; 59486 | &nbsp;&nbsp; 94224<br>|
| Scentre Group | &nbsp;&nbsp; 268569 | &nbsp;&nbsp; 726216<br>|
| Vicinity Ltd. | &nbsp;&nbsp; 197862 | &nbsp;&nbsp; 330455<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 1150895 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5271930** |
| **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** |
| Electric Utilities — 0.9% | Electric Utilities — 0.9% | Electric Utilities — 0.9% |
| Origin Energy Ltd. | &nbsp;&nbsp; 88396 | &nbsp;&nbsp; 732305<br>|
| Gas Utilities — 0.5% | Gas Utilities — 0.5% | Gas Utilities — 0.5% |
| APA Group | &nbsp;&nbsp; 63994 | &nbsp;&nbsp; 376619<br>|
| Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% |
| AGL Energy Ltd. | &nbsp;&nbsp; 30968 | &nbsp;&nbsp; 181638<br>|
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1290562** |
| **Total Investments before Short-Term Investments (Cost — $73,163,310)** | **Total Investments before Short-Term Investments (Cost — $73,163,310)** | &nbsp;&nbsp; **78293386** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Australia ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $374)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 374<br>| &nbsp;&nbsp; **$374**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 98.9% (Cost — $73,163,684)** | **Total Investments — 98.9% (Cost — $73,163,684)** | **Total Investments — 98.9% (Cost — $73,163,684)** | &nbsp;&nbsp; **78293760** |
| Other Assets in Excess of Liabilities — 1.1% | Other Assets in Excess of Liabilities — 1.1% | Other Assets in Excess of Liabilities — 1.1% | &nbsp;&nbsp; 831481 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$79125241** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | 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 <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2025, the total market value of <br> investments in Affiliated Companies was $374 and the cost was $374 (Note 6).<br>|
| <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:** |
| CDI |  | Clearing House Electronic Subregister System Depositary Interest |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| SPI 200 Index | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $885120 | &nbsp;&nbsp;&nbsp; $882087 | &nbsp;&nbsp;&nbsp; **$(3033)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Brazil ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 70.6%** | **Common Stocks — 70.6%** | **Common Stocks — 70.6%** |
| **Communication Services — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** |
| Diversified Telecommunication Services — 1.3% | Diversified Telecommunication Services — 1.3% | Diversified Telecommunication Services — 1.3% |
| Telefonica Brasil SA | &nbsp;&nbsp; 446300 | &nbsp;&nbsp; $2855187<br>|
| Wireless Telecommunication Services — 0.9% | Wireless Telecommunication Services — 0.9% | Wireless Telecommunication Services — 0.9% |
| TIM SA | &nbsp;&nbsp; 464100 | &nbsp;&nbsp; 2047929<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **4903116** |
| **Consumer Discretionary — 2.5%** | **Consumer Discretionary — 2.5%** | **Consumer Discretionary — 2.5%** |
| Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% |
| Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp; 249900 | &nbsp;&nbsp; 1251952<br>|
| Specialty Retail — 2.0% | Specialty Retail — 2.0% | Specialty Retail — 2.0% |
| Lojas Renner SA | &nbsp;&nbsp; 583100 | &nbsp;&nbsp; 1656599<br>|
| Vibra Energia SA | &nbsp;&nbsp; 606900 | &nbsp;&nbsp; 2802278<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 4458877 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **5710829** |
| **Consumer Staples — 5.9%** | **Consumer Staples — 5.9%** | **Consumer Staples — 5.9%** |
| Beverages — 2.5% | Beverages — 2.5% | Beverages — 2.5% |
| Ambev SA | &nbsp;&nbsp; 2522800 | &nbsp;&nbsp; 5727231<br>|
| Consumer Staples Distribution & Retail — 1.9% | Consumer Staples Distribution & Retail — 1.9% | Consumer Staples Distribution & Retail — 1.9% |
| Grupo Mateus SA | &nbsp;&nbsp; 285600 | &nbsp;&nbsp; 372716<br>|
| Raia Drogasil SA | &nbsp;&nbsp; 749700 | &nbsp;&nbsp; 2593061<br>|
| Sendas Distribuidora S/A | &nbsp;&nbsp; 785400 | &nbsp;&nbsp; 1402513<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 4368290 |
| Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% |
| M Dias Branco SA | &nbsp;&nbsp; 59500 | &nbsp;&nbsp; 321099<br>|
| MBRF Global Foods Co. SA | &nbsp;&nbsp; 476000 | &nbsp;&nbsp; 1735768<br>|
| SLC Agricola SA | &nbsp;&nbsp; 95200 | &nbsp;&nbsp; 293347<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 2350214 |
| Personal Care Products — 0.4% | Personal Care Products — 0.4% | Personal Care Products — 0.4% |
| Natura Cosmeticos SA | &nbsp;&nbsp; 511700 | &nbsp;&nbsp; 898,385<br> \*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **13344120** |
| **Energy — 8.9%** | **Energy — 8.9%** | **Energy — 8.9%** |
| Oil, Gas & Consumable Fuels — 8.9% | Oil, Gas & Consumable Fuels — 8.9% | Oil, Gas & Consumable Fuels — 8.9% |
| Brava Energia | &nbsp;&nbsp; 238000 | &nbsp;&nbsp; 803,530<br> \*<br>|
| Cosan SA | &nbsp;&nbsp; 690200 | &nbsp;&nbsp; 799,642<br> \*<br>|
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 2130100 | &nbsp;&nbsp; 13511239<br>|
| PRIO SA | &nbsp;&nbsp; 452200 | &nbsp;&nbsp; 3,237,673<br> \*<br>|
| Ultrapar Participacoes SA | &nbsp;&nbsp; 416500 | &nbsp;&nbsp; 1718227<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **20070311** |
| **Financials — 12.2%** | **Financials — 12.2%** | **Financials — 12.2%** |
| Banks — 4.3% | Banks — 4.3% | Banks — 4.3% |
| Banco Bradesco SA | &nbsp;&nbsp; 844900 | &nbsp;&nbsp; 2416244<br>|
| Banco do Brasil SA | &nbsp;&nbsp; 987700 | &nbsp;&nbsp; 4096909<br>|
| Banco Santander Brasil SA | &nbsp;&nbsp; 238000 | &nbsp;&nbsp; 1313892<br>|
| Itau Unibanco Holding SA | &nbsp;&nbsp; 285600 | &nbsp;&nbsp; 1858219<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 9685264 |
| Capital Markets — 6.0% | Capital Markets — 6.0% | Capital Markets — 6.0% |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 2998800 | &nbsp;&nbsp; 7545497<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Brazil ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Banco BTG Pactual SA | &nbsp;&nbsp; 678300 | &nbsp;&nbsp; $6146737<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 13692234 |
| Insurance — 1.9% | Insurance — 1.9% | Insurance — 1.9% |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 368900 | &nbsp;&nbsp; 2303915<br>|
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 345100 | &nbsp;&nbsp; 979140<br>|
| Porto Seguro SA | &nbsp;&nbsp; 107100 | &nbsp;&nbsp; 1002715<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 4285770 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **27663268** |
| **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** |
| Health Care Providers & Services — 2.5% | Health Care Providers & Services — 2.5% | Health Care Providers & Services — 2.5% |
| Hapvida Participacoes e Investimentos S/A | &nbsp;&nbsp; 178500 | &nbsp;&nbsp; 1,201,608<br> \*<sup>(a)</sup><br>|
| Rede D'Or Sao Luiz SA | &nbsp;&nbsp; 565300 | &nbsp;&nbsp; 4466736<br> <sup>(a)</sup><br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 5668344 |
| Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% |
| Hypera SA | &nbsp;&nbsp; 166600 | &nbsp;&nbsp; 711066<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **6379410** |
| **Industrials — 9.4%** | **Industrials — 9.4%** | **Industrials — 9.4%** |
| Aerospace & Defense — 2.7% | Aerospace & Defense — 2.7% | Aerospace & Defense — 2.7% |
| Embraer SA | &nbsp;&nbsp; 400800 | &nbsp;&nbsp; 6042612<br>|
| Commercial Services & Supplies — 0.7% | Commercial Services & Supplies — 0.7% | Commercial Services & Supplies — 0.7% |
| Ambipar Participacoes e Empreendimentos S/A | &nbsp;&nbsp; 499800 | &nbsp;&nbsp; 799,597<br> \*<br>|
| GPS Participacoes e Empreendimentos SA | &nbsp;&nbsp; 226100 | &nbsp;&nbsp; 802413<br> <sup>(a)</sup><br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 1602010 |
| Electrical Equipment — 2.6% | Electrical Equipment — 2.6% | Electrical Equipment — 2.6% |
| WEG SA | &nbsp;&nbsp; 856800 | &nbsp;&nbsp; 5886775<br>|
| Ground Transportation — 2.6% | Ground Transportation — 2.6% | Ground Transportation — 2.6% |
| Localiza Rent a Car SA | &nbsp;&nbsp; 499800 | &nbsp;&nbsp; 3702361<br>|
| Rumo SA | &nbsp;&nbsp; 702100 | &nbsp;&nbsp; 2105424<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 5807785 |
| Transportation Infrastructure — 0.8% | Transportation Infrastructure — 0.8% | Transportation Infrastructure — 0.8% |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 690200 | &nbsp;&nbsp; 1928472<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **21267654** |
| **Information Technology — 1.2%** | **Information Technology — 1.2%** | **Information Technology — 1.2%** |
| Software — 1.2% | Software — 1.2% | Software — 1.2% |
| TOTVS SA | &nbsp;&nbsp; 309400 | &nbsp;&nbsp; **2668408**<br>|
| **Materials — 12.5%** | **Materials — 12.5%** | **Materials — 12.5%** |
| Containers & Packaging — 0.7% | Containers & Packaging — 0.7% | Containers & Packaging — 0.7% |
| Klabin SA | &nbsp;&nbsp; 428400 | &nbsp;&nbsp; 1451181<br>|
| Metals & Mining — 10.2% | Metals & Mining — 10.2% | Metals & Mining — 10.2% |
| Cia Siderurgica Nacional SA | &nbsp;&nbsp; 345100 | &nbsp;&nbsp; 511926<br>|
| CSN Mineracao SA | &nbsp;&nbsp; 249900 | &nbsp;&nbsp; 259494<br>|
| Vale SA | &nbsp;&nbsp; 2067700 | &nbsp;&nbsp; 22356032<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 23127452 |
| Paper & Forest Products — 1.6% | Paper & Forest Products — 1.6% | Paper & Forest Products — 1.6% |
| Suzano SA | &nbsp;&nbsp; 392700 | &nbsp;&nbsp; 3679569<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **28258202** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Brazil ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |
| Real Estate Management & Development — 0.8% | Real Estate Management & Development — 0.8% | Real Estate Management & Development — 0.8% | Real Estate Management & Development — 0.8% |
| Allos SA | Allos SA | &nbsp;&nbsp; 190400 | &nbsp;&nbsp; $923479<br>|
| Multiplan Empreendimentos Imobiliarios SA | Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp; 178500 | &nbsp;&nbsp; 974693<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1898172** |
| **Utilities — 12.2%** | **Utilities — 12.2%** | **Utilities — 12.2%** | **Utilities — 12.2%** |
| Electric Utilities — 7.4% | Electric Utilities — 7.4% | Electric Utilities — 7.4% | Electric Utilities — 7.4% |
| Alupar Investimento SA | Alupar Investimento SA | &nbsp;&nbsp; 178500 | &nbsp;&nbsp; 1072230<br>|
| Centrais Eletricas Brasileiras SA | Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 666400 | &nbsp;&nbsp; 6571965<br>|
| Cia Energetica de Minas Gerais | Cia Energetica de Minas Gerais | &nbsp;&nbsp; 35700 | &nbsp;&nbsp; 97067<br>|
| Cia Paranaense de Energia - Copel | Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 464100 | &nbsp;&nbsp; 1052723<br>|
| CPFL Energia SA | CPFL Energia SA | &nbsp;&nbsp; 107100 | &nbsp;&nbsp; 792357<br>|
| Energisa S/A | Energisa S/A | &nbsp;&nbsp; 154700 | &nbsp;&nbsp; 1477414<br>|
| Equatorial Energia SA | Equatorial Energia SA | &nbsp;&nbsp; 583100 | &nbsp;&nbsp; 4045694<br>|
| Neoenergia SA | Neoenergia SA | &nbsp;&nbsp; 119000 | &nbsp;&nbsp; 641305<br>|
| Transmissora Alianca de Energia Eletrica S/A | Transmissora Alianca de Energia Eletrica S/A | &nbsp;&nbsp; 130900 | &nbsp;&nbsp; 901089<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 16651844 |
| Independent Power and Renewable Electricity Producers — 1.4% | Independent Power and Renewable Electricity Producers — 1.4% | Independent Power and Renewable Electricity Producers — 1.4% | Independent Power and Renewable Electricity Producers — 1.4% |
| Auren Energia SA | Auren Energia SA | &nbsp;&nbsp; 178500 | &nbsp;&nbsp; 344227<br>|
| Eneva SA | Eneva SA | &nbsp;&nbsp; 535500 | &nbsp;&nbsp; 1,664,152<br> \*<br>|
| Engie Brasil Energia SA | Engie Brasil Energia SA | &nbsp;&nbsp; 142800 | &nbsp;&nbsp; 1091335<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 3099714 |
| Water Utilities — 3.4% | Water Utilities — 3.4% | Water Utilities — 3.4% | Water Utilities — 3.4% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp; 263100 | &nbsp;&nbsp; 6529641<br>|
| Cia De Sanena Do Parana | Cia De Sanena Do Parana | &nbsp;&nbsp; 178500 | &nbsp;&nbsp; 1241829<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 7771470 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **27523028** |
| **Total Common Stocks (Cost — $137,329,446)** | **Total Common Stocks (Cost — $137,329,446)** | **Total Common Stocks (Cost — $137,329,446)** | &nbsp;&nbsp; **159686518**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 28.1%** | **Preferred Stocks — 28.1%** | **Preferred Stocks — 28.1%** | **Preferred Stocks — 28.1%** |
| **Energy — 6.8%** | **Energy — 6.8%** | **Energy — 6.8%** | **Energy — 6.8%** |
| Oil, Gas & Consumable Fuels — 6.8% | Oil, Gas & Consumable Fuels — 6.8% | Oil, Gas & Consumable Fuels — 6.8% | Oil, Gas & Consumable Fuels — 6.8% |
| Petroleo Brasileiro SA - Petrobras  | &nbsp;&nbsp; 0.365% | &nbsp;&nbsp; 2618000 | &nbsp;&nbsp; **15465498**<br> <sup>(b)</sup><br>|
| **Financials — 17.5%** | **Financials — 17.5%** | **Financials — 17.5%** | **Financials — 17.5%** |
| Banks — 17.5% | Banks — 17.5% | Banks — 17.5% | Banks — 17.5% |
| Banco Bradesco SA  | &nbsp;&nbsp; 1.428% | &nbsp;&nbsp; 2975000 | &nbsp;&nbsp; 9882125<br> <sup>(b)</sup><br>|
| Itau Unibanco Holding SA  | &nbsp;&nbsp; 0.038% | &nbsp;&nbsp; 3058300 | &nbsp;&nbsp; 22436702<br> <sup>(b)</sup><br>|
| Itausa SA  | &nbsp;&nbsp; 0.174% | &nbsp;&nbsp; 3320100 | &nbsp;&nbsp; 7150726<br> <sup>(b)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **39469553** |
| **Materials — 1.4%** | **Materials — 1.4%** | **Materials — 1.4%** | **Materials — 1.4%** |
| Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% |
| Braskem SA, Class A Shares  | &nbsp;&nbsp; — | &nbsp;&nbsp; 107100 | &nbsp;&nbsp; 132,126<br> \*<br>|
| Metals & Mining — 1.3% | Metals & Mining — 1.3% | Metals & Mining — 1.3% | Metals & Mining — 1.3% |
| Gerdau SA  | &nbsp;&nbsp; 0.722% | &nbsp;&nbsp; 749700 | &nbsp;&nbsp; 2338259<br> <sup>(b)</sup><br>|
| Metalurgica Gerdau SA  | &nbsp;&nbsp; 0.840% | &nbsp;&nbsp; 357000 | &nbsp;&nbsp; 638177<br> <sup>(b)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 2976436 |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **3108562** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Brazil ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** |
| Electric Utilities — 2.4% | Electric Utilities — 2.4% | Electric Utilities — 2.4% | Electric Utilities — 2.4% |
| Centrais Eletricas Brasileiras SA, Class B Shares  | &nbsp;&nbsp; 3.486% | &nbsp;&nbsp; 130900 | &nbsp;&nbsp; $1363432<br> <sup>(b)</sup><br>|
| Cia Energetica de Minas Gerais  | &nbsp;&nbsp; 0.806% | &nbsp;&nbsp; 928200 | &nbsp;&nbsp; 1943354<br> <sup>(b)</sup><br>|
| Cia Paranaense de Energia - Copel, Class B Shares  | &nbsp;&nbsp; 3.403% | &nbsp;&nbsp; 595000 | &nbsp;&nbsp; 1439025<br> <sup>(b)</sup><br>|
| Isa Energia Brasil SA  | &nbsp;&nbsp; 0.775% | &nbsp;&nbsp; 154700 | &nbsp;&nbsp; 716630<br> <sup>(b)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **5462441** |
| **Total Preferred Stocks (Cost — $49,301,951)** | **Total Preferred Stocks (Cost — $49,301,951)** | **Total Preferred Stocks (Cost — $49,301,951)** | &nbsp;&nbsp; **63506054** |
| **Total Investments before Short-Term Investments (Cost — $186,631,397)** | **Total Investments before Short-Term Investments (Cost — $186,631,397)** | **Total Investments before Short-Term Investments (Cost — $186,631,397)** | &nbsp;&nbsp; **223192572** |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $67,706)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 67706<br>| &nbsp;&nbsp; **67706**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 98.7% (Cost — $186,699,103)** | **Total Investments — 98.7% (Cost — $186,699,103)** | **Total Investments — 98.7% (Cost — $186,699,103)** | &nbsp;&nbsp; **223260278** |
| Other Assets in Excess of Liabilities — 1.3% | Other Assets in Excess of Liabilities — 1.3% | Other Assets in Excess of Liabilities — 1.3% | &nbsp;&nbsp; 2921379 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$226181657** |

---

&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> | The rate shown represents the yield as of September 30, 2025. |
| <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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $67,706 and the cost was $67,706 (Note 6).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Bovespa Index | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 10/25 | &nbsp;&nbsp;&nbsp; $2877042 | &nbsp;&nbsp;&nbsp; $3039363 | &nbsp;&nbsp;&nbsp; **$162321** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Canada ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
| **Communication Services — 0.6%** | **Communication Services — 0.6%** | **Communication Services — 0.6%** |
| Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% |
| BCE Inc. | &nbsp;&nbsp; 57334 | &nbsp;&nbsp; $1340019<br>|
| TELUS Corp. | &nbsp;&nbsp; 94830 | &nbsp;&nbsp; 1493944<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2833963** |
| **Consumer Discretionary — 3.1%** | **Consumer Discretionary — 3.1%** | **Consumer Discretionary — 3.1%** |
| Automobile Components — 0.5% | Automobile Components — 0.5% | Automobile Components — 0.5% |
| Magna International Inc. | &nbsp;&nbsp; 49704 | &nbsp;&nbsp; 2355528<br>|
| Broadline Retail — 1.5% | Broadline Retail — 1.5% | Broadline Retail — 1.5% |
| Canadian Tire Corp. Ltd., Class A Shares | &nbsp;&nbsp; 9374 | &nbsp;&nbsp; 1116135<br>|
| Dollarama Inc. | &nbsp;&nbsp; 49922 | &nbsp;&nbsp; 6585227<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 7701362 |
| Hotels, Restaurants & Leisure — 0.8% | Hotels, Restaurants & Leisure — 0.8% | Hotels, Restaurants & Leisure — 0.8% |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 60386 | &nbsp;&nbsp; 3874703<br>|
| Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% |
| Gildan Activewear Inc. | &nbsp;&nbsp; 27032 | &nbsp;&nbsp; 1562004<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **15493597** |
| **Consumer Staples — 3.4%** | **Consumer Staples — 3.4%** | **Consumer Staples — 3.4%** |
| Consumer Staples Distribution & Retail — 3.2% | Consumer Staples Distribution & Retail — 3.2% | Consumer Staples Distribution & Retail — 3.2% |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 143880 | &nbsp;&nbsp; 7677943<br>|
| George Weston Ltd. | &nbsp;&nbsp; 29212 | &nbsp;&nbsp; 1782238<br>|
| Loblaw Cos. Ltd. | &nbsp;&nbsp; 105076 | &nbsp;&nbsp; 4065144<br>|
| Metro Inc. | &nbsp;&nbsp; 37060 | &nbsp;&nbsp; 2489578<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 16014903 |
| Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% |
| Saputo Inc. | &nbsp;&nbsp; 45780 | &nbsp;&nbsp; 1112091<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **17126994** |
| **Energy — 15.9%** | **Energy — 15.9%** | **Energy — 15.9%** |
| Oil, Gas & Consumable Fuels — 15.9% | Oil, Gas & Consumable Fuels — 15.9% | Oil, Gas & Consumable Fuels — 15.9% |
| ARC Resources Ltd. | &nbsp;&nbsp; 109000 | &nbsp;&nbsp; 1988228<br>|
| Cameco Corp. | &nbsp;&nbsp; 80878 | &nbsp;&nbsp; 6789241<br>|
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 386078 | &nbsp;&nbsp; 12347615<br>|
| Cenovus Energy Inc. | &nbsp;&nbsp; 233042 | &nbsp;&nbsp; 3957728<br>|
| Enbridge Inc. | &nbsp;&nbsp; 406570 | &nbsp;&nbsp; 20515509<br>|
| Imperial Oil Ltd. | &nbsp;&nbsp; 28994 | &nbsp;&nbsp; 2629548<br>|
| Keyera Corp. | &nbsp;&nbsp; 42728 | &nbsp;&nbsp; 1433786<br>|
| Pembina Pipeline Corp. | &nbsp;&nbsp; 108346 | &nbsp;&nbsp; 4381651<br>|
| Suncor Energy Inc. | &nbsp;&nbsp; 227374 | &nbsp;&nbsp; 9517221<br>|
| TC Energy Corp. | &nbsp;&nbsp; 193584 | &nbsp;&nbsp; 10527887<br>|
| Tourmaline Oil Corp. | &nbsp;&nbsp; 68452 | &nbsp;&nbsp; 2952773<br>|
| Whitecap Resources Inc. | &nbsp;&nbsp; 228028 | &nbsp;&nbsp; 1740447<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **78781634** |
| **Financials — 36.6%** | **Financials — 36.6%** | **Financials — 36.6%** |
| Banks — 24.0% | Banks — 24.0% | Banks — 24.0% |
| Bank of Montreal | &nbsp;&nbsp; 134288 | &nbsp;&nbsp; 17502608<br>|
| Bank of Nova Scotia | &nbsp;&nbsp; 232606 | &nbsp;&nbsp; 15043995<br>|
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 175054 | &nbsp;&nbsp; 13991487<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Canada ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| National Bank of Canada | &nbsp;&nbsp; 73030 | &nbsp;&nbsp; $7759109<br>|
| Royal Bank of Canada | &nbsp;&nbsp; 264216 | &nbsp;&nbsp; 38950687<br>|
| Toronto-Dominion Bank | &nbsp;&nbsp; 320242 | &nbsp;&nbsp; 25611995<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 118859881 |
| Capital Markets — 4.9% | Capital Markets — 4.9% | Capital Markets — 4.9% |
| Brookfield Asset Management Ltd., Class A Shares | &nbsp;&nbsp; 71286 | &nbsp;&nbsp; 4057677<br>|
| Brookfield Corp. | &nbsp;&nbsp; 263126 | &nbsp;&nbsp; 18058000<br>|
| TMX Group Ltd. | &nbsp;&nbsp; 51448 | &nbsp;&nbsp; 1968587<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 24084264 |
| Insurance — 7.7% | Insurance — 7.7% | Insurance — 7.7% |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 4098 | &nbsp;&nbsp; 7171058<br>|
| Great-West Lifeco Inc. | &nbsp;&nbsp; 50794 | &nbsp;&nbsp; 2061841<br>|
| iA Financial Corp. Inc. | &nbsp;&nbsp; 17440 | &nbsp;&nbsp; 1983277<br>|
| Intact Financial Corp. | &nbsp;&nbsp; 33136 | &nbsp;&nbsp; 6448350<br>|
| Manulife Financial Corp. | &nbsp;&nbsp; 318062 | &nbsp;&nbsp; 9911721<br>|
| Power Corp. of Canada | &nbsp;&nbsp; 100498 | &nbsp;&nbsp; 4349568<br>|
| Sun Life Financial Inc. | &nbsp;&nbsp; 105076 | &nbsp;&nbsp; 6311055<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 38236870 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **181181015** |
| **Industrials — 11.7%** | **Industrials — 11.7%** | **Industrials — 11.7%** |
| Aerospace & Defense — 0.8% | Aerospace & Defense — 0.8% | Aerospace & Defense — 0.8% |
| Bombardier Inc., Class A Shares | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 30,364<br> \*<br>|
| Bombardier Inc., Class B Shares | &nbsp;&nbsp; 16132 | &nbsp;&nbsp; 2,261,193<br> \*<br>|
| CAE Inc. | &nbsp;&nbsp; 59514 | &nbsp;&nbsp; 1,762,665<br> \*<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 4054222 |
| Commercial Services & Supplies — 3.3% | Commercial Services & Supplies — 3.3% | Commercial Services & Supplies — 3.3% |
| Element Fleet Management Corp. | &nbsp;&nbsp; 74992 | &nbsp;&nbsp; 1942440<br>|
| GFL Environmental Inc. | &nbsp;&nbsp; 49922 | &nbsp;&nbsp; 2366577<br>|
| RB Global Inc. | &nbsp;&nbsp; 34444 | &nbsp;&nbsp; 3731557<br>|
| Waste Connections Inc. | &nbsp;&nbsp; 47742 | &nbsp;&nbsp; 8394824<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 16435398 |
| Construction & Engineering — 1.9% | Construction & Engineering — 1.9% | Construction & Engineering — 1.9% |
| AtkinsRealis Group Inc. | &nbsp;&nbsp; 30956 | &nbsp;&nbsp; 2234599<br>|
| Stantec Inc. | &nbsp;&nbsp; 21146 | &nbsp;&nbsp; 2281014<br>|
| WSP Global Inc. | &nbsp;&nbsp; 24198 | &nbsp;&nbsp; 4756470<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 9272083 |
| Ground Transportation — 4.9% | Ground Transportation — 4.9% | Ground Transportation — 4.9% |
| Canadian National Railway Co. | &nbsp;&nbsp; 104204 | &nbsp;&nbsp; 9828758<br>|
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 174182 | &nbsp;&nbsp; 12975395<br>|
| TFI International Inc. | &nbsp;&nbsp; 14606 | &nbsp;&nbsp; 1285714<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 24089867 |
| Professional Services — 0.8% | Professional Services — 0.8% | Professional Services — 0.8% |
| Thomson Reuters Corp. | &nbsp;&nbsp; 25506 | &nbsp;&nbsp; 3961367<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **57812937** |
| **Information Technology — 11.2%** | **Information Technology — 11.2%** | **Information Technology — 11.2%** |
| Electronic Equipment, Instruments & Components — 1.1% | Electronic Equipment, Instruments & Components — 1.1% | Electronic Equipment, Instruments & Components — 1.1% |
| Celestica Inc. | &nbsp;&nbsp; 21364 | &nbsp;&nbsp; 5,258,394<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Canada ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| IT Services — 7.4% | IT Services — 7.4% | IT Services — 7.4% |
| CGI Inc. | &nbsp;&nbsp; 37060 | &nbsp;&nbsp; $3301680<br>|
| Shopify Inc., Class A Shares | &nbsp;&nbsp; 225194 | &nbsp;&nbsp; 33,463,498<br> \*<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 36765178 |
| Software — 2.7% | Software — 2.7% | Software — 2.7% |
| Constellation Software Inc. | &nbsp;&nbsp; 3686 | &nbsp;&nbsp; 10008362<br>|
| Descartes Systems Group Inc. | &nbsp;&nbsp; 15914 | &nbsp;&nbsp; 1,498,757<br> \*<br>|
| Open Text Corp. | &nbsp;&nbsp; 47306 | &nbsp;&nbsp; 1768620<br>|
| Total Software | Total Software | &nbsp;&nbsp; 13275739 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **55299311** |
| **Materials — 14.5%** | **Materials — 14.5%** | **Materials — 14.5%** |
| Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% |
| Nutrien Ltd. | &nbsp;&nbsp; 90906 | &nbsp;&nbsp; 5339764<br>|
| Metals & Mining — 13.4% | Metals & Mining — 13.4% | Metals & Mining — 13.4% |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 92868 | &nbsp;&nbsp; 15644861<br>|
| Alamos Gold Inc., Class A Shares | &nbsp;&nbsp; 77826 | &nbsp;&nbsp; 2713339<br>|
| Barrick Mining Corp. | &nbsp;&nbsp; 320024 | &nbsp;&nbsp; 10513366<br>|
| First Quantum Minerals Ltd. | &nbsp;&nbsp; 126876 | &nbsp;&nbsp; 2,870,531<br> \*<br>|
| Franco-Nevada Corp. | &nbsp;&nbsp; 35752 | &nbsp;&nbsp; 7959535<br>|
| Ivanhoe Mines Ltd., Class A Shares | &nbsp;&nbsp; 139084 | &nbsp;&nbsp; 1,475,406<br> \*<br>|
| Kinross Gold Corp. | &nbsp;&nbsp; 228900 | &nbsp;&nbsp; 5682195<br>|
| Lundin Gold Inc. | &nbsp;&nbsp; 18312 | &nbsp;&nbsp; 1186713<br>|
| Lundin Mining Corp. | &nbsp;&nbsp; 127530 | &nbsp;&nbsp; 1902776<br>|
| Pan American Silver Corp. | &nbsp;&nbsp; 77390 | &nbsp;&nbsp; 2999599<br>|
| Teck Resources Ltd., Class B Shares | &nbsp;&nbsp; 89598 | &nbsp;&nbsp; 3931262<br>|
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 84584 | &nbsp;&nbsp; 9467523<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 66347106 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **71686870** |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% |
| FirstService Corp. | &nbsp;&nbsp; 7630 | &nbsp;&nbsp; **1454054**<br>|
| **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** |
| Electric Utilities — 1.9% | Electric Utilities — 1.9% | Electric Utilities — 1.9% |
| Emera Inc. | &nbsp;&nbsp; 55590 | &nbsp;&nbsp; 2667633<br>|
| Fortis Inc. | &nbsp;&nbsp; 93086 | &nbsp;&nbsp; 4722539<br>|
| Hydro One Ltd. | &nbsp;&nbsp; 59296 | &nbsp;&nbsp; 2115888<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 9506060 |
| Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% |
| AltaGas Ltd. | &nbsp;&nbsp; 55154 | &nbsp;&nbsp; 1699729<br>|
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **11205789** |
| **Total Common Stocks (Cost — $393,214,888)** | **Total Common Stocks (Cost — $393,214,888)** | &nbsp;&nbsp; **492876164**<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Canada 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%††** |
| **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%†† |
| Constellation Software Inc. (Cost — $0) |  | &nbsp;&nbsp; 3/31/40 | &nbsp;&nbsp; 3981<br>| &nbsp;&nbsp; **$0**<br> \*<sup>(b)(c)(d)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $393,214,888)** | **Total Investments before Short-Term Investments (Cost — $393,214,888)** | **Total Investments before Short-Term Investments (Cost — $393,214,888)** | **Total Investments before Short-Term Investments (Cost — $393,214,888)** | &nbsp;&nbsp; **492876164** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $449,038)  | &nbsp;&nbsp; 4.032% |  | &nbsp;&nbsp; 449038<br>| &nbsp;&nbsp; **449038**<br> <sup>(e)(f)(g)</sup><br>|
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Time Deposits — 0.1%** | **Time Deposits — 0.1%** | **Time Deposits — 0.1%** | **Time Deposits — 0.1%** | **Time Deposits — 0.1%** |
| Royal Bank of Canada (Cost — $287,294) | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; $400000<br>| &nbsp;&nbsp; **287480**<br>|
| **Total Short-Term Investments (Cost — $736,332)** | **Total Short-Term Investments (Cost — $736,332)** | **Total Short-Term Investments (Cost — $736,332)** | **Total Short-Term Investments (Cost — $736,332)** | &nbsp;&nbsp; **736518** |
| **Total Investments — 99.8% (Cost — $393,951,220)** | **Total Investments — 99.8% (Cost — $393,951,220)** | **Total Investments — 99.8% (Cost — $393,951,220)** | **Total Investments — 99.8% (Cost — $393,951,220)** | &nbsp;&nbsp; **493612682** |
| Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp; 1024932 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$494637614** |

---

&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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $449,038 and the cost was $449,038 (Note 6).<br>|
| <sup>(g)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $1253003 | &nbsp;&nbsp;&nbsp; $1274113 | &nbsp;&nbsp;&nbsp; **$21110** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Communication Services — 21.2%** | **Communication Services — 21.2%** | **Communication Services — 21.2%** |
| Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% |
| China Tower Corp. Ltd., Class H Shares | &nbsp;&nbsp; 336000 | &nbsp;&nbsp; $495769<br> <sup>(a)</sup><br>|
| Entertainment — 2.6% | Entertainment — 2.6% | Entertainment — 2.6% |
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 43862<br>|
| Beijing Enlight Media Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 52179<br>|
| Beijing Jetsen Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 12223<br>|
| China Ruyi Holdings Ltd. | &nbsp;&nbsp; 768000 | &nbsp;&nbsp; 293,167<br> \*<sup>(b)</sup><br>|
| Damai Entertainment Holdings Ltd. | &nbsp;&nbsp; 960000 | &nbsp;&nbsp; 132,024<br> \*<br>|
| Giant Network Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 91280<br>|
| iQIYI Inc., ADR | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 95,232<br> \*<sup>(b)(c)</sup><br>|
| Kingnet Network Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 56732<br>|
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 76800 | &nbsp;&nbsp; 341733<br>|
| Mango Excellent Media Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 48166<br>|
| NetEase Cloud Music Inc. | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 240,420<br> \*<sup>(a)(b)</sup><br>|
| NetEase Inc. | &nbsp;&nbsp; 134400 | &nbsp;&nbsp; 4090525<br> <sup>(b)</sup><br>|
| Ourpalm Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 10,748<br> \*<br>|
| Perfect World Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 25807<br>|
| Talkweb Information System Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 24,339<br> \*<br>|
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 36672 | &nbsp;&nbsp; 855925<br> <sup>(b)</sup><br>|
| Wanda Film Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 24,871<br> \*<br>|
| Zhejiang Daily Digital Culture Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 19517<br>|
| Zhejiang Huace Film & Television Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 18769<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 6477519 |
| Interactive Media & Services — 18.2% | Interactive Media & Services — 18.2% | Interactive Media & Services — 18.2% |
| Autohome Inc., ADR | &nbsp;&nbsp; 4656 | &nbsp;&nbsp; 132929<br> <sup>(b)</sup><br>|
| Baidu Inc., Class A Shares | &nbsp;&nbsp; 163200 | &nbsp;&nbsp; 2,793,974<br> \*<sup>(b)</sup><br>|
| Bilibili Inc., Class Z Shares | &nbsp;&nbsp; 21120 | &nbsp;&nbsp; 609,680<br> \*<sup>(b)</sup><br>|
| JOYY Inc., ADR | &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 118158<br> <sup>(b)</sup><br>|
| Kuaishou Technology | &nbsp;&nbsp; 206400 | &nbsp;&nbsp; 2244286<br> <sup>(a)(b)</sup><br>|
| Kunlun Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 65,446<br> \*<br>|
| Meitu Inc. | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 285949<br> <sup>(a)(b)</sup><br>|
| Tencent Holdings Ltd. | &nbsp;&nbsp; 458932 | &nbsp;&nbsp; 39107490<br> <sup>(b)</sup><br>|
| Weibo Corp., Class A Shares | &nbsp;&nbsp; 6720 | &nbsp;&nbsp; 86803<br> <sup>(b)</sup><br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 45444715 |
| Media — 0.2% | Media — 0.2% | Media — 0.2% |
| Bluefocus Intelligent Communications Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 18,318<br> \*<br>|
| China Literature Ltd. | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 146,140<br> \*<sup>(a)(b)</sup><br>|
| China South Publishing & Media Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 16540<br>|
| Chinese Universe Publishing and Media Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 13685<br>|
| Focus Media Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 81600 | &nbsp;&nbsp; 92277<br>|
| Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 21254<br>|
| Leo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 52800 | &nbsp;&nbsp; 41781<br>|
| Oriental Pearl Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 27774<br>|
| People.cn Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 26709<br>|
| Total Media | Total Media | &nbsp;&nbsp; 404478 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† |
| China United Network Communications Ltd., Class A Shares | &nbsp;&nbsp; 163200 | &nbsp;&nbsp; $125936<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **52948417** |
| **Consumer Discretionary — 28.8%** | **Consumer Discretionary — 28.8%** | **Consumer Discretionary — 28.8%** |
| Automobile Components — 0.6% | Automobile Components — 0.6% | Automobile Components — 0.6% |
| Anhui Zhongding Sealing Parts Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 33484<br>|
| Bethel Automotive Safety Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 4840 | &nbsp;&nbsp; 36595<br>|
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 26494<br>|
| Fuyao Glass Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 98877<br>|
| Fuyao Glass Industry Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 44600 | &nbsp;&nbsp; 448843<br> <sup>(a)</sup><br>|
| Huayu Automotive Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 55224<br>|
| Huizhou Desay Sv Automotive Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 57289<br>|
| Minth Group Ltd. | &nbsp;&nbsp; 53080 | &nbsp;&nbsp; 230729<br>|
| Ningbo Joyson Electronic Corp., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 46900<br>|
| Ningbo Tuopu Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 109087<br>|
| Sailun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 38737<br>|
| Shandong Linglong Tyre Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 20662<br>|
| Shenzhen Kedali Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 49423<br>|
| Wanxiang Qianchao Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 42630<br>|
| Weifu High-Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 15516<br>|
| Weifu High-Technology Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 26392<br>|
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 36468<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 1373350 |
| Automobiles — 4.4% | Automobiles — 4.4% | Automobiles — 4.4% |
| AIMA Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 23382<br>|
| Anhui Jianghuai Automobile Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 108,898<br> \*<br>|
| BAIC BluePark New Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 43,532<br> \*<br>|
| BAIC Motor Corp. Ltd., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 52,316<br> \*<sup>(a)</sup><br>|
| Brilliance China Automotive Holdings Ltd. | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 101671<br>|
| BYD Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 441290<br>|
| BYD Co. Ltd., Class H Shares | &nbsp;&nbsp; 273166 | &nbsp;&nbsp; 3869068<br>|
| Chongqing Changan Automobile Co. Ltd., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 82,364<br> \*<br>|
| Chongqing Changan Automobile Co. Ltd., Class B Shares | &nbsp;&nbsp; 124800 | &nbsp;&nbsp; 70,096<br> \*<br>|
| Chongqing Qianli Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 41,855<br> \*<br>|
| Dongfeng Motor Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 162000 | &nbsp;&nbsp; 187,394<br> \*<br>|
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 432000 | &nbsp;&nbsp; 1085497<br>|
| Great Wall Motor Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 66268<br>|
| Great Wall Motor Co. Ltd., Class H Shares | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 362758<br>|
| Guangzhou Automobile Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 30791<br>|
| Guangzhou Automobile Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 83903<br>|
| Li Auto Inc., Class A Shares | &nbsp;&nbsp; 88762 | &nbsp;&nbsp; 1,156,813<br> \*<sup>(b)</sup><br>|
| NIO Inc., Class A Shares | &nbsp;&nbsp; 129120 | &nbsp;&nbsp; 952,584<br> \*<sup>(b)</sup><br>|
| SAIC Motor Corp. Ltd., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 115296<br>|
| Seres Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 231090<br>|
| XPeng Inc., Class A Shares | &nbsp;&nbsp; 105600 | &nbsp;&nbsp; 1,264,285<br> \*<sup>(b)</sup><br>|
| Yadea Group Holdings Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 171138<br> <sup>(a)</sup><br>|
| ZEEKR Intelligent Technology Holding Ltd., ADR | &nbsp;&nbsp; 4080 | &nbsp;&nbsp; 124,358<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobiles — continued | Automobiles — continued | Automobiles — continued |
| Zhejiang Leapmotor Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; $409,336<br> \*<sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 11075983 |
| Broadline Retail — 16.6% | Broadline Retail — 16.6% | Broadline Retail — 16.6% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 1324800 | &nbsp;&nbsp; 30138502<br> <sup>(b)</sup><br>|
| CCOOP Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 105600 | &nbsp;&nbsp; 38,077<br> \*<br>|
| JD.com Inc., Class A Shares | &nbsp;&nbsp; 187200 | &nbsp;&nbsp; 3332373<br> <sup>(b)</sup><br>|
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 164870<br>|
| PDD Holdings Inc., ADR | &nbsp;&nbsp; 56300 | &nbsp;&nbsp; 7,441,171<br> \*<sup>(b)</sup><br>|
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 16800 | &nbsp;&nbsp; 329952<br> <sup>(b)</sup><br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 41444945 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| Wuchan Zhongda Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 32380<br>|
| Zhejiang China Commodities City Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 74956<br>|
| Total Distributors | Total Distributors | &nbsp;&nbsp; 107336 |
| Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 115200 | &nbsp;&nbsp; 625,720<br> \*<sup>(b)</sup><br>|
| Offcn Education Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 13,011<br> \*<br>|
| TAL Education Group, ADR | &nbsp;&nbsp; 30048 | &nbsp;&nbsp; 336,538<br> \*<sup>(b)</sup><br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 975269 |
| Hotels, Restaurants & Leisure — 4.5% | Hotels, Restaurants & Leisure — 4.5% | Hotels, Restaurants & Leisure — 4.5% |
| BTG Hotels Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 9886<br>|
| H World Group Ltd. | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 573379<br> <sup>(b)</sup><br>|
| Haidilao International Holding Ltd. | &nbsp;&nbsp; 118000 | &nbsp;&nbsp; 203532<br> <sup>(a)(b)</sup><br>|
| Meituan, Class B Shares | &nbsp;&nbsp; 393600 | &nbsp;&nbsp; 5,286,515<br> \*<sup>(a)(b)</sup><br>|
| Shanghai Jinjiang International Hotels Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 15523<br>|
| Shanghai Jinjiang International Hotels Co. Ltd., Class B Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 19339<br>|
| Songcheng Performance Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 17699<br>|
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 283790<br> <sup>(b)</sup><br>|
| TravelSky Technology Ltd., Class H Shares | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 94183<br>|
| Trip.com Group Ltd. | &nbsp;&nbsp; 46200 | &nbsp;&nbsp; 3539047<br> <sup>(b)</sup><br>|
| Yum China Holdings Inc. | &nbsp;&nbsp; 26400 | &nbsp;&nbsp; 1157061<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 11199954 |
| Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% |
| Beijing Roborock Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1316 | &nbsp;&nbsp; 38734<br>|
| Ecovacs Robotics Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 72397<br>|
| Gree Electric Appliances Inc. of Zhuhai, Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 133749<br>|
| Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 10587<br>|
| Haier Smart Home Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 119411<br>|
| Haier Smart Home Co. Ltd., Class H Shares | &nbsp;&nbsp; 172800 | &nbsp;&nbsp; 562793<br>|
| Hangzhou GreatStar Industrial Co. Ltd. | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 41444<br>|
| Hangzhou Robam Appliances Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 12849<br>|
| Hisense Home Appliances Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 81137<br>|
| Hisense Visual Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 32487<br>|
| Jason Furniture Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 20318<br>|
| Midea Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 507429<br>|
| Shenzhen MTC Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 31208<br>|
| Sichuan Changhong Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 42306<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Household Durables — continued | Household Durables — continued | Household Durables — continued |
| Zhejiang Supor Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; $32158<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 1739007 |
| Specialty Retail — 0.8% | Specialty Retail — 0.8% | Specialty Retail — 0.8% |
| China Tourism Group Duty Free Corp. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 96399<br>|
| China Tourism Group Duty Free Corp. Ltd., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 81374<br> <sup>(a)</sup><br>|
| HLA Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 30501<br>|
| Pop Mart International Group Ltd. | &nbsp;&nbsp; 49400 | &nbsp;&nbsp; 1693990<br> <sup>(a)(b)</sup><br>|
| Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 19396<br>|
| Topsports International Holdings Ltd. | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 77980<br> <sup>(a)</sup><br>|
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 89949<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 2089589 |
| Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 91600 | &nbsp;&nbsp; 1100792<br>|
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 384000 | &nbsp;&nbsp; 229006<br>|
| Lao Feng Xiang Co. Ltd., Class B Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 70522<br>|
| Laopu Gold Co. Ltd., Class H Shares | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 155570<br>|
| Li Ning Co. Ltd. | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 380896<br>|
| Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 30,750<br> \*<br>|
| Xtep International Holdings Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 72058<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2039594 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **72045027** |
| **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** |
| Beverages — 1.8% | Beverages — 1.8% | Beverages — 1.8% |
| Anhui Gujing Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 49566<br>|
| Anhui Gujing Distillery Co. Ltd., Class B Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 133258<br>|
| Beijing Shunxin Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 10486<br>|
| Beijing Yanjing Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 32676<br>|
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 118783 | &nbsp;&nbsp; 418925<br>|
| Chongqing Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 36091<br>|
| Eastroc Beverage Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2610 | &nbsp;&nbsp; 111249<br>|
| Guangzhou Zhujiang Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 13483<br>|
| Jiangsu King's Luck Brewery JSC Ltd., Class A Shares | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; 35289<br>|
| Jiangsu Yanghe Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 91509<br>|
| Kweichow Moutai Co. Ltd., Class A Shares | &nbsp;&nbsp; 6550 | &nbsp;&nbsp; 1327011<br>|
| Luzhou Laojiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 7600 | &nbsp;&nbsp; 140667<br>|
| Nongfu Spring Co. Ltd., Class H Shares | &nbsp;&nbsp; 134400 | &nbsp;&nbsp; 931078<br> <sup>(a)</sup><br>|
| Shanghai Bairun Investment Holding Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 17362<br>|
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A Shares | &nbsp;&nbsp; 6420 | &nbsp;&nbsp; 174754<br>|
| Sichuan Swellfun Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 29168<br>|
| Tsingtao Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 44394<br>|
| Tsingtao Brewery Co. Ltd., Class H Shares | &nbsp;&nbsp; 46493 | &nbsp;&nbsp; 316710<br>|
| Wuliangye Yibin Co. Ltd., Class A Shares | &nbsp;&nbsp; 20900 | &nbsp;&nbsp; 356221<br>|
| Yantai Changyu Pioneer Wine Co. Ltd., Class B Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 21469<br>|
| ZJLD Group Inc. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 55524<br> <sup>(a)</sup><br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 4346890 |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| Alibaba Health Information Technology Ltd. | &nbsp;&nbsp; 384000 | &nbsp;&nbsp; 328,703<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China 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 |
| East Buy Holding Ltd. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; $80,140<br> \*<sup>(a)(b)</sup><br>|
| JD Health International Inc. | &nbsp;&nbsp; 76800 | &nbsp;&nbsp; 656,418<br> \*<sup>(b)</sup><br>|
| Ping An Healthcare and Technology Co. Ltd. | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 158145<br> <sup>(a)(b)</sup><br>|
| Shenzhen Agricultural Power Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 10802<br>|
| Sun Art Retail Group Ltd. | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 34610<br>|
| Yifeng Pharmacy Chain Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 16601<br>|
| Yonghui Superstores Co. Ltd., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 31,518<br> \*<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1316937 |
| Food Products — 0.8% | Food Products — 0.8% | Food Products — 0.8% |
| Angel Yeast Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 26635<br>|
| Beijing Dabeinong Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 13739<br>|
| Bright Dairy & Food Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 11301<br>|
| China Feihe Ltd. | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 148064<br> <sup>(a)</sup><br>|
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 222000 | &nbsp;&nbsp; 427999<br>|
| Chongqing Fuling Zhacai Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 8627<br>|
| Foshan Haitian Flavouring & Food Co. Ltd., Class A Shares | &nbsp;&nbsp; 24073 | &nbsp;&nbsp; 131589<br>|
| Fujian Sunner Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 24285<br>|
| Guangdong Haid Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 85893<br>|
| Heilongjiang Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 19355<br>|
| Henan Shuanghui Investment & Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 66645<br>|
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 128603<br>|
| Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 12365<br>|
| Muyuan Foods Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 214160<br>|
| New Hope Liuhe Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 39599<br>|
| Shandong Denghai Seeds Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 6196<br>|
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 141000 | &nbsp;&nbsp; 188836<br>|
| Uni-President China Holdings Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 101424<br>|
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 195815<br>|
| Wens Foodstuff Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 87731<br>|
| Yihai International Holding Ltd. | &nbsp;&nbsp; 39700 | &nbsp;&nbsp; 64190<br>|
| Yihai Kerry Arawana Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 42495<br>|
| Yuan Longping High-tech Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 13038<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 2058584 |
| Household Products — 0.0%†† | Household Products — 0.0%†† | Household Products — 0.0%†† |
| Blue Moon Group Holdings Ltd. | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 50434<br> <sup>(a)</sup><br>|
| C&S Paper Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 11099<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 61533 |
| Personal Care Products — 0.2% | Personal Care Products — 0.2% | Personal Care Products — 0.2% |
| By-health Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 15530<br>|
| Giant Biogene Holding Co. Ltd | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 278855<br> <sup>(a)</sup><br>|
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 46050 | &nbsp;&nbsp; 150335<br>|
| Mao Geping Cosmetics Co. LTD, Class H Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 63976<br>|
| Yunnan Botanee Bio-Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 30359<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 539055 |
| Tobacco — 0.2% | Tobacco — 0.2% | Tobacco — 0.2% |
| RLX Technology Inc., ADR | &nbsp;&nbsp; 48768 | &nbsp;&nbsp; 128260<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Tobacco — continued | Tobacco — continued | Tobacco — continued |
| Smoore International Holdings Ltd. | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; $326297<br> <sup>(a)</sup><br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 454557 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **8777556** |
| **Energy — 2.3%** | **Energy — 2.3%** | **Energy — 2.3%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| China Oilfield Services Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 18129<br>|
| China Oilfield Services Ltd., Class H Shares | &nbsp;&nbsp; 132000 | &nbsp;&nbsp; 113331<br>|
| CNOOC Energy Technology & Services Ltd., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 23275<br>|
| Offshore Oil Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 17847<br>|
| Sinopec Oilfield Service Corp., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 19,248<br> \*<br>|
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 75023<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 266853 |
| Oil, Gas & Consumable Fuels — 2.2% | Oil, Gas & Consumable Fuels — 2.2% | Oil, Gas & Consumable Fuels — 2.2% |
| China Coal Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 45903<br>|
| China Coal Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 164000 | &nbsp;&nbsp; 195820<br>|
| China Merchants Energy Shipping Co. Ltd., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 59803<br>|
| China Petroleum & Chemical Corp., Class A Shares | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 124691<br>|
| China Petroleum & Chemical Corp., Class H Shares | &nbsp;&nbsp; 1728000 | &nbsp;&nbsp; 899491<br>|
| China Shenhua Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 207425<br>|
| China Shenhua Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 254866 | &nbsp;&nbsp; 1218577<br>|
| China Suntien Green Energy Corp. Ltd., Class H Shares | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 78659<br>|
| COSCO Shipping Energy Transportation Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 32649<br>|
| COSCO Shipping Energy Transportation Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 111295<br>|
| Guanghui Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 27154<br>|
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 45600<br>|
| Inner Mongolia Yitai Coal Co. Ltd., Class B Shares | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 128755<br>|
| Jizhong Energy Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 15867<br>|
| Oriental Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 11,597<br> \*<br>|
| PetroChina Co. Ltd., Class A Shares | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 162842<br>|
| PetroChina Co. Ltd., Class H Shares | &nbsp;&nbsp; 1536000 | &nbsp;&nbsp; 1397728<br>|
| Pingdingshan Tianan Coal Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 15920<br>|
| Shaanxi Coal Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 52800 | &nbsp;&nbsp; 148161<br>|
| Shan Xi Hua Yang Group New Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 19853<br>|
| Shanxi Coking Coal Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 32764<br>|
| Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 38360<br>|
| Yankuang Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 53782<br>|
| Yankuang Energy Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 234650 | &nbsp;&nbsp; 307020<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 5379716 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **5646569** |
| **Financials — 15.6%** | **Financials — 15.6%** | **Financials — 15.6%** |
| Banks — 9.4% | Banks — 9.4% | Banks — 9.4% |
| Agricultural Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 446400 | &nbsp;&nbsp; 417752<br>|
| Agricultural Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 2256000 | &nbsp;&nbsp; 1522287<br>|
| Bank of Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 85347<br>|
| Bank of Changsha Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 29733<br>|
| Bank of Chengdu Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 58086<br>|
| Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 254400 | &nbsp;&nbsp; 184891<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 5088000 | &nbsp;&nbsp; $2785831<br>|
| Bank of Communications Co. Ltd., Class A Shares | &nbsp;&nbsp; 278400 | &nbsp;&nbsp; 262487<br>|
| Bank of Communications Co. Ltd., Class H Shares | &nbsp;&nbsp; 528000 | &nbsp;&nbsp; 443144<br>|
| Bank of Guiyang Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 19396<br>|
| Bank of Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 71986<br>|
| Bank of Jiangsu Co. Ltd., Class A Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 135095<br>|
| Bank of Nanjing Co. Ltd., Class A Shares | &nbsp;&nbsp; 62400 | &nbsp;&nbsp; 95691<br>|
| Bank of Ningbo Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 124596<br>|
| Bank of Qingdao Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 12823<br>|
| Bank of Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 76800 | &nbsp;&nbsp; 96547<br>|
| Bank of Zhengzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 10668<br>|
| China Bohai Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 25,418<br> \*<sup>(a)</sup><br>|
| China CITIC Bank Corp. Ltd., Class A Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 72733<br>|
| China CITIC Bank Corp. Ltd., Class H Shares | &nbsp;&nbsp; 672000 | &nbsp;&nbsp; 577821<br>|
| China Construction Bank Corp., Class A Shares | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 133365<br>|
| China Construction Bank Corp., Class H Shares | &nbsp;&nbsp; 7152000 | &nbsp;&nbsp; 6875862<br>|
| China Everbright Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 244800 | &nbsp;&nbsp; 115404<br>|
| China Everbright Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 99943<br>|
| China Merchants Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 625931<br>|
| China Merchants Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 280500 | &nbsp;&nbsp; 1685798<br>|
| China Minsheng Banking Corp. Ltd., Class A Shares | &nbsp;&nbsp; 187200 | &nbsp;&nbsp; 104534<br>|
| China Minsheng Banking Corp. Ltd., Class H Shares | &nbsp;&nbsp; 480000 | &nbsp;&nbsp; 253560<br>|
| China Zheshang Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 115200 | &nbsp;&nbsp; 48166<br>|
| China Zheshang Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 63668<br>|
| Chongqing Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 44381<br>|
| Chongqing Rural Commercial Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 111233<br>|
| CNPC Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 63642<br>|
| Huaxia Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 76800 | &nbsp;&nbsp; 70902<br>|
| Industrial & Commercial Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 393600 | &nbsp;&nbsp; 403132<br>|
| Industrial & Commercial Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 5904000 | &nbsp;&nbsp; 4355683<br>|
| Industrial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 307467<br>|
| Ping An Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 100800 | &nbsp;&nbsp; 160377<br>|
| Postal Savings Bank of China Co. Ltd., Class A Shares | &nbsp;&nbsp; 153600 | &nbsp;&nbsp; 123916<br>|
| Postal Savings Bank of China Co. Ltd., Class H Shares | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 505270<br> <sup>(a)</sup><br>|
| Shanghai Pudong Development Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 153600 | &nbsp;&nbsp; 256452<br>|
| Shanghai Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 52800 | &nbsp;&nbsp; 60598<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 23501616 |
| Capital Markets — 2.4% | Capital Markets — 2.4% | Capital Markets — 2.4% |
| Beijing Compass Technology Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 112,555<br> \*<br>|
| BOC International China Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 29013<br>|
| Caida Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 19476<br>|
| Caitong Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 34023<br>|
| Central China Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 12338<br>|
| Central China Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 17027<br>|
| Changjiang Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 39128<br>|
| China Cinda Asset Management Co. Ltd., Class H Shares | &nbsp;&nbsp; 864000 | &nbsp;&nbsp; 151026<br>|
| China CITIC Financial Asset Management Co. Ltd., Class H Shares | &nbsp;&nbsp; 1392000 | &nbsp;&nbsp; 186,068<br> \*<sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| China Everbright Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; $150902<br>|
| China Galaxy Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 95739<br>|
| China Galaxy Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 264000 | &nbsp;&nbsp; 401748<br>|
| China Great Wall Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 31275<br>|
| China International Capital Corp. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 74532<br>|
| China International Capital Corp. Ltd., Class H Shares | &nbsp;&nbsp; 115200 | &nbsp;&nbsp; 316858<br> <sup>(a)</sup><br>|
| China Merchants Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 92183<br>|
| China Merchants Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 85482<br> <sup>(a)</sup><br>|
| Chinalin Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 11294<br>|
| CITIC Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 281909<br>|
| CITIC Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 475040<br>|
| CSC Financial Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 90311<br>|
| CSC Financial Co. Ltd., Class H Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 130852<br> <sup>(a)</sup><br>|
| Dongxing Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 31221<br>|
| East Money Information Co. Ltd., Class A Shares | &nbsp;&nbsp; 81600 | &nbsp;&nbsp; 310491<br>|
| Everbright Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 63372<br>|
| Everbright Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 27959<br> <sup>(a)</sup><br>|
| First Capital Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 31639<br>|
| Founder Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 49337<br>|
| GF Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 105032<br>|
| GF Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 175333<br>|
| Guangdong Golden Dragon Development Inc., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 9,516<br> \*<br>|
| Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 21093<br>|
| Guolian Minsheng Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 30090<br>|
| Guosen Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 63783<br>|
| Guosheng Securities Inc., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 49,176<br> \*<br>|
| Guotai Haitong Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 74058 | &nbsp;&nbsp; 196071<br>|
| Guotai Haitong Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 211200 | &nbsp;&nbsp; 435951<br> <sup>(a)</sup><br>|
| Guoyuan Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 30743<br>|
| Hithink RoyalFlush Information Network Co. Ltd., Class A Shares | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 151266<br>|
| Huatai Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 117289<br>|
| Huatai Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 253930<br> <sup>(a)</sup><br>|
| Huaxi Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 20749<br>|
| Industrial Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 44044<br>|
| J-Yuan Trust Co. Ltd., Class A Shares | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 25,053<br> \*<br>|
| Minmetals Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 19968<br>|
| Northeast Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 17517<br>|
| Orient Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 61635<br>|
| Orient Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 76800 | &nbsp;&nbsp; 79560<br> <sup>(a)</sup><br>|
| Pacific Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 21,591<br> \*<br>|
| SDIC Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 37195<br>|
| Sealand Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 24514<br>|
| Shaanxi International Trust Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 16877<br>|
| Shanxi Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 21786<br>|
| Shenwan Hongyuan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 89738<br>|
| Shenwan Hongyuan Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 115200 | &nbsp;&nbsp; 53155<br> <sup>(a)</sup><br>|
| Sinolink Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 34447<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| SooChow Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; $39599<br>|
| Southwest Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 28790<br>|
| SPIC Industry-Finance Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 30831<br>|
| Tianfeng Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 52800 | &nbsp;&nbsp; 39,337<br> \*<br>|
| Western Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 34670<br>|
| Xiangcai Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 26,629<br> \*<br>|
| Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 163200 | &nbsp;&nbsp; 151908<br>|
| Zheshang Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 38825<br>|
| Zhongtai Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 37444<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 5987933 |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| Lufax Holding Ltd., ADR | &nbsp;&nbsp; 23088 | &nbsp;&nbsp; 93,737<br> \*<sup>(b)</sup><br>|
| Qfin Holdings Inc., ADR | &nbsp;&nbsp; 8016 | &nbsp;&nbsp; 230701<br> <sup>(b)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 324438 |
| Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% |
| Far East Horizon Ltd. | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 169534<br>|
| Lakala Payment Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 16392<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 185926 |
| Insurance — 3.6% | Insurance — 3.6% | Insurance — 3.6% |
| China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 552000 | &nbsp;&nbsp; 1567940<br>|
| China Pacific Insurance Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 189215<br>|
| China Pacific Insurance Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 764506<br>|
| China Reinsurance Group Corp., Class H Shares | &nbsp;&nbsp; 480000 | &nbsp;&nbsp; 95625<br>|
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 105600 | &nbsp;&nbsp; 206574<br>|
| New China Life Insurance Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 123566<br>|
| New China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 427166<br>|
| People's Insurance Co. Group of China Ltd., Class A Shares | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 62955<br>|
| People's Insurance Co. Group of China Ltd., Class H Shares | &nbsp;&nbsp; 624000 | &nbsp;&nbsp; 546172<br>|
| PICC Property & Casualty Co. Ltd., Class H Shares | &nbsp;&nbsp; 512000 | &nbsp;&nbsp; 1155560<br>|
| Ping An Insurance Group Co. of China Ltd., Class A Shares | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 445371<br>|
| Ping An Insurance Group Co. of China Ltd., Class H Shares | &nbsp;&nbsp; 480000 | &nbsp;&nbsp; 3272839<br>|
| Sunshine Insurance Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 82916<br>|
| ZhongAn Online P&C Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 162,778<br> \*<sup>(a)</sup><br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 9103183 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **39103096** |
| **Health Care — 5.5%** | **Health Care — 5.5%** | **Health Care — 5.5%** |
| Biotechnology — 2.2% | Biotechnology — 2.2% | Biotechnology — 2.2% |
| 3SBio Inc. | &nbsp;&nbsp; 129500 | &nbsp;&nbsp; 499332<br> <sup>(a)</sup><br>|
| Akeso Inc. | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 907,408<br> \*<sup>(a)</sup><br>|
| Anhui Anke Biotechnology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 13577<br>|
| Beijing Tiantan Biological Products Corp. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 25699<br>|
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A Shares | &nbsp;&nbsp; 4821 | &nbsp;&nbsp; 38,251<br> \*<br>|
| BeOne Medicines Ltd., Class H Shares | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 1,519,140<br> \*<br>|
| CanSino Biologics Inc., Class H Shares | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 43,263<br> \*<sup>(a)</sup><br>|
| Chongqing Zhifei Biological Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 41943<br>|
| Daan Gene Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 8,566<br> \*<br>|
| Gan & Lee Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 51115<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Biotechnology — continued | Biotechnology — continued | Biotechnology — continued |
| Hualan Biological Engineering Inc., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; $21443<br>|
| Imeik Technology Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 38718<br>|
| Innovent Biologics Inc. | &nbsp;&nbsp; 118000 | &nbsp;&nbsp; 1,462,033<br> \*<sup>(a)</sup><br>|
| Remegen Co. Ltd., Class H Shares | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 203,357<br> \*<sup>(a)</sup><br>|
| Shanghai Junshi Biosciences Co. Ltd., Class A Shares | &nbsp;&nbsp; 3984 | &nbsp;&nbsp; 23,175<br> \*<br>|
| Shanghai Junshi Biosciences Co. Ltd., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 37,584<br> \*<sup>(a)</sup><br>|
| Shanghai RAAS Blood Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 45054<br>|
| Shenzhen Kangtai Biological Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 11307<br>|
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 257,647<br> \*<br>|
| Walvax Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 15638<br>|
| Yili Chuanning Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 21780<br>|
| Zai Lab Ltd. | &nbsp;&nbsp; 76800 | &nbsp;&nbsp; 263,357<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 5549387 |
| Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% |
| Angelalign Technology Inc. | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 35628<br> <sup>(a)</sup><br>|
| APT Medical Inc., Class A Shares | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 32218<br>|
| Intco Medical Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 24743<br>|
| Jafron Biomedical Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 14957<br>|
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 52543<br>|
| Lepu Medical Technology Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 35397<br>|
| Microport Scientific Corp. | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 127,613<br> \*<br>|
| Ovctek China Inc., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 11550<br>|
| Shandong Pharmaceutical Glass Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 14452<br>|
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H Shares | &nbsp;&nbsp; 172800 | &nbsp;&nbsp; 129038<br>|
| Shanghai United Imaging Healthcare Co. Ltd., Class A Shares | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 93650<br>|
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 217169<br>|
| Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 45997<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 834955 |
| Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% |
| Aier Eye Hospital Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 52800 | &nbsp;&nbsp; 91415<br>|
| China Meheco Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 15018<br>|
| China National Accord Medicines Corp. Ltd., Class B Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 8353<br>|
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 34414<br>|
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 16200 | &nbsp;&nbsp; 37916<br>|
| Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 19975<br>|
| Huadong Medicine Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 55964<br>|
| Hygeia Healthcare Holdings Co. Ltd. | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 52,970<br> \*<sup>(a)(b)</sup><br>|
| Jinxin Fertility Group Ltd. | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 61,755<br> \*<sup>(a)(b)</sup><br>|
| Jointown Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 22864<br>|
| Meinian Onehealth Healthcare Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 16735<br>|
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 48354<br>|
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 75760<br>|
| Sinopharm Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 226292<br>|
| Topchoice Medical Corp., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 29659<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 797444 |
| Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† |
| Winning Health Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 18587<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Life Sciences Tools & Services — 1.1% | Life Sciences Tools & Services — 1.1% | Life Sciences Tools & Services — 1.1% |
| Genscript Biotech Corp. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; $206,303<br> \*<br>|
| Hangzhou Tigermed Consulting Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 39061<br>|
| Hangzhou Tigermed Consulting Co. Ltd., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 56462<br> <sup>(a)</sup><br>|
| Joinn Laboratories China Co. Ltd., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 28428<br> <sup>(a)</sup><br>|
| Pharmaron Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 48152<br>|
| Pharmaron Beijing Co. Ltd., Class H Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 87728<br> <sup>(a)</sup><br>|
| WuXi AppTec Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 226342<br>|
| WuXi AppTec Co. Ltd., Class H Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 366151<br> <sup>(a)</sup><br>|
| WuXi Biologics Cayman Inc. | &nbsp;&nbsp; 260796 | &nbsp;&nbsp; 1,373,634<br> \*<sup>(a)</sup><br>|
| WuXi XDC Cayman Inc. | &nbsp;&nbsp; 25500 | &nbsp;&nbsp; 256,626<br> \*<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 2688887 |
| Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% |
| Apeloa Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 22063<br>|
| Beijing Tong Ren Tang Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 45822<br>|
| Changchun High-Tech Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 40127<br>|
| Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 24938<br>|
| China Medical System Holdings Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 172618<br>|
| China Resources Double Crane Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 25160<br>|
| China Resources Pharmaceutical Group Ltd. | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 89024<br> <sup>(a)</sup><br>|
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 37835<br>|
| China Traditional Chinese Medicine Holdings Co. Ltd. | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 90319<br>|
| CSPC Innovation Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 61850<br>|
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 596000 | &nbsp;&nbsp; 717768<br>|
| Dong-E-E-Jiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 31922<br>|
| Haisco Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 36003<br>|
| Hansoh Pharmaceutical Group Co. Ltd. | &nbsp;&nbsp; 83500 | &nbsp;&nbsp; 386999<br> <sup>(a)</sup><br>|
| Hebei Changshan Biochemical Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 30,676<br> \*<br>|
| Humanwell Healthcare Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 28393<br>|
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 337301<br>|
| Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 18318<br>|
| Jilin Aodong Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 26952<br>|
| Joincare Pharmaceutical Group Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 25214<br>|
| Kangmei Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 81600 | &nbsp;&nbsp; 23,127<br> \*<br>|
| Livzon Pharmaceutical Group Inc., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 25894<br>|
| Livzon Pharmaceutical Group Inc., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 42717<br>|
| Luye Pharma Group Ltd. | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 63,112<br> \*<sup>(a)</sup><br>|
| Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 13954<br>|
| Shanghai Allist Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 61868<br>|
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 60288<br>|
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 159046<br>|
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 40643<br>|
| Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 21,403<br> \*<br>|
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 68,453<br> \*<br>|
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 49472<br>|
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 753278<br>|
| Tasly Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 21281<br>|
| Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 9940<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Yifan Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; $18682<br>|
| Yunnan Baiyao Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 76437<br>|
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 82831<br>|
| Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 7,651<br> \*<br>|
| Zhejiang Huahai Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 28541<br>|
| Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 13099<br>|
| Zhejiang Medicine Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 9543<br>|
| Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 19658<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 3920220 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **13809480** |
| **Industrials — 6.0%** | **Industrials — 6.0%** | **Industrials — 6.0%** |
| Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% |
| AECC Aero-Engine Control Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 27073<br>|
| AECC Aviation Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 85219<br>|
| AviChina Industry & Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 107593<br>|
| Avicopter PLC, Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 24406<br>|
| Kuang-Chi Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 101423<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 345714 |
| Air Freight & Logistics — 0.8% | Air Freight & Logistics — 0.8% | Air Freight & Logistics — 0.8% |
| CMST Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 11961<br>|
| Eastern Air Logistics Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 21214<br>|
| J&T Global Express Ltd. | &nbsp;&nbsp; 432000 | &nbsp;&nbsp; 543,026<br> \*<br>|
| JD Logistics Inc. | &nbsp;&nbsp; 139200 | &nbsp;&nbsp; 234,373<br> \*<sup>(a)(b)</sup><br>|
| SF Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 162963<br>|
| SF Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 91652<br>|
| Sinotrans Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 21517<br>|
| Sinotrans Ltd., Class H Shares | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 90134<br>|
| STO Express Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 24110<br>|
| YTO Express Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 49432<br>|
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 636985<br> <sup>(b)</sup><br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 1887367 |
| Building Products — 0.0%†† | Building Products — 0.0%†† | Building Products — 0.0%†† |
| Beijing New Building Materials PLC, Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 31868<br>|
| China Lesso Group Holdings Ltd. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 30106<br>|
| Zhejiang Weixing New Building Materials Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 13429<br>|
| Zhuzhou Kibing Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 14506<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 89909 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Beijing Originwater Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 14715<br>|
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 136960<br>|
| China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 12796<br>|
| Eternal Asia Supply Chain Management Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 14196<br>|
| Zhefu Holding Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 21820<br>|
| Zhejiang Weiming Environment Protection Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 26561<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 227048 |
| Construction & Engineering — 0.5% | Construction & Engineering — 0.5% | Construction & Engineering — 0.5% |
| China Communications Services Corp. Ltd., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 113516<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued |
| China Conch Venture Holdings Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; $135356<br>|
| China Energy Engineering Corp. Ltd., Class A Shares | &nbsp;&nbsp; 187200 | &nbsp;&nbsp; 63298<br>|
| China Energy Engineering Corp. Ltd., Class H Shares | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 44049<br>|
| China National Chemical Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 40084<br>|
| China Railway Group Ltd., Class A Shares | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 85347<br>|
| China Railway Group Ltd., Class H Shares | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 145473<br>|
| China State Construction Engineering Corp. Ltd., Class A Shares | &nbsp;&nbsp; 216000 | &nbsp;&nbsp; 165165<br>|
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 157941<br>|
| Metallurgical Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 51856<br>|
| Metallurgical Corp. of China Ltd., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 66876<br>|
| Power Construction Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 71400<br>|
| Shanghai Construction Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 17880<br>|
| Shanghai Tunnel Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 21551<br>|
| Shenzhen SED Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 29592<br>|
| Sichuan Road and Bridge Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 43586<br>|
| Sinoma International Engineering Co., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 18042<br>|
| Sinopec Engineering Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 83410<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 1354422 |
| Electrical Equipment — 1.4% | Electrical Equipment — 1.4% | Electrical Equipment — 1.4% |
| Beijing Easpring Material Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 44711<br>|
| China XD Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 31868<br>|
| CNGR Advanced Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 33606<br>|
| Contemporary Amperex Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 23300 | &nbsp;&nbsp; 1314168<br>|
| Dongfang Electric Corp. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 38973<br>|
| Dongfang Electric Corp. Ltd., Class H Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 61484<br>|
| Eve Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 122569<br>|
| Fangda Carbon New Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 17577<br>|
| GEM Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 39694<br>|
| Ginlong Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 62342<br>|
| Goldwind Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 40327<br>|
| Goldwind Science & Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 103645<br>|
| Goneo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6560 | &nbsp;&nbsp; 41105<br>|
| Gotion High-tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 62874<br>|
| Jiangsu Linyang Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 12405<br>|
| Jiangsu Zhongtian Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 50967<br>|
| Jiangxi Special Electric Motor Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 13,496<br> \*<br>|
| Ming Yang Smart Energy Group Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 32649<br>|
| NARI Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 139163<br>|
| Ningbo Deye Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4969 | &nbsp;&nbsp; 56471<br>|
| Ningbo Orient Wires & Cables Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 47573<br>|
| Ningbo Sanxing Medical Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 33053<br>|
| Qingdao TGOOD Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 18291<br>|
| Shanghai Electric Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 89,004<br> \*<br>|
| Shanghai Electric Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 100,684<br> \*<br>|
| Shanghai Moons' Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 57001<br>|
| Shenzhen Woer Heat-Shrinkable Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 41094<br>|
| Sieyuan Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 4700 | &nbsp;&nbsp; 71891<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electrical Equipment — continued | Electrical Equipment — continued | Electrical Equipment — continued |
| Sungrow Power Supply Co. Ltd., Class A Shares | &nbsp;&nbsp; 11240 | &nbsp;&nbsp; $255444<br>|
| Sunwoda Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 45512<br>|
| TBEA Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 71925<br>|
| Titan Wind Energy Suzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 11058<br>|
| Wolong Electric Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 65218<br>|
| Xuji Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 35734<br>|
| Zhejiang Chint Electrics Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 41364<br>|
| Zhejiang Huayou Cobalt Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 88762<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 3393702 |
| Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% |
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 230400 | &nbsp;&nbsp; 165832<br>|
| Daqin Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 105600 | &nbsp;&nbsp; 87266<br>|
| Full Truck Alliance Co. Ltd., ADR | &nbsp;&nbsp; 59328 | &nbsp;&nbsp; 769484<br> <sup>(b)</sup><br>|
| Guangshen Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 17995<br>|
| Guangshen Railway Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 30847<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 1071424 |
| Industrial Conglomerates — 0.3% | Industrial Conglomerates — 0.3% | Industrial Conglomerates — 0.3% |
| China Baoan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 25174<br>|
| CITIC Ltd. | &nbsp;&nbsp; 384000 | &nbsp;&nbsp; 563631<br>|
| Fosun International Ltd. | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 118976<br>|
| Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 84397<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 792178 |
| Machinery — 1.3% | Machinery — 1.3% | Machinery — 1.3% |
| China CSSC Holdings Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 116508<br>|
| China International Marine Containers Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 16749<br>|
| China International Marine Containers Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 52800 | &nbsp;&nbsp; 56394<br>|
| CRRC Corp. Ltd., Class A Shares | &nbsp;&nbsp; 129600 | &nbsp;&nbsp; 135830<br>|
| CRRC Corp. Ltd., Class H Shares | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 222097<br>|
| Dongguan Yiheda Automation Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 21490<br>|
| FAW Jiefang Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 14163<br>|
| Guangxi Liugong Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 14897<br>|
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 132271<br>|
| Han's Laser Technology Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 54833<br>|
| Harbin Boshi Automation Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 11752<br>|
| Hefei Meiya Optoelectronic Technology Inc., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 13644<br>|
| Jiangsu Hengli Hydraulic Co. Ltd., Class A Shares | &nbsp;&nbsp; 6780 | &nbsp;&nbsp; 91102<br>|
| Kaishan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 10391<br>|
| Keda Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 16473<br>|
| North Industries Group Red Arrow Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 24,702<br> \*<br>|
| RoboTechnik Intelligent Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 33134<br>|
| Sany Heavy Equipment International Holdings Co. Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 100314<br>|
| Sany Heavy Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 140860<br>|
| Shandong Himile Mechanical Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 39902<br>|
| Shanghai Mechanical and Electrical Industry Co. Ltd., Class B Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 25709<br>|
| Shanghai Zhenhua Heavy Industries Co. Ltd., Class B Shares | &nbsp;&nbsp; 86400 | &nbsp;&nbsp; 23760<br>|
| Shenzhen Inovance Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 169348<br>|
| Siasun Robot & Automation Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 26,265<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; $141648<br>|
| Tian Di Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 19968<br>|
| Weichai Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 66093<br>|
| Weichai Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 258187<br>|
| XCMG Construction Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 62400 | &nbsp;&nbsp; 100682<br>|
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 187200 | &nbsp;&nbsp; 489345<br>|
| Yantai Eddie Precision Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 12425<br>|
| Yutong Bus Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 54974<br>|
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 97847<br>|
| Zhuzhou CRRC Times Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 4512 | &nbsp;&nbsp; 33317<br>|
| Zhuzhou CRRC Times Electric Co. Ltd., Class H Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 184834<br>|
| ZMJ Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 33471<br>|
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 48550<br>|
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 105600 | &nbsp;&nbsp; 98944<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 3152873 |
| Marine Transportation — 0.2% | Marine Transportation — 0.2% | Marine Transportation — 0.2% |
| COSCO Shipping Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 135204<br>|
| COSCO Shipping Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 298843<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 434047 |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| Air China Ltd., Class A Shares | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 74,579<br> \*<br>|
| Air China Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 71,811<br> \*<br>|
| China Eastern Airlines Corp. Ltd., Class A Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 55,897<br> \*<br>|
| China Eastern Airlines Corp. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 41,088<br> \*<br>|
| China Southern Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 61,116<br> \*<br>|
| China Southern Airlines Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 51,329<br> \*<br>|
| Hainan Airlines Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 254400 | &nbsp;&nbsp; 57,823<br> \*<br>|
| Juneyao Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 27477<br>|
| Spring Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 36017<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 477137 |
| Professional Services — 0.2% | Professional Services — 0.2% | Professional Services — 0.2% |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 22500 | &nbsp;&nbsp; 525,600<br> \*<sup>(b)</sup><br>|
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| Beijing United Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 19476<br>|
| COSCO Shipping Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 76800 | &nbsp;&nbsp; 27369<br>|
| COSCO Shipping Development Co. Ltd., Class H Shares | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 35165<br>|
| Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 14266<br>|
| Shanxi Coal International Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 13186<br>|
| Xiamen C & D Inc., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 27639<br>|
| Xiamen ITG Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 12486<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 149587 |
| Transportation Infrastructure — 0.4% | Transportation Infrastructure — 0.4% | Transportation Infrastructure — 0.4% |
| Anhui Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 41170<br>|
| Beijing Capital International Airport Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 34,302<br> \*<br>|
| China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 52476<br>|
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 86000 | &nbsp;&nbsp; 161048<br>|
| COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 70207<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Transportation Infrastructure — continued | Transportation Infrastructure — continued | Transportation Infrastructure — continued |
| Jiangsu Expressway Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; $16917<br>|
| Jiangsu Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 111295<br>|
| Liaoning Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 26952<br>|
| Ningbo Zhoushan Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 22123<br>|
| Qingdao Port International Co. Ltd., Class H Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 44481<br> <sup>(a)</sup><br>|
| Shandong Hi-speed Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 23194<br>|
| Shanghai International Airport Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 64430<br>|
| Shanghai International Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 44044<br>|
| Shenzhen Airport Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 9361<br>|
| Shenzhen Expressway Corp. Ltd., Class H Shares | &nbsp;&nbsp; 44000 | &nbsp;&nbsp; 41679<br>|
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 96365<br>|
| Shenzhen Yan Tian Port Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 11934<br>|
| TangShan Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 17961<br>|
| Zhejiang Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 88715<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 978654 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **14879662** |
| **Information Technology — 9.3%** | **Information Technology — 9.3%** | **Information Technology — 9.3%** |
| Communications Equipment — 0.6% | Communications Equipment — 0.6% | Communications Equipment — 0.6% |
| Addsino Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 10,425<br> \*<br>|
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 55500 | &nbsp;&nbsp; 294891<br>|
| Fiberhome Telecommunication Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 36973<br>|
| Glarun Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 46361<br>|
| Guangzhou Haige Communications Group Inc. Co., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 26447<br>|
| Hengtong Optic-electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 46408<br>|
| Hytera Communications Corp. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 15,530<br> \*<br>|
| Shenzhen Sunway Communication Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 17375<br>|
| Suzhou TFC Optical Communication Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 113006<br>|
| Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H Shares | &nbsp;&nbsp; 20500 | &nbsp;&nbsp; 124680<br> <sup>(a)</sup><br>|
| Yealink Network Technology Corp. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 49836<br>|
| Zhongji Innolight Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 328499<br>|
| ZTE Corp., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 153683<br>|
| ZTE Corp., Class H Shares | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 262814<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 1526928 |
| Electronic Equipment, Instruments & Components — 1.8% | Electronic Equipment, Instruments & Components — 1.8% | Electronic Equipment, Instruments & Components — 1.8% |
| Accelink Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 44852<br>|
| Avary Holding Shenzhen Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 113282<br>|
| Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 9543<br>|
| BOE Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 112063<br>|
| BOE Technology Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 22136<br>|
| Chaozhou Three-Circle Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 62403<br>|
| China Railway Signal & Communication Corp. Ltd., Class A Shares | &nbsp;&nbsp; 41568 | &nbsp;&nbsp; 31377<br>|
| China Railway Signal & Communication Corp. Ltd., Class H Shares | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 64593<br> <sup>(a)</sup><br>|
| China Zhenhua Group Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 33835<br>|
| Eoptolink Technology Inc. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 246330<br>|
| Everdisplay Optronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 29,295<br> \*<br>|
| Foxconn Industrial Internet Co. Ltd., Class A Shares | &nbsp;&nbsp; 62400 | &nbsp;&nbsp; 577914<br>|
| GoerTek Inc., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 101019<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued |
| Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; $26804<br>|
| Hengdian Group DMEGC Magnetics Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 27598<br>|
| Huagong Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 62281<br>|
| IRICO Display Devices Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 19,833<br> \*<br>|
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 170521<br>|
| Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 114102<br>|
| Lens Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 135284<br>|
| Leyard Optoelectronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 14607<br>|
| Lingyi iTech Guangdong Co., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 98857<br>|
| Luxshare Precision Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 348528<br>|
| Maxscend Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 3032 | &nbsp;&nbsp; 35359<br>|
| OFILM Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 35,262<br> \*<br>|
| Raytron Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2117 | &nbsp;&nbsp; 26269<br>|
| Shanghai BOCHU Electronic Technology Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1398 | &nbsp;&nbsp; 30163<br>|
| Shengyi Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 3504 | &nbsp;&nbsp; 38592<br>|
| Shengyi Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 109140<br>|
| Shennan Circuits Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 145898<br>|
| Shenzhen Everwin Precision Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 56139<br>|
| Shenzhen Huaqiang Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 19348<br>|
| Shenzhen Kaifa Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 37539<br>|
| Shenzhen Kinwong Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 42408<br>|
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 558018<br>|
| SUPCON Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 30912<br>|
| Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 96304<br>|
| TCL Technology Group Corp., Class A Shares | &nbsp;&nbsp; 105600 | &nbsp;&nbsp; 63857<br>|
| Tianma Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 26,723<br> \*<br>|
| Unisplendour Corp. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 60975<br>|
| Universal Scientific Industrial Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 29457<br>|
| Victory Giant Technology Huizhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 192272<br>|
| Wingtech Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 62,605<br> \*<br>|
| Wuhan Guide Infrared Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 41,586<br> \*<br>|
| WUS Printed Circuit Kunshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 98958<br>|
| Zhejiang Crystal-Optech Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 35612<br>|
| Zhejiang Dahua Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 54281<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 4394734 |
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
| Beijing Sinnet Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 20338<br>|
| Beijing Ultrapower Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 28831<br>|
| China TransInfo Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 15,516<br> \*<br>|
| DHC Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 29040<br>|
| GDS Holdings Ltd., Class A Shares | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 346,175<br> \*<sup>(b)</sup><br>|
| Isoftstone Information Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 37141<br>|
| Range Intelligent Computing Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 71858<br>|
| Taiji Computer Corp. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 18628<br>|
| Wangsu Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 23315<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 590842 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — 1.8% | Semiconductors & Semiconductor Equipment — 1.8% | Semiconductors & Semiconductor Equipment — 1.8% |
| Advanced Micro-Fabrication Equipment Inc. China, Class A Shares | &nbsp;&nbsp; 3216 | &nbsp;&nbsp; $134909<br>|
| All Winner Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6030 | &nbsp;&nbsp; 43841<br>|
| Amlogic Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 2146 | &nbsp;&nbsp; 33,475<br> \*<br>|
| ASR Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 37,209<br> \*<br>|
| Bestechnic Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 43159<br>|
| Cambricon Technologies Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2092 | &nbsp;&nbsp; 388,908<br> \*<br>|
| China Resources Microelectronics Ltd., Class A Shares | &nbsp;&nbsp; 6672 | &nbsp;&nbsp; 52001<br>|
| Daqo New Energy Corp., ADR | &nbsp;&nbsp; 3168 | &nbsp;&nbsp; 89,116<br> \*<br>|
| Flat Glass Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 23234<br>|
| Flat Glass Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 33000 | &nbsp;&nbsp; 48183<br>|
| GalaxyCore Inc., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 48354<br>|
| GCL System Integration Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 13,739<br> \*<br>|
| GCL Technology Holdings Ltd. | &nbsp;&nbsp; 1632000 | &nbsp;&nbsp; 274,783<br> \*<br>|
| GigaDevice Semiconductor Inc., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 143648<br>|
| Hangzhou Chang Chuan Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 67090<br>|
| Hangzhou First Applied Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 31720<br>|
| Hangzhou Lion Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 21,982<br> \*<br>|
| Hangzhou Silan Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 42347<br>|
| Hongyuan Green Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 14,749<br> \*<br>|
| Hua Hong Semiconductor Ltd., Class H Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 493,548<br> \*<sup>(a)</sup><br>|
| Hygon Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12048 | &nbsp;&nbsp; 426989<br>|
| Ingenic Semiconductor Co. Ltd., Class A Shares | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 28723<br>|
| JA Solar Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 16892 | &nbsp;&nbsp; 31,142<br> \*<br>|
| JCET Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 59385<br>|
| Jinko Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 52704 | &nbsp;&nbsp; 41,114<br> \*<br>|
| LONGi Green Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 96,978<br> \*<br>|
| Loongson Technology Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1883 | &nbsp;&nbsp; 41,689<br> \*<br>|
| Montage Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6157 | &nbsp;&nbsp; 133724<br>|
| National Silicon Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 17376 | &nbsp;&nbsp; 62,898<br> \*<br>|
| NAURA Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4010 | &nbsp;&nbsp; 254506<br>|
| Nexchip Semiconductor Corp., Class A Shares | &nbsp;&nbsp; 10560 | &nbsp;&nbsp; 51634<br>|
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 133621<br>|
| Piotech Inc., Class A Shares | &nbsp;&nbsp; 1352 | &nbsp;&nbsp; 49354<br>|
| Rockchip Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 63291<br>|
| Sanan Optoelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 62955<br>|
| SG Micro Corp., Class A Shares | &nbsp;&nbsp; 3454 | &nbsp;&nbsp; 40363<br>|
| Shanghai Aiko Solar Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 22,264<br> \*<br>|
| Shanghai Fudan Microelectronics Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 117012<br>|
| Shenzhen Goodix Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 55634<br>|
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 30,474<br> \*<br>|
| Tianshui Huatian Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 39667<br> <sup>(d)</sup><br>|
| TongFu Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 54106<br>|
| Tongwei Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 75,057<br> \*<br>|
| Trina Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 13296 | &nbsp;&nbsp; 32,403<br> \*<br>|
| Unigroup Guoxin Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 60820<br>|
| United Nova Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 37296 | &nbsp;&nbsp; 34,432<br> \*<br>|
| Verisilicon Microelectronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 70,248<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Xinjiang Daqo New Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; $38,697<br> \*<br>|
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 127335<br>|
| Yangling Metron New Material Inc., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 11644<br>|
| Yangzhou Yangjie Electronic Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 46765<br>|
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 61298<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 4502217 |
| Software — 1.1% | Software — 1.1% | Software — 1.1% |
| 360 Security Technology Inc., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 60934<br>|
| Beijing E-Hualu Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 14,661<br> \*<br>|
| Beijing Kingsoft Office Software Inc., Class A Shares | &nbsp;&nbsp; 2429 | &nbsp;&nbsp; 107862<br>|
| Beijing Shiji Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 21598<br>|
| CETC Cyberspace Security Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 11738<br>|
| China National Software & Service Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 33,504<br> \*<br>|
| Empyrean Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 53161<br>|
| Horizon Robotics | &nbsp;&nbsp; 576000 | &nbsp;&nbsp; 709,228<br> \*<br>|
| Hundsun Technologies Inc., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 46495<br>|
| Iflytek Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 113242<br>|
| Jiangsu Hoperun Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 40,812<br> \*<br>|
| Kingdee International Software Group Co. Ltd. | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 472,881<br> \*<sup>(b)</sup><br>|
| Longshine Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 26224<br>|
| NavInfo Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 19,295<br> \*<br>|
| Newland Digital Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 19907<br>|
| Sangfor Technologies Inc., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 38738<br>|
| SenseTime Group Inc., Class B Shares | &nbsp;&nbsp; 1968000 | &nbsp;&nbsp; 731,006<br> \*<sup>(a)(b)</sup><br>|
| Shanghai Baosight Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 11603 | &nbsp;&nbsp; 37801<br>|
| Shanghai Baosight Software Co. Ltd., Class B Shares | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 64858<br>|
| Shanghai Stonehill Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 37,054<br> \*<br>|
| Shenzhen Infogem Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 35,114<br> \*<br>|
| Shenzhen Kingdom Sci-Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 12,190<br> \*<br>|
| Yonyou Network Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 42,078<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 2750381 |
| Technology Hardware, Storage & Peripherals — 3.8% | Technology Hardware, Storage & Peripherals — 3.8% | Technology Hardware, Storage & Peripherals — 3.8% |
| Anker Innovations Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 81980<br>|
| China Greatwall Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 45,633<br> \*<br>|
| GRG Banking Equipment Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 28043<br>|
| Huaqin Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 70956<br>|
| IEIT Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 100237<br>|
| Legend Holdings Corp., Class H Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 63,575<br> \*<sup>(a)</sup><br>|
| Ninestar Corp., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 31,612<br> \*<br>|
| Shenzhen Transsion Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 79300<br>|
| Xiaomi Corp., Class B Shares | &nbsp;&nbsp; 1276800 | &nbsp;&nbsp; 8,861,652<br> \*<sup>(b)</sup><br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 9362988 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **23128090** |
| **Materials — 4.1%** | **Materials — 4.1%** | **Materials — 4.1%** |
| Chemicals — 0.9% | Chemicals — 0.9% | Chemicals — 0.9% |
| Canmax Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 16830<br>|
| Cathay Biotech Inc., Class A Shares | &nbsp;&nbsp; 3792 | &nbsp;&nbsp; 27687<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Chengxin Lithium Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; $12,789<br> \*<br>|
| Do-Fluoride New Materials Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 13806<br>|
| Ganfeng Lithium Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 82000<br>|
| Ganfeng Lithium Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 159687<br> <sup>(a)</sup><br>|
| Guangzhou Tinci Materials Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 51412<br>|
| Hangzhou Oxygen Plant Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 16405<br>|
| Haohua Chemical Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 20689<br>|
| Hengli Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 69258<br>|
| Hengyi Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 17698<br>|
| Hoshine Silicon Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 33302<br>|
| Huafon Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 30710<br>|
| Hubei Xingfa Chemicals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 37943<br>|
| Inner Mongolia Berun Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 21382<br>|
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 35222<br>|
| Jiangsu Eastern Shenghong Co. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 44,832<br> \*<br>|
| Jiangsu Yangnong Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 48449<br>|
| Jiangsu Yoke Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 49667<br>|
| Kingfa Sci & Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 42408<br>|
| LB Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 39316<br>|
| Levima Advanced Materials Corp., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 14324<br>|
| Luxi Chemical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 19557<br>|
| Meihua Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 28582<br>|
| Ningbo Shanshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 32,124<br> \*<br>|
| Ningxia Baofeng Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 95900<br>|
| Qinghai Salt Lake Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 84,250<br> \*<br>|
| Rongsheng Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 52800 | &nbsp;&nbsp; 71488<br>|
| Satellite Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 52099<br>|
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 53762<br>|
| Shanghai Putailai New Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 41647<br>|
| Shenzhen Capchem Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 35949<br>|
| Shenzhen Senior Technology Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 19651<br>|
| Sichuan Hebang Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 16810<br>|
| Sichuan Yahua Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 10014<br>|
| Sinoma Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 45822<br>|
| Sinopec Shanghai Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 14547<br>|
| Sinopec Shanghai Petrochemical Co. Ltd., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 33561<br>|
| Skshu Paint Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 32245<br>|
| Sunresin New Materials Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 38859<br>|
| Tangshan Sanyou Chemical Industries Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 11375<br>|
| Tianqi Lithium Corp., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 64,073<br> \*<br>|
| Tianqi Lithium Corp., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 55,450<br> \*<br>|
| Tongkun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 30326<br>|
| Valiant Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 9260<br>|
| Wanhua Chemical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 179355<br>|
| Yonfer Agricultural Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 18816<br>|
| Yunnan Energy New Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 31,450<br> \*<br>|
| Yunnan Yuntianhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 36097<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Zangge Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; $78566<br>|
| Zhejiang Juhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 80835<br>|
| Zhejiang Longsheng Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 26857<br>|
| Zhejiang NHU Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 48145<br>|
| Zhejiang Yongtai Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 11,759<br> \*<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 2295047 |
| Construction Materials — 0.3% | Construction Materials — 0.3% | Construction Materials — 0.3% |
| Anhui Conch Cement Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 78188<br>|
| Anhui Conch Cement Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 289959<br>|
| BBMG Corp., Class A Shares | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 13415<br>|
| BBMG Corp., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 20729<br>|
| BBMG Jidong Cement Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 13200<br>|
| China Jushi Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 58389<br>|
| China National Building Material Co. Ltd., Class H Shares | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 204329<br>|
| China Resources Building Materials Technology Holdings Ltd. | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 44666<br>|
| CSG Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 6236<br>|
| CSG Holding Co. Ltd., Class B Shares | &nbsp;&nbsp; 86400 | &nbsp;&nbsp; 19878<br>|
| Huaxin Cement Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 24918<br>|
| Huaxin Cement Co. Ltd., Class H Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 48399<br>|
| TianShan Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 20,271<br> \*<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 842577 |
| Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† |
| ORG Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 10930<br>|
| Shenzhen YUTO Packaging Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 18446<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 29376 |
| Metals & Mining — 2.8% | Metals & Mining — 2.8% | Metals & Mining — 2.8% |
| Aluminum Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 83239<br>|
| Aluminum Corp. of China Ltd., Class H Shares | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 298720<br>|
| Angang Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 14,223<br> \*<br>|
| Angang Steel Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 27,885<br> \*<br>|
| Baoshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 115200 | &nbsp;&nbsp; 114272<br>|
| Beijing Shougang Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 14345<br>|
| Chifeng Jilong Gold Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 39842<br>|
| Chifeng Jilong Gold Mining Co. Ltd., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 37534<br>|
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 651977<br>|
| China Northern Rare Earth Group High-Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 130112<br>|
| China Rare Earth Resources and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 69,703<br> \*<br>|
| Citic Pacific Special Steel Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 27517<br>|
| CMOC Group Ltd., Class A Shares | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 200892<br>|
| CMOC Group Ltd., Class H Shares | &nbsp;&nbsp; 267000 | &nbsp;&nbsp; 538434<br>|
| Guangdong HEC Technology Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 62,712<br> \*<br>|
| Hangzhou Iron & Steel Co., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 26,857<br> \*<br>|
| Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 40428<br>|
| Hesteel Co. Ltd., Class A Shares | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 23948<br>|
| Huaibei Mining Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 24911<br>|
| Hunan Gold Corp. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 30225<br>|
| Hunan Valin Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 34966<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A Shares | &nbsp;&nbsp; 244800 | &nbsp;&nbsp; $81744<br>|
| Inner Mongolia ERDOS Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 13712<br>|
| Inner Mongolia ERDOS Resources Co. Ltd., Class B Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 31786<br>|
| Jiangxi Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 71703<br>|
| Jiangxi Copper Co. Ltd., Class H Shares | &nbsp;&nbsp; 77000 | &nbsp;&nbsp; 301848<br>|
| Jinduicheng Molybdenum Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 41620<br>|
| Maanshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 21,551<br> \*<br>|
| Maanshan Iron & Steel Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 32,944<br> \*<br>|
| Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 52800 | &nbsp;&nbsp; 22,743<br> \*<br>|
| Shandong Gold Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 105948<br>|
| Shandong Gold Mining Co. Ltd., Class H Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 341844<br> <sup>(a)</sup><br>|
| Shandong Humon Smelting Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 10082<br>|
| Shandong Nanshan Aluminum Co. Ltd., Class A Shares | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 37336<br>|
| Shanjin International Gold Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 46125<br>|
| Shanxi Meijin Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 19,072<br> \*<br>|
| Shanxi Taigang Stainless Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 21,551<br> \*<br>|
| Shenghe Resources Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 31046<br>|
| Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 19194<br>|
| Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 70084<br>|
| Sinomine Resource Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 33336<br>|
| Tianshan Aluminum Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 39027<br>|
| Tongling Nonferrous Metals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 50536<br>|
| Western Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 44448<br>|
| Western Superconducting Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 3099 | &nbsp;&nbsp; 28301<br>|
| Xiamen Tungsten Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 39869<br>|
| Xinxing Ductile Iron Pipes Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 12964<br>|
| Yunnan Aluminium Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 55493<br>|
| Yunnan Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 35316<br>|
| Yunnan Tin Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 31168<br>|
| Zhaojin Mining Industry Co. Ltd., Class H Shares | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 482135<br>|
| Zhejiang Hailiang Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 17510<br>|
| Zhongjin Gold Corp. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 88614<br>|
| Zijin Mining Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 105600 | &nbsp;&nbsp; 436185<br>|
| Zijin Mining Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 442000 | &nbsp;&nbsp; 1851987<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 7061564 |
| Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% |
| Lee & Man Paper Manufacturing Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 34919<br>|
| Nine Dragons Paper Holdings Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 67,739<br> \*<br>|
| Shandong Sun Paper Industry JSC Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 28871<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 131529 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **10360093** |
| **Real Estate — 1.6%** | **Real Estate — 1.6%** | **Real Estate — 1.6%** |
| Real Estate Management & Development — 1.6% | Real Estate Management & Development — 1.6% | Real Estate Management & Development — 1.6% |
| C&D International Investment Group Ltd. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 110370<br>|
| China Jinmao Holdings Group Ltd. | &nbsp;&nbsp; 480000 | &nbsp;&nbsp; 95625<br>|
| China Merchants Property Operation & Service Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 8216<br>|
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 68491<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Real Estate Management & Development — continued | Real Estate Management & Development — continued | Real Estate Management & Development — continued |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 264000 | &nbsp;&nbsp; $487255<br>|
| China Resources Land Ltd. | &nbsp;&nbsp; 216000 | &nbsp;&nbsp; 843412<br>|
| China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 255041<br> <sup>(a)</sup><br>|
| China Vanke Co. Ltd., Class A Shares | &nbsp;&nbsp; 52800 | &nbsp;&nbsp; 51,041<br> \*<br>|
| China Vanke Co. Ltd., Class H Shares | &nbsp;&nbsp; 158400 | &nbsp;&nbsp; 113,399<br> \*<br>|
| China World Trade Center Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 13712<br>|
| Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 122338<br>|
| Financial Street Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 8,270<br> \*<br>|
| Gemdale Corp., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 17,537<br> \*<br>|
| Grandjoy Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 13,334<br> \*<br>|
| Greenland Holdings Corp. Ltd., Class A Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 18,587<br> \*<br>|
| Greentown China Holdings Ltd. | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 87913<br>|
| Hainan Airport Infrastructure Co. Ltd., Class A Shares | &nbsp;&nbsp; 62400 | &nbsp;&nbsp; 36421<br>|
| Hangzhou Binjiang Real Estate Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 33807<br>|
| Hopson Development Holdings Ltd. | &nbsp;&nbsp; 76800 | &nbsp;&nbsp; 34,055<br> \*<br>|
| KE Holdings Inc., ADR | &nbsp;&nbsp; 48240 | &nbsp;&nbsp; 916560<br> <sup>(b)</sup><br>|
| Longfor Group Holdings Ltd. | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 219876<br> <sup>(a)(b)</sup><br>|
| Poly Developments and Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 62400 | &nbsp;&nbsp; 68814<br>|
| Poly Property Services Co. Ltd., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 42963<br>|
| Quzhou Xin'an Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 30,440<br> \*<br>|
| Seazen Group Ltd. | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 63,174<br> \*<br>|
| Seazen Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 32,831<br> \*<br>|
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 7469<br>|
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 14688<br>|
| Shanghai Lingang Holdings Corp. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 23234<br>|
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 17456<br>|
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 31824<br>|
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 74013<br>|
| Shenzhen Investment Ltd. | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 21,963<br> \*<br>|
| Shenzhen Overseas Chinese Town Co. Ltd., Class A Shares | &nbsp;&nbsp; 52800 | &nbsp;&nbsp; 19,631<br> \*<br>|
| Yango Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 20300 | &nbsp;&nbsp; 0<br> \*<sup>(d)(e)(f)</sup><br>|
| Youngor Fashion Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 29942<br>|
| Yuexiu Property Co. Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 64285<br>|
| Zhuhai Huafa Properties Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 11435<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4109422** |
| **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** |
| Gas Utilities — 0.5% | Gas Utilities — 0.5% | Gas Utilities — 0.5% |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 34500 | &nbsp;&nbsp; 147482<br>|
| China Gas Holdings Ltd. | &nbsp;&nbsp; 201600 | &nbsp;&nbsp; 197444<br>|
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 171360<br>|
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 52800 | &nbsp;&nbsp; 436697<br>|
| ENN Natural Gas Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 48435<br>|
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 257632<br>|
| Shenzhen Gas Corp. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 13375<br>|
| Towngas Smart Energy Co. Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 48614<br>|
| Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 1321039 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Independent Power and Renewable Electricity Producers — 1.2% | Independent Power and Renewable Electricity Producers — 1.2% | Independent Power and Renewable Electricity Producers — 1.2% |
| Beijing Jingneng Clean Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; $31217<br>|
| CECEP Solar Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 15288<br>|
| CECEP Wind-Power Corp., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 19335<br>|
| CGN Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 48758<br>|
| CGN Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 768000 | &nbsp;&nbsp; 285271<br> <sup>(a)</sup><br>|
| China Green Electricity Investment of Tianjin Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 12257<br>|
| China Longyuan Power Group Corp. Ltd., Class H Shares | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 256337<br>|
| China National Nuclear Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 105600 | &nbsp;&nbsp; 129048<br>|
| China Power International Development Ltd. | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 119562<br>|
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 146000 | &nbsp;&nbsp; 334769<br>|
| China Three Gorges Renewables Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 148800 | &nbsp;&nbsp; 88728<br>|
| China Yangtze Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 129600 | &nbsp;&nbsp; 495496<br>|
| Datang International Power Generation Co. Ltd., Class A Shares | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 27396<br>|
| Datang International Power Generation Co. Ltd., Class H Shares | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 55277<br>|
| Fujian Funeng Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 26480<br>|
| GD Power Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 67076<br>|
| Guangdong Baolihua New Energy Stock Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 9334<br>|
| Guangdong Electric Power Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 9294<br>|
| Guangdong Electric Power Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 15720<br>|
| Guangxi Guiguan Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 8849<br>|
| Huadian Power International Corp. Ltd., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 30851<br>|
| Huadian Power International Corp. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 51699<br>|
| Huaneng Lancang River Hydropower Inc., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 50913<br>|
| Huaneng Power International Inc., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 47546<br>|
| Huaneng Power International Inc., Class H Shares | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 200627<br>|
| Hubei Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 27578<br>|
| Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A Shares | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 19281<br>|
| SDIC Power Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 70363<br>|
| Shaanxi Energy Investment Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; 18062<br>|
| Shanghai Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 57002<br>|
| Shenergy Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 31599<br>|
| Shenzhen Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 26831<br>|
| Sichuan Chuantou Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 57702<br>|
| Sichuan New Energy Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 14129<br>|
| Wintime Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 124800 | &nbsp;&nbsp; 28541<br>|
| Zhejiang Zheneng Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 33336<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 2821552 |
| Water Utilities — 0.1% | Water Utilities — 0.1% | Water Utilities — 0.1% |
| Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 21416<br>|
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 288000 | &nbsp;&nbsp; 88469<br>|
| Chengdu Xingrong Environment Co. Ltd., Class A Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 17941<br>|
| Guangdong Investment Ltd. | &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 174469<br>|
| Zhongshan Public Utilities Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 16661<br>|
| Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 318956 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **4461547** |
| **Total Investments before Short-Term Investments (Cost — $196,723,905)** | **Total Investments before Short-Term Investments (Cost — $196,723,905)** | &nbsp;&nbsp; **249268959** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| **Investments from Cash Collateral Received for Loaned Securities — 0.1%** | **Investments from Cash Collateral Received for Loaned Securities — 0.1%** | **Investments from Cash Collateral Received for Loaned Securities — 0.1%** | **Investments from Cash Collateral Received for Loaned Securities — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $91,850) <br>| &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 91850<br>| &nbsp;&nbsp; **$91850**<br> <sup>(g)(h)(i)</sup><br>|
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $67,445)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 67445<br>| &nbsp;&nbsp; **67445**<br> <sup>(g)(h)(i)</sup><br>|
| **Total Short-Term Investments (Cost — $159,295)** | **Total Short-Term Investments (Cost — $159,295)** | **Total Short-Term Investments (Cost — $159,295)** | &nbsp;&nbsp; **159295** |
| **Total Investments — 99.8% (Cost — $196,883,200)** | **Total Investments — 99.8% (Cost — $196,883,200)** | **Total Investments — 99.8% (Cost — $196,883,200)** | &nbsp;&nbsp; **249428254** |
| Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp; 479824 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$249908078** |

---

&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> | Variable interest entity (VIE). See Note 8 regarding investments made through a VIE structure. At September 30, 2025, the value of these securities was <br> $123,435,587, representing 49.4% of net assets.<br>|
| <sup>(c)</sup> | A portion or all of the security is on loan at September 30, 2025 (Note 1).  |
| <sup>(d)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(e)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(f)</sup> | Value is less than $1. |
| <sup>(g)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(h)</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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $159,295 and the cost was $159,295 (Note 6).<br>|
| <sup>(i)</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 |
| JSC |  | Joint Stock Company |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| MSCI China Index | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $396401 | &nbsp;&nbsp;&nbsp; $397100 | &nbsp;&nbsp;&nbsp; **$699** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Communication Services — 3.2%** | **Communication Services — 3.2%** | **Communication Services — 3.2%** |
| Diversified Telecommunication Services — 2.1% | Diversified Telecommunication Services — 2.1% | Diversified Telecommunication Services — 2.1% |
| BT Group PLC | &nbsp;&nbsp; 51119 | &nbsp;&nbsp; $131547<br>|
| Cellnex Telecom SA | &nbsp;&nbsp; 5083 | &nbsp;&nbsp; 176130<br> <sup>(a)</sup><br>|
| Deutsche Telekom AG, Registered Shares | &nbsp;&nbsp; 29835 | &nbsp;&nbsp; 1016978<br>|
| Elisa oyj | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 66906<br>|
| Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp; 2839 | &nbsp;&nbsp; 33392<br> <sup>(a)</sup><br>|
| Koninklijke KPN NV | &nbsp;&nbsp; 33881 | &nbsp;&nbsp; 162704<br>|
| Orange SA | &nbsp;&nbsp; 18989 | &nbsp;&nbsp; 308130<br>|
| Swisscom AG, Registered Shares | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 172746<br>|
| Telecom Italia SpA | &nbsp;&nbsp; 96798 | &nbsp;&nbsp; 50,647<br> \*<br>|
| Telecom Italia SpA, Savings Shares | &nbsp;&nbsp; 54638 | &nbsp;&nbsp; 31,625<br> \*<br>|
| Telefonica SA | &nbsp;&nbsp; 36839 | &nbsp;&nbsp; 190371<br>|
| Telekom Austria AG | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 7998<br>|
| Telenor ASA | &nbsp;&nbsp; 5695 | &nbsp;&nbsp; 94405<br>|
| Telia Co. AB | &nbsp;&nbsp; 20723 | &nbsp;&nbsp; 79079<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 2522658 |
| Entertainment — 0.3% | Entertainment — 0.3% | Entertainment — 0.3% |
| Bollore SE | &nbsp;&nbsp; 6324 | &nbsp;&nbsp; 35786<br>|
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 51643<br>|
| Universal Music Group NV | &nbsp;&nbsp; 8466 | &nbsp;&nbsp; 244312<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 331741 |
| Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% |
| Auto Trader Group PLC | &nbsp;&nbsp; 7871 | &nbsp;&nbsp; 83520<br> <sup>(a)</sup><br>|
| Rightmove PLC | &nbsp;&nbsp; 7140 | &nbsp;&nbsp; 68112<br>|
| Scout24 SE | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 78785<br> <sup>(a)</sup><br>|
| Vend Marketplaces ASA | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 22367<br>|
| Vend Marketplaces ASA, Class B Shares | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 23430<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 276214 |
| Media — 0.3% | Media — 0.3% | Media — 0.3% |
| Informa PLC | &nbsp;&nbsp; 11917 | &nbsp;&nbsp; 147213<br>|
| Publicis Groupe SA | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 195787<br>|
| RTL Group SA | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 13264<br>|
| WPP PLC | &nbsp;&nbsp; 9690 | &nbsp;&nbsp; 47980<br>|
| Total Media | Total Media | &nbsp;&nbsp; 404244 |
| Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% |
| Airtel Africa PLC | &nbsp;&nbsp; 6307 | &nbsp;&nbsp; 20718<br> <sup>(a)</sup><br>|
| Tele2 AB, Class B Shares | &nbsp;&nbsp; 4862 | &nbsp;&nbsp; 82997<br>|
| Vodafone Group PLC | &nbsp;&nbsp; 170714 | &nbsp;&nbsp; 198016<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 301731 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3836588** |
| **Consumer Discretionary — 8.1%** | **Consumer Discretionary — 8.1%** | **Consumer Discretionary — 8.1%** |
| Automobile Components — 0.3% | Automobile Components — 0.3% | Automobile Components — 0.3% |
| Aumovio SE | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 19,973<br> \*<br>|
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 6035 | &nbsp;&nbsp; 216563<br>|
| Continental AG | &nbsp;&nbsp; 969 | &nbsp;&nbsp; 63897<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| Pirelli & C SpA | &nbsp;&nbsp; 3383 | &nbsp;&nbsp; $23031<br> <sup>(a)</sup><br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 323464 |
| Automobiles — 1.3% | Automobiles — 1.3% | Automobiles — 1.3% |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 2567 | &nbsp;&nbsp; 257706<br>|
| Ferrari NV | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 517968<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp; 6834 | &nbsp;&nbsp; 429361<br>|
| Renault SA | &nbsp;&nbsp; 1768 | &nbsp;&nbsp; 72294<br>|
| Stellantis NV | &nbsp;&nbsp; 19312 | &nbsp;&nbsp; 178447<br>|
| Volkswagen AG | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 28090<br>|
| Volvo Car AB, Class B Shares | &nbsp;&nbsp; 5559 | &nbsp;&nbsp; 11,410<br> \*<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 1495276 |
| Broadline Retail — 0.9% | Broadline Retail — 0.9% | Broadline Retail — 0.9% |
| Allegro.eu SA | &nbsp;&nbsp; 6494 | &nbsp;&nbsp; 63,716<br> \*<sup>(a)</sup><br>|
| Next PLC | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; 172763<br>|
| Prosus NV | &nbsp;&nbsp; 11577 | &nbsp;&nbsp; 815362<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 1051841 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| D'ieteren Group | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 34980<br>|
| Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% |
| Pearson PLC | &nbsp;&nbsp; 6001 | &nbsp;&nbsp; 85353<br>|
| Hotels, Restaurants & Leisure — 1.2% | Hotels, Restaurants & Leisure — 1.2% | Hotels, Restaurants & Leisure — 1.2% |
| Accor SA | &nbsp;&nbsp; 1972 | &nbsp;&nbsp; 93379<br>|
| Amadeus IT Group SA | &nbsp;&nbsp; 3944 | &nbsp;&nbsp; 312809<br>|
| Compass Group PLC | &nbsp;&nbsp; 15300 | &nbsp;&nbsp; 520914<br>|
| Delivery Hero SE | &nbsp;&nbsp; 1972 | &nbsp;&nbsp; 56,560<br> \*<sup>(a)</sup><br>|
| Entain PLC | &nbsp;&nbsp; 5457 | &nbsp;&nbsp; 64194<br>|
| Evolution AB | &nbsp;&nbsp; 1241 | &nbsp;&nbsp; 102050<br> <sup>(a)</sup><br>|
| FDJ UNITED | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 35865<br>|
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 1309 | &nbsp;&nbsp; 158144<br>|
| Sodexo SA | &nbsp;&nbsp; 731 | &nbsp;&nbsp; 45995<br>|
| Whitbread PLC | &nbsp;&nbsp; 1598 | &nbsp;&nbsp; 69272<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1459182 |
| Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% |
| Barratt Redrow PLC | &nbsp;&nbsp; 12223 | &nbsp;&nbsp; 64159<br>|
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 833 | &nbsp;&nbsp; 43018<br>|
| Persimmon PLC | &nbsp;&nbsp; 2873 | &nbsp;&nbsp; 44827<br>|
| SEB SA | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 16217<br>|
| Taylor Wimpey PLC | &nbsp;&nbsp; 31909 | &nbsp;&nbsp; 44268<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 212489 |
| Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% |
| Avolta AG, Registered Shares | &nbsp;&nbsp; 799 | &nbsp;&nbsp; 43241<br>|
| Fielmann Group AG | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 13347<br>|
| H & M Hennes & Mauritz AB, Class B Shares | &nbsp;&nbsp; 4369 | &nbsp;&nbsp; 81410<br>|
| Industria de Diseno Textil SA | &nbsp;&nbsp; 9996 | &nbsp;&nbsp; 551677<br>|
| JD Sports Fashion PLC | &nbsp;&nbsp; 22831 | &nbsp;&nbsp; 29292<br>|
| Kingfisher PLC | &nbsp;&nbsp; 15997 | &nbsp;&nbsp; 66481<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued |
| Zalando SE | &nbsp;&nbsp; 2108 | &nbsp;&nbsp; $64,424<br> \*<sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 849872 |
| Textiles, Apparel & Luxury Goods — 3.4% | Textiles, Apparel & Luxury Goods — 3.4% | Textiles, Apparel & Luxury Goods — 3.4% |
| adidas AG | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 315349<br>|
| Brunello Cucinelli SpA | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 33438<br>|
| Burberry Group PLC | &nbsp;&nbsp; 3247 | &nbsp;&nbsp; 51,056<br> \*<br>|
| Cie Financiere Richemont SA, Registered Shares | &nbsp;&nbsp; 4777 | &nbsp;&nbsp; 910191<br>|
| Hermes International SCA | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 753838<br>|
| Kering SA | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 208826<br>|
| LPP SA | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 58481<br>|
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 1413990<br>|
| Moncler SpA | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 119538<br>|
| Pandora A/S | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 90888<br>|
| Swatch Group AG, Bearer Shares | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 47898<br>|
| Swatch Group AG, Registered Shares  | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 17537<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 4021030 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **9533487** |
| **Consumer Staples — 9.0%** | **Consumer Staples — 9.0%** | **Consumer Staples — 9.0%** |
| Beverages — 1.5% | Beverages — 1.5% | Beverages — 1.5% |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 8602 | &nbsp;&nbsp; 513453<br>|
| Carlsberg AS, Class B Shares | &nbsp;&nbsp; 816 | &nbsp;&nbsp; 94897<br>|
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 1921 | &nbsp;&nbsp; 174306<br>|
| Coca-Cola HBC AG | &nbsp;&nbsp; 1836 | &nbsp;&nbsp; 86609<br>|
| Davide Campari-Milano NV | &nbsp;&nbsp; 5049 | &nbsp;&nbsp; 31858<br>|
| Diageo PLC | &nbsp;&nbsp; 20077 | &nbsp;&nbsp; 479894<br>|
| Heineken Holding NV | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 69932<br>|
| Heineken NV | &nbsp;&nbsp; 2499 | &nbsp;&nbsp; 195031<br>|
| Pernod Ricard SA | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 170209<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 1816189 |
| Consumer Staples Distribution & Retail — 1.0% | Consumer Staples Distribution & Retail — 1.0% | Consumer Staples Distribution & Retail — 1.0% |
| Axfood AB | &nbsp;&nbsp; 952 | &nbsp;&nbsp; 29567<br>|
| Carrefour SA | &nbsp;&nbsp; 5763 | &nbsp;&nbsp; 87319<br>|
| Dino Polska SA | &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 51,253<br> \*<sup>(a)</sup><br>|
| J Sainsbury PLC | &nbsp;&nbsp; 15623 | &nbsp;&nbsp; 70248<br>|
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 2465 | &nbsp;&nbsp; 59955<br>|
| Kesko oyj, Class B Shares | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 49170<br>|
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 8296 | &nbsp;&nbsp; 335812<br>|
| Marks & Spencer Group PLC | &nbsp;&nbsp; 18428 | &nbsp;&nbsp; 90428<br>|
| Tesco PLC | &nbsp;&nbsp; 57783 | &nbsp;&nbsp; 346556<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1120308 |
| Food Products — 2.9% | Food Products — 2.9% | Food Products — 2.9% |
| AAK AB | &nbsp;&nbsp; 1564 | &nbsp;&nbsp; 40675<br>|
| Associated British Foods PLC | &nbsp;&nbsp; 2635 | &nbsp;&nbsp; 72757<br>|
| Barry Callebaut AG, Registered Shares | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 42468<br>|
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 290379<br>|
| Danone SA | &nbsp;&nbsp; 5729 | &nbsp;&nbsp; 499213<br>|
| Emmi AG, Registered Shares | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 14679<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Food Products — continued | Food Products — continued | Food Products — continued |
| JDE Peet's NV | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; $51104<br>|
| Kerry Group PLC, Class A Shares | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 134911<br>|
| Lotus Bakeries NV | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 37694<br>|
| Mowi ASA | &nbsp;&nbsp; 3944 | &nbsp;&nbsp; 83325<br>|
| Nestle SA, Registered Shares | &nbsp;&nbsp; 22882 | &nbsp;&nbsp; 2101411<br>|
| Orkla ASA | &nbsp;&nbsp; 5967 | &nbsp;&nbsp; 62314<br>|
| Salmar ASA | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 33600<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 3464530 |
| Household Products — 0.6% | Household Products — 0.6% | Household Products — 0.6% |
| Essity AB, Class B Shares | &nbsp;&nbsp; 5355 | &nbsp;&nbsp; 139952<br>|
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 884 | &nbsp;&nbsp; 65594<br>|
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 6137 | &nbsp;&nbsp; 472417<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 677963 |
| Personal Care Products — 1.9% | Personal Care Products — 1.9% | Personal Care Products — 1.9% |
| Beiersdorf AG | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 97777<br>|
| L'Oreal SA | &nbsp;&nbsp; 2074 | &nbsp;&nbsp; 898016<br>|
| Unilever PLC | &nbsp;&nbsp; 21828 | &nbsp;&nbsp; 1292982<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 2288775 |
| Tobacco — 1.1% | Tobacco — 1.1% | Tobacco — 1.1% |
| British American Tobacco PLC | &nbsp;&nbsp; 18139 | &nbsp;&nbsp; 963843<br>|
| Imperial Brands PLC | &nbsp;&nbsp; 6953 | &nbsp;&nbsp; 295604<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 1259447 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **10627212** |
| **Energy — 4.1%** | **Energy — 4.1%** | **Energy — 4.1%** |
| Energy Equipment & Services — 0.0%†† | Energy Equipment & Services — 0.0%†† | Energy Equipment & Services — 0.0%†† |
| Tenaris SA | &nbsp;&nbsp; 3247 | &nbsp;&nbsp; 57953<br>|
| Oil, Gas & Consumable Fuels — 4.1% | Oil, Gas & Consumable Fuels — 4.1% | Oil, Gas & Consumable Fuels — 4.1% |
| Aker BP ASA | &nbsp;&nbsp; 2737 | &nbsp;&nbsp; 69428<br>|
| BP PLC | &nbsp;&nbsp; 144160 | &nbsp;&nbsp; 826276<br>|
| Eni SpA | &nbsp;&nbsp; 17612 | &nbsp;&nbsp; 307639<br>|
| Equinor ASA | &nbsp;&nbsp; 6171 | &nbsp;&nbsp; 150536<br>|
| Galp Energia SGPS SA | &nbsp;&nbsp; 3621 | &nbsp;&nbsp; 68500<br>|
| Koninklijke Vopak NV | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 24954<br>|
| Neste oyj | &nbsp;&nbsp; 3723 | &nbsp;&nbsp; 68177<br>|
| OMV AG | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 68045<br>|
| ORLEN SA | &nbsp;&nbsp; 5304 | &nbsp;&nbsp; 126494<br>|
| Repsol SA | &nbsp;&nbsp; 10319 | &nbsp;&nbsp; 182661<br>|
| Shell PLC | &nbsp;&nbsp; 53193 | &nbsp;&nbsp; 1895187<br>|
| TotalEnergies SE | &nbsp;&nbsp; 16813 | &nbsp;&nbsp; 1021940<br>|
| Var Energi ASA | &nbsp;&nbsp; 6732 | &nbsp;&nbsp; 22468<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 4832305 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **4890258** |
| **Financials — 24.4%** | **Financials — 24.4%** | **Financials — 24.4%** |
| Banks — 13.0% | Banks — 13.0% | Banks — 13.0% |
| ABN AMRO Bank NV, CVA | &nbsp;&nbsp; 4658 | &nbsp;&nbsp; 149143<br> <sup>(a)</sup><br>|
| AIB Group PLC | &nbsp;&nbsp; 19346 | &nbsp;&nbsp; 175374<br>|
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 18785 | &nbsp;&nbsp; 166426<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 51238 | &nbsp;&nbsp; $983744<br>|
| Banco BPM SpA | &nbsp;&nbsp; 13328 | &nbsp;&nbsp; 199279<br>|
| Banco Comercial Portugues SA | &nbsp;&nbsp; 82960 | &nbsp;&nbsp; 73420<br>|
| Banco de Sabadell SA | &nbsp;&nbsp; 47209 | &nbsp;&nbsp; 183053<br>|
| Banco Santander SA | &nbsp;&nbsp; 134130 | &nbsp;&nbsp; 1398566<br>|
| Bank of Ireland Group PLC | &nbsp;&nbsp; 8806 | &nbsp;&nbsp; 145014<br>|
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 1581 | &nbsp;&nbsp; 76133<br>|
| Bankinter SA | &nbsp;&nbsp; 5593 | &nbsp;&nbsp; 88095<br>|
| Banque Cantonale Vaudoise, Registered Shares | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 30094<br>|
| Barclays PLC | &nbsp;&nbsp; 127517 | &nbsp;&nbsp; 651658<br>|
| BAWAG Group AG | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 93962<br> <sup>(a)</sup><br>|
| BNP Paribas SA | &nbsp;&nbsp; 9044 | &nbsp;&nbsp; 821763<br>|
| BPER Banca SpA | &nbsp;&nbsp; 12495 | &nbsp;&nbsp; 138536<br>|
| CaixaBank SA | &nbsp;&nbsp; 32470 | &nbsp;&nbsp; 341310<br>|
| Commerzbank AG | &nbsp;&nbsp; 6783 | &nbsp;&nbsp; 255758<br>|
| Credit Agricole SA | &nbsp;&nbsp; 8415 | &nbsp;&nbsp; 165321<br>|
| Danske Bank A/S | &nbsp;&nbsp; 5831 | &nbsp;&nbsp; 248649<br>|
| DNB Bank ASA | &nbsp;&nbsp; 7344 | &nbsp;&nbsp; 199833<br>|
| Erste Group Bank AG | &nbsp;&nbsp; 2533 | &nbsp;&nbsp; 247626<br>|
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 5491 | &nbsp;&nbsp; 118748<br>|
| HSBC Holdings PLC | &nbsp;&nbsp; 157284 | &nbsp;&nbsp; 2212721<br>|
| ING Groep NV | &nbsp;&nbsp; 26894 | &nbsp;&nbsp; 697580<br>|
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 141576 | &nbsp;&nbsp; 933899<br>|
| KBC Group NV | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 243176<br>|
| Lloyds Banking Group PLC | &nbsp;&nbsp; 543218 | &nbsp;&nbsp; 612982<br>|
| mBank SA | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 29,522<br> \*<br>|
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 22377<br>|
| NatWest Group PLC | &nbsp;&nbsp; 73117 | &nbsp;&nbsp; 513431<br>|
| Nordea Bank Abp | &nbsp;&nbsp; 29631 | &nbsp;&nbsp; 486559<br>|
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 7752 | &nbsp;&nbsp; 150602<br>|
| Raiffeisen Bank International AG | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 39852<br>|
| Santander Bank Polska SA | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 44311<br>|
| Skandinaviska Enskilda Banken AB, Class A Shares | &nbsp;&nbsp; 13668 | &nbsp;&nbsp; 267253<br>|
| Skandinaviska Enskilda Banken AB, Class C Shares | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 2658<br>|
| Societe Generale SA | &nbsp;&nbsp; 6460 | &nbsp;&nbsp; 427800<br>|
| Standard Chartered PLC | &nbsp;&nbsp; 16762 | &nbsp;&nbsp; 323933<br>|
| Svenska Handelsbanken AB, Class A Shares | &nbsp;&nbsp; 13039 | &nbsp;&nbsp; 169692<br>|
| Svenska Handelsbanken AB, Class B Shares | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 7212<br>|
| Swedbank AB, Class A Shares | &nbsp;&nbsp; 7293 | &nbsp;&nbsp; 219602<br>|
| UniCredit SpA | &nbsp;&nbsp; 14131 | &nbsp;&nbsp; 1070455<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 15427122 |
| Capital Markets — 3.6% | Capital Markets — 3.6% | Capital Markets — 3.6% |
| 3i Group PLC | &nbsp;&nbsp; 8568 | &nbsp;&nbsp; 471653<br>|
| Amundi SA | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 41736<br> <sup>(a)</sup><br>|
| CVC Capital Partners PLC | &nbsp;&nbsp; 1921 | &nbsp;&nbsp; 33451<br> <sup>(a)</sup><br>|
| Deutsche Bank AG, Registered Shares | &nbsp;&nbsp; 16014 | &nbsp;&nbsp; 563553<br>|
| Deutsche Boerse AG | &nbsp;&nbsp; 1666 | &nbsp;&nbsp; 446517<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| DWS Group GmbH & Co. KGaA | &nbsp;&nbsp; 272 | &nbsp;&nbsp; $17035<br> <sup>(a)</sup><br>|
| EQT AB | &nbsp;&nbsp; 5168 | &nbsp;&nbsp; 178914<br>|
| Euronext NV | &nbsp;&nbsp; 782 | &nbsp;&nbsp; 117061<br> <sup>(a)</sup><br>|
| ICG PLC | &nbsp;&nbsp; 2465 | &nbsp;&nbsp; 73870<br>|
| Julius Baer Group Ltd. | &nbsp;&nbsp; 1870 | &nbsp;&nbsp; 129171<br>|
| London Stock Exchange Group PLC | &nbsp;&nbsp; 4590 | &nbsp;&nbsp; 526228<br>|
| Partners Group Holding AG | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 251994<br>|
| Schroders PLC | &nbsp;&nbsp; 6630 | &nbsp;&nbsp; 33560<br>|
| St James's Place PLC | &nbsp;&nbsp; 4675 | &nbsp;&nbsp; 79930<br>|
| Swissquote Group Holding SA, Registered Shares | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 71213<br>|
| UBS Group AG, Registered Shares | &nbsp;&nbsp; 28849 | &nbsp;&nbsp; 1178761<br>|
| VZ Holding AG | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 28443<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 4243090 |
| Financial Services — 1.4% | Financial Services — 1.4% | Financial Services — 1.4% |
| Adyen NV | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 381,722<br> \*<sup>(a)</sup><br>|
| Banca Mediolanum SpA | &nbsp;&nbsp; 1904 | &nbsp;&nbsp; 38144<br>|
| Edenred SE | &nbsp;&nbsp; 2142 | &nbsp;&nbsp; 50840<br>|
| Eurazeo SE | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 23512<br>|
| EXOR NV | &nbsp;&nbsp; 833 | &nbsp;&nbsp; 81434<br>|
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 63802<br>|
| Industrivarden AB, Class A Shares | &nbsp;&nbsp; 1003 | &nbsp;&nbsp; 39800<br>|
| Industrivarden AB, Class C Shares | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 55270<br>|
| Investor AB, Class A Shares | &nbsp;&nbsp; 4352 | &nbsp;&nbsp; 135949<br>|
| Investor AB, Class B Shares | &nbsp;&nbsp; 15878 | &nbsp;&nbsp; 496425<br>|
| L E Lundbergforetagen AB, Class B Shares | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 33546<br>|
| M&G PLC | &nbsp;&nbsp; 21182 | &nbsp;&nbsp; 72146<br>|
| Nexi SpA | &nbsp;&nbsp; 5457 | &nbsp;&nbsp; 30880<br> <sup>(a)</sup><br>|
| Sofina SA | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 40110<br>|
| Wendel SE | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 21164<br>|
| Wise PLC, Class A Shares | &nbsp;&nbsp; 6749 | &nbsp;&nbsp; 94,039<br> \*<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 1658783 |
| Insurance — 6.4% | Insurance — 6.4% | Insurance — 6.4% |
| Admiral Group PLC | &nbsp;&nbsp; 2261 | &nbsp;&nbsp; 102031<br>|
| Aegon Ltd. | &nbsp;&nbsp; 11934 | &nbsp;&nbsp; 95801<br>|
| Ageas SA | &nbsp;&nbsp; 1598 | &nbsp;&nbsp; 110594<br>|
| Allianz SE, Registered Shares | &nbsp;&nbsp; 3502 | &nbsp;&nbsp; 1470647<br>|
| ASR Nederland NV | &nbsp;&nbsp; 1411 | &nbsp;&nbsp; 95795<br>|
| Aviva PLC | &nbsp;&nbsp; 27353 | &nbsp;&nbsp; 252539<br>|
| AXA SA | &nbsp;&nbsp; 15708 | &nbsp;&nbsp; 750088<br>|
| Baloise Holding AG, Registered Shares  | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 100712<br>|
| Beazley PLC | &nbsp;&nbsp; 5542 | &nbsp;&nbsp; 67670<br>|
| Generali | &nbsp;&nbsp; 8806 | &nbsp;&nbsp; 345695<br>|
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 1632 | &nbsp;&nbsp; 47859<br>|
| Hannover Rueck SE | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 164019<br>|
| Helvetia Holding AG, Registered Shares | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 74880<br>|
| Hiscox Ltd. | &nbsp;&nbsp; 3026 | &nbsp;&nbsp; 55770<br>|
| Legal & General Group PLC | &nbsp;&nbsp; 50609 | &nbsp;&nbsp; 162155<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Mapfre SA | &nbsp;&nbsp; 8245 | &nbsp;&nbsp; $39042<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 759809<br>|
| NN Group NV | &nbsp;&nbsp; 2346 | &nbsp;&nbsp; 165117<br>|
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 6698 | &nbsp;&nbsp; 58026<br>|
| Poste Italiane SpA | &nbsp;&nbsp; 4097 | &nbsp;&nbsp; 97194<br> <sup>(a)</sup><br>|
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 5185 | &nbsp;&nbsp; 77692<br>|
| Prudential PLC | &nbsp;&nbsp; 23426 | &nbsp;&nbsp; 328303<br>|
| Sampo oyj, Class A Shares | &nbsp;&nbsp; 21352 | &nbsp;&nbsp; 245316<br>|
| SCOR SE | &nbsp;&nbsp; 1547 | &nbsp;&nbsp; 54532<br>|
| Swiss Life Holding AG, Registered Shares | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 274213<br>|
| Swiss Re AG | &nbsp;&nbsp; 2652 | &nbsp;&nbsp; 490136<br>|
| Talanx AG | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 72357<br>|
| Tryg A/S | &nbsp;&nbsp; 2754 | &nbsp;&nbsp; 69925<br>|
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 3383 | &nbsp;&nbsp; 72584<br>|
| Zurich Insurance Group AG | &nbsp;&nbsp; 1292 | &nbsp;&nbsp; 920062<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 7620563 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **28949558** |
| **Health Care — 12.8%** | **Health Care — 12.8%** | **Health Care — 12.8%** |
| Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% |
| Argenx SE | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 394,514<br> \*<br>|
| Genmab A/S | &nbsp;&nbsp; 561 | &nbsp;&nbsp; 170,213<br> \*<br>|
| Grifols SA | &nbsp;&nbsp; 2652 | &nbsp;&nbsp; 38406<br>|
| Swedish Orphan Biovitrum AB | &nbsp;&nbsp; 1649 | &nbsp;&nbsp; 50,285<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 653418 |
| Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% |
| Alcon AG | &nbsp;&nbsp; 4505 | &nbsp;&nbsp; 335532<br>|
| BioMerieux | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 52283<br>|
| Carl Zeiss Meditec AG | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 16001<br>|
| Coloplast A/S, Class B Shares | &nbsp;&nbsp; 1207 | &nbsp;&nbsp; 103167<br>|
| Convatec Group PLC | &nbsp;&nbsp; 14688 | &nbsp;&nbsp; 45756<br> <sup>(a)</sup><br>|
| Demant A/S | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 26,516<br> \*<br>|
| DiaSorin SpA | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 16594<br>|
| EssilorLuxottica SA | &nbsp;&nbsp; 2601 | &nbsp;&nbsp; 843504<br>|
| Getinge AB, Class B Shares | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 43557<br>|
| Koninklijke Philips NV | &nbsp;&nbsp; 7055 | &nbsp;&nbsp; 190993<br>|
| Siemens Healthineers AG | &nbsp;&nbsp; 2686 | &nbsp;&nbsp; 145242<br> <sup>(a)</sup><br>|
| Smith & Nephew PLC | &nbsp;&nbsp; 8058 | &nbsp;&nbsp; 145093<br>|
| Sonova Holding AG, Registered Shares | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 120326<br>|
| Straumann Holding AG, Registered Shares | &nbsp;&nbsp; 986 | &nbsp;&nbsp; 105211<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 2189775 |
| Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% |
| Amplifon SpA | &nbsp;&nbsp; 1139 | &nbsp;&nbsp; 18542<br>|
| Fresenius Medical Care AG | &nbsp;&nbsp; 1921 | &nbsp;&nbsp; 100805<br>|
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 3706 | &nbsp;&nbsp; 206406<br>|
| NMC Health PLC | &nbsp;&nbsp; 1159 | &nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 325753 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% |
| Bachem Holding AG | &nbsp;&nbsp; 204 | &nbsp;&nbsp; $14999<br>|
| Eurofins Scientific SE | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 74043<br>|
| Lonza Group AG, Registered Shares | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 428042<br>|
| QIAGEN NV | &nbsp;&nbsp; 1887 | &nbsp;&nbsp; 83578<br>|
| Sartorius Stedim Biotech | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 51551<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 652213 |
| Pharmaceuticals — 9.6% | Pharmaceuticals — 9.6% | Pharmaceuticals — 9.6% |
| AstraZeneca PLC | &nbsp;&nbsp; 13549 | &nbsp;&nbsp; 2039635<br>|
| Bayer AG, Registered Shares | &nbsp;&nbsp; 8891 | &nbsp;&nbsp; 294917<br>|
| Galderma Group AG | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 236395<br>|
| GSK PLC | &nbsp;&nbsp; 36499 | &nbsp;&nbsp; 773659<br>|
| H Lundbeck A/S | &nbsp;&nbsp; 2516 | &nbsp;&nbsp; 18036<br>|
| H Lundbeck A/S, Class A Shares | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 2453<br>|
| Haleon PLC | &nbsp;&nbsp; 81906 | &nbsp;&nbsp; 366524<br>|
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 1462 | &nbsp;&nbsp; 33420<br>|
| Ipsen SA | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 40845<br>|
| Merck KGaA | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 148666<br>|
| Novartis AG, Registered Shares | &nbsp;&nbsp; 16898 | &nbsp;&nbsp; 2126347<br>|
| Novo Nordisk A/S, Class B Shares | &nbsp;&nbsp; 28815 | &nbsp;&nbsp; 1563262<br>|
| Orion oyj, Class B Shares | &nbsp;&nbsp; 952 | &nbsp;&nbsp; 72877<br>|
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 969 | &nbsp;&nbsp; 58864<br>|
| Roche Holding AG | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 87238<br>|
| Roche Holding AG, Vienna Stock Exchange | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 2076848<br>|
| Sandoz Group AG | &nbsp;&nbsp; 3723 | &nbsp;&nbsp; 220717<br>|
| Sanofi SA | &nbsp;&nbsp; 9690 | &nbsp;&nbsp; 894350<br>|
| UCB SA | &nbsp;&nbsp; 1088 | &nbsp;&nbsp; 300424<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 11355477 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **15176636** |
| **Industrials — 19.5%** | **Industrials — 19.5%** | **Industrials — 19.5%** |
| Aerospace & Defense — 5.5% | Aerospace & Defense — 5.5% | Aerospace & Defense — 5.5% |
| Airbus SE | &nbsp;&nbsp; 5287 | &nbsp;&nbsp; 1226293<br>|
| BAE Systems PLC | &nbsp;&nbsp; 27149 | &nbsp;&nbsp; 752551<br>|
| Dassault Aviation SA | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 51164<br>|
| Hensoldt AG | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 70504<br>|
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 3723 | &nbsp;&nbsp; 119009<br>|
| Leonardo SpA  | &nbsp;&nbsp; 3621 | &nbsp;&nbsp; 229838<br>|
| Melrose Industries PLC | &nbsp;&nbsp; 11441 | &nbsp;&nbsp; 93770<br>|
| MTU Aero Engines AG | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 226439<br>|
| Rheinmetall AG | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 951369<br>|
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 76721 | &nbsp;&nbsp; 1229099<br>|
| Saab AB, Class B Shares | &nbsp;&nbsp; 3247 | &nbsp;&nbsp; 198339<br>|
| Safran SA | &nbsp;&nbsp; 3145 | &nbsp;&nbsp; 1108982<br>|
| Thales SA | &nbsp;&nbsp; 816 | &nbsp;&nbsp; 255616<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 6512973 |
| Air Freight & Logistics — 0.6% | Air Freight & Logistics — 0.6% | Air Freight & Logistics — 0.6% |
| Deutsche Post AG, Registered Shares | &nbsp;&nbsp; 8636 | &nbsp;&nbsp; 384988<br>|
| DSV A/S | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 345146<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Air Freight & Logistics — continued | Air Freight & Logistics — continued | Air Freight & Logistics — continued |
| InPost SA | &nbsp;&nbsp; 2159 | &nbsp;&nbsp; $26,510<br> \*<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 756644 |
| Building Products — 1.0% | Building Products — 1.0% | Building Products — 1.0% |
| Assa Abloy AB, Class B Shares | &nbsp;&nbsp; 8789 | &nbsp;&nbsp; 305205<br>|
| Belimo Holding AG, Registered Shares | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 88830<br>|
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 4063 | &nbsp;&nbsp; 437587<br>|
| Geberit AG, Registered Shares | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 216918<br>|
| Kingspan Group PLC | &nbsp;&nbsp; 1377 | &nbsp;&nbsp; 114553<br>|
| Nibe Industrier AB, Class B Shares | &nbsp;&nbsp; 13073 | &nbsp;&nbsp; 51485<br>|
| ROCKWOOL A/S, Class B Shares | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 26536<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 1241114 |
| Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% |
| Rentokil Initial PLC | &nbsp;&nbsp; 22780 | &nbsp;&nbsp; 115249<br>|
| Securitas AB, Class B Shares | &nbsp;&nbsp; 4318 | &nbsp;&nbsp; 65010<br>|
| SPIE SA | &nbsp;&nbsp; 1309 | &nbsp;&nbsp; 70444<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 250703 |
| Construction & Engineering — 1.2% | Construction & Engineering — 1.2% | Construction & Engineering — 1.2% |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 47900<br>|
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 1643 | &nbsp;&nbsp; 131276<br>|
| Bouygues SA | &nbsp;&nbsp; 1683 | &nbsp;&nbsp; 75779<br>|
| Eiffage SA | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 84680<br>|
| Ferrovial SE | &nbsp;&nbsp; 4318 | &nbsp;&nbsp; 247493<br>|
| HOCHTIEF AG | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 36402<br>|
| Skanska AB, Class B Shares  | &nbsp;&nbsp; 2941 | &nbsp;&nbsp; 76268<br>|
| Strabag SE | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 13951<br>|
| Sweco AB, Class B Shares | &nbsp;&nbsp; 1836 | &nbsp;&nbsp; 30609<br>|
| Vinci SA | &nbsp;&nbsp; 4505 | &nbsp;&nbsp; 624353<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 1368711 |
| Electrical Equipment — 3.3% | Electrical Equipment — 3.3% | Electrical Equipment — 3.3% |
| ABB Ltd., Registered Shares | &nbsp;&nbsp; 14212 | &nbsp;&nbsp; 1023857<br>|
| Legrand SA | &nbsp;&nbsp; 2210 | &nbsp;&nbsp; 365103<br>|
| Prysmian SpA | &nbsp;&nbsp; 2584 | &nbsp;&nbsp; 255587<br>|
| Schneider Electric SE | &nbsp;&nbsp; 4913 | &nbsp;&nbsp; 1371611<br>|
| Siemens Energy AG | &nbsp;&nbsp; 5814 | &nbsp;&nbsp; 679,183<br> \*<br>|
| Vestas Wind Systems A/S | &nbsp;&nbsp; 9027 | &nbsp;&nbsp; 170229<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 3865570 |
| Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† |
| Ayvens SA | &nbsp;&nbsp; 3077 | &nbsp;&nbsp; 37131<br> <sup>(a)</sup><br>|
| Industrial Conglomerates — 1.8% | Industrial Conglomerates — 1.8% | Industrial Conglomerates — 1.8% |
| Aker ASA, Class A Shares | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 13341<br>|
| DCC PLC | &nbsp;&nbsp; 884 | &nbsp;&nbsp; 56791<br>|
| Investment AB Latour, Class B Shares | &nbsp;&nbsp; 1258 | &nbsp;&nbsp; 29814<br>|
| Lifco AB, Class B Shares | &nbsp;&nbsp; 1972 | &nbsp;&nbsp; 66634<br>|
| Metlen Energy & Metals PLC | &nbsp;&nbsp; 969 | &nbsp;&nbsp; 53,912<br> \*<br>|
| Siemens AG, Registered Shares | &nbsp;&nbsp; 6647 | &nbsp;&nbsp; 1790103<br>|
| Smiths Group PLC | &nbsp;&nbsp; 3009 | &nbsp;&nbsp; 95276<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 2105871 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — 2.9% | Machinery — 2.9% | Machinery — 2.9% |
| Alfa Laval AB | &nbsp;&nbsp; 2465 | &nbsp;&nbsp; $112280<br>|
| Alstom SA | &nbsp;&nbsp; 3128 | &nbsp;&nbsp; 81,300<br> \*<br>|
| ANDRITZ AG | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 40681<br>|
| Atlas Copco AB, Class A Shares | &nbsp;&nbsp; 23018 | &nbsp;&nbsp; 388891<br>|
| Atlas Copco AB, Class B Shares | &nbsp;&nbsp; 13753 | &nbsp;&nbsp; 206110<br>|
| Daimler Truck Holding AG | &nbsp;&nbsp; 4607 | &nbsp;&nbsp; 189571<br>|
| Epiroc AB, Class A Shares | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 121929<br>|
| Epiroc AB, Class B Shares | &nbsp;&nbsp; 3383 | &nbsp;&nbsp; 63811<br>|
| GEA Group AG | &nbsp;&nbsp; 1343 | &nbsp;&nbsp; 99179<br>|
| Georg Fischer AG, Registered Shares | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 54269<br>|
| IMI PLC | &nbsp;&nbsp; 2159 | &nbsp;&nbsp; 66444<br>|
| Indutrade AB | &nbsp;&nbsp; 2397 | &nbsp;&nbsp; 54999<br>|
| Interpump Group SpA | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 30366<br>|
| KION Group AG | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 42460<br>|
| Knorr-Bremse AG | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 55825<br>|
| Kone oyj, Class B Shares | &nbsp;&nbsp; 2805 | &nbsp;&nbsp; 191161<br>|
| Metso oyj | &nbsp;&nbsp; 6188 | &nbsp;&nbsp; 84961<br>|
| Rational AG | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 38891<br>|
| RENK Group AG | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 66500<br>|
| Sandvik AB | &nbsp;&nbsp; 9401 | &nbsp;&nbsp; 261686<br>|
| Schindler Holding AG | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 141581<br>|
| Schindler Holding AG, Registered Shares | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 67336<br>|
| SKF AB, Class B Shares | &nbsp;&nbsp; 3009 | &nbsp;&nbsp; 74608<br>|
| Spirax Group PLC | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 60828<br>|
| Traton SE | &nbsp;&nbsp; 561 | &nbsp;&nbsp; 17982<br>|
| Trelleborg AB, Class B Shares | &nbsp;&nbsp; 1836 | &nbsp;&nbsp; 68422<br>|
| Valmet oyj | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 42367<br>|
| VAT Group AG | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 94045<br> <sup>(a)</sup><br>|
| Volvo AB, Class A Shares | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 48731<br>|
| Volvo AB, Class B Shares | &nbsp;&nbsp; 14110 | &nbsp;&nbsp; 404317<br>|
| Wartsila oyj Abp | &nbsp;&nbsp; 4063 | &nbsp;&nbsp; 121499<br>|
| Weir Group PLC | &nbsp;&nbsp; 2329 | &nbsp;&nbsp; 85660<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 3478690 |
| Marine Transportation — 0.2% | Marine Transportation — 0.2% | Marine Transportation — 0.2% |
| A.P. Moller - Maersk A/S, Class A Shares | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 46959<br>|
| A.P. Moller - Maersk A/S, Class B Shares | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 68674<br>|
| Kuehne + Nagel International AG, Registered Shares | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 79135<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 194768 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| Deutsche Lufthansa AG, Registered Shares | &nbsp;&nbsp; 5423 | &nbsp;&nbsp; 45930<br>|
| International Consolidated Airlines Group SA | &nbsp;&nbsp; 19737 | &nbsp;&nbsp; 102590<br>|
| Ryanair Holdings PLC | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 13815<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 162335 |
| Professional Services — 1.7% | Professional Services — 1.7% | Professional Services — 1.7% |
| Adecco Group AG, Registered Shares | &nbsp;&nbsp; 1411 | &nbsp;&nbsp; 39547<br>|
| Bureau Veritas SA | &nbsp;&nbsp; 3128 | &nbsp;&nbsp; 97913<br>|
| Experian PLC | &nbsp;&nbsp; 8279 | &nbsp;&nbsp; 414839<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Professional Services — continued | Professional Services — continued | Professional Services — continued |
| Intertek Group PLC | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; $91859<br>|
| Randstad NV | &nbsp;&nbsp; 952 | &nbsp;&nbsp; 40460<br>|
| RELX PLC | &nbsp;&nbsp; 16592 | &nbsp;&nbsp; 794526<br>|
| SGS SA, Registered Shares | &nbsp;&nbsp; 1513 | &nbsp;&nbsp; 156843<br>|
| Teleperformance SE | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 35426<br>|
| Wolters Kluwer NV | &nbsp;&nbsp; 2108 | &nbsp;&nbsp; 287692<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 1959105 |
| Trading Companies & Distributors — 0.7% | Trading Companies & Distributors — 0.7% | Trading Companies & Distributors — 0.7% |
| AddTech AB, Class B Shares | &nbsp;&nbsp; 2108 | &nbsp;&nbsp; 68406<br>|
| Ashtead Group PLC | &nbsp;&nbsp; 3859 | &nbsp;&nbsp; 257941<br>|
| Beijer Ref AB | &nbsp;&nbsp; 3638 | &nbsp;&nbsp; 56726<br>|
| Brenntag SE | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 66087<br>|
| Bunzl PLC | &nbsp;&nbsp; 2975 | &nbsp;&nbsp; 93959<br>|
| Diploma PLC | &nbsp;&nbsp; 1207 | &nbsp;&nbsp; 86202<br>|
| DKSH Holding AG | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 21841<br>|
| Howden Joinery Group PLC | &nbsp;&nbsp; 4930 | &nbsp;&nbsp; 55983<br>|
| IMCD NV | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 54492<br>|
| Rexel SA | &nbsp;&nbsp; 1972 | &nbsp;&nbsp; 64508<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 826145 |
| Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% |
| Aena SME SA | &nbsp;&nbsp; 6290 | &nbsp;&nbsp; 171983<br> <sup>(a)</sup><br>|
| Aeroports de Paris SA | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 47107<br>|
| Flughafen Zurich AG, Registered Shares | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 51834<br>|
| Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 26,445<br> \*<br>|
| Getlink SE | &nbsp;&nbsp; 3043 | &nbsp;&nbsp; 55993<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 353362 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **23113122** |
| **Information Technology — 7.3%** | **Information Technology — 7.3%** | **Information Technology — 7.3%** |
| Communications Equipment — 0.4% | Communications Equipment — 0.4% | Communications Equipment — 0.4% |
| Nokia oyj | &nbsp;&nbsp; 45645 | &nbsp;&nbsp; 218768<br>|
| Telefonaktiebolaget LM Ericsson, Class B Shares | &nbsp;&nbsp; 24616 | &nbsp;&nbsp; 203731<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 422499 |
| Electronic Equipment, Instruments & Components — 0.3% | Electronic Equipment, Instruments & Components — 0.3% | Electronic Equipment, Instruments & Components — 0.3% |
| Halma PLC | &nbsp;&nbsp; 3417 | &nbsp;&nbsp; 158705<br>|
| Hexagon AB, Class B Shares | &nbsp;&nbsp; 18547 | &nbsp;&nbsp; 220668<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 379373 |
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
| Bechtle AG | &nbsp;&nbsp; 731 | &nbsp;&nbsp; 33704<br>|
| Capgemini SE | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 202369<br>|
| Reply SpA | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 29052<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 265125 |
| Semiconductors & Semiconductor Equipment — 3.8% | Semiconductors & Semiconductor Equipment — 3.8% | Semiconductors & Semiconductor Equipment — 3.8% |
| ASM International NV | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 255081<br>|
| ASML Holding NV | &nbsp;&nbsp; 3564 | &nbsp;&nbsp; 3467834<br>|
| BE Semiconductor Industries NV | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 93752<br>|
| Infineon Technologies AG | &nbsp;&nbsp; 11730 | &nbsp;&nbsp; 457587<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| STMicroelectronics NV | &nbsp;&nbsp; 5865 | &nbsp;&nbsp; $164359<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 4438613 |
| Software — 2.5% | Software — 2.5% | Software — 2.5% |
| Dassault Systemes SE | &nbsp;&nbsp; 6018 | &nbsp;&nbsp; 201598<br>|
| Nemetschek SE | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 66397<br>|
| Sage Group PLC | &nbsp;&nbsp; 8687 | &nbsp;&nbsp; 128644<br>|
| SAP SE | &nbsp;&nbsp; 9299 | &nbsp;&nbsp; 2490109<br>|
| Temenos AG, Registered Shares | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 39779<br>|
| Total Software | Total Software | &nbsp;&nbsp; 2926527 |
| Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% |
| Logitech International SA, Registered Shares | &nbsp;&nbsp; 1343 | &nbsp;&nbsp; 146478<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8578615** |
| **Materials — 5.4%** | **Materials — 5.4%** | **Materials — 5.4%** |
| Chemicals — 2.5% | Chemicals — 2.5% | Chemicals — 2.5% |
| Air Liquide SA | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 1081030<br>|
| Akzo Nobel NV | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 108944<br>|
| Arkema SA | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 33191<br>|
| BASF SE | &nbsp;&nbsp; 8126 | &nbsp;&nbsp; 404742<br>|
| Covestro AG | &nbsp;&nbsp; 1547 | &nbsp;&nbsp; 105,973<br> \*<br>|
| Croda International PLC | &nbsp;&nbsp; 1258 | &nbsp;&nbsp; 45795<br>|
| DSM-Firmenich AG | &nbsp;&nbsp; 1632 | &nbsp;&nbsp; 139064<br>|
| EMS-Chemie Holding AG, Registered Shares | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 48074<br>|
| Evonik Industries AG | &nbsp;&nbsp; 2244 | &nbsp;&nbsp; 38944<br>|
| FUCHS SE | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 6082<br>|
| Givaudan SA, Registered Shares | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 280284<br>|
| Novonesis Novozymes B | &nbsp;&nbsp; 3145 | &nbsp;&nbsp; 192627<br>|
| Sika AG, Registered Shares | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 321636<br>|
| Syensqo SA | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 50774<br>|
| Symrise AG | &nbsp;&nbsp; 1207 | &nbsp;&nbsp; 105005<br>|
| Yara International ASA | &nbsp;&nbsp; 1462 | &nbsp;&nbsp; 53423<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 3015588 |
| Construction Materials — 0.8% | Construction Materials — 0.8% | Construction Materials — 0.8% |
| Amrize Ltd. | &nbsp;&nbsp; 4488 | &nbsp;&nbsp; 216,545<br> \*<br>|
| Buzzi SpA | &nbsp;&nbsp; 799 | &nbsp;&nbsp; 43899<br>|
| Heidelberg Materials AG | &nbsp;&nbsp; 1139 | &nbsp;&nbsp; 256356<br>|
| Holcim AG | &nbsp;&nbsp; 4403 | &nbsp;&nbsp; 372649<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 889449 |
| Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† |
| SIG Group AG | &nbsp;&nbsp; 2958 | &nbsp;&nbsp; 30504<br>|
| Metals & Mining — 1.8% | Metals & Mining — 1.8% | Metals & Mining — 1.8% |
| Anglo American PLC | &nbsp;&nbsp; 9571 | &nbsp;&nbsp; 358846<br>|
| Antofagasta PLC | &nbsp;&nbsp; 3094 | &nbsp;&nbsp; 114587<br>|
| ArcelorMittal SA | &nbsp;&nbsp; 3825 | &nbsp;&nbsp; 137438<br>|
| Boliden AB | &nbsp;&nbsp; 2533 | &nbsp;&nbsp; 103,070<br> \*<br>|
| Endeavour Mining PLC | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 70947<br>|
| Evraz PLC | &nbsp;&nbsp; 10404 | &nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| Fresnillo PLC | &nbsp;&nbsp; 1615 | &nbsp;&nbsp; 51311<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Glencore PLC | &nbsp;&nbsp; 97342 | &nbsp;&nbsp; $447656<br>|
| KGHM Polska Miedz SA | &nbsp;&nbsp; 1241 | &nbsp;&nbsp; 54,732<br> \*<br>|
| Norsk Hydro ASA | &nbsp;&nbsp; 11509 | &nbsp;&nbsp; 77974<br>|
| Rio Tinto PLC | &nbsp;&nbsp; 9333 | &nbsp;&nbsp; 614093<br>|
| SSAB AB, Class A Shares | &nbsp;&nbsp; 1904 | &nbsp;&nbsp; 11389<br>|
| SSAB AB, Class B Shares | &nbsp;&nbsp; 5508 | &nbsp;&nbsp; 31976<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 2074019 |
| Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% |
| Holmen AB, Class B Shares | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 29070<br>|
| Mondi PLC | &nbsp;&nbsp; 3961 | &nbsp;&nbsp; 54605<br>|
| Stora Enso oyj, Class R Shares | &nbsp;&nbsp; 5338 | &nbsp;&nbsp; 58557<br>|
| Svenska Cellulosa AB SCA, Class B Shares | &nbsp;&nbsp; 5406 | &nbsp;&nbsp; 71476<br>|
| UPM-Kymmene oyj | &nbsp;&nbsp; 4726 | &nbsp;&nbsp; 129219<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 342927 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **6352487** |
| **Real Estate — 1.0%** | **Real Estate — 1.0%** | **Real Estate — 1.0%** |
| Diversified REITs — 0.2% | Diversified REITs — 0.2% | Diversified REITs — 0.2% |
| British Land Co. PLC | &nbsp;&nbsp; 8874 | &nbsp;&nbsp; 41598<br>|
| Covivio SA | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 33135<br>|
| Land Securities Group PLC | &nbsp;&nbsp; 6681 | &nbsp;&nbsp; 52347<br>|
| Merlin Properties Socimi SA | &nbsp;&nbsp; 3417 | &nbsp;&nbsp; 51552<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 178632 |
| Industrial REITs — 0.1% | Industrial REITs — 0.1% | Industrial REITs — 0.1% |
| Segro PLC | &nbsp;&nbsp; 12206 | &nbsp;&nbsp; 107698<br>|
| Warehouses De Pauw CVA | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 43357<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 151055 |
| Office REITs — 0.0%†† | Office REITs — 0.0%†† | Office REITs — 0.0%†† |
| Gecina SA | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 46004<br>|
| Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% |
| Castellum AB | &nbsp;&nbsp; 3111 | &nbsp;&nbsp; 35162<br>|
| CTP NV | &nbsp;&nbsp; 1207 | &nbsp;&nbsp; 26890<br> <sup>(a)</sup><br>|
| Deutsche Wohnen SE | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 12109<br>|
| Fastighets AB Balder | &nbsp;&nbsp; 6103 | &nbsp;&nbsp; 43,697<br> \*<br>|
| LEG Immobilien SE | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 52740<br>|
| PSP Swiss Property AG, Registered Shares | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 70098<br>|
| Sagax AB, Class B Shares | &nbsp;&nbsp; 1938 | &nbsp;&nbsp; 40449<br>|
| Sagax AB, Class D Shares | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 3660<br>|
| Swiss Prime Site AG, Registered Shares  | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 95122<br>|
| Vonovia SE | &nbsp;&nbsp; 6324 | &nbsp;&nbsp; 197285<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 577212 |
| Residential REITs — 0.0%†† | Residential REITs — 0.0%†† | Residential REITs — 0.0%†† |
| UNITE Group PLC | &nbsp;&nbsp; 3638 | &nbsp;&nbsp; 35214<br>|
| Retail REITs — 0.2% | Retail REITs — 0.2% | Retail REITs — 0.2% |
| Klepierre SA | &nbsp;&nbsp; 1853 | &nbsp;&nbsp; 72198<br>|
| Unibail-Rodamco-Westfield | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 96475<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 168673 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1156790** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Utilities — 4.3%** | **Utilities — 4.3%** | **Utilities — 4.3%** | **Utilities — 4.3%** |
| Electric Utilities — 2.3% | Electric Utilities — 2.3% | Electric Utilities — 2.3% | Electric Utilities — 2.3% |
| Acciona SA | Acciona SA | &nbsp;&nbsp; 221 | &nbsp;&nbsp; $44378<br>|
| BKW AG | BKW AG | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 39931<br>|
| EDP SA | EDP SA | &nbsp;&nbsp; 26979 | &nbsp;&nbsp; 127974<br>|
| Elia Group SA | Elia Group SA | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 45093<br>|
| Endesa SA | Endesa SA | &nbsp;&nbsp; 2839 | &nbsp;&nbsp; 90768<br>|
| Enel SpA | Enel SpA | &nbsp;&nbsp; 70465 | &nbsp;&nbsp; 667835<br>|
| Fortum oyj | Fortum oyj | &nbsp;&nbsp; 3774 | &nbsp;&nbsp; 71417<br>|
| Iberdrola SA | Iberdrola SA | &nbsp;&nbsp; 60316 | &nbsp;&nbsp; 1141382<br>|
| Redeia Corp. SA | Redeia Corp. SA | &nbsp;&nbsp; 3655 | &nbsp;&nbsp; 70604<br>|
| SSE PLC | SSE PLC | &nbsp;&nbsp; 9962 | &nbsp;&nbsp; 233559<br>|
| Terna - Rete Elettrica Nazionale | Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 12597 | &nbsp;&nbsp; 127855<br>|
| Verbund AG | Verbund AG | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 43276<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 2704072 |
| Gas Utilities — 0.2% | Gas Utilities — 0.2% | Gas Utilities — 0.2% | Gas Utilities — 0.2% |
| Italgas SpA | Italgas SpA | &nbsp;&nbsp; 5576 | &nbsp;&nbsp; 51333<br>|
| Naturgy Energy Group SA | Naturgy Energy Group SA | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 26427<br>|
| Snam SpA | Snam SpA | &nbsp;&nbsp; 18581 | &nbsp;&nbsp; 111740<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 189500 |
| Independent Power and Renewable Electricity Producers — 0.3% | Independent Power and Renewable Electricity Producers — 0.3% | Independent Power and Renewable Electricity Producers — 0.3% | Independent Power and Renewable Electricity Producers — 0.3% |
| Corp. ACCIONA Energias Renovables SA | Corp. ACCIONA Energias Renovables SA | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 8805<br>|
| EDP Renovaveis SA | EDP Renovaveis SA | &nbsp;&nbsp; 2907 | &nbsp;&nbsp; 38256<br>|
| Orsted AS | Orsted AS | &nbsp;&nbsp; 1309 | &nbsp;&nbsp; 23,397<br> \*<sup>(a)</sup><br>|
| RWE AG | RWE AG | &nbsp;&nbsp; 5984 | &nbsp;&nbsp; 265920<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 336378 |
| Multi-Utilities — 1.4% | Multi-Utilities — 1.4% | Multi-Utilities — 1.4% | Multi-Utilities — 1.4% |
| A2A SpA | A2A SpA | &nbsp;&nbsp; 14042 | &nbsp;&nbsp; 36744<br>|
| Centrica PLC | Centrica PLC | &nbsp;&nbsp; 43571 | &nbsp;&nbsp; 97723<br>|
| E.ON SE | E.ON SE | &nbsp;&nbsp; 20026 | &nbsp;&nbsp; 376842<br>|
| Engie SA | Engie SA | &nbsp;&nbsp; 16065 | &nbsp;&nbsp; 344588<br>|
| Hera SpA | Hera SpA | &nbsp;&nbsp; 6885 | &nbsp;&nbsp; 30984<br>|
| National Grid PLC | National Grid PLC | &nbsp;&nbsp; 44846 | &nbsp;&nbsp; 644492<br>|
| Veolia Environnement SA | Veolia Environnement SA | &nbsp;&nbsp; 5423 | &nbsp;&nbsp; 184661<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 1716034 |
| Water Utilities — 0.1% | Water Utilities — 0.1% | Water Utilities — 0.1% | Water Utilities — 0.1% |
| Severn Trent PLC | Severn Trent PLC | &nbsp;&nbsp; 2380 | &nbsp;&nbsp; 82922<br>|
| United Utilities Group PLC | United Utilities Group PLC | &nbsp;&nbsp; 6103 | &nbsp;&nbsp; 94198<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 177120 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **5123104** |
| **Total Common Stocks (Cost — $102,498,774)** | **Total Common Stocks (Cost — $102,498,774)** | **Total Common Stocks (Cost — $102,498,774)** | &nbsp;&nbsp; **117337857**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| Automobiles — 0.2% | Automobiles — 0.2% | Automobiles — 0.2% | Automobiles — 0.2% |
| Bayerische Motoren Werke AG  | &nbsp;&nbsp; 5.472% | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 47311<br> <sup>(e)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate |  | Shares | Value |
| Automobiles — continued | Automobiles — continued | Automobiles — continued | Automobiles — continued | Automobiles — continued |
| Volkswagen AG  | &nbsp;&nbsp; 6.916% |  | &nbsp;&nbsp; 1887 | &nbsp;&nbsp; $203896<br> <sup>(e)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **251207** |
| **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Henkel AG & Co. KGaA  | &nbsp;&nbsp; 2.969% |  | &nbsp;&nbsp; 1462 | &nbsp;&nbsp; **118016**<br> <sup>(e)</sup><br>|
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† |
| Grifols SA, Class B Shares  | &nbsp;&nbsp; 1.417% |  | &nbsp;&nbsp; 2380 | &nbsp;&nbsp; **23980**<br> <sup>(e)</sup><br>|
| **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% |
| FUCHS SE  | &nbsp;&nbsp; 3.072% |  | &nbsp;&nbsp; 561 | &nbsp;&nbsp; **25101**<br> <sup>(e)</sup><br>|
| **Total Preferred Stocks (Cost — $500,523)** | **Total Preferred Stocks (Cost — $500,523)** | **Total Preferred Stocks (Cost — $500,523)** | **Total Preferred Stocks (Cost — $500,523)** | &nbsp;&nbsp; **418304** |
|  |  | Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **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%†† |
| Sofina SA |  | &nbsp;&nbsp; 10/3/25 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; **304**<br> \*<br>|
| **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** |
| Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† |
| Orsted AS |  | &nbsp;&nbsp; 10/3/25 | &nbsp;&nbsp; 19635 | &nbsp;&nbsp; **19,564**<br> \*<br>|
| **Total Rights (Cost — $48,708)** | **Total Rights (Cost — $48,708)** | **Total Rights (Cost — $48,708)** | **Total Rights (Cost — $48,708)** | &nbsp;&nbsp; **19868** |
| **Total Investments before Short-Term Investments (Cost — $103,048,005)** | **Total Investments before Short-Term Investments (Cost — $103,048,005)** | **Total Investments before Short-Term Investments (Cost — $103,048,005)** | **Total Investments before Short-Term Investments (Cost — $103,048,005)** | &nbsp;&nbsp; **117776029** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $29,551)  | &nbsp;&nbsp; 4.032% |  | &nbsp;&nbsp; 29551<br>| &nbsp;&nbsp; **29551**<br> <sup>(f)(g)(h)</sup><br>|
| **Total Investments — 99.5% (Cost — $103,077,556)** | **Total Investments — 99.5% (Cost — $103,077,556)** | **Total Investments — 99.5% (Cost — $103,077,556)** | **Total Investments — 99.5% (Cost — $103,077,556)** | &nbsp;&nbsp; **117805580** |
| Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp; 639947 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$118445527** |

---

&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> | The rate shown represents the yield as of September 30, 2025. |
| <sup>(f)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $29,551 and the cost was $29,551 (Note 6).<br>|
| <sup>(h)</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:** |
| CVA |  | Certificaaten van aandelen (Share Certificates) |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Europe ETF**

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Euro Stoxx 50 Index | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $317499 | &nbsp;&nbsp;&nbsp; $325534 | &nbsp;&nbsp;&nbsp; $8035 |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 124852 | &nbsp;&nbsp;&nbsp; 126648 | &nbsp;&nbsp;&nbsp; 1796 |
| **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; **$9831** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Communication Services — 4.2%** | **Communication Services — 4.2%** | **Communication Services — 4.2%** |
| Diversified Telecommunication Services — 3.3% | Diversified Telecommunication Services — 3.3% | Diversified Telecommunication Services — 3.3% |
| Cellnex Telecom SA | &nbsp;&nbsp; 4653 | &nbsp;&nbsp; $161230<br> <sup>(a)</sup><br>|
| Deutsche Telekom AG, Registered Shares | &nbsp;&nbsp; 27171 | &nbsp;&nbsp; 926171<br>|
| Elisa oyj | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 60452<br>|
| Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp; 2673 | &nbsp;&nbsp; 31439<br> <sup>(a)</sup><br>|
| Koninklijke KPN NV | &nbsp;&nbsp; 31239 | &nbsp;&nbsp; 150016<br>|
| Orange SA | &nbsp;&nbsp; 17208 | &nbsp;&nbsp; 279230<br>|
| Telecom Italia SpA | &nbsp;&nbsp; 90495 | &nbsp;&nbsp; 47,349<br> \*<br>|
| Telecom Italia SpA, Savings Shares | &nbsp;&nbsp; 50139 | &nbsp;&nbsp; 29,021<br> \*<br>|
| Telefonica SA | &nbsp;&nbsp; 33795 | &nbsp;&nbsp; 174641<br>|
| Telekom Austria AG | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 6640<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 1866189 |
| Entertainment — 0.5% | Entertainment — 0.5% | Entertainment — 0.5% |
| Bollore SE | &nbsp;&nbsp; 5634 | &nbsp;&nbsp; 31882<br>|
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 46744<br>|
| Universal Music Group NV | &nbsp;&nbsp; 7785 | &nbsp;&nbsp; 224659<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 303285 |
| Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% |
| Scout24 SE | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 73274<br> <sup>(a)</sup><br>|
| Media — 0.3% | Media — 0.3% | Media — 0.3% |
| Publicis Groupe SA | &nbsp;&nbsp; 1872 | &nbsp;&nbsp; 179664<br>|
| RTL Group SA | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 12566<br>|
| Total Media | Total Media | &nbsp;&nbsp; 192230 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2434978** |
| **Consumer Discretionary — 10.6%** | **Consumer Discretionary — 10.6%** | **Consumer Discretionary — 10.6%** |
| Automobile Components — 0.5% | Automobile Components — 0.5% | Automobile Components — 0.5% |
| Aumovio SE | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 18,363<br> \*<br>|
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 5481 | &nbsp;&nbsp; 196683<br>|
| Continental AG | &nbsp;&nbsp; 891 | &nbsp;&nbsp; 58754<br>|
| Pirelli & C SpA | &nbsp;&nbsp; 3015 | &nbsp;&nbsp; 20526<br> <sup>(a)</sup><br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 294326 |
| Automobiles — 2.3% | Automobiles — 2.3% | Automobiles — 2.3% |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 2358 | &nbsp;&nbsp; 236724<br>|
| Ferrari NV | &nbsp;&nbsp; 981 | &nbsp;&nbsp; 474441<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp; 6228 | &nbsp;&nbsp; 391288<br>|
| Renault SA | &nbsp;&nbsp; 1575 | &nbsp;&nbsp; 64402<br>|
| Stellantis NV | &nbsp;&nbsp; 17748 | &nbsp;&nbsp; 163995<br>|
| Volkswagen AG | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 25777<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 1356627 |
| Broadline Retail — 1.3% | Broadline Retail — 1.3% | Broadline Retail — 1.3% |
| Prosus NV | &nbsp;&nbsp; 10539 | &nbsp;&nbsp; 742256<br>|
| Distributors — 0.1% | Distributors — 0.1% | Distributors — 0.1% |
| D'ieteren Group | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 31987<br>|
| Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% |
| Accor SA | &nbsp;&nbsp; 1818 | &nbsp;&nbsp; 86087<br>|
| Amadeus IT Group SA | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 285525<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Delivery Hero SE | &nbsp;&nbsp; 1809 | &nbsp;&nbsp; $51,885<br> \*<sup>(a)</sup><br>|
| FDJ UNITED | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 31043<br>|
| Sodexo SA | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 42472<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 497012 |
| Household Durables — 0.0%†† | Household Durables — 0.0%†† | Household Durables — 0.0%†† |
| SEB SA | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 15189<br>|
| Specialty Retail — 1.0% | Specialty Retail — 1.0% | Specialty Retail — 1.0% |
| Fielmann Group AG | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 11958<br>|
| Industria de Diseno Textil SA | &nbsp;&nbsp; 9117 | &nbsp;&nbsp; 503165<br>|
| Zalando SE | &nbsp;&nbsp; 1917 | &nbsp;&nbsp; 58,587<br> \*<sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 573710 |
| Textiles, Apparel & Luxury Goods — 4.5% | Textiles, Apparel & Luxury Goods — 4.5% | Textiles, Apparel & Luxury Goods — 4.5% |
| adidas AG | &nbsp;&nbsp; 1377 | &nbsp;&nbsp; 290265<br>|
| Brunello Cucinelli SpA | &nbsp;&nbsp; 279 | &nbsp;&nbsp; 30488<br>|
| Hermes International SCA | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 687754<br>|
| Kering SA | &nbsp;&nbsp; 579 | &nbsp;&nbsp; 192226<br>|
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 2110 | &nbsp;&nbsp; 1290449<br>|
| Moncler SpA | &nbsp;&nbsp; 1854 | &nbsp;&nbsp; 108639<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2599821 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **6110928** |
| **Consumer Staples — 5.2%** | **Consumer Staples — 5.2%** | **Consumer Staples — 5.2%** |
| Beverages — 1.6% | Beverages — 1.6% | Beverages — 1.6% |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 7884 | &nbsp;&nbsp; 470596<br>|
| Davide Campari-Milano NV | &nbsp;&nbsp; 4626 | &nbsp;&nbsp; 29189<br>|
| Heineken Holding NV | &nbsp;&nbsp; 936 | &nbsp;&nbsp; 64173<br>|
| Heineken NV | &nbsp;&nbsp; 2286 | &nbsp;&nbsp; 178408<br>|
| Pernod Ricard SA | &nbsp;&nbsp; 1575 | &nbsp;&nbsp; 154601<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 896967 |
| Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% |
| Carrefour SA | &nbsp;&nbsp; 5265 | &nbsp;&nbsp; 79773<br>|
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 2277 | &nbsp;&nbsp; 55382<br>|
| Kesko oyj, Class B Shares | &nbsp;&nbsp; 2178 | &nbsp;&nbsp; 46321<br>|
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 7497 | &nbsp;&nbsp; 303469<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 484945 |
| Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% |
| Danone SA | &nbsp;&nbsp; 5229 | &nbsp;&nbsp; 455645<br>|
| JDE Peet's NV | &nbsp;&nbsp; 1278 | &nbsp;&nbsp; 46851<br>|
| Kerry Group PLC, Class A Shares | &nbsp;&nbsp; 1359 | &nbsp;&nbsp; 122556<br>|
| Lotus Bakeries NV | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 28271<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 653323 |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 58767<br>|
| Personal Care Products — 1.6% | Personal Care Products — 1.6% | Personal Care Products — 1.6% |
| Beiersdorf AG | &nbsp;&nbsp; 864 | &nbsp;&nbsp; 90353<br>|
| L'Oreal SA | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 818346<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 908699 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **3002701** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Energy — 2.8%** | **Energy — 2.8%** | **Energy — 2.8%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Tenaris SA | &nbsp;&nbsp; 2898 | &nbsp;&nbsp; $51724<br>|
| Oil, Gas & Consumable Fuels — 2.7% | Oil, Gas & Consumable Fuels — 2.7% | Oil, Gas & Consumable Fuels — 2.7% |
| Eni SpA | &nbsp;&nbsp; 16083 | &nbsp;&nbsp; 280931<br>|
| Galp Energia SGPS SA | &nbsp;&nbsp; 3375 | &nbsp;&nbsp; 63847<br>|
| Koninklijke Vopak NV | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 21468<br>|
| Neste oyj | &nbsp;&nbsp; 3384 | &nbsp;&nbsp; 61969<br>|
| OMV AG | &nbsp;&nbsp; 1179 | &nbsp;&nbsp; 62921<br>|
| Repsol SA | &nbsp;&nbsp; 9477 | &nbsp;&nbsp; 167756<br>|
| TotalEnergies SE | &nbsp;&nbsp; 15354 | &nbsp;&nbsp; 933258<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1592150 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1643874** |
| **Financials — 25.6%** | **Financials — 25.6%** | **Financials — 25.6%** |
| Banks — 15.3% | Banks — 15.3% | Banks — 15.3% |
| ABN AMRO Bank NV, CVA | &nbsp;&nbsp; 4239 | &nbsp;&nbsp; 135727<br> <sup>(a)</sup><br>|
| AIB Group PLC | &nbsp;&nbsp; 17658 | &nbsp;&nbsp; 160072<br>|
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 17172 | &nbsp;&nbsp; 152135<br>|
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 46782 | &nbsp;&nbsp; 898191<br>|
| Banco BPM SpA | &nbsp;&nbsp; 12150 | &nbsp;&nbsp; 181665<br>|
| Banco Comercial Portugues SA | &nbsp;&nbsp; 75510 | &nbsp;&nbsp; 66827<br>|
| Banco de Sabadell SA | &nbsp;&nbsp; 42975 | &nbsp;&nbsp; 166636<br>|
| Banco Santander SA | &nbsp;&nbsp; 122562 | &nbsp;&nbsp; 1277948<br>|
| Bank of Ireland Group PLC | &nbsp;&nbsp; 7938 | &nbsp;&nbsp; 130720<br>|
| Bankinter SA | &nbsp;&nbsp; 5148 | &nbsp;&nbsp; 81085<br>|
| BAWAG Group AG | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 85277<br> <sup>(a)</sup><br>|
| BNP Paribas SA | &nbsp;&nbsp; 8253 | &nbsp;&nbsp; 749890<br>|
| BPER Banca SpA | &nbsp;&nbsp; 11466 | &nbsp;&nbsp; 127127<br>|
| CaixaBank SA | &nbsp;&nbsp; 29646 | &nbsp;&nbsp; 311625<br>|
| Commerzbank AG | &nbsp;&nbsp; 6201 | &nbsp;&nbsp; 233813<br>|
| Credit Agricole SA | &nbsp;&nbsp; 7668 | &nbsp;&nbsp; 150645<br>|
| Erste Group Bank AG | &nbsp;&nbsp; 2322 | &nbsp;&nbsp; 226999<br>|
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 5031 | &nbsp;&nbsp; 108800<br>|
| ING Groep NV | &nbsp;&nbsp; 24552 | &nbsp;&nbsp; 636833<br>|
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 129483 | &nbsp;&nbsp; 854128<br>|
| KBC Group NV | &nbsp;&nbsp; 1872 | &nbsp;&nbsp; 223149<br>|
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 18591<br>|
| Nordea Bank Abp | &nbsp;&nbsp; 27117 | &nbsp;&nbsp; 445278<br>|
| Raiffeisen Bank International AG | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 35681<br>|
| Societe Generale SA | &nbsp;&nbsp; 5922 | &nbsp;&nbsp; 392173<br>|
| UniCredit SpA | &nbsp;&nbsp; 12888 | &nbsp;&nbsp; 976295<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 8827310 |
| Capital Markets — 1.9% | Capital Markets — 1.9% | Capital Markets — 1.9% |
| Amundi SA | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 37776<br> <sup>(a)</sup><br>|
| CVC Capital Partners PLC | &nbsp;&nbsp; 1755 | &nbsp;&nbsp; 30561<br> <sup>(a)</sup><br>|
| Deutsche Bank AG, Registered Shares | &nbsp;&nbsp; 14625 | &nbsp;&nbsp; 514672<br>|
| Deutsche Boerse AG | &nbsp;&nbsp; 1521 | &nbsp;&nbsp; 407654<br>|
| DWS Group GmbH & Co. KGaA | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 16346<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Euronext NV | &nbsp;&nbsp; 720 | &nbsp;&nbsp; $107780<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 1114789 |
| Financial Services — 1.2% | Financial Services — 1.2% | Financial Services — 1.2% |
| Adyen NV | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 351,249<br> \*<sup>(a)</sup><br>|
| Banca Mediolanum SpA | &nbsp;&nbsp; 1737 | &nbsp;&nbsp; 34799<br>|
| Edenred SE | &nbsp;&nbsp; 1980 | &nbsp;&nbsp; 46995<br>|
| Eurazeo SE | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 21931<br>|
| EXOR NV | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 77426<br>|
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 57904<br>|
| Nexi SpA | &nbsp;&nbsp; 4977 | &nbsp;&nbsp; 28164<br> <sup>(a)</sup><br>|
| Sofina SA | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 34506<br>|
| Wendel SE | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 18961<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 671935 |
| Insurance — 7.2% | Insurance — 7.2% | Insurance — 7.2% |
| Aegon Ltd. | &nbsp;&nbsp; 10719 | &nbsp;&nbsp; 86048<br>|
| Ageas SA | &nbsp;&nbsp; 1458 | &nbsp;&nbsp; 100905<br>|
| Allianz SE, Registered Shares | &nbsp;&nbsp; 3186 | &nbsp;&nbsp; 1337945<br>|
| ASR Nederland NV | &nbsp;&nbsp; 1287 | &nbsp;&nbsp; 87376<br>|
| AXA SA | &nbsp;&nbsp; 14355 | &nbsp;&nbsp; 685480<br>|
| Generali | &nbsp;&nbsp; 8001 | &nbsp;&nbsp; 314093<br>|
| Hannover Rueck SE | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 149245<br>|
| Mapfre SA | &nbsp;&nbsp; 7605 | &nbsp;&nbsp; 36012<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 689574<br>|
| NN Group NV | &nbsp;&nbsp; 2142 | &nbsp;&nbsp; 150759<br>|
| Poste Italiane SpA | &nbsp;&nbsp; 3726 | &nbsp;&nbsp; 88393<br> <sup>(a)</sup><br>|
| Sampo oyj, Class A Shares | &nbsp;&nbsp; 19557 | &nbsp;&nbsp; 224693<br>|
| SCOR SE | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 50760<br>|
| Talanx AG | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 65840<br>|
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 3096 | &nbsp;&nbsp; 66426<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 4133549 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **14747583** |
| **Health Care — 6.4%** | **Health Care — 6.4%** | **Health Care — 6.4%** |
| Biotechnology — 0.7% | Biotechnology — 0.7% | Biotechnology — 0.7% |
| Argenx SE | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 365,506<br> \*<br>|
| Grifols SA | &nbsp;&nbsp; 2394 | &nbsp;&nbsp; 34670<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 400176 |
| Health Care Equipment & Supplies — 2.0% | Health Care Equipment & Supplies — 2.0% | Health Care Equipment & Supplies — 2.0% |
| BioMerieux | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 48137<br>|
| Carl Zeiss Meditec AG | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 14267<br>|
| DiaSorin SpA | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 15972<br>|
| EssilorLuxottica SA | &nbsp;&nbsp; 2376 | &nbsp;&nbsp; 770537<br>|
| Koninklijke Philips NV | &nbsp;&nbsp; 6426 | &nbsp;&nbsp; 173965<br>|
| Siemens Healthineers AG | &nbsp;&nbsp; 2439 | &nbsp;&nbsp; 131885<br> <sup>(a)</sup><br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1154763 |
| Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% |
| Amplifon SpA | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; 16410<br>|
| Fresenius Medical Care AG | &nbsp;&nbsp; 1746 | &nbsp;&nbsp; 91622<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 3393 | &nbsp;&nbsp; $188973<br>|
| NMC Health PLC | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 297005 |
| Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% |
| Eurofins Scientific SE | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 67292<br>|
| QIAGEN NV | &nbsp;&nbsp; 1746 | &nbsp;&nbsp; 77333<br>|
| Sartorius Stedim Biotech | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 45486<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 190111 |
| Pharmaceuticals — 2.9% | Pharmaceuticals — 2.9% | Pharmaceuticals — 2.9% |
| Bayer AG, Registered Shares | &nbsp;&nbsp; 8118 | &nbsp;&nbsp; 269276<br>|
| Ipsen SA | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 38442<br>|
| Merck KGaA | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 137735<br>|
| Orion oyj, Class B Shares | &nbsp;&nbsp; 864 | &nbsp;&nbsp; 66140<br>|
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 891 | &nbsp;&nbsp; 54126<br>|
| Sanofi SA | &nbsp;&nbsp; 8883 | &nbsp;&nbsp; 819867<br>|
| UCB SA | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 273364<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 1658950 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **3701005** |
| **Industrials — 20.6%** | **Industrials — 20.6%** | **Industrials — 20.6%** |
| Aerospace & Defense — 6.5% | Aerospace & Defense — 6.5% | Aerospace & Defense — 6.5% |
| Airbus SE | &nbsp;&nbsp; 4824 | &nbsp;&nbsp; 1118902<br>|
| Dassault Aviation SA | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 48489<br>|
| Hensoldt AG | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 64153<br>|
| Leonardo SpA  | &nbsp;&nbsp; 3321 | &nbsp;&nbsp; 210795<br>|
| MTU Aero Engines AG | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 202555<br>|
| Rheinmetall AG | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 867425<br>|
| Safran SA | &nbsp;&nbsp; 2862 | &nbsp;&nbsp; 1009191<br>|
| Thales SA | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 231182<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 3752692 |
| Air Freight & Logistics — 0.7% | Air Freight & Logistics — 0.7% | Air Freight & Logistics — 0.7% |
| Deutsche Post AG, Registered Shares | &nbsp;&nbsp; 7830 | &nbsp;&nbsp; 349058<br>|
| InPost SA | &nbsp;&nbsp; 2106 | &nbsp;&nbsp; 25,859<br> \*<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 374917 |
| Building Products — 0.9% | Building Products — 0.9% | Building Products — 0.9% |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 3735 | &nbsp;&nbsp; 402261<br>|
| Kingspan Group PLC | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 104820<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 507081 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| SPIE SA | &nbsp;&nbsp; 1197 | &nbsp;&nbsp; 64417<br>|
| Construction & Engineering — 2.0% | Construction & Engineering — 2.0% | Construction & Engineering — 2.0% |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 43802<br>|
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 1467 | &nbsp;&nbsp; 117213<br>|
| Bouygues SA | &nbsp;&nbsp; 1548 | &nbsp;&nbsp; 69700<br>|
| Eiffage SA | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 77017<br>|
| Ferrovial SE | &nbsp;&nbsp; 3897 | &nbsp;&nbsp; 223362<br>|
| HOCHTIEF AG | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 33726<br>|
| Strabag SE | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 13130<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued |
| Vinci SA | &nbsp;&nbsp; 4113 | &nbsp;&nbsp; $570026<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 1147976 |
| Electrical Equipment — 4.2% | Electrical Equipment — 4.2% | Electrical Equipment — 4.2% |
| Legrand SA | &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 333053<br>|
| Prysmian SpA | &nbsp;&nbsp; 2358 | &nbsp;&nbsp; 233233<br>|
| Schneider Electric SE | &nbsp;&nbsp; 4473 | &nbsp;&nbsp; 1248772<br>|
| Siemens Energy AG | &nbsp;&nbsp; 5301 | &nbsp;&nbsp; 619,255<br> \*<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 2434313 |
| Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% |
| Ayvens SA | &nbsp;&nbsp; 2430 | &nbsp;&nbsp; 29323<br> <sup>(a)</sup><br>|
| Industrial Conglomerates — 2.8% | Industrial Conglomerates — 2.8% | Industrial Conglomerates — 2.8% |
| Siemens AG, Registered Shares | &nbsp;&nbsp; 6057 | &nbsp;&nbsp; 1631210<br>|
| Machinery — 1.7% | Machinery — 1.7% | Machinery — 1.7% |
| Alstom SA | &nbsp;&nbsp; 2781 | &nbsp;&nbsp; 72,281<br> \*<br>|
| ANDRITZ AG | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 38007<br>|
| Daimler Truck Holding AG | &nbsp;&nbsp; 4212 | &nbsp;&nbsp; 173318<br>|
| GEA Group AG | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 89726<br>|
| Interpump Group SpA | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 27618<br>|
| KION Group AG | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 40097<br>|
| Knorr-Bremse AG | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 51509<br>|
| Kone oyj, Class B Shares | &nbsp;&nbsp; 2583 | &nbsp;&nbsp; 176031<br>|
| Metso oyj | &nbsp;&nbsp; 5724 | &nbsp;&nbsp; 78590<br>|
| Rational AG | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 32791<br>|
| RENK Group AG | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 60221<br>|
| Traton SE | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 16732<br>|
| Valmet oyj | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 38878<br>|
| Wartsila oyj Abp | &nbsp;&nbsp; 3762 | &nbsp;&nbsp; 112498<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 1008297 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| Deutsche Lufthansa AG, Registered Shares | &nbsp;&nbsp; 4923 | &nbsp;&nbsp; 41695<br>|
| Ryanair Holdings PLC | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 12799<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 54494 |
| Professional Services — 0.7% | Professional Services — 0.7% | Professional Services — 0.7% |
| Bureau Veritas SA | &nbsp;&nbsp; 2862 | &nbsp;&nbsp; 89586<br>|
| Randstad NV | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 38250<br>|
| Teleperformance SE | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 32821<br>|
| Wolters Kluwer NV | &nbsp;&nbsp; 1917 | &nbsp;&nbsp; 261625<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 422282 |
| Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% |
| Brenntag SE | &nbsp;&nbsp; 1017 | &nbsp;&nbsp; 60824<br>|
| IMCD NV | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 49322<br>|
| Rexel SA | &nbsp;&nbsp; 1854 | &nbsp;&nbsp; 60648<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 170794 |
| Transportation Infrastructure — 0.5% | Transportation Infrastructure — 0.5% | Transportation Infrastructure — 0.5% |
| Aena SME SA | &nbsp;&nbsp; 5724 | &nbsp;&nbsp; 156507<br> <sup>(a)</sup><br>|
| Aeroports de Paris SA | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 42753<br>|
| Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 25,667<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Transportation Infrastructure — continued | Transportation Infrastructure — continued | Transportation Infrastructure — continued |
| Getlink SE | &nbsp;&nbsp; 2835 | &nbsp;&nbsp; $52165<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 277092 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **11874888** |
| **Information Technology — 12.2%** | **Information Technology — 12.2%** | **Information Technology — 12.2%** |
| Communications Equipment — 0.4% | Communications Equipment — 0.4% | Communications Equipment — 0.4% |
| Nokia oyj | &nbsp;&nbsp; 41418 | &nbsp;&nbsp; 198509<br>|
| IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% |
| Bechtle AG | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 31122<br>|
| Capgemini SE | &nbsp;&nbsp; 1269 | &nbsp;&nbsp; 184222<br>|
| Reply SpA | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 26916<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 242260 |
| Semiconductors & Semiconductor Equipment — 7.0% | Semiconductors & Semiconductor Equipment — 7.0% | Semiconductors & Semiconductor Equipment — 7.0% |
| ASM International NV | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 232273<br>|
| ASML Holding NV | &nbsp;&nbsp; 3249 | &nbsp;&nbsp; 3161333<br>|
| BE Semiconductor Industries NV | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 87194<br>|
| Infineon Technologies AG | &nbsp;&nbsp; 10764 | &nbsp;&nbsp; 419904<br>|
| STMicroelectronics NV | &nbsp;&nbsp; 5292 | &nbsp;&nbsp; 148302<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 4049006 |
| Software — 4.4% | Software — 4.4% | Software — 4.4% |
| Dassault Systemes SE | &nbsp;&nbsp; 5454 | &nbsp;&nbsp; 182705<br>|
| Nemetschek SE | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 60929<br>|
| SAP SE | &nbsp;&nbsp; 8487 | &nbsp;&nbsp; 2272669<br>|
| Total Software | Total Software | &nbsp;&nbsp; 2516303 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **7006078** |
| **Materials — 4.3%** | **Materials — 4.3%** | **Materials — 4.3%** |
| Chemicals — 3.3% | Chemicals — 3.3% | Chemicals — 3.3% |
| Air Liquide SA | &nbsp;&nbsp; 4752 | &nbsp;&nbsp; 987515<br>|
| Akzo Nobel NV | &nbsp;&nbsp; 1395 | &nbsp;&nbsp; 99331<br>|
| Arkema SA | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 29475<br>|
| BASF SE | &nbsp;&nbsp; 7380 | &nbsp;&nbsp; 367585<br>|
| Covestro AG | &nbsp;&nbsp; 1431 | &nbsp;&nbsp; 98,027<br> \*<br>|
| DSM-Firmenich AG | &nbsp;&nbsp; 1503 | &nbsp;&nbsp; 128072<br>|
| Evonik Industries AG | &nbsp;&nbsp; 2079 | &nbsp;&nbsp; 36080<br>|
| FUCHS SE | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 7406<br>|
| Syensqo SA | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 46496<br>|
| Symrise AG | &nbsp;&nbsp; 1089 | &nbsp;&nbsp; 94740<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 1894727 |
| Construction Materials — 0.5% | Construction Materials — 0.5% | Construction Materials — 0.5% |
| Buzzi SpA | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 40054<br>|
| Heidelberg Materials AG | &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 234974<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 275028 |
| Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% |
| ArcelorMittal SA | &nbsp;&nbsp; 3492 | &nbsp;&nbsp; 125473<br>|
| Evraz PLC | &nbsp;&nbsp; 1168 | &nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 125473 |
| Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% |
| Stora Enso oyj, Class R Shares | &nbsp;&nbsp; 4770 | &nbsp;&nbsp; 52326<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Paper & Forest Products — continued | Paper & Forest Products — continued | Paper & Forest Products — continued |
| UPM-Kymmene oyj | &nbsp;&nbsp; 4284 | &nbsp;&nbsp; $117134<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 169460 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2464688** |
| **Real Estate — 1.0%** | **Real Estate — 1.0%** | **Real Estate — 1.0%** |
| Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% |
| Covivio SA | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 30245<br>|
| Merlin Properties Socimi SA | &nbsp;&nbsp; 3096 | &nbsp;&nbsp; 46709<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 76954 |
| Industrial REITs — 0.1% | Industrial REITs — 0.1% | Industrial REITs — 0.1% |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 38256<br>|
| Office REITs — 0.1% | Office REITs — 0.1% | Office REITs — 0.1% |
| Gecina SA | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 42396<br>|
| Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% |
| CTP NV | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 23659<br> <sup>(a)</sup><br>|
| Deutsche Wohnen SE | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 10074<br>|
| LEG Immobilien SE | &nbsp;&nbsp; 612 | &nbsp;&nbsp; 48683<br>|
| Vonovia SE | &nbsp;&nbsp; 5769 | &nbsp;&nbsp; 179971<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 262387 |
| Retail REITs — 0.3% | Retail REITs — 0.3% | Retail REITs — 0.3% |
| Klepierre SA | &nbsp;&nbsp; 1728 | &nbsp;&nbsp; 67328<br>|
| Unibail-Rodamco-Westfield | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 88908<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 156236 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **576229** |
| **Utilities — 6.2%** | **Utilities — 6.2%** | **Utilities — 6.2%** |
| Electric Utilities — 3.9% | Electric Utilities — 3.9% | Electric Utilities — 3.9% |
| Acciona SA | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 39760<br>|
| EDP SA | &nbsp;&nbsp; 24651 | &nbsp;&nbsp; 116931<br>|
| Elia Group SA | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 41517<br>|
| Endesa SA | &nbsp;&nbsp; 2601 | &nbsp;&nbsp; 83159<br>|
| Enel SpA | &nbsp;&nbsp; 64125 | &nbsp;&nbsp; 607748<br>|
| Fortum oyj | &nbsp;&nbsp; 3492 | &nbsp;&nbsp; 66080<br>|
| Iberdrola SA | &nbsp;&nbsp; 55062 | &nbsp;&nbsp; 1041959<br>|
| Redeia Corp. SA | &nbsp;&nbsp; 3366 | &nbsp;&nbsp; 65021<br>|
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 11547 | &nbsp;&nbsp; 117198<br>|
| Verbund AG | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 39930<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 2219303 |
| Gas Utilities — 0.3% | Gas Utilities — 0.3% | Gas Utilities — 0.3% |
| Italgas SpA | &nbsp;&nbsp; 5067 | &nbsp;&nbsp; 46647<br>|
| Naturgy Energy Group SA | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 24624<br>|
| Snam SpA | &nbsp;&nbsp; 17010 | &nbsp;&nbsp; 102292<br>|
| Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 173563 |
| Independent Power and Renewable Electricity Producers — 0.5% | Independent Power and Renewable Electricity Producers — 0.5% | Independent Power and Renewable Electricity Producers — 0.5% |
| Corp. ACCIONA Energias Renovables SA | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 8624<br>|
| EDP Renovaveis SA | &nbsp;&nbsp; 2583 | &nbsp;&nbsp; 33992<br>|
| RWE AG | &nbsp;&nbsp; 5499 | &nbsp;&nbsp; 244367<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 286983 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Multi-Utilities — 1.5% | Multi-Utilities — 1.5% | Multi-Utilities — 1.5% | Multi-Utilities — 1.5% |
| A2A SpA | A2A SpA | &nbsp;&nbsp; 13050 | &nbsp;&nbsp; $34148<br>|
| E.ON SE | E.ON SE | &nbsp;&nbsp; 18297 | &nbsp;&nbsp; 344306<br>|
| Engie SA | Engie SA | &nbsp;&nbsp; 14580 | &nbsp;&nbsp; 312736<br>|
| Hera SpA | Hera SpA | &nbsp;&nbsp; 6345 | &nbsp;&nbsp; 28554<br>|
| Veolia Environnement SA | Veolia Environnement SA | &nbsp;&nbsp; 4986 | &nbsp;&nbsp; 169781<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 889525 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3569374** |
| **Total Common Stocks (Cost — $49,234,292)** | **Total Common Stocks (Cost — $49,234,292)** | **Total Common Stocks (Cost — $49,234,292)** | &nbsp;&nbsp; **57132326**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** |
| **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |
| Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% |
| Bayerische Motoren Werke AG  | &nbsp;&nbsp; 5.472% | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 43415<br> <sup>(e)</sup><br>|
| Volkswagen AG  | &nbsp;&nbsp; 6.916% | &nbsp;&nbsp; 1701 | &nbsp;&nbsp; 183798<br> <sup>(e)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **227213** |
| **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% |
| Henkel AG & Co. KGaA  | &nbsp;&nbsp; 2.969% | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; **108249**<br> <sup>(e)</sup><br>|
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† |
| Grifols SA, Class B Shares  | &nbsp;&nbsp; 1.417% | &nbsp;&nbsp; 2115 | &nbsp;&nbsp; **21310**<br> <sup>(e)</sup><br>|
| **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% |
| FUCHS SE  | &nbsp;&nbsp; 3.072% | &nbsp;&nbsp; 549 | &nbsp;&nbsp; **24564**<br> <sup>(e)</sup><br>|
| **Total Preferred Stocks (Cost — $413,074)** | **Total Preferred Stocks (Cost — $413,074)** | **Total Preferred Stocks (Cost — $413,074)** | &nbsp;&nbsp; **381336** |
|  |  | Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 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%†† |
| Sofina SA (Cost — $0) |  | &nbsp;&nbsp; 117 | &nbsp;&nbsp; **261**<br> \*<br>|
| **Total Investments before Short-Term Investments (Cost — $49,647,366)** | **Total Investments before Short-Term Investments (Cost — $49,647,366)** | **Total Investments before Short-Term Investments (Cost — $49,647,366)** | &nbsp;&nbsp; **57513923** |
|  | Rate | Shares |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $13,330)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 13330<br>| &nbsp;&nbsp; **13330**<br> <sup>(f)(g)(h)</sup><br>|
| **Total Investments — 99.8% (Cost — $49,660,696)** | **Total Investments — 99.8% (Cost — $49,660,696)** | **Total Investments — 99.8% (Cost — $49,660,696)** | &nbsp;&nbsp; **57527253** |
| Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp; 118247 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$57645500** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Eurozone 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> | 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> | The rate shown represents the yield as of September 30, 2025. |
| <sup>(f)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $13,330 and the cost was $13,330 (Note 6).<br>|
| <sup>(h)</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:** |
| CVA |  | Certificaaten van aandelen (Share Certificates) |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Euro Stoxx 50 Index | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $63363 | &nbsp;&nbsp;&nbsp; $65107 | &nbsp;&nbsp;&nbsp; **$1744** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Germany ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 97.5%** | **Common Stocks — 97.5%** | **Common Stocks — 97.5%** |
| **Communication Services — 6.7%** | **Communication Services — 6.7%** | **Communication Services — 6.7%** |
| Diversified Telecommunication Services — 5.8% | Diversified Telecommunication Services — 5.8% | Diversified Telecommunication Services — 5.8% |
| Deutsche Telekom AG, Registered Shares | &nbsp;&nbsp; 87389 | &nbsp;&nbsp; $2978807<br>|
| Entertainment — 0.3% | Entertainment — 0.3% | Entertainment — 0.3% |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 1519 | &nbsp;&nbsp; 148854<br>|
| Interactive Media & Services — 0.5% | Interactive Media & Services — 0.5% | Interactive Media & Services — 0.5% |
| Scout24 SE | &nbsp;&nbsp; 1860 | &nbsp;&nbsp; 232974<br> <sup>(a)</sup><br>|
| Media — 0.1% | Media — 0.1% | Media — 0.1% |
| RTL Group SA | &nbsp;&nbsp; 961 | &nbsp;&nbsp; 39465<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3400100** |
| **Consumer Discretionary — 7.2%** | **Consumer Discretionary — 7.2%** | **Consumer Discretionary — 7.2%** |
| Automobile Components — 0.5% | Automobile Components — 0.5% | Automobile Components — 0.5% |
| Aumovio SE | &nbsp;&nbsp; 1519 | &nbsp;&nbsp; 62,683<br> \*<br>|
| Continental AG | &nbsp;&nbsp; 2852 | &nbsp;&nbsp; 188064<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 250747 |
| Automobiles — 4.1% | Automobiles — 4.1% | Automobiles — 4.1% |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 7564 | &nbsp;&nbsp; 759365<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp; 20057 | &nbsp;&nbsp; 1260126<br>|
| Volkswagen AG | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 81956<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 2101447 |
| Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% |
| Delivery Hero SE | &nbsp;&nbsp; 5797 | &nbsp;&nbsp; 166,268<br> \*<sup>(a)</sup><br>|
| Specialty Retail — 0.5% | Specialty Retail — 0.5% | Specialty Retail — 0.5% |
| Fielmann Group AG | &nbsp;&nbsp; 589 | &nbsp;&nbsp; 35573<br>|
| Zalando SE | &nbsp;&nbsp; 6169 | &nbsp;&nbsp; 188,535<br> \*<sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 224108 |
| Textiles, Apparel & Luxury Goods — 1.8% | Textiles, Apparel & Luxury Goods — 1.8% | Textiles, Apparel & Luxury Goods — 1.8% |
| adidas AG | &nbsp;&nbsp; 4433 | &nbsp;&nbsp; 934454<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3677024** |
| **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** |
| Household Products — 0.4% | Household Products — 0.4% | Household Products — 0.4% |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 2542 | &nbsp;&nbsp; 188620<br>|
| Personal Care Products — 0.5% | Personal Care Products — 0.5% | Personal Care Products — 0.5% |
| Beiersdorf AG | &nbsp;&nbsp; 2759 | &nbsp;&nbsp; 288522<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **477142** |
| **Financials — 21.5%** | **Financials — 21.5%** | **Financials — 21.5%** |
| Banks — 1.5% | Banks — 1.5% | Banks — 1.5% |
| Commerzbank AG | &nbsp;&nbsp; 19871 | &nbsp;&nbsp; 749251<br>|
| Capital Markets — 5.9% | Capital Markets — 5.9% | Capital Markets — 5.9% |
| Deutsche Bank AG, Registered Shares | &nbsp;&nbsp; 47027 | &nbsp;&nbsp; 1654939<br>|
| Deutsche Boerse AG | &nbsp;&nbsp; 4898 | &nbsp;&nbsp; 1312749<br>|
| DWS Group GmbH & Co. KGaA | &nbsp;&nbsp; 806 | &nbsp;&nbsp; 50478<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 3018166 |
| Insurance — 14.1% | Insurance — 14.1% | Insurance — 14.1% |
| Allianz SE, Registered Shares | &nbsp;&nbsp; 10261 | &nbsp;&nbsp; 4309055<br>|
| Hannover Rueck SE | &nbsp;&nbsp; 1581 | &nbsp;&nbsp; 476679<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | &nbsp;&nbsp; 3472 | &nbsp;&nbsp; 2216854<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Germany ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Talanx AG | &nbsp;&nbsp; 1612 | &nbsp;&nbsp; $214412<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 7217000 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **10984417** |
| **Health Care — 5.7%** | **Health Care — 5.7%** | **Health Care — 5.7%** |
| Health Care Equipment & Supplies — 0.9% | Health Care Equipment & Supplies — 0.9% | Health Care Equipment & Supplies — 0.9% |
| Carl Zeiss Meditec AG | &nbsp;&nbsp; 899 | &nbsp;&nbsp; 44535<br>|
| Siemens Healthineers AG | &nbsp;&nbsp; 7843 | &nbsp;&nbsp; 424098<br> <sup>(a)</sup><br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 468633 |
| Health Care Providers & Services — 1.8% | Health Care Providers & Services — 1.8% | Health Care Providers & Services — 1.8% |
| Fresenius Medical Care AG | &nbsp;&nbsp; 5580 | &nbsp;&nbsp; 292813<br>|
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 10943 | &nbsp;&nbsp; 609471<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 902284 |
| Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% |
| QIAGEN NV | &nbsp;&nbsp; 5642 | &nbsp;&nbsp; 249893<br>|
| Pharmaceuticals — 2.5% | Pharmaceuticals — 2.5% | Pharmaceuticals — 2.5% |
| Bayer AG, Registered Shares | &nbsp;&nbsp; 26102 | &nbsp;&nbsp; 865810<br>|
| Merck KGaA | &nbsp;&nbsp; 3441 | &nbsp;&nbsp; 442525<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 1308335 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **2929145** |
| **Industrials — 27.5%** | **Industrials — 27.5%** | **Industrials — 27.5%** |
| Aerospace & Defense — 7.1% | Aerospace & Defense — 7.1% | Aerospace & Defense — 7.1% |
| Hensoldt AG | &nbsp;&nbsp; 1612 | &nbsp;&nbsp; 208919<br>|
| MTU Aero Engines AG | &nbsp;&nbsp; 1426 | &nbsp;&nbsp; 654973<br>|
| Rheinmetall AG | &nbsp;&nbsp; 1197 | &nbsp;&nbsp; 2791149<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 3655041 |
| Air Freight & Logistics — 2.2% | Air Freight & Logistics — 2.2% | Air Freight & Logistics — 2.2% |
| Deutsche Post AG, Registered Shares | &nbsp;&nbsp; 25172 | &nbsp;&nbsp; 1122155<br>|
| Construction & Engineering — 0.2% | Construction & Engineering — 0.2% | Construction & Engineering — 0.2% |
| HOCHTIEF AG | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 107869<br>|
| Electrical Equipment — 3.9% | Electrical Equipment — 3.9% | Electrical Equipment — 3.9% |
| Siemens Energy AG | &nbsp;&nbsp; 17050 | &nbsp;&nbsp; 1,991,755<br> \*<br>|
| Industrial Conglomerates — 10.3% | Industrial Conglomerates — 10.3% | Industrial Conglomerates — 10.3% |
| Siemens AG, Registered Shares | &nbsp;&nbsp; 19499 | &nbsp;&nbsp; 5251275<br>|
| Machinery — 2.9% | Machinery — 2.9% | Machinery — 2.9% |
| Daimler Truck Holding AG | &nbsp;&nbsp; 13454 | &nbsp;&nbsp; 553612<br>|
| GEA Group AG | &nbsp;&nbsp; 3875 | &nbsp;&nbsp; 286164<br>|
| KION Group AG | &nbsp;&nbsp; 1860 | &nbsp;&nbsp; 125557<br>|
| Knorr-Bremse AG | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 162878<br>|
| Rational AG | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 107523<br>|
| RENK Group AG | &nbsp;&nbsp; 1891 | &nbsp;&nbsp; 194663<br>|
| Traton SE | &nbsp;&nbsp; 1643 | &nbsp;&nbsp; 52664<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 1483061 |
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| Deutsche Lufthansa AG, Registered Shares | &nbsp;&nbsp; 15810 | &nbsp;&nbsp; 133901<br>|
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Brenntag SE | &nbsp;&nbsp; 3255 | &nbsp;&nbsp; 194673<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Germany ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% |
| Fraport AG Frankfurt Airport Services Worldwide | Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp; 961 | &nbsp;&nbsp; $83,051<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **14022781** |
| **Information Technology — 17.5%** | **Information Technology — 17.5%** | **Information Technology — 17.5%** | **Information Technology — 17.5%** |
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
| Bechtle AG | Bechtle AG | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; 100052<br>|
| Semiconductors & Semiconductor Equipment — 2.6% | Semiconductors & Semiconductor Equipment — 2.6% | Semiconductors & Semiconductor Equipment — 2.6% | Semiconductors & Semiconductor Equipment — 2.6% |
| Infineon Technologies AG | Infineon Technologies AG | &nbsp;&nbsp; 34503 | &nbsp;&nbsp; 1345962<br>|
| Software — 14.7% | Software — 14.7% | Software — 14.7% | Software — 14.7% |
| Nemetschek SE | Nemetschek SE | &nbsp;&nbsp; 1519 | &nbsp;&nbsp; 197758<br>|
| SAP SE | SAP SE | &nbsp;&nbsp; 27280 | &nbsp;&nbsp; 7305105<br>|
| Total Software | Total Software | Total Software | &nbsp;&nbsp; 7502863 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8948877** |
| **Materials — 5.3%** | **Materials — 5.3%** | **Materials — 5.3%** | **Materials — 5.3%** |
| Chemicals — 3.8% | Chemicals — 3.8% | Chemicals — 3.8% | Chemicals — 3.8% |
| BASF SE | BASF SE | &nbsp;&nbsp; 23715 | &nbsp;&nbsp; 1181203<br>|
| Covestro AG | Covestro AG | &nbsp;&nbsp; 4588 | &nbsp;&nbsp; 314,290<br> \*<br>|
| Evonik Industries AG | Evonik Industries AG | &nbsp;&nbsp; 6541 | &nbsp;&nbsp; 113517<br>|
| FUCHS SE | FUCHS SE | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 24401<br>|
| Symrise AG | Symrise AG | &nbsp;&nbsp; 3534 | &nbsp;&nbsp; 307447<br>|
| Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 1940858 |
| Construction Materials — 1.5% | Construction Materials — 1.5% | Construction Materials — 1.5% | Construction Materials — 1.5% |
| Heidelberg Materials AG | Heidelberg Materials AG | &nbsp;&nbsp; 3348 | &nbsp;&nbsp; 753538<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2694396** |
| **Real Estate — 1.5%** | **Real Estate — 1.5%** | **Real Estate — 1.5%** | **Real Estate — 1.5%** |
| Real Estate Management & Development — 1.5% | Real Estate Management & Development — 1.5% | Real Estate Management & Development — 1.5% | Real Estate Management & Development — 1.5% |
| Deutsche Wohnen SE | Deutsche Wohnen SE | &nbsp;&nbsp; 1271 | &nbsp;&nbsp; 32333<br>|
| LEG Immobilien SE | LEG Immobilien SE | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 157822<br>|
| Vonovia SE | Vonovia SE | &nbsp;&nbsp; 18569 | &nbsp;&nbsp; 579283<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **769438** |
| **Utilities — 3.7%** | **Utilities — 3.7%** | **Utilities — 3.7%** | **Utilities — 3.7%** |
| Independent Power and Renewable Electricity Producers — 1.5% | Independent Power and Renewable Electricity Producers — 1.5% | Independent Power and Renewable Electricity Producers — 1.5% | Independent Power and Renewable Electricity Producers — 1.5% |
| RWE AG | RWE AG | &nbsp;&nbsp; 17670 | &nbsp;&nbsp; 785228<br>|
| Multi-Utilities — 2.2% | Multi-Utilities — 2.2% | Multi-Utilities — 2.2% | Multi-Utilities — 2.2% |
| E.ON SE | E.ON SE | &nbsp;&nbsp; 58900 | &nbsp;&nbsp; 1108358<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1893586** |
| **Total Common Stocks (Cost — $46,585,431)** | **Total Common Stocks (Cost — $46,585,431)** | **Total Common Stocks (Cost — $46,585,431)** | &nbsp;&nbsp; **49796906**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 2.3%** | **Preferred Stocks — 2.3%** | **Preferred Stocks — 2.3%** | **Preferred Stocks — 2.3%** |
| **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** |
| Automobiles — 1.4% | Automobiles — 1.4% | Automobiles — 1.4% | Automobiles — 1.4% |
| Bayerische Motoren Werke AG  | &nbsp;&nbsp; 5.472% | &nbsp;&nbsp; 1488 | &nbsp;&nbsp; 138036<br> <sup>(b)</sup><br>|
| Volkswagen AG  | &nbsp;&nbsp; 6.916% | &nbsp;&nbsp; 5487 | &nbsp;&nbsp; 592887<br> <sup>(b)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **730923** |
| **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** |
| Household Products — 0.7% | Household Products — 0.7% | Household Products — 0.7% | Household Products — 0.7% |
| Henkel AG & Co. KGaA  | &nbsp;&nbsp; 2.969% | &nbsp;&nbsp; 4309 | &nbsp;&nbsp; **347833**<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Germany ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% |
| FUCHS SE  | &nbsp;&nbsp; 3.072% | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; **$77676**<br> <sup>(b)</sup><br>|
| **Total Preferred Stocks (Cost — $1,387,713)** | **Total Preferred Stocks (Cost — $1,387,713)** | **Total Preferred Stocks (Cost — $1,387,713)** | &nbsp;&nbsp; **1156432** |
| **Total Investments before Short-Term Investments (Cost — $47,973,144)** | **Total Investments before Short-Term Investments (Cost — $47,973,144)** | **Total Investments before Short-Term Investments (Cost — $47,973,144)** | &nbsp;&nbsp; **50953338** |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $954)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 954<br>| &nbsp;&nbsp; **954**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.8% (Cost — $47,974,098)** | **Total Investments — 99.8% (Cost — $47,974,098)** | **Total Investments — 99.8% (Cost — $47,974,098)** | &nbsp;&nbsp; **50954292** |
| Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp; 90430 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$51044722** |

---

&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> | The rate shown represents the yield as of September 30, 2025. |
| <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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $954 and the cost was $954 (Note 6).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Micro Dax Index | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $82787 | &nbsp;&nbsp;&nbsp; $84639 | &nbsp;&nbsp;&nbsp; **$1852** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 101.3%** | **Common Stocks — 101.3%** | **Common Stocks — 101.3%** |
| **Communication Services — 4.6%** | **Communication Services — 4.6%** | **Communication Services — 4.6%** |
| Diversified Telecommunication Services — 0.4% | Diversified Telecommunication Services — 0.4% | Diversified Telecommunication Services — 0.4% |
| Indus Towers Ltd. | &nbsp;&nbsp; 1874165 | &nbsp;&nbsp; $7,237,980<br> \*<br>|
| Tata Communications Ltd. | &nbsp;&nbsp; 158234 | &nbsp;&nbsp; 2875126<br>|
| Tata Teleservices Maharashtra Ltd. | &nbsp;&nbsp; 738762 | &nbsp;&nbsp; 457,791<br> \*<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 10570897 |
| Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% |
| Info Edge India Ltd. | &nbsp;&nbsp; 492860 | &nbsp;&nbsp; 7267831<br>|
| Media — 0.1% | Media — 0.1% | Media — 0.1% |
| Sun TV Network Ltd. | &nbsp;&nbsp; 121918 | &nbsp;&nbsp; 718762<br>|
| Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp; 1271060 | &nbsp;&nbsp; 1608639<br>|
| Total Media | Total Media | &nbsp;&nbsp; 2327401 |
| Wireless Telecommunication Services — 3.8% | Wireless Telecommunication Services — 3.8% | Wireless Telecommunication Services — 3.8% |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 3879327 | &nbsp;&nbsp; 82070396<br>|
| Bharti Airtel PP Ltd. | &nbsp;&nbsp; 239945 | &nbsp;&nbsp; 3804205<br>|
| Bharti Hexacom Ltd. | &nbsp;&nbsp; 106354 | &nbsp;&nbsp; 1988161<br>|
| Vodafone Idea Ltd. | &nbsp;&nbsp; 36868522 | &nbsp;&nbsp; 3,375,890<br> \*<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 91238652 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **111404781** |
| **Consumer Discretionary — 12.9%** | **Consumer Discretionary — 12.9%** | **Consumer Discretionary — 12.9%** |
| Automobile Components — 1.7% | Automobile Components — 1.7% | Automobile Components — 1.7% |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 115433 | &nbsp;&nbsp; 2983437<br>|
| Bharat Forge Ltd. | &nbsp;&nbsp; 365754 | &nbsp;&nbsp; 4994328<br>|
| Bosch Ltd. | &nbsp;&nbsp; 12302 | &nbsp;&nbsp; 5285127<br>|
| Endurance Technologies Ltd. | &nbsp;&nbsp; 49286 | &nbsp;&nbsp; 1523952<br> <sup>(a)</sup><br>|
| Exide Industries Ltd. | &nbsp;&nbsp; 591432 | &nbsp;&nbsp; 2602830<br>|
| MRF Ltd. | &nbsp;&nbsp; 3101 | &nbsp;&nbsp; 5092850<br>|
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 6211945 | &nbsp;&nbsp; 7391612<br>|
| Sona Blw Precision Forgings Ltd. | &nbsp;&nbsp; 623857 | &nbsp;&nbsp; 2893082<br> <sup>(a)</sup><br>|
| Tube Investments of India Ltd. | &nbsp;&nbsp; 151749 | &nbsp;&nbsp; 5292575<br>|
| UNO Minda Ltd. | &nbsp;&nbsp; 251618 | &nbsp;&nbsp; 3680663<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 41740456 |
| Automobiles — 6.7% | Automobiles — 6.7% | Automobiles — 6.7% |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 94681 | &nbsp;&nbsp; 9254428<br>|
| Eicher Motors Ltd. | &nbsp;&nbsp; 189362 | &nbsp;&nbsp; 14940806<br>|
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 182877 | &nbsp;&nbsp; 11271635<br>|
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 197144 | &nbsp;&nbsp; 5738328<br>|
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 1316455 | &nbsp;&nbsp; 50811519<br>|
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 185471 | &nbsp;&nbsp; 33483011<br>|
| Tata Motors Ltd. | &nbsp;&nbsp; 2911765 | &nbsp;&nbsp; 22306683<br>|
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 332032 | &nbsp;&nbsp; 12859269<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 160665679 |
| Broadline Retail — 0.2% | Broadline Retail — 0.2% | Broadline Retail — 0.2% |
| Vishal Mega Mart Ltd. | &nbsp;&nbsp; 2923438 | &nbsp;&nbsp; 4,906,269<br> \*<br>|
| Hotels, Restaurants & Leisure — 1.9% | Hotels, Restaurants & Leisure — 1.9% | Hotels, Restaurants & Leisure — 1.9% |
| Eternal Ltd. | &nbsp;&nbsp; 6365676 | &nbsp;&nbsp; 23,336,600<br> \*<br>|
| Indian Hotels Co. Ltd. | &nbsp;&nbsp; 1191943 | &nbsp;&nbsp; 9669655<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| ITC Hotels Ltd. | &nbsp;&nbsp; 1369632 | &nbsp;&nbsp; $3,505,808<br> \*<br>|
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 517503 | &nbsp;&nbsp; 3598500<br>|
| Swiggy Ltd. | &nbsp;&nbsp; 1361850 | &nbsp;&nbsp; 6,487,246<br> \*<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 46597809 |
| Household Durables — 0.4% | Household Durables — 0.4% | Household Durables — 0.4% |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 46692 | &nbsp;&nbsp; 8583371<br>|
| Whirlpool of India Ltd. | &nbsp;&nbsp; 84305 | &nbsp;&nbsp; 1131046<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 9714417 |
| Specialty Retail — 0.8% | Specialty Retail — 0.8% | Specialty Retail — 0.8% |
| FSN E-Commerce Ventures Ltd. | &nbsp;&nbsp; 1614765 | &nbsp;&nbsp; 4,226,201<br> \*<br>|
| Metro Brands Ltd. | &nbsp;&nbsp; 67444 | &nbsp;&nbsp; 980113<br>|
| Trent Ltd. | &nbsp;&nbsp; 256806 | &nbsp;&nbsp; 13528854<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 18735168 |
| Textiles, Apparel & Luxury Goods — 1.2% | Textiles, Apparel & Luxury Goods — 1.2% | Textiles, Apparel & Luxury Goods — 1.2% |
| Bata India Ltd. | &nbsp;&nbsp; 90790 | &nbsp;&nbsp; 1191259<br>|
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 551225 | &nbsp;&nbsp; 2820419<br>|
| Page Industries Ltd. | &nbsp;&nbsp; 8177 | &nbsp;&nbsp; 3746885<br>|
| Relaxo Footwears Ltd. | &nbsp;&nbsp; 105057 | &nbsp;&nbsp; 527659<br>|
| Titan Co. Ltd. | &nbsp;&nbsp; 520097 | &nbsp;&nbsp; 19722843<br>|
| Vedant Fashions Ltd. | &nbsp;&nbsp; 86899 | &nbsp;&nbsp; 675461<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 28684526 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **311044324** |
| **Consumer Staples — 6.2%** | **Consumer Staples — 6.2%** | **Consumer Staples — 6.2%** |
| Beverages — 0.7% | Beverages — 0.7% | Beverages — 0.7% |
| United Breweries Ltd. | &nbsp;&nbsp; 98572 | &nbsp;&nbsp; 1999222<br>|
| United Spirits Ltd. | &nbsp;&nbsp; 413743 | &nbsp;&nbsp; 6171050<br>|
| Varun Beverages Ltd. | &nbsp;&nbsp; 1893620 | &nbsp;&nbsp; 9462902<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 17633174 |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| Avenue Supermarts Ltd. | &nbsp;&nbsp; 207520 | &nbsp;&nbsp; 10,460,053<br> \*<sup>(a)</sup><br>|
| Food Products — 1.9% | Food Products — 1.9% | Food Products — 1.9% |
| AWL Agri Business Ltd. | &nbsp;&nbsp; 466920 | &nbsp;&nbsp; 1,375,433<br> \*<br>|
| Britannia Industries Ltd. | &nbsp;&nbsp; 167313 | &nbsp;&nbsp; 11289405<br>|
| Marico Ltd. | &nbsp;&nbsp; 745775 | &nbsp;&nbsp; 5857764<br>|
| Nestle India Ltd. | &nbsp;&nbsp; 1016848 | &nbsp;&nbsp; 13203520<br>|
| Patanjali Foods Ltd. | &nbsp;&nbsp; 466920 | &nbsp;&nbsp; 3028002<br>|
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 918276 | &nbsp;&nbsp; 11679510<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 46433634 |
| Personal Care Products — 2.2% | Personal Care Products — 2.2% | Personal Care Products — 2.2% |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 189362 | &nbsp;&nbsp; 4739768<br>|
| Dabur India Ltd. | &nbsp;&nbsp; 832674 | &nbsp;&nbsp; 4607484<br>|
| Emami Ltd. | &nbsp;&nbsp; 269776 | &nbsp;&nbsp; 1635420<br>|
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 561601 | &nbsp;&nbsp; 7380802<br>|
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 1255496 | &nbsp;&nbsp; 35554270<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 53917744 |
| Tobacco — 0.9% | Tobacco — 0.9% | Tobacco — 0.9% |
| Godfrey Phillips India Ltd. | &nbsp;&nbsp; 58365 | &nbsp;&nbsp; 2224461<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Tobacco — continued | Tobacco — continued | Tobacco — continued |
| ITC Ltd. | &nbsp;&nbsp; 4267130 | &nbsp;&nbsp; $19298234<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 21522695 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **149967300** |
| **Energy — 8.7%** | **Energy — 8.7%** | **Energy — 8.7%** |
| Oil, Gas & Consumable Fuels — 8.7% | Oil, Gas & Consumable Fuels — 8.7% | Oil, Gas & Consumable Fuels — 8.7% |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 2795035 | &nbsp;&nbsp; 10692049<br>|
| Coal India Ltd. | &nbsp;&nbsp; 3226936 | &nbsp;&nbsp; 14172333<br>|
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 1341098 | &nbsp;&nbsp; 6697277<br>|
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 5320294 | &nbsp;&nbsp; 8975538<br>|
| Mangalore Refinery & Petrochemicals Ltd. | &nbsp;&nbsp; 239945 | &nbsp;&nbsp; 358855<br>|
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 5486310 | &nbsp;&nbsp; 14798848<br>|
| Oil India Ltd. | &nbsp;&nbsp; 775606 | &nbsp;&nbsp; 3614712<br>|
| Petronet LNG Ltd. | &nbsp;&nbsp; 1069040 | &nbsp;&nbsp; 3356826<br>|
| Reliance Industries Ltd. | &nbsp;&nbsp; 9634116 | &nbsp;&nbsp; 148002244<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **210668682** |
| **Financials — 28.4%** | **Financials — 28.4%** | **Financials — 28.4%** |
| Banks — 18.1% | Banks — 18.1% | Banks — 18.1% |
| AU Small Finance Bank Ltd. | &nbsp;&nbsp; 517503 | &nbsp;&nbsp; 4262947<br> <sup>(a)</sup><br>|
| Axis Bank Ltd. | &nbsp;&nbsp; 3245094 | &nbsp;&nbsp; 41358262<br>|
| Bandhan Bank Ltd. | &nbsp;&nbsp; 1131800 | &nbsp;&nbsp; 2067709<br> <sup>(a)</sup><br>|
| Bank of Baroda | &nbsp;&nbsp; 1465610 | &nbsp;&nbsp; 4267644<br>|
| Bank of India | &nbsp;&nbsp; 1303485 | &nbsp;&nbsp; 1811751<br>|
| Bank of Maharashtra | &nbsp;&nbsp; 2208791 | &nbsp;&nbsp; 1392610<br>|
| Canara Bank | &nbsp;&nbsp; 2582327 | &nbsp;&nbsp; 3597975<br>|
| Central Bank of India Ltd. | &nbsp;&nbsp; 1216586 | &nbsp;&nbsp; 517663<br>|
| Federal Bank Ltd. | &nbsp;&nbsp; 2566763 | &nbsp;&nbsp; 5577346<br>|
| HDFC Bank Ltd. | &nbsp;&nbsp; 16025732 | &nbsp;&nbsp; 171648673<br>|
| ICICI Bank Ltd. | &nbsp;&nbsp; 7460344 | &nbsp;&nbsp; 113263715<br>|
| IDBI Bank Ltd. | &nbsp;&nbsp; 822298 | &nbsp;&nbsp; 846667<br>|
| IDFC First Bank Ltd. | &nbsp;&nbsp; 5076458 | &nbsp;&nbsp; 3989069<br>|
| Indian Bank | &nbsp;&nbsp; 382615 | &nbsp;&nbsp; 3234972<br>|
| Indian Overseas Bank | &nbsp;&nbsp; 1469501 | &nbsp;&nbsp; 654,408<br> \*<br>|
| IndusInd Bank Ltd. | &nbsp;&nbsp; 277558 | &nbsp;&nbsp; 2,299,365<br> \*<br>|
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 1548618 | &nbsp;&nbsp; 34755879<br>|
| Punjab National Bank | &nbsp;&nbsp; 3260658 | &nbsp;&nbsp; 4143543<br>|
| RBL Bank Ltd. | &nbsp;&nbsp; 627748 | &nbsp;&nbsp; 1960194<br> <sup>(a)</sup><br>|
| State Bank of India | &nbsp;&nbsp; 2608267 | &nbsp;&nbsp; 25629177<br>|
| Union Bank of India Ltd. | &nbsp;&nbsp; 2173772 | &nbsp;&nbsp; 3391073<br>|
| Yes Bank Ltd. | &nbsp;&nbsp; 26185133 | &nbsp;&nbsp; 6,266,943<br> \*<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 436937585 |
| Capital Markets — 1.3% | Capital Markets — 1.3% | Capital Markets — 1.3% |
| 360 ONE WAM Ltd. | &nbsp;&nbsp; 329438 | &nbsp;&nbsp; 3799406<br>|
| Authum Investment & Infrastucture Ltd. | &nbsp;&nbsp; 31128 | &nbsp;&nbsp; 1080573<br>|
| BSE Ltd. | &nbsp;&nbsp; 284043 | &nbsp;&nbsp; 6526779<br>|
| Central Depository Services India Ltd. | &nbsp;&nbsp; 145264 | &nbsp;&nbsp; 2386362<br>|
| CRISIL Ltd. | &nbsp;&nbsp; 27237 | &nbsp;&nbsp; 1360980<br>|
| HDFC Asset Management Co. Ltd. | &nbsp;&nbsp; 138779 | &nbsp;&nbsp; 8647434<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 204926 | &nbsp;&nbsp; $2062444<br>|
| Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp; 35019 | &nbsp;&nbsp; 3074805<br>|
| Nippon Life India Asset Management Ltd. | &nbsp;&nbsp; 239945 | &nbsp;&nbsp; 2346651<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 31285434 |
| Consumer Finance — 3.7% | Consumer Finance — 3.7% | Consumer Finance — 3.7% |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 3981790 | &nbsp;&nbsp; 44796329<br>|
| Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp; 130997 | &nbsp;&nbsp; 2781088<br>|
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 591432 | &nbsp;&nbsp; 10729723<br>|
| Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp; 914385 | &nbsp;&nbsp; 2835158<br>|
| Muthoot Finance Ltd. | &nbsp;&nbsp; 153046 | &nbsp;&nbsp; 5304026<br>|
| Poonawalla Fincorp Ltd. | &nbsp;&nbsp; 368348 | &nbsp;&nbsp; 2,064,338<br> \*<br>|
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 418931 | &nbsp;&nbsp; 4137704<br>|
| Shriram Finance Ltd. | &nbsp;&nbsp; 1761326 | &nbsp;&nbsp; 12221739<br>|
| Sundaram Finance Ltd. | &nbsp;&nbsp; 95978 | &nbsp;&nbsp; 4768700<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 89638805 |
| Financial Services — 3.1% | Financial Services — 3.1% | Financial Services — 3.1% |
| Aditya Birla Capital Ltd. | &nbsp;&nbsp; 896227 | &nbsp;&nbsp; 2,950,959<br> \*<br>|
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 544740 | &nbsp;&nbsp; 12309739<br>|
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 37613 | &nbsp;&nbsp; 5188117<br>|
| Bajaj Housing Finance Ltd. | &nbsp;&nbsp; 1334613 | &nbsp;&nbsp; 1,653,597<br> \*<br>|
| Housing & Urban Development Corp. Ltd. | &nbsp;&nbsp; 704271 | &nbsp;&nbsp; 1773830<br>|
| Indian Railway Finance Corp. Ltd. | &nbsp;&nbsp; 2542120 | &nbsp;&nbsp; 3536228<br> <sup>(a)</sup><br>|
| Indian Renewable Energy Development Agency Ltd. | &nbsp;&nbsp; 1114123 | &nbsp;&nbsp; 1,865,890<br> \*<br>|
| Jio Financial Services Ltd. | &nbsp;&nbsp; 4433146 | &nbsp;&nbsp; 14639224<br>|
| L&T Finance Ltd. | &nbsp;&nbsp; 1149142 | &nbsp;&nbsp; 3226288<br>|
| LIC Housing Finance Ltd. | &nbsp;&nbsp; 408555 | &nbsp;&nbsp; 2599806<br>|
| One 97 Communications Ltd. | &nbsp;&nbsp; 486375 | &nbsp;&nbsp; 6,156,053<br> \*<br>|
| Piramal Finance Ltd. | &nbsp;&nbsp; 163422 | &nbsp;&nbsp; 2069170<br> <sup>(b)</sup><br>|
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 2067418 | &nbsp;&nbsp; 9552542<br>|
| REC Ltd. | &nbsp;&nbsp; 1775593 | &nbsp;&nbsp; 7456236<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 74977679 |
| Insurance — 2.2% | Insurance — 2.2% | Insurance — 2.2% |
| General Insurance Corp. of India | &nbsp;&nbsp; 442690 | &nbsp;&nbsp; 1838045<br> <sup>(a)</sup><br>|
| HDFC Life Insurance Co. Ltd. | &nbsp;&nbsp; 1334613 | &nbsp;&nbsp; 11370450<br> <sup>(a)</sup><br>|
| ICICI Lombard General Insurance Co. Ltd. | &nbsp;&nbsp; 338517 | &nbsp;&nbsp; 7205073<br> <sup>(a)</sup><br>|
| ICICI Prudential Life Insurance Co. Ltd. | &nbsp;&nbsp; 517503 | &nbsp;&nbsp; 3469108<br> <sup>(a)</sup><br>|
| Max Financial Services Ltd. | &nbsp;&nbsp; 369645 | &nbsp;&nbsp; 6,560,781<br> \*<br>|
| New India Assurance Co. Ltd. | &nbsp;&nbsp; 320359 | &nbsp;&nbsp; 682292<br> <sup>(a)</sup><br>|
| PB Fintech Ltd. | &nbsp;&nbsp; 479890 | &nbsp;&nbsp; 9,199,057<br> \*<br>|
| SBI Life Insurance Co. Ltd. | &nbsp;&nbsp; 608293 | &nbsp;&nbsp; 12267426<br> <sup>(a)</sup><br>|
| Star Health & Allied Insurance Co. Ltd. | &nbsp;&nbsp; 321656 | &nbsp;&nbsp; 1,618,446<br> \*<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 54210678 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **687050181** |
| **Health Care — 6.2%** | **Health Care — 6.2%** | **Health Care — 6.2%** |
| Biotechnology — 0.1% | Biotechnology — 0.1% | Biotechnology — 0.1% |
| Biocon Ltd. | &nbsp;&nbsp; 830080 | &nbsp;&nbsp; 3187986<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Providers & Services — 1.5% | Health Care Providers & Services — 1.5% | Health Care Providers & Services — 1.5% |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 141373 | &nbsp;&nbsp; $11796906<br>|
| Dr Lal PathLabs Ltd. | &nbsp;&nbsp; 50583 | &nbsp;&nbsp; 1776383<br> <sup>(a)</sup><br>|
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 695192 | &nbsp;&nbsp; 7593273<br>|
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 1053164 | &nbsp;&nbsp; 13221967<br>|
| Narayana Hrudayalaya Ltd. | &nbsp;&nbsp; 95978 | &nbsp;&nbsp; 1878294<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 36266823 |
| Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 180283 | &nbsp;&nbsp; 11552366<br>|
| Syngene International Ltd. | &nbsp;&nbsp; 255509 | &nbsp;&nbsp; 1792387<br> <sup>(a)</sup><br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 13344753 |
| Pharmaceuticals — 4.0% | Pharmaceuticals — 4.0% | Pharmaceuticals — 4.0% |
| Ajanta Pharma Ltd. | &nbsp;&nbsp; 59662 | &nbsp;&nbsp; 1616924<br>|
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 55771 | &nbsp;&nbsp; 3407613<br>|
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 389100 | &nbsp;&nbsp; 4749988<br>|
| Cipla Ltd. | &nbsp;&nbsp; 789873 | &nbsp;&nbsp; 13373497<br>|
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 852129 | &nbsp;&nbsp; 11744171<br>|
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 59662 | &nbsp;&nbsp; 1787197<br>|
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 201035 | &nbsp;&nbsp; 4421293<br>|
| Ipca Laboratories Ltd. | &nbsp;&nbsp; 193253 | &nbsp;&nbsp; 2914398<br>|
| Laurus Labs Ltd. | &nbsp;&nbsp; 518800 | &nbsp;&nbsp; 4918707<br> <sup>(a)</sup><br>|
| Lupin Ltd. | &nbsp;&nbsp; 342408 | &nbsp;&nbsp; 7370803<br>|
| Mankind Pharma Ltd. | &nbsp;&nbsp; 160828 | &nbsp;&nbsp; 4411919<br>|
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 1508411 | &nbsp;&nbsp; 27085184<br>|
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 151749 | &nbsp;&nbsp; 6158235<br>|
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 352784 | &nbsp;&nbsp; 3901380<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 97861309 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **150660871** |
| **Industrials — 9.9%** | **Industrials — 9.9%** | **Industrials — 9.9%** |
| Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% |
| Bharat Dynamics Ltd. | &nbsp;&nbsp; 129700 | &nbsp;&nbsp; 2181223<br>|
| Bharat Electronics Ltd. | &nbsp;&nbsp; 5059597 | &nbsp;&nbsp; 23018955<br>|
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 269776 | &nbsp;&nbsp; 14421779<br>|
| Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp; 108948 | &nbsp;&nbsp; 3388491<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 43010448 |
| Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% |
| Astral Ltd. | &nbsp;&nbsp; 170749 | &nbsp;&nbsp; 2627714<br>|
| Blue Star Ltd. | &nbsp;&nbsp; 178986 | &nbsp;&nbsp; 3791839<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 6419553 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 428010 | &nbsp;&nbsp; 3376308<br>|
| Construction & Engineering — 2.0% | Construction & Engineering — 2.0% | Construction & Engineering — 2.0% |
| IRB Infrastructure Developers Ltd. | &nbsp;&nbsp; 2805411 | &nbsp;&nbsp; 1301459<br>|
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 954592 | &nbsp;&nbsp; 39338904<br>|
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 806734 | &nbsp;&nbsp; 3084240<br>|
| Voltas Ltd. | &nbsp;&nbsp; 325547 | &nbsp;&nbsp; 4962654<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 48687257 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electrical Equipment — 2.1% | Electrical Equipment — 2.1% | Electrical Equipment — 2.1% |
| ABB India Ltd. | &nbsp;&nbsp; 73929 | &nbsp;&nbsp; $4315819<br>|
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 1818394 | &nbsp;&nbsp; 4883457<br>|
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 929949 | &nbsp;&nbsp; 7760507<br>|
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 175095 | &nbsp;&nbsp; 5838226<br>|
| Havells India Ltd. | &nbsp;&nbsp; 322953 | &nbsp;&nbsp; 5463253<br>|
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 18158 | &nbsp;&nbsp; 3681347<br>|
| KEI Industries Ltd. | &nbsp;&nbsp; 85602 | &nbsp;&nbsp; 3916498<br>|
| Polycab India Ltd. | &nbsp;&nbsp; 71335 | &nbsp;&nbsp; 5853746<br>|
| Suzlon Energy Ltd. | &nbsp;&nbsp; 15404469 | &nbsp;&nbsp; 9,550,940<br> \*<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 51263793 |
| Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 487976 | &nbsp;&nbsp; 2889756<br>|
| Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% |
| 3M India Ltd. | &nbsp;&nbsp; 3891 | &nbsp;&nbsp; 1290372<br>|
| Apar Industries Ltd. | &nbsp;&nbsp; 23346 | &nbsp;&nbsp; 2152416<br>|
| Godrej Industries Ltd. | &nbsp;&nbsp; 62256 | &nbsp;&nbsp; 842,596<br> \*<br>|
| Siemens Ltd. | &nbsp;&nbsp; 124512 | &nbsp;&nbsp; 4388202<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 8673586 |
| Machinery — 1.0% | Machinery — 1.0% | Machinery — 1.0% |
| AIA Engineering Ltd. | &nbsp;&nbsp; 42801 | &nbsp;&nbsp; 1471856<br>|
| Ashok Leyland Ltd. | &nbsp;&nbsp; 4012918 | &nbsp;&nbsp; 6448148<br>|
| Cochin Shipyard Ltd. | &nbsp;&nbsp; 114136 | &nbsp;&nbsp; 2300492<br> <sup>(a)</sup><br>|
| Cummins India Ltd. | &nbsp;&nbsp; 191956 | &nbsp;&nbsp; 8488860<br>|
| Escorts Kubota Ltd. | &nbsp;&nbsp; 38910 | &nbsp;&nbsp; 1510408<br>|
| Schaeffler India Ltd. | &nbsp;&nbsp; 57068 | &nbsp;&nbsp; 2705160<br>|
| Thermax Ltd. | &nbsp;&nbsp; 41504 | &nbsp;&nbsp; 1481946<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 24406870 |
| Passenger Airlines — 0.7% | Passenger Airlines — 0.7% | Passenger Airlines — 0.7% |
| InterGlobe Aviation Ltd. | &nbsp;&nbsp; 267182 | &nbsp;&nbsp; 16834900<br> <sup>(a)</sup><br>|
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| L&T Technology Services Ltd. | &nbsp;&nbsp; 37735 | &nbsp;&nbsp; 1748397<br> <sup>(a)</sup><br>|
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 368348 | &nbsp;&nbsp; 10395948<br>|
| Transportation Infrastructure — 0.9% | Transportation Infrastructure — 0.9% | Transportation Infrastructure — 0.9% |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 1042788 | &nbsp;&nbsp; 16483541<br>|
| GMR Airports Ltd. | &nbsp;&nbsp; 3696450 | &nbsp;&nbsp; 3,630,307<br> \*<br>|
| JSW Infrastructure Ltd. | &nbsp;&nbsp; 477296 | &nbsp;&nbsp; 1694669<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 21808517 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **239515333** |
| **Information Technology — 9.4%** | **Information Technology — 9.4%** | **Information Technology — 9.4%** |
| Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% |
| Honeywell Automation India Ltd. | &nbsp;&nbsp; 3018 | &nbsp;&nbsp; 1226897<br>|
| Kaynes Technology India Ltd. | &nbsp;&nbsp; 37613 | &nbsp;&nbsp; 2,987,393<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 4214290 |
| IT Services — 8.6% | IT Services — 8.6% | IT Services — 8.6% |
| Coforge Ltd. | &nbsp;&nbsp; 451356 | &nbsp;&nbsp; 8087820<br>|
| HCL Technologies Ltd. | &nbsp;&nbsp; 1490253 | &nbsp;&nbsp; 23247871<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| IT Services — continued | IT Services — continued | IT Services — continued |
| Hexaware Technologies Ltd. | &nbsp;&nbsp; 166016 | &nbsp;&nbsp; $1253692<br>|
| Infosys Ltd. | &nbsp;&nbsp; 4985668 | &nbsp;&nbsp; 80959988<br>|
| LTIMindtree Ltd. | &nbsp;&nbsp; 131426 | &nbsp;&nbsp; 7634183<br> <sup>(a)</sup><br>|
| Mphasis Ltd. | &nbsp;&nbsp; 155640 | &nbsp;&nbsp; 4653665<br>|
| Persistent Systems Ltd. | &nbsp;&nbsp; 146561 | &nbsp;&nbsp; 7960360<br>|
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 1446155 | &nbsp;&nbsp; 47045083<br>|
| Tata Technologies Ltd. | &nbsp;&nbsp; 234757 | &nbsp;&nbsp; 1770154<br>|
| Tech Mahindra Ltd. | &nbsp;&nbsp; 876772 | &nbsp;&nbsp; 13827696<br>|
| Wipro Ltd. | &nbsp;&nbsp; 4005136 | &nbsp;&nbsp; 10797645<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 207238157 |
| Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% |
| Premier Energies Ltd. | &nbsp;&nbsp; 163422 | &nbsp;&nbsp; 1880235<br> <sup>(a)</sup><br>|
| WAAREE Energies Ltd. | &nbsp;&nbsp; 111542 | &nbsp;&nbsp; 4,181,345<br> \*<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 6061580 |
| Software — 0.4% | Software — 0.4% | Software — 0.4% |
| KPIT Technologies Ltd. | &nbsp;&nbsp; 210114 | &nbsp;&nbsp; 2597651<br>|
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 32725 | &nbsp;&nbsp; 3097106<br>|
| Tata Elxsi Ltd. | &nbsp;&nbsp; 48726 | &nbsp;&nbsp; 2868503<br>|
| Total Software | Total Software | &nbsp;&nbsp; 8563260 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **226077287** |
| **Materials — 9.2%** | **Materials — 9.2%** | **Materials — 9.2%** |
| Chemicals — 2.7% | Chemicals — 2.7% | Chemicals — 2.7% |
| Aarti Industries Ltd. | &nbsp;&nbsp; 285784 | &nbsp;&nbsp; 1206689<br>|
| Asian Paints Ltd. | &nbsp;&nbsp; 570680 | &nbsp;&nbsp; 15104368<br>|
| Bayer CropScience Ltd. | &nbsp;&nbsp; 16861 | &nbsp;&nbsp; 913515<br>|
| Berger Paints India Ltd. | &nbsp;&nbsp; 342408 | &nbsp;&nbsp; 1986835<br>|
| Castrol India Ltd. | &nbsp;&nbsp; 687410 | &nbsp;&nbsp; 1545630<br>|
| Coromandel International Ltd. | &nbsp;&nbsp; 167313 | &nbsp;&nbsp; 4236872<br>|
| Deepak Nitrite Ltd. | &nbsp;&nbsp; 95978 | &nbsp;&nbsp; 1983688<br>|
| Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp; 50583 | &nbsp;&nbsp; 2112336<br>|
| Kansai Nerolac Paints Ltd. | &nbsp;&nbsp; 295039 | &nbsp;&nbsp; 822027<br>|
| Linde India Ltd. | &nbsp;&nbsp; 27237 | &nbsp;&nbsp; 1915881<br>|
| PI Industries Ltd. | &nbsp;&nbsp; 115433 | &nbsp;&nbsp; 4567852<br>|
| Pidilite Industries Ltd. | &nbsp;&nbsp; 443574 | &nbsp;&nbsp; 7333887<br>|
| Solar Industries India Ltd. | &nbsp;&nbsp; 35019 | &nbsp;&nbsp; 5255882<br>|
| SRF Ltd. | &nbsp;&nbsp; 201035 | &nbsp;&nbsp; 6393179<br>|
| Supreme Industries Ltd. | &nbsp;&nbsp; 85602 | &nbsp;&nbsp; 4068153<br>|
| UPL Ltd. | &nbsp;&nbsp; 717241 | &nbsp;&nbsp; 5297593<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 64744387 |
| Construction Materials — 2.5% | Construction Materials — 2.5% | Construction Materials — 2.5% |
| ACC Ltd. | &nbsp;&nbsp; 115433 | &nbsp;&nbsp; 2372267<br>|
| Ambuja Cements Ltd. | &nbsp;&nbsp; 1136172 | &nbsp;&nbsp; 7293280<br>|
| Dalmia Bharat Ltd. | &nbsp;&nbsp; 105057 | &nbsp;&nbsp; 2635277<br>|
| Grasim Industries Ltd. | &nbsp;&nbsp; 501939 | &nbsp;&nbsp; 15585259<br>|
| JK Cement Ltd. | &nbsp;&nbsp; 50583 | &nbsp;&nbsp; 3589113<br>|
| Shree Cement Ltd. | &nbsp;&nbsp; 13831 | &nbsp;&nbsp; 4558733<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction Materials — continued | Construction Materials — continued | Construction Materials — continued |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 168610 | &nbsp;&nbsp; $23209601<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 59243530 |
| Metals & Mining — 4.0% | Metals & Mining — 4.0% | Metals & Mining — 4.0% |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 250321 | &nbsp;&nbsp; 4753600<br>|
| Hindalco Industries Ltd. | &nbsp;&nbsp; 2046666 | &nbsp;&nbsp; 17563680<br>|
| Hindustan Zinc Ltd. | &nbsp;&nbsp; 611711 | &nbsp;&nbsp; 3323844<br>|
| Jindal Stainless Ltd. | &nbsp;&nbsp; 424119 | &nbsp;&nbsp; 3524025<br>|
| Jindal Steel Ltd. | &nbsp;&nbsp; 525285 | &nbsp;&nbsp; 6293274<br>|
| JSW Steel Ltd. | &nbsp;&nbsp; 1236041 | &nbsp;&nbsp; 15907692<br>|
| Lloyds Metals & Energy Ltd. | &nbsp;&nbsp; 140076 | &nbsp;&nbsp; 1932599<br>|
| National Aluminium Co. Ltd. | &nbsp;&nbsp; 1268466 | &nbsp;&nbsp; 3055419<br>|
| NMDC Ltd. | &nbsp;&nbsp; 4929897 | &nbsp;&nbsp; 4239249<br>|
| Steel Authority of India Ltd. | &nbsp;&nbsp; 2054448 | &nbsp;&nbsp; 3111680<br>|
| Tata Steel Ltd. | &nbsp;&nbsp; 11717098 | &nbsp;&nbsp; 22271905<br>|
| Vedanta Ltd. | &nbsp;&nbsp; 2268453 | &nbsp;&nbsp; 11900668<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 97877635 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **221865552** |
| **Real Estate — 1.4%** | **Real Estate — 1.4%** | **Real Estate — 1.4%** |
| Office REITs — 0.2% | Office REITs — 0.2% | Office REITs — 0.2% |
| Embassy Office Parks REIT | &nbsp;&nbsp; 1246417 | &nbsp;&nbsp; 5923056<br>|
| Real Estate Management & Development — 1.2% | Real Estate Management & Development — 1.2% | Real Estate Management & Development — 1.2% |
| DLF Ltd. | &nbsp;&nbsp; 898821 | &nbsp;&nbsp; 7217799<br>|
| Godrej Properties Ltd. | &nbsp;&nbsp; 199738 | &nbsp;&nbsp; 4,428,986<br> \*<br>|
| Lodha Developers Ltd. | &nbsp;&nbsp; 391694 | &nbsp;&nbsp; 5010613<br> <sup>(a)</sup><br>|
| Oberoi Realty Ltd. | &nbsp;&nbsp; 166016 | &nbsp;&nbsp; 2958189<br>|
| Phoenix Mills Ltd. | &nbsp;&nbsp; 264588 | &nbsp;&nbsp; 4635347<br>|
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 221787 | &nbsp;&nbsp; 3772106<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 28023040 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **33946096** |
| **Utilities — 4.4%** | **Utilities — 4.4%** | **Utilities — 4.4%** |
| Electric Utilities — 1.6% | Electric Utilities — 1.6% | Electric Utilities — 1.6% |
| Adani Energy Solutions Ltd. | &nbsp;&nbsp; 411149 | &nbsp;&nbsp; 4,039,078<br> \*<br>|
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 6370864 | &nbsp;&nbsp; 20108794<br>|
| SJVN Ltd. | &nbsp;&nbsp; 1002581 | &nbsp;&nbsp; 1019872<br>|
| Tata Power Co. Ltd. | &nbsp;&nbsp; 2376104 | &nbsp;&nbsp; 10400786<br>|
| Torrent Power Ltd. | &nbsp;&nbsp; 269776 | &nbsp;&nbsp; 3703509<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 39272039 |
| Gas Utilities — 0.6% | Gas Utilities — 0.6% | Gas Utilities — 0.6% |
| Adani Total Gas Ltd. | &nbsp;&nbsp; 315171 | &nbsp;&nbsp; 2219610<br>|
| GAIL India Ltd. | &nbsp;&nbsp; 3797616 | &nbsp;&nbsp; 7540164<br>|
| Gujarat Gas Ltd. | &nbsp;&nbsp; 242539 | &nbsp;&nbsp; 1173377<br>|
| Indraprastha Gas Ltd. | &nbsp;&nbsp; 997393 | &nbsp;&nbsp; 2342598<br>|
| Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 13275749 |
| Independent Power and Renewable Electricity Producers — 2.2% | Independent Power and Renewable Electricity Producers — 2.2% | Independent Power and Renewable Electricity Producers — 2.2% |
| Adani Green Energy Ltd. | &nbsp;&nbsp; 387803 | &nbsp;&nbsp; 4,484,977<br> \*<br>|
| Adani Power Ltd. | &nbsp;&nbsp; 7399385 | &nbsp;&nbsp; 12,054,692<br> \*<br>|
| JSW Energy Ltd. | &nbsp;&nbsp; 757448 | &nbsp;&nbsp; 4528629<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued |
| NHPC Ltd. | NHPC Ltd. | &nbsp;&nbsp; 4379969 | &nbsp;&nbsp; $4258185<br>|
| NLC India Ltd. | NLC India Ltd. | &nbsp;&nbsp; 485078 | &nbsp;&nbsp; 1558784<br>|
| NTPC Green Energy Ltd. | NTPC Green Energy Ltd. | &nbsp;&nbsp; 1245120 | &nbsp;&nbsp; 1,363,214<br> \*<br>|
| NTPC Ltd. | NTPC Ltd. | &nbsp;&nbsp; 6736618 | &nbsp;&nbsp; 25830768<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 54079249 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **106627037** |
| **Total Common Stocks (Cost — $2,276,045,225)** | **Total Common Stocks (Cost — $2,276,045,225)** | **Total Common Stocks (Cost — $2,276,045,225)** | &nbsp;&nbsp; **2448827444**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** |
| **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** |
| Automobiles — 0.0%†† | Automobiles — 0.0%†† | Automobiles — 0.0%†† | Automobiles — 0.0%†† |
| TVS Motor Co. Ltd. (Cost — $0) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1254400 | &nbsp;&nbsp; **0**<br> \*<sup>(b)(c)(d)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $2,276,045,225)** | **Total Investments before Short-Term Investments (Cost — $2,276,045,225)** | **Total Investments before Short-Term Investments (Cost — $2,276,045,225)** | &nbsp;&nbsp; **2448827444** |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $4,383,320)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 4383320<br>| &nbsp;&nbsp; **4383320**<br> <sup>(e)(f)(g)</sup><br>|
| **Total Investments — 101.5% (Cost — $2,280,428,545)** | **Total Investments — 101.5% (Cost — $2,280,428,545)** | **Total Investments — 101.5% (Cost — $2,280,428,545)** | &nbsp;&nbsp; **2453210764** |
| Liabilities in Excess of Other Assets — (1.5)% | Liabilities in Excess of Other Assets — (1.5)% | Liabilities in Excess of Other Assets — (1.5)% | &nbsp;&nbsp; (36559812)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2416650952** |

---

&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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $4,383,320 and the cost was $4,383,320 (Note 6).<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:** |
| REIT |  | Real Estate Investment Trust |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| IFSC NIFTY 50 Index | &nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; 10/25 | &nbsp;&nbsp;&nbsp; $11331875 | &nbsp;&nbsp;&nbsp; $11192198 | &nbsp;&nbsp;&nbsp; **$(139677)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan 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 — 7.7%** | **Communication Services — 7.7%** | **Communication Services — 7.7%** |
| Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; $808502<br>|
| NTT Inc. | &nbsp;&nbsp; 12494400 | &nbsp;&nbsp; 13087881<br>|
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 333158<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 14229541 |
| Entertainment — 2.5% | Entertainment — 2.5% | Entertainment — 2.5% |
| Capcom Co. Ltd. | &nbsp;&nbsp; 148200 | &nbsp;&nbsp; 4037029<br>|
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 594373<br>|
| Konami Group Corp. | &nbsp;&nbsp; 43100 | &nbsp;&nbsp; 6230728<br>|
| Nexon Co. Ltd. | &nbsp;&nbsp; 182400 | &nbsp;&nbsp; 4010243<br>|
| Nintendo Co. Ltd. | &nbsp;&nbsp; 456000 | &nbsp;&nbsp; 39537394<br>|
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 136800 | &nbsp;&nbsp; 2947473<br>|
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 470867<br>|
| Toho Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 2933270<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 60761377 |
| Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% |
| Kakaku.com Inc. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 979944<br>|
| LY Corp. | &nbsp;&nbsp; 1162800 | &nbsp;&nbsp; 3748580<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 4728524 |
| Media — 0.4% | Media — 0.4% | Media — 0.4% |
| CyberAgent Inc. | &nbsp;&nbsp; 182400 | &nbsp;&nbsp; 2193469<br>|
| Dentsu Group Inc. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 1999564<br>|
| Fuji Media Holdings Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 540802<br>|
| Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 825677<br>|
| Kadokawa Corp. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1113716<br>|
| Nippon Television Holdings Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 609194<br>|
| SKY Perfect JSAT Holdings Inc. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 538409<br>|
| TBS Holdings Inc. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 433661<br>|
| Total Media | Total Media | &nbsp;&nbsp; 8254492 |
| Wireless Telecommunication Services — 4.0% | Wireless Telecommunication Services — 4.0% | Wireless Telecommunication Services — 4.0% |
| KDDI Corp. | &nbsp;&nbsp; 1254000 | &nbsp;&nbsp; 20043112<br>|
| SoftBank Corp. | &nbsp;&nbsp; 12836400 | &nbsp;&nbsp; 18921924<br>|
| SoftBank Group Corp. | &nbsp;&nbsp; 444600 | &nbsp;&nbsp; 56250472<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 95215508 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **183189442** |
| **Consumer Discretionary — 17.3%** | **Consumer Discretionary — 17.3%** | **Consumer Discretionary — 17.3%** |
| Automobile Components — 2.2% | Automobile Components — 2.2% | Automobile Components — 2.2% |
| Aisin Corp. | &nbsp;&nbsp; 228000 | &nbsp;&nbsp; 3952196<br>|
| Bridgestone Corp. | &nbsp;&nbsp; 250800 | &nbsp;&nbsp; 11629335<br>|
| Denso Corp. | &nbsp;&nbsp; 820800 | &nbsp;&nbsp; 11868629<br>|
| GS Yuasa Corp. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1080678<br>|
| JTEKT Corp. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 908079<br>|
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 1211441<br>|
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 1030967<br>|
| Nifco Inc. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1035136<br>|
| Niterra Co. Ltd. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 3087498<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| NOK Corp. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; $601861<br>|
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 922899<br>|
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 342000 | &nbsp;&nbsp; 9767790<br>|
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 971800<br>|
| Toyo Tire Corp. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 1517195<br>|
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 852655<br>|
| Toyota Boshoku Corp. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 568398<br>|
| TS Tech Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 430843<br>|
| Yokohama Rubber Co. Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 2116972<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 53554372 |
| Automobiles — 5.8% | Automobiles — 5.8% | Automobiles — 5.8% |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 1778400 | &nbsp;&nbsp; 18436066<br>|
| Isuzu Motors Ltd. | &nbsp;&nbsp; 239400 | &nbsp;&nbsp; 3030493<br>|
| Mazda Motor Corp. | &nbsp;&nbsp; 262200 | &nbsp;&nbsp; 1919208<br>|
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 775773<br>|
| Nissan Motor Co. Ltd. | &nbsp;&nbsp; 969000 | &nbsp;&nbsp; 2,386,987<br> \*<br>|
| Subaru Corp. | &nbsp;&nbsp; 262200 | &nbsp;&nbsp; 5379463<br>|
| Suzuki Motor Corp. | &nbsp;&nbsp; 798000 | &nbsp;&nbsp; 11674029<br>|
| Toyota Motor Corp. | &nbsp;&nbsp; 4810800 | &nbsp;&nbsp; 92821712<br>|
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 410400 | &nbsp;&nbsp; 3084565<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 139508296 |
| Broadline Retail — 0.9% | Broadline Retail — 0.9% | Broadline Retail — 0.9% |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 148200 | &nbsp;&nbsp; 2742531<br>|
| Izumi Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 504059<br>|
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 1715963<br>|
| Mercari Inc. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 702,750<br> \*<br>|
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 5644615<br>|
| Rakuten Group Inc. | &nbsp;&nbsp; 649800 | &nbsp;&nbsp; 4,223,469<br> \*<br>|
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 216600 | &nbsp;&nbsp; 4319240<br>|
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 1439232<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 21291859 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| PALTAC Corp. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 357473<br>|
| Hotels, Restaurants & Leisure — 1.1% | Hotels, Restaurants & Leisure — 1.1% | Hotels, Restaurants & Leisure — 1.1% |
| Food & Life Cos. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 2388917<br>|
| Heiwa Corp. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 324821<br>|
| McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1438074<br>|
| Metaplanet Inc. | &nbsp;&nbsp; 444600 | &nbsp;&nbsp; 1,731,015<br> \*<br>|
| Oriental Land Co. Ltd. | &nbsp;&nbsp; 478800 | &nbsp;&nbsp; 11564340<br>|
| Resorttrust Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 1014757<br>|
| Round One Corp. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 706224<br>|
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 2125154<br>|
| Toridoll Holdings Corp. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 741346<br>|
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 2986378<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 25021026 |
| Household Durables — 4.5% | Household Durables — 4.5% | Household Durables — 4.5% |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 750917<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Household Durables — continued | Household Durables — continued | Household Durables — continued |
| Haseko Corp.  | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; $1950239<br>|
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 1093724<br>|
| Nikon Corp. | &nbsp;&nbsp; 136800 | &nbsp;&nbsp; 1597860<br>|
| Open House Group Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1772699<br>|
| Panasonic Holdings Corp. | &nbsp;&nbsp; 1014600 | &nbsp;&nbsp; 11060744<br>|
| Rinnai Corp. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1082531<br>|
| Sekisui House Ltd. | &nbsp;&nbsp; 273600 | &nbsp;&nbsp; 6237676<br>|
| Sharp Corp. | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 640,611<br> \*<br>|
| Sony Group Corp. | &nbsp;&nbsp; 2724600 | &nbsp;&nbsp; 78573121<br>|
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 216600 | &nbsp;&nbsp; 2583478<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 107343600 |
| Leisure Products — 0.7% | Leisure Products — 0.7% | Leisure Products — 0.7% |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 250800 | &nbsp;&nbsp; 8363679<br>|
| Sankyo Co. Ltd. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 1389482<br>|
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 1443169<br>|
| Shimano Inc. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 3844128<br>|
| Tomy Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 741037<br>|
| Yamaha Corp. | &nbsp;&nbsp; 171000 | &nbsp;&nbsp; 1139460<br>|
| Total Leisure Products | Total Leisure Products | &nbsp;&nbsp; 16920955 |
| Specialty Retail — 1.7% | Specialty Retail — 1.7% | Specialty Retail — 1.7% |
| ABC-Mart Inc. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 905763<br>|
| Bic Camera Inc. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 505140<br>|
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 24336879<br>|
| K's Holdings Corp. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 616759<br>|
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 171000 | &nbsp;&nbsp; 3303981<br>|
| Sanrio Co. Ltd. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 4292455<br>|
| Shimamura Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 1526690<br>|
| USS Co. Ltd. | &nbsp;&nbsp; 171000 | &nbsp;&nbsp; 1965484<br>|
| Workman Co. Ltd. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 481674<br>|
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 250800 | &nbsp;&nbsp; 824311<br>|
| ZOZO Inc. | &nbsp;&nbsp; 182400 | &nbsp;&nbsp; 1679683<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 40438819 |
| Textiles, Apparel & Luxury Goods — 0.4% | Textiles, Apparel & Luxury Goods — 0.4% | Textiles, Apparel & Luxury Goods — 0.4% |
| Asics Corp. | &nbsp;&nbsp; 296400 | &nbsp;&nbsp; 7771004<br>|
| Goldwin Inc. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 583335<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 8354339 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **412790739** |
| **Consumer Staples — 5.4%** | **Consumer Staples — 5.4%** | **Consumer Staples — 5.4%** |
| Beverages — 0.8% | Beverages — 0.8% | Beverages — 0.8% |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 672600 | &nbsp;&nbsp; 8086138<br>|
| Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 1016996<br>|
| Ito En Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 537406<br>|
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 364800 | &nbsp;&nbsp; 5353990<br>|
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1711563<br>|
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 1785049<br>|
| Takara Holdings Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 943162<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 19434304 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Staples Distribution & Retail — 1.6% | Consumer Staples Distribution & Retail — 1.6% | Consumer Staples Distribution & Retail — 1.6% |
| Aeon Co. Ltd. | &nbsp;&nbsp; 1117200 | &nbsp;&nbsp; $13578725<br>|
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 16980 | &nbsp;&nbsp; 993379<br>|
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 1568528<br>|
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 618302<br>|
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 159600 | &nbsp;&nbsp; 3246358<br>|
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 1003200 | &nbsp;&nbsp; 13524537<br>|
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1101057<br>|
| Sundrug Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1004336<br>|
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 1096503<br>|
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 625250<br>|
| Yaoko Co. Ltd. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 744433<br> <sup>(a)(b)</sup><br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 38101408 |
| Food Products — 1.5% | Food Products — 1.5% | Food Products — 1.5% |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 433200 | &nbsp;&nbsp; 12454665<br>|
| Calbee Inc. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 661375<br>|
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 781639<br>|
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 554079<br>|
| House Foods Group Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 447787<br>|
| Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 439219<br>|
| Kagome Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 666701<br>|
| Kewpie Corp. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1247103<br>|
| Kikkoman Corp. | &nbsp;&nbsp; 330600 | &nbsp;&nbsp; 2809378<br>|
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 560409<br>|
| MEIJI Holdings Co. Ltd | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 2366686<br>|
| Morinaga & Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 606608<br>|
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 802172<br>|
| NH Foods Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1810600<br>|
| Nichirei Corp. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 938029<br>|
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 1261615<br>|
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 1720440<br>|
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 40200 | &nbsp;&nbsp; 2878525<br>|
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 1675322<br>|
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 1270569<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 35952921 |
| Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% |
| Lion Corp. | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 1192220<br>|
| Unicharm Corp. | &nbsp;&nbsp; 535800 | &nbsp;&nbsp; 3480695<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 4672915 |
| Personal Care Products — 0.6% | Personal Care Products — 0.6% | Personal Care Products — 0.6% |
| Kao Corp. | &nbsp;&nbsp; 205200 | &nbsp;&nbsp; 8963302<br>|
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 828726<br>|
| Kose Corp. | &nbsp;&nbsp; 14880 | &nbsp;&nbsp; 597376<br>|
| Pola Orbis Holdings Inc. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 309267<br>|
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 1535490<br>|
| Shiseido Co. Ltd. | &nbsp;&nbsp; 182400 | &nbsp;&nbsp; 3120999<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 15355160 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Tobacco — 0.7% | Tobacco — 0.7% | Tobacco — 0.7% |
| Japan Tobacco Inc. | &nbsp;&nbsp; 501600 | &nbsp;&nbsp; $16513385<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **130030093** |
| **Energy — 0.9%** | **Energy — 0.9%** | **Energy — 0.9%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Modec Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 1276744<br>|
| Oil, Gas & Consumable Fuels — 0.8% | Oil, Gas & Consumable Fuels — 0.8% | Oil, Gas & Consumable Fuels — 0.8% |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 49400 | &nbsp;&nbsp; 1197829<br>|
| ENEOS Holdings Inc. | &nbsp;&nbsp; 1174200 | &nbsp;&nbsp; 7472868<br>|
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 353400 | &nbsp;&nbsp; 2431218<br>|
| Inpex Corp. | &nbsp;&nbsp; 399000 | &nbsp;&nbsp; 7221634<br>|
| Iwatani Corp. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 873729<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 19197278 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **20474022** |
| **Financials — 15.3%** | **Financials — 15.3%** | **Financials — 15.3%** |
| Banks — 9.4% | Banks — 9.4% | Banks — 9.4% |
| Aozora Bank Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 714792<br>|
| Chiba Bank Ltd. | &nbsp;&nbsp; 296400 | &nbsp;&nbsp; 3119842<br>|
| Chugin Financial Group Inc. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 1010589<br>|
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 2398026<br>|
| Gunma Bank Ltd. | &nbsp;&nbsp; 159600 | &nbsp;&nbsp; 1784740<br>|
| Hachijuni Bank Ltd. | &nbsp;&nbsp; 182400 | &nbsp;&nbsp; 1909404<br>|
| Hirogin Holdings Inc. | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 1116186<br>|
| Iyogin Holdings Inc. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 1559998<br>|
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 809400 | &nbsp;&nbsp; 9944519<br>|
| Kyoto Financial Group Inc. | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 2428439<br>|
| Kyushu Financial Group Inc. | &nbsp;&nbsp; 171000 | &nbsp;&nbsp; 1054704<br>|
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 399000 | &nbsp;&nbsp; 2556345<br>|
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 5027400 | &nbsp;&nbsp; 81495044<br>|
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 1105800 | &nbsp;&nbsp; 37347939<br>|
| Rakuten Bank Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 2,553,180<br> \*<br>|
| Resona Holdings Inc. | &nbsp;&nbsp; 1003200 | &nbsp;&nbsp; 10260579<br>|
| Seven Bank Ltd. | &nbsp;&nbsp; 250800 | &nbsp;&nbsp; 496217<br>|
| Shizuoka Financial Group Inc. | &nbsp;&nbsp; 205200 | &nbsp;&nbsp; 2822655<br>|
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 1675800 | &nbsp;&nbsp; 47385590<br>|
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 8296137<br>|
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 973961<br>|
| Yokohama Financial Group Inc. | &nbsp;&nbsp; 478800 | &nbsp;&nbsp; 3686194<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 224915080 |
| Capital Markets — 1.1% | Capital Markets — 1.1% | Capital Markets — 1.1% |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 604200 | &nbsp;&nbsp; 4919596<br>|
| Japan Exchange Group Inc. | &nbsp;&nbsp; 467400 | &nbsp;&nbsp; 5229905<br>|
| Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 641329<br>|
| Nomura Holdings Inc. | &nbsp;&nbsp; 1322400 | &nbsp;&nbsp; 9719776<br>|
| SBI Holdings Inc. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 5464837<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 25975443 |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| Acom Co. Ltd. | &nbsp;&nbsp; 171000 | &nbsp;&nbsp; 557399<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; $465772<br>|
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1219623<br>|
| Marui Group Co. Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 1470031<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 3712825 |
| Financial Services — 0.9% | Financial Services — 0.9% | Financial Services — 0.9% |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 683143<br>|
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 1280913<br>|
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 364800 | &nbsp;&nbsp; 3019724<br>|
| ORIX Corp. | &nbsp;&nbsp; 513000 | &nbsp;&nbsp; 13484552<br>|
| Tokyo Century Corp. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 873960<br>|
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 1295270<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 20637562 |
| Insurance — 3.8% | Insurance — 3.8% | Insurance — 3.8% |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 1573200 | &nbsp;&nbsp; 12420701<br>|
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 786600 | &nbsp;&nbsp; 7829516<br>|
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 2265642<br>|
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 558600 | &nbsp;&nbsp; 12693649<br>|
| Sompo Holdings Inc. | &nbsp;&nbsp; 399000 | &nbsp;&nbsp; 12360260<br>|
| Sony Financial Group Inc. | &nbsp;&nbsp; 2724600 | &nbsp;&nbsp; 3,025,591<br> \*<br>|
| T&D Holdings Inc. | &nbsp;&nbsp; 216600 | &nbsp;&nbsp; 5312152<br>|
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 832200 | &nbsp;&nbsp; 35325604<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 91233115 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **366474025** |
| **Health Care — 5.9%** | **Health Care — 5.9%** | **Health Care — 5.9%** |
| Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† |
| PeptiDream Inc. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 485,533<br> \*<br>|
| Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 1668375<br>|
| Hoya Corp. | &nbsp;&nbsp; 153220 | &nbsp;&nbsp; 21242371<br>|
| Nihon Kohden Corp. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 782952<br>|
| Nipro Corp. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 697269<br>|
| Olympus Corp. | &nbsp;&nbsp; 490200 | &nbsp;&nbsp; 6210273<br>|
| Sysmex Corp. | &nbsp;&nbsp; 205200 | &nbsp;&nbsp; 2535040<br>|
| Terumo Corp. | &nbsp;&nbsp; 649800 | &nbsp;&nbsp; 10748968<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 43885248 |
| Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 1143628<br>|
| Medipal Holdings Corp. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 1377054<br>|
| Suzuken Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 898044<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 3418726 |
| Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% |
| JMDC Inc. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 345817<br>|
| M3 Inc. | &nbsp;&nbsp; 182400 | &nbsp;&nbsp; 2946856<br>|
| Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 3292673 |
| Pharmaceuticals — 3.8% | Pharmaceuticals — 3.8% | Pharmaceuticals — 3.8% |
| Astellas Pharma Inc. | &nbsp;&nbsp; 809400 | &nbsp;&nbsp; 8771674<br>|
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 12443241<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 832200 | &nbsp;&nbsp; $18679914<br>|
| Eisai Co. Ltd. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 4224295<br>|
| Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 635748<br>|
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 1596818<br>|
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 514557<br>|
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 182400 | &nbsp;&nbsp; 2103309<br>|
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 193800 | &nbsp;&nbsp; 10312992<br>|
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 148200 | &nbsp;&nbsp; 1645217<br>|
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 618920<br>|
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 342000 | &nbsp;&nbsp; 6001239<br>|
| Sumitomo Pharma Co. Ltd. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 924,521<br> \*<br>|
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 718200 | &nbsp;&nbsp; 20984074<br>|
| Tsumura & Co. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 838529<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 90295048 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **141377228** |
| **Industrials — 24.1%** | **Industrials — 24.1%** | **Industrials — 24.1%** |
| Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% |
| NIPPON EXPRESS HOLDINGS INC | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 2334960<br>|
| Sankyu Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 1250500<br>|
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 171000 | &nbsp;&nbsp; 1770383<br>|
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 2008981<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 7364824 |
| Building Products — 1.1% | Building Products — 1.1% | Building Products — 1.1% |
| AGC Inc. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 2979585<br>|
| Daikin Industries Ltd. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 14502705<br>|
| Lixil Corp. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 1545370<br>|
| Nichias Corp. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 858059<br>|
| Sanwa Holdings Corp. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 2615859<br>|
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1271187<br>|
| TOTO Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 1803498<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 25576263 |
| Commercial Services & Supplies — 0.7% | Commercial Services & Supplies — 0.7% | Commercial Services & Supplies — 0.7% |
| ALSOK Co. Ltd. | &nbsp;&nbsp; 148200 | &nbsp;&nbsp; 1119892<br>|
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 182400 | &nbsp;&nbsp; 3106796<br>|
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 148200 | &nbsp;&nbsp; 884072<br>|
| Park24 Co. Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 729458<br>|
| Secom Co. Ltd. | &nbsp;&nbsp; 182400 | &nbsp;&nbsp; 6700206<br>|
| TOPPAN Holdings Inc. | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 2929411<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 15469835 |
| Construction & Engineering — 1.2% | Construction & Engineering — 1.2% | Construction & Engineering — 1.2% |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1139653<br>|
| EXEO Group Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 1157407<br>|
| INFRONEER Holdings Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 831582<br>|
| JGC Holdings Corp. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 1049030<br>|
| Kajima Corp. | &nbsp;&nbsp; 182400 | &nbsp;&nbsp; 5330524<br>|
| Kandenko Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1252352<br>|
| Kinden Corp. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1562661<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued |
| Kraftia Corp. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; $1104453<br>|
| Obayashi Corp. | &nbsp;&nbsp; 296400 | &nbsp;&nbsp; 4874940<br>|
| Shimizu Corp. | &nbsp;&nbsp; 228000 | &nbsp;&nbsp; 3210387<br>|
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 751226<br>|
| Taisei Corp. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 4710214<br>|
| Toda Corp. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 629881<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 27604310 |
| Electrical Equipment — 2.1% | Electrical Equipment — 2.1% | Electrical Equipment — 2.1% |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 3837952<br>|
| Fujikura Ltd. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 12273806<br>|
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 2110102<br>|
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 799702<br>|
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 900600 | &nbsp;&nbsp; 23191128<br>|
| NIDEC Corp. | &nbsp;&nbsp; 421800 | &nbsp;&nbsp; 7521484<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 49734174 |
| Ground Transportation — 2.2% | Ground Transportation — 2.2% | Ground Transportation — 2.2% |
| Central Japan Railway Co. | &nbsp;&nbsp; 387600 | &nbsp;&nbsp; 11135774<br>|
| East Japan Railway Co. | &nbsp;&nbsp; 467400 | &nbsp;&nbsp; 11456736<br>|
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 3031766<br>|
| Keikyu Corp. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 1042778<br>|
| Keio Corp. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1181027<br>|
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 193800 | &nbsp;&nbsp; 1799754<br>|
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 1665866<br>|
| Kyushu Railway Co. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 1815077<br>|
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 1091485<br>|
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 861455<br>|
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1053507<br>|
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 148200 | &nbsp;&nbsp; 1670304<br>|
| Seibu Holdings Inc. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 2479231<br>|
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 673108<br>|
| Sotetsu Holdings Inc. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 617145<br>|
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 1630898<br>|
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 136800 | &nbsp;&nbsp; 1569608<br>|
| Tokyu Corp. | &nbsp;&nbsp; 216600 | &nbsp;&nbsp; 2645810<br>|
| West Japan Railway Co. | &nbsp;&nbsp; 205200 | &nbsp;&nbsp; 4505966<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 51927295 |
| Industrial Conglomerates — 2.5% | Industrial Conglomerates — 2.5% | Industrial Conglomerates — 2.5% |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 7810 | &nbsp;&nbsp; 2183003<br>|
| Hitachi Ltd. | &nbsp;&nbsp; 1983600 | &nbsp;&nbsp; 52784968<br>|
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1037452<br>|
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 171000 | &nbsp;&nbsp; 3189931<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 59195354 |
| Machinery — 5.8% | Machinery — 5.8% | Machinery — 5.8% |
| Amada Co. Ltd. | &nbsp;&nbsp; 136800 | &nbsp;&nbsp; 1686322<br>|
| Daifuku Co. Ltd. | &nbsp;&nbsp; 159600 | &nbsp;&nbsp; 5125658<br>|
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 1148221<br>|
| Ebara Corp. | &nbsp;&nbsp; 205200 | &nbsp;&nbsp; 4700488<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| FANUC Corp. | &nbsp;&nbsp; 421800 | &nbsp;&nbsp; $12172608<br>|
| Fujitec Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1307698<br>|
| Harmonic Drive Systems Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 408651<br>|
| Hino Motors Ltd. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 328,518<br> \*<br>|
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1096271<br>|
| Hoshizaki Corp. | &nbsp;&nbsp; 53000 | &nbsp;&nbsp; 1993892<br>|
| IHI Corp. | &nbsp;&nbsp; 399000 | &nbsp;&nbsp; 7456681<br>|
| Japan Steel Works Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 1389444<br>|
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 4524955<br>|
| Komatsu Ltd. | &nbsp;&nbsp; 410400 | &nbsp;&nbsp; 14339059<br>|
| Kubota Corp. | &nbsp;&nbsp; 444600 | &nbsp;&nbsp; 5608490<br>|
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1558956<br>|
| Makita Corp. | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 3709815<br>|
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 171000 | &nbsp;&nbsp; 3229878<br>|
| MiSUMi Group Inc. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 1958460<br>|
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 1447800 | &nbsp;&nbsp; 38026991<br>|
| Miura Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 898353<br>|
| Nabtesco Corp. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1034055<br>|
| NGK Insulators Ltd. | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 1913959<br>|
| NSK Ltd. | &nbsp;&nbsp; 205200 | &nbsp;&nbsp; 1062091<br>|
| OKUMA Corp. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 521813<br>|
| Organo Corp. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 875350<br>|
| SMC Corp. | &nbsp;&nbsp; 24991 | &nbsp;&nbsp; 7687586<br>|
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 1374777<br>|
| THK Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1263467<br>|
| Toyota Industries Corp. | &nbsp;&nbsp; 75461 | &nbsp;&nbsp; 8502360<br>|
| Yaskawa Electric Corp. | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 2436930<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 139341797 |
| Marine Transportation — 0.5% | Marine Transportation — 0.5% | Marine Transportation — 0.5% |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 159600 | &nbsp;&nbsp; 2275909<br>|
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 148200 | &nbsp;&nbsp; 4509671<br>|
| Nippon Yusen KK | &nbsp;&nbsp; 182400 | &nbsp;&nbsp; 6238294<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 13023874 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| ANA Holdings Inc. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 1325066<br>|
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 1381570<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 2706636 |
| Professional Services — 1.6% | Professional Services — 1.6% | Professional Services — 1.6% |
| BayCurrent Inc. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 3357822<br>|
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 798000 | &nbsp;&nbsp; 1457295<br>|
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 615600 | &nbsp;&nbsp; 33192422<br>|
| TechnoPro Holdings Inc. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 373606<br>|
| Visional Inc. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 873,034<br> \*<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 39254179 |
| Trading Companies & Distributors — 5.9% | Trading Companies & Distributors — 5.9% | Trading Companies & Distributors — 5.9% |
| ITOCHU Corp. | &nbsp;&nbsp; 581400 | &nbsp;&nbsp; 33171117<br>|
| Marubeni Corp. | &nbsp;&nbsp; 661200 | &nbsp;&nbsp; 16556303<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — continued | Trading Companies & Distributors — continued | Trading Companies & Distributors — continued |
| Mitsubishi Corp. | &nbsp;&nbsp; 1527600 | &nbsp;&nbsp; $36523382<br>|
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 28406406<br>|
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 1664245<br>|
| Nagase & Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 988666<br>|
| Sojitz Corp. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 2418250<br>|
| Sumitomo Corp. | &nbsp;&nbsp; 467400 | &nbsp;&nbsp; 13570851<br>|
| Toyota Tsusho Corp. | &nbsp;&nbsp; 307800 | &nbsp;&nbsp; 8549247<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 141848467 |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1093724<br>|
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1040230<br>|
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 136800 | &nbsp;&nbsp; 1123134<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 3257088 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **576304096** |
| **Information Technology — 12.6%** | **Information Technology — 12.6%** | **Information Technology — 12.6%** |
| Electronic Equipment, Instruments & Components — 3.9% | Electronic Equipment, Instruments & Components — 3.9% | Electronic Equipment, Instruments & Components — 3.9% |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 869097<br>|
| Amano Corp. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 972379<br>|
| Azbil Corp. | &nbsp;&nbsp; 216600 | &nbsp;&nbsp; 2058422<br>|
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 924598<br>|
| Dexerials Corp. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 1054356<br>|
| Hamamatsu Photonics KK | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 1362813<br>|
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 1422636<br>|
| Horiba Ltd. | &nbsp;&nbsp; 17100 | &nbsp;&nbsp; 1451969<br>|
| Ibiden Co. Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 3467434<br>|
| Jeol Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 784418<br>|
| Keyence Corp. | &nbsp;&nbsp; 84367 | &nbsp;&nbsp; 31522301<br>|
| Kyocera Corp. | &nbsp;&nbsp; 604200 | &nbsp;&nbsp; 8139323<br>|
| Macnica Holdings Inc. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 792369<br>|
| Maruwa Co. Ltd. | &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 969564<br>|
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 752400 | &nbsp;&nbsp; 14343923<br>|
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1124523<br>|
| Omron Corp. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 2513349<br>|
| Shimadzu Corp. | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 2883096<br>|
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 1277516<br>|
| TDK Corp. | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 12438416<br>|
| Yokogawa Electric Corp. | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 3284491<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 93656993 |
| IT Services — 2.5% | IT Services — 2.5% | IT Services — 2.5% |
| BIPROGY Inc. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1398244<br>|
| Dentsu Soken Inc. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 500972<br>|
| Fujitsu Ltd. | &nbsp;&nbsp; 775200 | &nbsp;&nbsp; 18287550<br>|
| GMO internet group Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 558865<br>|
| NEC Corp. | &nbsp;&nbsp; 558600 | &nbsp;&nbsp; 17924673<br>|
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 193800 | &nbsp;&nbsp; 7444408<br>|
| NS Solutions Corp. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 835519<br>|
| Obic Co. Ltd. | &nbsp;&nbsp; 148200 | &nbsp;&nbsp; 5171973<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| IT Services — continued | IT Services — continued | IT Services — continued |
| Otsuka Corp. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; $2145301<br>|
| SCSK Corp. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 2051282<br>|
| SHIFT Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 675,424<br> \*<br>|
| TIS Inc. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 3016019<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 60010230 |
| Semiconductors & Semiconductor Equipment — 4.6% | Semiconductors & Semiconductor Equipment — 4.6% | Semiconductors & Semiconductor Equipment — 4.6% |
| Advantest Corp. | &nbsp;&nbsp; 330600 | &nbsp;&nbsp; 32794732<br>|
| Disco Corp. | &nbsp;&nbsp; 39742 | &nbsp;&nbsp; 12515830<br>|
| Kioxia Holdings Corp. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1,128,923<br> \*<br>|
| Kokusai Electric Corp. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 2268884<br>|
| Lasertec Corp. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 4702109<br>|
| Renesas Electronics Corp. | &nbsp;&nbsp; 729600 | &nbsp;&nbsp; 8428057<br>|
| Rohm Co. Ltd. | &nbsp;&nbsp; 159600 | &nbsp;&nbsp; 2390461<br>|
| Rorze Corp. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 686540<br>|
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 39849 | &nbsp;&nbsp; 3631835<br>|
| Socionext Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 1507546<br>|
| SUMCO Corp. | &nbsp;&nbsp; 159600 | &nbsp;&nbsp; 1704230<br>|
| Tokyo Electron Ltd. | &nbsp;&nbsp; 201279 | &nbsp;&nbsp; 35925886<br>|
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 1157430<br>|
| Ulvac Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 995614<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 109838077 |
| Software — 0.3% | Software — 0.3% | Software — 0.3% |
| Justsystems Corp. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 370132<br>|
| Money Forward Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 924,289<br> \*<br>|
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 702441<br>|
| Oracle Corp. Japan | &nbsp;&nbsp; 14820 | &nbsp;&nbsp; 1515266<br>|
| Rakus Co. Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 628955<br>|
| Trend Micro Inc. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 3126248<br>|
| Total Software | Total Software | &nbsp;&nbsp; 7267331 |
| Technology Hardware, Storage & Peripherals — 1.3% | Technology Hardware, Storage & Peripherals — 1.3% | Technology Hardware, Storage & Peripherals — 1.3% |
| Brother Industries Ltd. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 1721868<br>|
| Canon Inc. | &nbsp;&nbsp; 387600 | &nbsp;&nbsp; 11382478<br>|
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 535800 | &nbsp;&nbsp; 13354639<br>|
| Konica Minolta Inc. | &nbsp;&nbsp; 216600 | &nbsp;&nbsp; 774530<br>|
| Ricoh Co. Ltd. | &nbsp;&nbsp; 250800 | &nbsp;&nbsp; 2218710<br>|
| Seiko Epson Corp. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 1611600<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 31063825 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **301836456** |
| **Materials — 4.7%** | **Materials — 4.7%** | **Materials — 4.7%** |
| Chemicals — 3.4% | Chemicals — 3.4% | Chemicals — 3.4% |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 574921<br>|
| Air Water Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 1375163<br>|
| Asahi Kasei Corp. | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 4494465<br>|
| Daicel Corp. | &nbsp;&nbsp; 102600 | &nbsp;&nbsp; 937527<br>|
| DIC Corp. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 845245<br>|
| Kaneka Corp. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 649642<br>|
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 1116881<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 136800 | &nbsp;&nbsp; $1577945<br>|
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 615600 | &nbsp;&nbsp; 3548500<br>|
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 1427846<br>|
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 2000336<br>|
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 643544<br>|
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 433200 | &nbsp;&nbsp; 2962603<br>|
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 3240183<br>|
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 703985<br>|
| Nissan Chemical Corp. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 2072587<br>|
| Nitto Denko Corp. | &nbsp;&nbsp; 307800 | &nbsp;&nbsp; 7330011<br>|
| NOF Corp. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 1597552<br>|
| Resonac Holdings Corp. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 2713043<br>|
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 843600 | &nbsp;&nbsp; 27721101<br>|
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 766201<br>|
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 672600 | &nbsp;&nbsp; 2122754<br>|
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 623706<br>|
| Teijin Ltd. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 680017<br>|
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 636365<br>|
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1496894<br>|
| Toray Industries Inc. | &nbsp;&nbsp; 649800 | &nbsp;&nbsp; 4159230<br>|
| Tosoh Corp. | &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 1859114<br>|
| UBE Corp. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 705220<br>|
| Zeon Corp. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 762573<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 81345154 |
| Construction Materials — 0.0%†† | Construction Materials — 0.0%†† | Construction Materials — 0.0%†† |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 1187202<br>|
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| FP Corp. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 388581<br>|
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 1302604<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 1691185 |
| Metals & Mining — 1.1% | Metals & Mining — 1.1% | Metals & Mining — 1.1% |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 493446<br>|
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 833358<br>|
| JFE Holdings Inc. | &nbsp;&nbsp; 273600 | &nbsp;&nbsp; 3365233<br>|
| JX Advanced Metals Corp. | &nbsp;&nbsp; 239400 | &nbsp;&nbsp; 3178005<br>|
| Kobe Steel Ltd. | &nbsp;&nbsp; 148200 | &nbsp;&nbsp; 1754597<br>|
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 596303<br>|
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 1072187<br>|
| Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp; 1776172<br>|
| Nippon Steel Corp. | &nbsp;&nbsp; 2280000 | &nbsp;&nbsp; 9409622<br>|
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 114000 | &nbsp;&nbsp; 3679710<br>|
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 15400 | &nbsp;&nbsp; 948286<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 27106919 |
| Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% |
| Oji Holdings Corp. | &nbsp;&nbsp; 353400 | &nbsp;&nbsp; 1935881<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **113266341** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Real Estate — 3.7%** | **Real Estate — 3.7%** | **Real Estate — 3.7%** |
| Diversified REITs — 0.4% | Diversified REITs — 0.4% | Diversified REITs — 0.4% |
| Activia Properties Inc. | &nbsp;&nbsp; 912 | &nbsp;&nbsp; $831196<br>|
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 1556177<br>|
| KDX Realty Investment Corp. | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1951011<br>|
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 1981038<br>|
| Sekisui House Reit Inc. | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 921664<br>|
| United Urban Investment Corp. | &nbsp;&nbsp; 1368 | &nbsp;&nbsp; 1661775<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 8902861 |
| Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% |
| Invincible Investment Corp. | &nbsp;&nbsp; 3306 | &nbsp;&nbsp; 1508782<br>|
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 2166 | &nbsp;&nbsp; 1308238<br>|
| Total Hotel & Resort REITs | Total Hotel & Resort REITs | &nbsp;&nbsp; 2817020 |
| Industrial REITs — 0.3% | Industrial REITs — 0.3% | Industrial REITs — 0.3% |
| GLP J-Reit | &nbsp;&nbsp; 1938 | &nbsp;&nbsp; 1791225<br>|
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 943432<br>|
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 754931<br>|
| LaSalle Logiport REIT | &nbsp;&nbsp; 798 | &nbsp;&nbsp; 775387<br>|
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 1368 | &nbsp;&nbsp; 984653<br>|
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 3192 | &nbsp;&nbsp; 1867412<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 7117040 |
| Office REITs — 0.4% | Office REITs — 0.4% | Office REITs — 0.4% |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 563497<br>|
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 1596 | &nbsp;&nbsp; 1114179<br>|
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 3078 | &nbsp;&nbsp; 2594786<br>|
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 662301<br>|
| Nippon Building Fund Inc. | &nbsp;&nbsp; 3534 | &nbsp;&nbsp; 3338139<br>|
| Orix JREIT Inc. | &nbsp;&nbsp; 2394 | &nbsp;&nbsp; 1624260<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 9897162 |
| Real Estate Management & Development — 2.2% | Real Estate Management & Development — 2.2% | Real Estate Management & Development — 2.2% |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 129650 | &nbsp;&nbsp; 2848727<br>|
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 262200 | &nbsp;&nbsp; 9445130<br>|
| Hulic Co. Ltd. | &nbsp;&nbsp; 205200 | &nbsp;&nbsp; 2250899<br>|
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 501600 | &nbsp;&nbsp; 11558010<br>|
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 1185600 | &nbsp;&nbsp; 12948998<br>|
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 239400 | &nbsp;&nbsp; 1530403<br>|
| Relo Group Inc. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 550992<br>|
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 148200 | &nbsp;&nbsp; 6554778<br>|
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 91200 | &nbsp;&nbsp; 1831287<br>|
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 262200 | &nbsp;&nbsp; 2174865<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 51694089 |
| Residential REITs — 0.1% | Residential REITs — 0.1% | Residential REITs — 0.1% |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1282147<br>|
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 912 | &nbsp;&nbsp; 663228<br>|
| Mitsui Fudosan Accommodations Fund Inc. | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 917033<br>|
| Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 2862408 |
| Retail REITs — 0.2% | Retail REITs — 0.2% | Retail REITs — 0.2% |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 798 | &nbsp;&nbsp; 700820<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Retail REITs — continued | Retail REITs — continued | Retail REITs — continued | Retail REITs — continued |
| Frontier Real Estate Investment Corp. | Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; $689319<br>|
| Japan Metropolitan Fund Invest | Japan Metropolitan Fund Invest | &nbsp;&nbsp; 3078 | &nbsp;&nbsp; 2369696<br>|
| Total Retail REITs | Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 3759835 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **87050415** |
| **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% |
| Chubu Electric Power Co. Inc. | Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 330600 | &nbsp;&nbsp; 4608052<br>|
| Chugoku Electric Power Co. Inc. | Chugoku Electric Power Co. Inc. | &nbsp;&nbsp; 136800 | &nbsp;&nbsp; 781145<br>|
| Kansai Electric Power Co. Inc. | Kansai Electric Power Co. Inc. | &nbsp;&nbsp; 444600 | &nbsp;&nbsp; 6377663<br>|
| Kyushu Electric Power Co. Inc. | Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 205200 | &nbsp;&nbsp; 2055682<br>|
| Shikoku Electric Power Co. Inc. | Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 710546<br>|
| Tohoku Electric Power Co. Inc. | Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 216600 | &nbsp;&nbsp; 1578099<br>|
| Tokyo Electric Power Co. Holdings Inc. | Tokyo Electric Power Co. Holdings Inc. | &nbsp;&nbsp; 672600 | &nbsp;&nbsp; 3,161,587<br> \*<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 19272774 |
| Gas Utilities — 0.5% | Gas Utilities — 0.5% | Gas Utilities — 0.5% | Gas Utilities — 0.5% |
| Osaka Gas Co. Ltd. | Osaka Gas Co. Ltd. | &nbsp;&nbsp; 159600 | &nbsp;&nbsp; 4635030<br>|
| Toho Gas Co. Ltd. | Toho Gas Co. Ltd. | &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1055514<br>|
| Tokyo Gas Co. Ltd. | Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 159600 | &nbsp;&nbsp; 5688691<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 11379235 |
| 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% |
| Electric Power Development Co. Ltd. | Electric Power Development Co. Ltd. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 1499171<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **32151180** |
| **Total Investments before Short-Term Investments (Cost — $1,964,980,989)** | **Total Investments before Short-Term Investments (Cost — $1,964,980,989)** | **Total Investments before Short-Term Investments (Cost — $1,964,980,989)** | &nbsp;&nbsp; **2364944037** |
|  | Rate |  |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $124,585)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 124585<br>| &nbsp;&nbsp; **124585**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.0% (Cost — $1,965,105,574)** | **Total Investments — 99.0% (Cost — $1,965,105,574)** | **Total Investments — 99.0% (Cost — $1,965,105,574)** | &nbsp;&nbsp; **2365068622** |
| Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp; 23265976 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2388334598** |

---

&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> | 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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $124,585 and the cost was $124,585 (Note 6).<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:** |
| REIT |  | Real Estate Investment Trust |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan ETF**

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Tokyo Topix Index | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 12/2025 | &nbsp;&nbsp;&nbsp; $21428771 | &nbsp;&nbsp;&nbsp; $21268240 | &nbsp;&nbsp;&nbsp; **$(160531)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Communication Services — 7.7%** | **Communication Services — 7.7%** | **Communication Services — 7.7%** |
| Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 2032 | &nbsp;&nbsp; $36028<br>|
| NTT Inc. | &nbsp;&nbsp; 518400 | &nbsp;&nbsp; 543024<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 579052 |
| Entertainment — 2.5% | Entertainment — 2.5% | Entertainment — 2.5% |
| Capcom Co. Ltd. | &nbsp;&nbsp; 6221 | &nbsp;&nbsp; 169463<br>|
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 35193<br>|
| Konami Group Corp. | &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 262384<br>|
| Nexon Co. Ltd. | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; 151703<br>|
| Nintendo Co. Ltd. | &nbsp;&nbsp; 18788 | &nbsp;&nbsp; 1629010<br>|
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 5721 | &nbsp;&nbsp; 123264<br>|
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 1011 | &nbsp;&nbsp; 20879<br>|
| Toho Co. Ltd. | &nbsp;&nbsp; 1894 | &nbsp;&nbsp; 121834<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 2513730 |
| Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% |
| Kakaku.com Inc. | &nbsp;&nbsp; 1910 | &nbsp;&nbsp; 32837<br>|
| LY Corp. | &nbsp;&nbsp; 48600 | &nbsp;&nbsp; 156674<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 189511 |
| Media — 0.4% | Media — 0.4% | Media — 0.4% |
| CyberAgent Inc. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 97407<br>|
| Dentsu Group Inc. | &nbsp;&nbsp; 3532 | &nbsp;&nbsp; 77439<br>|
| Fuji Media Holdings Inc. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 23720<br>|
| Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 43457<br>|
| Kadokawa Corp. | &nbsp;&nbsp; 1946 | &nbsp;&nbsp; 47528<br>|
| Nippon Television Holdings Inc. | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 25784<br>|
| SKY Perfect JSAT Holdings Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 25504<br>|
| TBS Holdings Inc. | &nbsp;&nbsp; 598 | &nbsp;&nbsp; 22748<br>|
| Total Media | Total Media | &nbsp;&nbsp; 363587 |
| Wireless Telecommunication Services — 4.0% | Wireless Telecommunication Services — 4.0% | Wireless Telecommunication Services — 4.0% |
| KDDI Corp. | &nbsp;&nbsp; 51700 | &nbsp;&nbsp; 826339<br>|
| SoftBank Corp. | &nbsp;&nbsp; 529200 | &nbsp;&nbsp; 780085<br>|
| SoftBank Group Corp. | &nbsp;&nbsp; 18199 | &nbsp;&nbsp; 2302524<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 3908948 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **7554828** |
| **Consumer Discretionary — 17.3%** | **Consumer Discretionary — 17.3%** | **Consumer Discretionary — 17.3%** |
| Automobile Components — 2.3% | Automobile Components — 2.3% | Automobile Components — 2.3% |
| Aisin Corp. | &nbsp;&nbsp; 9096 | &nbsp;&nbsp; 157672<br>|
| Bridgestone Corp. | &nbsp;&nbsp; 10093 | &nbsp;&nbsp; 468002<br>|
| Denso Corp. | &nbsp;&nbsp; 33900 | &nbsp;&nbsp; 490188<br>|
| GS Yuasa Corp. | &nbsp;&nbsp; 1661 | &nbsp;&nbsp; 39364<br>|
| JTEKT Corp. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 53768<br>|
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 45543<br>|
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 40696<br>|
| Nifco Inc. | &nbsp;&nbsp; 1462 | &nbsp;&nbsp; 44251<br>|
| Niterra Co. Ltd. | &nbsp;&nbsp; 3536 | &nbsp;&nbsp; 136809<br>|
| NOK Corp. | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 19358<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; $54645<br>|
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 385571<br>|
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 32880<br>|
| Toyo Tire Corp. | &nbsp;&nbsp; 2674 | &nbsp;&nbsp; 71175<br>|
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 29419<br>|
| Toyota Boshoku Corp. | &nbsp;&nbsp; 1032 | &nbsp;&nbsp; 17152<br>|
| TS Tech Co. Ltd. | &nbsp;&nbsp; 1462 | &nbsp;&nbsp; 18418<br>|
| Yokohama Rubber Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 100278<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 2205189 |
| Automobiles — 5.8% | Automobiles — 5.8% | Automobiles — 5.8% |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 72900 | &nbsp;&nbsp; 755729<br>|
| Isuzu Motors Ltd. | &nbsp;&nbsp; 10058 | &nbsp;&nbsp; 127321<br>|
| Mazda Motor Corp. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 79052<br>|
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 29398<br>|
| Nissan Motor Co. Ltd. | &nbsp;&nbsp; 40500 | &nbsp;&nbsp; 99,766<br> \*<br>|
| Subaru Corp. | &nbsp;&nbsp; 10836 | &nbsp;&nbsp; 222318<br>|
| Suzuki Motor Corp. | &nbsp;&nbsp; 32358 | &nbsp;&nbsp; 473369<br>|
| Toyota Motor Corp. | &nbsp;&nbsp; 197675 | &nbsp;&nbsp; 3814029<br>|
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 16200 | &nbsp;&nbsp; 121759<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 5722741 |
| Broadline Retail — 0.9% | Broadline Retail — 0.9% | Broadline Retail — 0.9% |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 5387 | &nbsp;&nbsp; 99690<br>|
| Izumi Co. Ltd. | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 17355<br>|
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 4050 | &nbsp;&nbsp; 67735<br>|
| Mercari Inc. | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 31,208<br> \*<br>|
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 35135 | &nbsp;&nbsp; 231957<br>|
| Rakuten Group Inc. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp; 175,490<br> \*<br>|
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 8452 | &nbsp;&nbsp; 168542<br>|
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 61977<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 853954 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| PALTAC Corp. | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 18030<br>|
| Hotels, Restaurants & Leisure — 1.0% | Hotels, Restaurants & Leisure — 1.0% | Hotels, Restaurants & Leisure — 1.0% |
| Food & Life Cos. Ltd. | &nbsp;&nbsp; 2044 | &nbsp;&nbsp; 107082<br>|
| Heiwa Corp. | &nbsp;&nbsp; 1003 | &nbsp;&nbsp; 14289<br>|
| McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp; 1633 | &nbsp;&nbsp; 68666<br>|
| Metaplanet Inc. | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 73,586<br> \*<br>|
| Oriental Land Co. Ltd. | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 456487<br>|
| Resorttrust Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 34334<br>|
| Round One Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 23895<br>|
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 3935 | &nbsp;&nbsp; 81505<br>|
| Toridoll Holdings Corp. | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 21948<br>|
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 1589 | &nbsp;&nbsp; 104065<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 985857 |
| Household Durables — 4.5% | Household Durables — 4.5% | Household Durables — 4.5% |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 44462<br>|
| Haseko Corp.  | &nbsp;&nbsp; 4436 | &nbsp;&nbsp; 75888<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Household Durables — continued | Household Durables — continued | Household Durables — continued |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; $43173<br>|
| Nikon Corp. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 63074<br>|
| Open House Group Co. Ltd. | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 68679<br>|
| Panasonic Holdings Corp. | &nbsp;&nbsp; 43200 | &nbsp;&nbsp; 470948<br>|
| Rinnai Corp. | &nbsp;&nbsp; 1910 | &nbsp;&nbsp; 45343<br>|
| Sekisui House Ltd. | &nbsp;&nbsp; 10816 | &nbsp;&nbsp; 246589<br>|
| Sharp Corp. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 30,345<br> \*<br>|
| Sony Group Corp. | &nbsp;&nbsp; 112426 | &nbsp;&nbsp; 3242187<br>|
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 96612<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 4427300 |
| Leisure Products — 0.7% | Leisure Products — 0.7% | Leisure Products — 0.7% |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 10278 | &nbsp;&nbsp; 342751<br>|
| Sankyo Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 59201<br>|
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 56967<br>|
| Shimano Inc. | &nbsp;&nbsp; 1391 | &nbsp;&nbsp; 156350<br>|
| Tomy Co. Ltd. | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 37615<br>|
| Yamaha Corp. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 53975<br>|
| Total Leisure Products | Total Leisure Products | &nbsp;&nbsp; 706859 |
| Specialty Retail — 1.7% | Specialty Retail — 1.7% | Specialty Retail — 1.7% |
| ABC-Mart Inc. | &nbsp;&nbsp; 1432 | &nbsp;&nbsp; 28444<br>|
| Bic Camera Inc. | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 17724<br>|
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 1006412<br>|
| K's Holdings Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 29215<br>|
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 8300 | &nbsp;&nbsp; 160369<br>|
| Sanrio Co. Ltd. | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; 168921<br>|
| Shimamura Co. Ltd. | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 50622<br>|
| USS Co. Ltd. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 93102<br>|
| Workman Co. Ltd. | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 15718<br>|
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 35497<br>|
| ZOZO Inc. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 74591<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 1680615 |
| Textiles, Apparel & Luxury Goods — 0.4% | Textiles, Apparel & Luxury Goods — 0.4% | Textiles, Apparel & Luxury Goods — 0.4% |
| Asics Corp. | &nbsp;&nbsp; 12500 | &nbsp;&nbsp; 327724<br>|
| Goldwin Inc. | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 30702<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 358426 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **16958971** |
| **Consumer Staples — 5.5%** | **Consumer Staples — 5.5%** | **Consumer Staples — 5.5%** |
| Beverages — 0.8% | Beverages — 0.8% | Beverages — 0.8% |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp; 324600<br>|
| Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 48173<br>|
| Ito En Ltd. | &nbsp;&nbsp; 1083 | &nbsp;&nbsp; 25527<br>|
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 14700 | &nbsp;&nbsp; 215745<br>|
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 1551 | &nbsp;&nbsp; 77621<br>|
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 2279 | &nbsp;&nbsp; 71371<br>|
| Takara Holdings Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 31911<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 794948 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Staples Distribution & Retail — 1.6% | Consumer Staples Distribution & Retail — 1.6% | Consumer Staples Distribution & Retail — 1.6% |
| Aeon Co. Ltd. | &nbsp;&nbsp; 45663 | &nbsp;&nbsp; $554999<br>|
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 598 | &nbsp;&nbsp; 34985<br>|
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 74299<br>|
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 924 | &nbsp;&nbsp; 25057<br>|
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 6187 | &nbsp;&nbsp; 125847<br>|
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 40500 | &nbsp;&nbsp; 545997<br>|
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 2198 | &nbsp;&nbsp; 53073<br>|
| Sundrug Co. Ltd. | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; 34887<br>|
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 2655 | &nbsp;&nbsp; 42562<br>|
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 1783 | &nbsp;&nbsp; 32597<br>|
| Yaoko Co. Ltd. | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 29973<br> <sup>(a)(b)</sup><br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1554276 |
| Food Products — 1.5% | Food Products — 1.5% | Food Products — 1.5% |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 18100 | &nbsp;&nbsp; 520382<br>|
| Calbee Inc. | &nbsp;&nbsp; 1323 | &nbsp;&nbsp; 25585<br>|
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 33460<br>|
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 899 | &nbsp;&nbsp; 21847<br>|
| House Foods Group Inc. | &nbsp;&nbsp; 1066 | &nbsp;&nbsp; 20936<br>|
| Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 23117<br>|
| Kagome Co. Ltd. | &nbsp;&nbsp; 1598 | &nbsp;&nbsp; 31152<br>|
| Kewpie Corp. | &nbsp;&nbsp; 1910 | &nbsp;&nbsp; 52236<br>|
| Kikkoman Corp. | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 114721<br>|
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 1686 | &nbsp;&nbsp; 20720<br>|
| MEIJI Holdings Co. Ltd | &nbsp;&nbsp; 4548 | &nbsp;&nbsp; 94418<br>|
| Morinaga & Co. Ltd. | &nbsp;&nbsp; 1294 | &nbsp;&nbsp; 22952<br>|
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 1383 | &nbsp;&nbsp; 32439<br>|
| NH Foods Ltd. | &nbsp;&nbsp; 1612 | &nbsp;&nbsp; 64006<br>|
| Nichirei Corp. | &nbsp;&nbsp; 4032 | &nbsp;&nbsp; 47395<br>|
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 51645<br>|
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 3727 | &nbsp;&nbsp; 70308<br>|
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 1633 | &nbsp;&nbsp; 116931<br>|
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 68580<br>|
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 60185<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 1493015 |
| Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% |
| Lion Corp. | &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 42878<br>|
| Unicharm Corp. | &nbsp;&nbsp; 21600 | &nbsp;&nbsp; 140319<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 183197 |
| Personal Care Products — 0.7% | Personal Care Products — 0.7% | Personal Care Products — 0.7% |
| Kao Corp. | &nbsp;&nbsp; 8600 | &nbsp;&nbsp; 375655<br>|
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 40637<br>|
| Kose Corp. | &nbsp;&nbsp; 676 | &nbsp;&nbsp; 27139<br>|
| Pola Orbis Holdings Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 24416<br>|
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4368 | &nbsp;&nbsp; 73542<br>|
| Shiseido Co. Ltd. | &nbsp;&nbsp; 8078 | &nbsp;&nbsp; 138220<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 679609 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Tobacco — 0.7% | Tobacco — 0.7% | Tobacco — 0.7% |
| Japan Tobacco Inc. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; $671597<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **5376642** |
| **Energy — 0.9%** | **Energy — 0.9%** | **Energy — 0.9%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Modec Inc. | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 44798<br>|
| Oil, Gas & Consumable Fuels — 0.8% | Oil, Gas & Consumable Fuels — 0.8% | Oil, Gas & Consumable Fuels — 0.8% |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 2304 | &nbsp;&nbsp; 55867<br>|
| ENEOS Holdings Inc. | &nbsp;&nbsp; 48600 | &nbsp;&nbsp; 309301<br>|
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 92873<br>|
| Inpex Corp. | &nbsp;&nbsp; 16211 | &nbsp;&nbsp; 293408<br>|
| Iwatani Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 29562<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 781011 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **825809** |
| **Financials — 15.4%** | **Financials — 15.4%** | **Financials — 15.4%** |
| Banks — 9.5% | Banks — 9.5% | Banks — 9.5% |
| Aozora Bank Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 42323<br>|
| Chiba Bank Ltd. | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 142098<br>|
| Chugin Financial Group Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 39892<br>|
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 99166<br>|
| Gunma Bank Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 60386<br>|
| Hachijuni Bank Ltd. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 84793<br>|
| Hirogin Holdings Inc. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 52872<br>|
| Iyogin Holdings Inc. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 82105<br>|
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 32400 | &nbsp;&nbsp; 398076<br>|
| Kyoto Financial Group Inc. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 115031<br>|
| Kyushu Financial Group Inc. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 49960<br>|
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 16200 | &nbsp;&nbsp; 103791<br>|
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 207922 | &nbsp;&nbsp; 3370452<br>|
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 45359 | &nbsp;&nbsp; 1531981<br>|
| Rakuten Bank Ltd. | &nbsp;&nbsp; 1539 | &nbsp;&nbsp; 86,170<br> \*<br>|
| Resona Holdings Inc. | &nbsp;&nbsp; 40500 | &nbsp;&nbsp; 414228<br>|
| Seven Bank Ltd. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 21368<br>|
| Shizuoka Financial Group Inc. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 111421<br>|
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 69100 | &nbsp;&nbsp; 1953899<br>|
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 12136 | &nbsp;&nbsp; 353270<br>|
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 32954<br>|
| Yokohama Financial Group Inc. | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 145508<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 9291744 |
| Capital Markets — 1.1% | Capital Markets — 1.1% | Capital Markets — 1.1% |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 24300 | &nbsp;&nbsp; 197859<br>|
| Japan Exchange Group Inc. | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 211479<br>|
| Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 27617<br>|
| Nomura Holdings Inc. | &nbsp;&nbsp; 54000 | &nbsp;&nbsp; 396905<br>|
| SBI Holdings Inc. | &nbsp;&nbsp; 4829 | &nbsp;&nbsp; 210444<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 1044304 |
| Consumer Finance — 0.2% | Consumer Finance — 0.2% | Consumer Finance — 0.2% |
| Acom Co. Ltd. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 26403<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; $27579<br>|
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 50817<br>|
| Marui Group Co. Ltd. | &nbsp;&nbsp; 2648 | &nbsp;&nbsp; 56910<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 161709 |
| Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 972 | &nbsp;&nbsp; 29124<br>|
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 38315<br>|
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 16200 | &nbsp;&nbsp; 134100<br>|
| ORIX Corp. | &nbsp;&nbsp; 21200 | &nbsp;&nbsp; 557256<br>|
| Tokyo Century Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 34498<br>|
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 2002 | &nbsp;&nbsp; 45494<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 838787 |
| Insurance — 3.8% | Insurance — 3.8% | Insurance — 3.8% |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 64800 | &nbsp;&nbsp; 511608<br>|
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 32400 | &nbsp;&nbsp; 322497<br>|
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 3375 | &nbsp;&nbsp; 95821<br>|
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 23054 | &nbsp;&nbsp; 523880<br>|
| Sompo Holdings Inc. | &nbsp;&nbsp; 16227 | &nbsp;&nbsp; 502682<br>|
| Sony Financial Group Inc. | &nbsp;&nbsp; 113026 | &nbsp;&nbsp; 125,512<br> \*<br>|
| T&D Holdings Inc. | &nbsp;&nbsp; 8035 | &nbsp;&nbsp; 197060<br>|
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 34436 | &nbsp;&nbsp; 1461755<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 3740815 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **15077359** |
| **Health Care — 5.9%** | **Health Care — 5.9%** | **Health Care — 5.9%** |
| Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† |
| PeptiDream Inc. | &nbsp;&nbsp; 1686 | &nbsp;&nbsp; 17,952<br> \*<br>|
| Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 3875 | &nbsp;&nbsp; 63011<br>|
| Hoya Corp. | &nbsp;&nbsp; 6294 | &nbsp;&nbsp; 872598<br>|
| Nihon Kohden Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 30906<br>|
| Nipro Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 27524<br>|
| Olympus Corp. | &nbsp;&nbsp; 21600 | &nbsp;&nbsp; 273647<br>|
| Sysmex Corp. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 100067<br>|
| Terumo Corp. | &nbsp;&nbsp; 26800 | &nbsp;&nbsp; 443325<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1811078 |
| Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 38694<br>|
| Medipal Holdings Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 46592<br>|
| Suzuken Co. Ltd. | &nbsp;&nbsp; 908 | &nbsp;&nbsp; 35765<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 121051 |
| Health Care Technology — 0.2% | Health Care Technology — 0.2% | Health Care Technology — 0.2% |
| JMDC Inc. | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 16987<br>|
| M3 Inc. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 130864<br>|
| Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 147851 |
| Pharmaceuticals — 3.8% | Pharmaceuticals — 3.8% | Pharmaceuticals — 3.8% |
| Astellas Pharma Inc. | &nbsp;&nbsp; 32400 | &nbsp;&nbsp; 351127<br>|
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 12020 | &nbsp;&nbsp; 524799<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 34500 | &nbsp;&nbsp; $774402<br>|
| Eisai Co. Ltd. | &nbsp;&nbsp; 4837 | &nbsp;&nbsp; 162942<br>|
| Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; 30282<br>|
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 4251 | &nbsp;&nbsp; 66161<br>|
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 884 | &nbsp;&nbsp; 19950<br>|
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 93404<br>|
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 431038<br>|
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 59947<br>|
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 2062 | &nbsp;&nbsp; 27987<br>|
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 14200 | &nbsp;&nbsp; 249174<br>|
| Sumitomo Pharma Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 31,281<br> \*<br>|
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 29704 | &nbsp;&nbsp; 867879<br>|
| Tsumura & Co. | &nbsp;&nbsp; 1117 | &nbsp;&nbsp; 27387<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 3717760 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5815692** |
| **Industrials — 24.2%** | **Industrials — 24.2%** | **Industrials — 24.2%** |
| Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% |
| NIPPON EXPRESS HOLDINGS INC | &nbsp;&nbsp; 3857 | &nbsp;&nbsp; 87777<br>|
| Sankyu Inc. | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 44590<br>|
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 83861<br>|
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 86511<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 302739 |
| Building Products — 1.0% | Building Products — 1.0% | Building Products — 1.0% |
| AGC Inc. | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 101280<br>|
| Daikin Industries Ltd. | &nbsp;&nbsp; 5100 | &nbsp;&nbsp; 589823<br>|
| Lixil Corp. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 66547<br>|
| Nichias Corp. | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 36317<br>|
| Sanwa Holdings Corp. | &nbsp;&nbsp; 3487 | &nbsp;&nbsp; 100016<br>|
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 56367<br>|
| TOTO Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 71191<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 1021541 |
| Commercial Services & Supplies — 0.7% | Commercial Services & Supplies — 0.7% | Commercial Services & Supplies — 0.7% |
| ALSOK Co. Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 40806<br>|
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 8066 | &nbsp;&nbsp; 137387<br>|
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 6180 | &nbsp;&nbsp; 36866<br>|
| Park24 Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 34553<br>|
| Secom Co. Ltd. | &nbsp;&nbsp; 7600 | &nbsp;&nbsp; 279176<br>|
| TOPPAN Holdings Inc. | &nbsp;&nbsp; 4910 | &nbsp;&nbsp; 126170<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 654958 |
| Construction & Engineering — 1.2% | Construction & Engineering — 1.2% | Construction & Engineering — 1.2% |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 47985<br>|
| EXEO Group Inc. | &nbsp;&nbsp; 3016 | &nbsp;&nbsp; 43744<br>|
| INFRONEER Holdings Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 28136<br>|
| JGC Holdings Corp. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 55212<br>|
| Kajima Corp. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 236717<br>|
| Kandenko Co. Ltd. | &nbsp;&nbsp; 1574 | &nbsp;&nbsp; 43228<br>|
| Kinden Corp. | &nbsp;&nbsp; 2122 | &nbsp;&nbsp; 72719<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued |
| Kraftia Corp. | &nbsp;&nbsp; 815 | &nbsp;&nbsp; $39479<br>|
| Obayashi Corp. | &nbsp;&nbsp; 12200 | &nbsp;&nbsp; 200656<br>|
| Shimizu Corp. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 114053<br>|
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 25634<br>|
| Taisei Corp. | &nbsp;&nbsp; 2731 | &nbsp;&nbsp; 188064<br>|
| Toda Corp. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 37296<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 1132923 |
| Electrical Equipment — 2.1% | Electrical Equipment — 2.1% | Electrical Equipment — 2.1% |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 2680 | &nbsp;&nbsp; 180451<br>|
| Fujikura Ltd. | &nbsp;&nbsp; 5125 | &nbsp;&nbsp; 501621<br>|
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 1158 | &nbsp;&nbsp; 71448<br>|
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 1792 | &nbsp;&nbsp; 31427<br>|
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 37183 | &nbsp;&nbsp; 957490<br>|
| NIDEC Corp. | &nbsp;&nbsp; 17354 | &nbsp;&nbsp; 309454<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 2051891 |
| Ground Transportation — 2.2% | Ground Transportation — 2.2% | Ground Transportation — 2.2% |
| Central Japan Railway Co. | &nbsp;&nbsp; 16100 | &nbsp;&nbsp; 462554<br>|
| East Japan Railway Co. | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 463270<br>|
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 3828 | &nbsp;&nbsp; 113115<br>|
| Keikyu Corp. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 54883<br>|
| Keio Corp. | &nbsp;&nbsp; 1910 | &nbsp;&nbsp; 49469<br>|
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 75222<br>|
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 3148 | &nbsp;&nbsp; 65716<br>|
| Kyushu Railway Co. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 71648<br>|
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 32314<br>|
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 51007<br>|
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 41586<br>|
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 60861<br>|
| Seibu Holdings Inc. | &nbsp;&nbsp; 3131 | &nbsp;&nbsp; 113486<br>|
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 39855<br>|
| Sotetsu Holdings Inc. | &nbsp;&nbsp; 1303 | &nbsp;&nbsp; 23513<br>|
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 3573 | &nbsp;&nbsp; 63895<br>|
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 61958<br>|
| Tokyu Corp. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 98943<br>|
| West Japan Railway Co. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 177867<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 2121162 |
| Industrial Conglomerates — 2.5% | Industrial Conglomerates — 2.5% | Industrial Conglomerates — 2.5% |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 96712<br>|
| Hitachi Ltd. | &nbsp;&nbsp; 82193 | &nbsp;&nbsp; 2187212<br>|
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 1757 | &nbsp;&nbsp; 39974<br>|
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 7123 | &nbsp;&nbsp; 132876<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 2456774 |
| Machinery — 5.9% | Machinery — 5.9% | Machinery — 5.9% |
| Amada Co. Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 66565<br>|
| Daifuku Co. Ltd. | &nbsp;&nbsp; 6116 | &nbsp;&nbsp; 196419<br>|
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 54389<br>|
| Ebara Corp. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 185546<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| FANUC Corp. | &nbsp;&nbsp; 17200 | &nbsp;&nbsp; $496370<br>|
| Fujitec Co. Ltd. | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 51620<br>|
| Harmonic Drive Systems Inc. | &nbsp;&nbsp; 787 | &nbsp;&nbsp; 14106<br>|
| Hino Motors Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 14,147<br> \*<br>|
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 61545<br>|
| Hoshizaki Corp. | &nbsp;&nbsp; 2139 | &nbsp;&nbsp; 80470<br>|
| IHI Corp. | &nbsp;&nbsp; 17143 | &nbsp;&nbsp; 320376<br>|
| Japan Steel Works Ltd. | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 61489<br>|
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 178617<br>|
| Komatsu Ltd. | &nbsp;&nbsp; 17136 | &nbsp;&nbsp; 598719<br>|
| Kubota Corp. | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 238417<br>|
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 1954 | &nbsp;&nbsp; 66803<br>|
| Makita Corp. | &nbsp;&nbsp; 4339 | &nbsp;&nbsp; 141201<br>|
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 7323 | &nbsp;&nbsp; 138318<br>|
| MiSUMi Group Inc. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 84335<br>|
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 59300 | &nbsp;&nbsp; 1557536<br>|
| Miura Co. Ltd. | &nbsp;&nbsp; 1708 | &nbsp;&nbsp; 33649<br>|
| Nabtesco Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 61227<br>|
| NGK Insulators Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 90661<br>|
| NSK Ltd. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 41925<br>|
| OKUMA Corp. | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 19957<br>|
| Organo Corp. | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 34400<br>|
| SMC Corp. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 307614<br>|
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 1885 | &nbsp;&nbsp; 45464<br>|
| THK Co. Ltd. | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 52644<br>|
| Toyota Industries Corp. | &nbsp;&nbsp; 3224 | &nbsp;&nbsp; 363255<br>|
| Yaskawa Electric Corp. | &nbsp;&nbsp; 4583 | &nbsp;&nbsp; 97969<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 5755753 |
| Marine Transportation — 0.6% | Marine Transportation — 0.6% | Marine Transportation — 0.6% |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 6631 | &nbsp;&nbsp; 94559<br>|
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 5967 | &nbsp;&nbsp; 181574<br>|
| Nippon Yusen KK | &nbsp;&nbsp; 7847 | &nbsp;&nbsp; 268376<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 544509 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| ANA Holdings Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 52305<br>|
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 54536<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 106841 |
| Professional Services — 1.6% | Professional Services — 1.6% | Professional Services — 1.6% |
| BayCurrent Inc. | &nbsp;&nbsp; 2411 | &nbsp;&nbsp; 142030<br>|
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 32400 | &nbsp;&nbsp; 59168<br>|
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 25294 | &nbsp;&nbsp; 1363822<br>|
| TechnoPro Holdings Inc. | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 10553<br>|
| Visional Inc. | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 30,633<br> \*<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 1606206 |
| Trading Companies & Distributors — 5.9% | Trading Companies & Distributors — 5.9% | Trading Companies & Distributors — 5.9% |
| ITOCHU Corp. | &nbsp;&nbsp; 23786 | &nbsp;&nbsp; 1357083<br>|
| Marubeni Corp. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp; 676074<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — continued | Trading Companies & Distributors — continued | Trading Companies & Distributors — continued |
| Mitsubishi Corp. | &nbsp;&nbsp; 62100 | &nbsp;&nbsp; $1484749<br>|
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 47389 | &nbsp;&nbsp; 1180834<br>|
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 4386 | &nbsp;&nbsp; 64030<br>|
| Nagase & Co. Ltd. | &nbsp;&nbsp; 1798 | &nbsp;&nbsp; 38983<br>|
| Sojitz Corp. | &nbsp;&nbsp; 3641 | &nbsp;&nbsp; 96544<br>|
| Sumitomo Corp. | &nbsp;&nbsp; 18958 | &nbsp;&nbsp; 550441<br>|
| Toyota Tsusho Corp. | &nbsp;&nbsp; 12779 | &nbsp;&nbsp; 354941<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 5803679 |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 1301 | &nbsp;&nbsp; 41606<br>|
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 1652 | &nbsp;&nbsp; 50248<br>|
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 44334<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 136188 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **23695164** |
| **Information Technology — 12.6%** | **Information Technology — 12.6%** | **Information Technology — 12.6%** |
| Electronic Equipment, Instruments & Components — 3.9% | Electronic Equipment, Instruments & Components — 3.9% | Electronic Equipment, Instruments & Components — 3.9% |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 34306<br>|
| Amano Corp. | &nbsp;&nbsp; 1057 | &nbsp;&nbsp; 30053<br>|
| Azbil Corp. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 102636<br>|
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 866 | &nbsp;&nbsp; 35118<br>|
| Dexerials Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 41619<br>|
| Hamamatsu Photonics KK | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 58686<br>|
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 67887<br>|
| Horiba Ltd. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 59437<br>|
| Ibiden Co. Ltd. | &nbsp;&nbsp; 2440 | &nbsp;&nbsp; 148431<br>|
| Jeol Ltd. | &nbsp;&nbsp; 794 | &nbsp;&nbsp; 27317<br>|
| Keyence Corp. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 1307716<br>|
| Kyocera Corp. | &nbsp;&nbsp; 24300 | &nbsp;&nbsp; 327351<br>|
| Macnica Holdings Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 37533<br>|
| Maruwa Co. Ltd. | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 35376<br>|
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 31700 | &nbsp;&nbsp; 604336<br>|
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 1303 | &nbsp;&nbsp; 42844<br>|
| Omron Corp. | &nbsp;&nbsp; 3412 | &nbsp;&nbsp; 94030<br>|
| Shimadzu Corp. | &nbsp;&nbsp; 4386 | &nbsp;&nbsp; 110923<br>|
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 60514<br>|
| TDK Corp. | &nbsp;&nbsp; 35100 | &nbsp;&nbsp; 510630<br>|
| Yokogawa Electric Corp. | &nbsp;&nbsp; 4666 | &nbsp;&nbsp; 134434<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 3871177 |
| IT Services — 2.5% | IT Services — 2.5% | IT Services — 2.5% |
| BIPROGY Inc. | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 54785<br>|
| Dentsu Soken Inc. | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 18149<br>|
| Fujitsu Ltd. | &nbsp;&nbsp; 32040 | &nbsp;&nbsp; 755847<br>|
| GMO internet group Inc. | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 27208<br>|
| NEC Corp. | &nbsp;&nbsp; 23100 | &nbsp;&nbsp; 741246<br>|
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 7906 | &nbsp;&nbsp; 303692<br>|
| NS Solutions Corp. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 29316<br>|
| Obic Co. Ltd. | &nbsp;&nbsp; 5870 | &nbsp;&nbsp; 204855<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| IT Services — continued | IT Services — continued | IT Services — continued |
| Otsuka Corp. | &nbsp;&nbsp; 4006 | &nbsp;&nbsp; $83763<br>|
| SCSK Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 80972<br>|
| SHIFT Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 22,853<br> \*<br>|
| TIS Inc. | &nbsp;&nbsp; 3976 | &nbsp;&nbsp; 131488<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 2454174 |
| Semiconductors & Semiconductor Equipment — 4.6% | Semiconductors & Semiconductor Equipment — 4.6% | Semiconductors & Semiconductor Equipment — 4.6% |
| Advantest Corp. | &nbsp;&nbsp; 13648 | &nbsp;&nbsp; 1353849<br>|
| Disco Corp. | &nbsp;&nbsp; 1592 | &nbsp;&nbsp; 501364<br>|
| Kioxia Holdings Corp. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 39,611<br> \*<br>|
| Kokusai Electric Corp. | &nbsp;&nbsp; 3237 | &nbsp;&nbsp; 92035<br>|
| Lasertec Corp. | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 206783<br>|
| Renesas Electronics Corp. | &nbsp;&nbsp; 29658 | &nbsp;&nbsp; 342598<br>|
| Rohm Co. Ltd. | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 94360<br>|
| Rorze Corp. | &nbsp;&nbsp; 1686 | &nbsp;&nbsp; 25384<br>|
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 1609 | &nbsp;&nbsp; 146644<br>|
| Socionext Inc. | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 62342<br>|
| SUMCO Corp. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 57662<br>|
| Tokyo Electron Ltd. | &nbsp;&nbsp; 8300 | &nbsp;&nbsp; 1481450<br>|
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 44119<br>|
| Ulvac Inc. | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 36855<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 4485056 |
| Software — 0.3% | Software — 0.3% | Software — 0.3% |
| Justsystems Corp. | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 12987<br>|
| Money Forward Inc. | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 31,783<br> \*<br>|
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 33520<br>|
| Oracle Corp. Japan | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 57973<br>|
| Rakus Co. Ltd. | &nbsp;&nbsp; 3510 | &nbsp;&nbsp; 32275<br>|
| Trend Micro Inc. | &nbsp;&nbsp; 2334 | &nbsp;&nbsp; 128012<br>|
| Total Software | Total Software | &nbsp;&nbsp; 296550 |
| Technology Hardware, Storage & Peripherals — 1.3% | Technology Hardware, Storage & Peripherals — 1.3% | Technology Hardware, Storage & Peripherals — 1.3% |
| Brother Industries Ltd. | &nbsp;&nbsp; 4004 | &nbsp;&nbsp; 67196<br>|
| Canon Inc. | &nbsp;&nbsp; 16306 | &nbsp;&nbsp; 478851<br>|
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 21537 | &nbsp;&nbsp; 536803<br>|
| Konica Minolta Inc. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 28964<br>|
| Ricoh Co. Ltd. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 95543<br>|
| Seiko Epson Corp. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 69399<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 1276756 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **12383713** |
| **Materials — 4.8%** | **Materials — 4.8%** | **Materials — 4.8%** |
| Chemicals — 3.4% | Chemicals — 3.4% | Chemicals — 3.4% |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 981 | &nbsp;&nbsp; 24737<br>|
| Air Water Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 58591<br>|
| Asahi Kasei Corp. | &nbsp;&nbsp; 24300 | &nbsp;&nbsp; 191606<br>|
| Daicel Corp. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 49344<br>|
| DIC Corp. | &nbsp;&nbsp; 1567 | &nbsp;&nbsp; 38728<br>|
| Kaneka Corp. | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 22168<br>|
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 44087<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; $62287<br>|
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 24300 | &nbsp;&nbsp; 140072<br>|
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 2660 | &nbsp;&nbsp; 47595<br>|
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 67680<br>|
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 25403<br>|
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 129255<br>|
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 3604 | &nbsp;&nbsp; 128044<br>|
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 33347<br>|
| Nissan Chemical Corp. | &nbsp;&nbsp; 2726 | &nbsp;&nbsp; 99121<br>|
| Nitto Denko Corp. | &nbsp;&nbsp; 12715 | &nbsp;&nbsp; 302797<br>|
| NOF Corp. | &nbsp;&nbsp; 3790 | &nbsp;&nbsp; 66389<br>|
| Resonac Holdings Corp. | &nbsp;&nbsp; 3260 | &nbsp;&nbsp; 110834<br>|
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 34682 | &nbsp;&nbsp; 1139667<br>|
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 40830<br>|
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 29700 | &nbsp;&nbsp; 93734<br>|
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 38298<br>|
| Teijin Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 23008<br>|
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 18840<br>|
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 1925 | &nbsp;&nbsp; 63191<br>|
| Toray Industries Inc. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp; 172821<br>|
| Tosoh Corp. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 80058<br>|
| UBE Corp. | &nbsp;&nbsp; 1686 | &nbsp;&nbsp; 26075<br>|
| Zeon Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 30102<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 3368709 |
| Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 2112 | &nbsp;&nbsp; 54986<br>|
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| FP Corp. | &nbsp;&nbsp; 876 | &nbsp;&nbsp; 14930<br>|
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 61702<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 76632 |
| Metals & Mining — 1.1% | Metals & Mining — 1.1% | Metals & Mining — 1.1% |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 23374<br>|
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 28692<br>|
| JFE Holdings Inc. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 132838<br>|
| JX Advanced Metals Corp. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 143368<br>|
| Kobe Steel Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 63933<br>|
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 3171 | &nbsp;&nbsp; 27644<br>|
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 50788<br>|
| Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp; 1084 | &nbsp;&nbsp; 84446<br>|
| Nippon Steel Corp. | &nbsp;&nbsp; 92500 | &nbsp;&nbsp; 381750<br>|
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 4332 | &nbsp;&nbsp; 139829<br>|
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 40518<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 1117180 |
| Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% |
| Oji Holdings Corp. | &nbsp;&nbsp; 16200 | &nbsp;&nbsp; 88742<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4706249** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Real Estate — 3.7%** | **Real Estate — 3.7%** | **Real Estate — 3.7%** |
| Diversified REITs — 0.4% | Diversified REITs — 0.4% | Diversified REITs — 0.4% |
| Activia Properties Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; $37367<br>|
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 69960<br>|
| KDX Realty Investment Corp. | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 81007<br>|
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 87974<br>|
| Sekisui House Reit Inc. | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 43658<br>|
| United Urban Investment Corp. | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 70455<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 390421 |
| Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% |
| Invincible Investment Corp. | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 61611<br>|
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 48923<br>|
| Total Hotel & Resort REITs | Total Hotel & Resort REITs | &nbsp;&nbsp; 110534 |
| Industrial REITs — 0.3% | Industrial REITs — 0.3% | Industrial REITs — 0.3% |
| GLP J-Reit | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 74866<br>|
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 49654<br>|
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 33773<br>|
| LaSalle Logiport REIT | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 26235<br>|
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 40307<br>|
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 80149<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 304984 |
| Office REITs — 0.4% | Office REITs — 0.4% | Office REITs — 0.4% |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 22243<br>|
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 46773<br>|
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 107062<br>|
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 26144<br>|
| Nippon Building Fund Inc. | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 127518<br>|
| Orix JREIT Inc. | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 73275<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 403015 |
| Real Estate Management & Development — 2.2% | Real Estate Management & Development — 2.2% | Real Estate Management & Development — 2.2% |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 5355 | &nbsp;&nbsp; 117662<br>|
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 10836 | &nbsp;&nbsp; 390341<br>|
| Hulic Co. Ltd. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 88851<br>|
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 20823 | &nbsp;&nbsp; 479810<br>|
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 48600 | &nbsp;&nbsp; 530804<br>|
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 51781<br>|
| Relo Group Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 32625<br>|
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 5833 | &nbsp;&nbsp; 257989<br>|
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 3443 | &nbsp;&nbsp; 69135<br>|
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 89583<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 2108581 |
| Residential REITs — 0.1% | Residential REITs — 0.1% | Residential REITs — 0.1% |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 60733<br>|
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 19635<br>|
| Mitsui Fudosan Accommodations Fund Inc. | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 39327<br>|
| Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 119695 |
| Retail REITs — 0.2% | Retail REITs — 0.2% | Retail REITs — 0.2% |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 23712<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Retail REITs — continued | Retail REITs — continued | Retail REITs — continued | Retail REITs — continued |
| Frontier Real Estate Investment Corp. | Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 49 | &nbsp;&nbsp; $29629<br>|
| Japan Metropolitan Fund Invest | Japan Metropolitan Fund Invest | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 103934<br>|
| Total Retail REITs | Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 157275 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **3594505** |
| **Utilities — 1.3%** | **Utilities — 1.3%** | **Utilities — 1.3%** | **Utilities — 1.3%** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% |
| Chubu Electric Power Co. Inc. | Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 188169<br>|
| Chugoku Electric Power Co. Inc. | Chugoku Electric Power Co. Inc. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 30835<br>|
| Kansai Electric Power Co. Inc. | Kansai Electric Power Co. Inc. | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 271115<br>|
| Kyushu Electric Power Co. Inc. | Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 81145<br>|
| Shikoku Electric Power Co. Inc. | Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 24041<br>|
| Tohoku Electric Power Co. Inc. | Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 59015<br>|
| Tokyo Electric Power Co. Holdings Inc. | Tokyo Electric Power Co. Holdings Inc. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp; 126,915<br> \*<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 781235 |
| Gas Utilities — 0.5% | Gas Utilities — 0.5% | Gas Utilities — 0.5% | Gas Utilities — 0.5% |
| Osaka Gas Co. Ltd. | Osaka Gas Co. Ltd. | &nbsp;&nbsp; 6726 | &nbsp;&nbsp; 195333<br>|
| Toho Gas Co. Ltd. | Toho Gas Co. Ltd. | &nbsp;&nbsp; 1467 | &nbsp;&nbsp; 45276<br>|
| Tokyo Gas Co. Ltd. | Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 6635 | &nbsp;&nbsp; 236494<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 477103 |
| Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† |
| Electric Power Development Co. Ltd. | Electric Power Development Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 50724<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1309062** |
| **Total Investments before Short-Term Investments (Cost — $78,129,375)** | **Total Investments before Short-Term Investments (Cost — $78,129,375)** | **Total Investments before Short-Term Investments (Cost — $78,129,375)** | &nbsp;&nbsp; **97297994** |
|  | Rate |  |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $6,092)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 6092<br>| &nbsp;&nbsp; **6092**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.3% (Cost — $78,135,467)** | **Total Investments — 99.3% (Cost — $78,135,467)** | **Total Investments — 99.3% (Cost — $78,135,467)** | &nbsp;&nbsp; **97304086** |
| Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | &nbsp;&nbsp; 698985 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$98003071** |

---

&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> | 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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $6,092 and the cost was $6,092 (Note 6).<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:** |
| REIT |  | Real Estate Investment Trust |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Japan Hedged ETF**

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Mini Tokyo Topix Index | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $934425 | &nbsp;&nbsp;&nbsp; $935803 | &nbsp;&nbsp;&nbsp; **$1378** |

---

At September 30, 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>|
| JPY | &nbsp;&nbsp; 3504479000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 23729176 | State Street Bank and Trust Co. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; $241 |
| USD | &nbsp;&nbsp; 23947120 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 3504479000 | State Street Bank and Trust Co. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; 217702 |
| JPY | &nbsp;&nbsp; 3504479000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 23729176 | UBS Securities LLC | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; 241 |
| USD | &nbsp;&nbsp; 23946940 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 3504479000 | UBS Securities LLC | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; 217523 |
| JPY | &nbsp;&nbsp; 7008958000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 47458610 | Wells Fargo Securities LLC | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; 225 |
| USD | &nbsp;&nbsp; 47895221 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 7008958000 | Wells Fargo Securities LLC | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; 436387 |
| USD | &nbsp;&nbsp; 24684140 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 3632602000 | State Street Bank and Trust Co. | &nbsp;&nbsp; 11/5/25 | (745) |
| USD | &nbsp;&nbsp; 24684325 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 3632602000 | UBS Securities LLC | &nbsp;&nbsp; 11/5/25 | (561) |
| USD | &nbsp;&nbsp; 49369287 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 7265204000 | Wells Fargo Securities LLC | &nbsp;&nbsp; 11/5/25 | (484) |
| **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; **$870529** |

---

&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:** |
| JPY |  | Japanese Yen |
| USD |  | United States Dollar |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 80.5%** | **Common Stocks — 80.5%** | **Common Stocks — 80.5%** |
| **Communication Services — 4.2%** | **Communication Services — 4.2%** | **Communication Services — 4.2%** |
| Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% |
| Operadora De Sites Mexicanos SAB de CV | &nbsp;&nbsp; 45951 | &nbsp;&nbsp; $43212<br>|
| Telefonica Brasil SA | &nbsp;&nbsp; 45300 | &nbsp;&nbsp; 289805<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 333017 |
| Media — 0.4% | Media — 0.4% | Media — 0.4% |
| Megacable Holdings SAB de CV | &nbsp;&nbsp; 44370 | &nbsp;&nbsp; 142846<br>|
| Wireless Telecommunication Services — 3.0% | Wireless Telecommunication Services — 3.0% | Wireless Telecommunication Services — 3.0% |
| America Movil SAB de CV | &nbsp;&nbsp; 922726 | &nbsp;&nbsp; 964880<br>|
| TIM SA | &nbsp;&nbsp; 47600 | &nbsp;&nbsp; 210044<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 1174924 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1650787** |
| **Consumer Discretionary — 3.0%** | **Consumer Discretionary — 3.0%** | **Consumer Discretionary — 3.0%** |
| Broadline Retail — 0.9% | Broadline Retail — 0.9% | Broadline Retail — 0.9% |
| El Puerto de Liverpool SAB de CV, Class C1 Shares | &nbsp;&nbsp; 11628 | &nbsp;&nbsp; 58640<br>|
| Falabella SA | &nbsp;&nbsp; 49249 | &nbsp;&nbsp; 291946<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 350586 |
| Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% |
| Alsea SAB de CV | &nbsp;&nbsp; 28713 | &nbsp;&nbsp; 95,337<br> \*<br>|
| Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp; 25500 | &nbsp;&nbsp; 127750<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 223087 |
| Specialty Retail — 1.6% | Specialty Retail — 1.6% | Specialty Retail — 1.6% |
| Empresas Copec SA | &nbsp;&nbsp; 23341 | &nbsp;&nbsp; 170892<br>|
| Lojas Renner SA | &nbsp;&nbsp; 58600 | &nbsp;&nbsp; 166484<br>|
| Vibra Energia SA | &nbsp;&nbsp; 62900 | &nbsp;&nbsp; 290432<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 627808 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1201481** |
| **Consumer Staples — 13.3%** | **Consumer Staples — 13.3%** | **Consumer Staples — 13.3%** |
| Beverages — 6.2% | Beverages — 6.2% | Beverages — 6.2% |
| Ambev SA | &nbsp;&nbsp; 256700 | &nbsp;&nbsp; 582757<br>|
| Arca Continental SAB de CV | &nbsp;&nbsp; 51561 | &nbsp;&nbsp; 540065<br>|
| Becle SAB de CV | &nbsp;&nbsp; 28050 | &nbsp;&nbsp; 29959<br>|
| Cia Cervecerias Unidas SA | &nbsp;&nbsp; 7429 | &nbsp;&nbsp; 45646<br>|
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 30889 | &nbsp;&nbsp; 256025<br>|
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 102578 | &nbsp;&nbsp; 1010477<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 2464929 |
| Consumer Staples Distribution & Retail — 4.3% | Consumer Staples Distribution & Retail — 4.3% | Consumer Staples Distribution & Retail — 4.3% |
| Cencosud SA | &nbsp;&nbsp; 74834 | &nbsp;&nbsp; 212856<br>|
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 134572<br>|
| Grupo Mateus SA | &nbsp;&nbsp; 28900 | &nbsp;&nbsp; 37715<br>|
| Raia Drogasil SA | &nbsp;&nbsp; 74800 | &nbsp;&nbsp; 258718<br>|
| Sendas Distribuidora S/A | &nbsp;&nbsp; 79900 | &nbsp;&nbsp; 142680<br>|
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 299540 | &nbsp;&nbsp; 924314<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1710855 |
| Food Products — 2.0% | Food Products — 2.0% | Food Products — 2.0% |
| Alfa SAB de CV, Class A Shares | &nbsp;&nbsp; 146608 | &nbsp;&nbsp; 117398<br>|
| Gruma SAB de CV, Class B Shares | &nbsp;&nbsp; 9605 | &nbsp;&nbsp; 178127<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Food Products — continued | Food Products — continued | Food Products — continued |
| Grupo Bimbo SAB de CV, Class A Shares | &nbsp;&nbsp; 71468 | &nbsp;&nbsp; $253554<br>|
| M Dias Branco SA | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 36697<br>|
| MBRF Global Foods Co. SA | &nbsp;&nbsp; 48700 | &nbsp;&nbsp; 177588<br>|
| SLC Agricola SA | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 31430<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 794794 |
| Household Products — 0.5% | Household Products — 0.5% | Household Products — 0.5% |
| Kimberly-Clark de Mexico SAB de CV, Class A Shares | &nbsp;&nbsp; 92803 | &nbsp;&nbsp; 196110<br>|
| Personal Care Products — 0.3% | Personal Care Products — 0.3% | Personal Care Products — 0.3% |
| Natura Cosmeticos SA | &nbsp;&nbsp; 52700 | &nbsp;&nbsp; 92,525<br> \*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **5259213** |
| **Energy — 5.5%** | **Energy — 5.5%** | **Energy — 5.5%** |
| Oil, Gas & Consumable Fuels — 5.5% | Oil, Gas & Consumable Fuels — 5.5% | Oil, Gas & Consumable Fuels — 5.5% |
| Brava Energia | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 80,353<br> \*<br>|
| Cosan SA | &nbsp;&nbsp; 69700 | &nbsp;&nbsp; 80,752<br> \*<br>|
| Ecopetrol SA | &nbsp;&nbsp; 267954 | &nbsp;&nbsp; 122481<br>|
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 217600 | &nbsp;&nbsp; 1380238<br>|
| PRIO SA | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 326,488<br> \*<br>|
| Ultrapar Participacoes SA | &nbsp;&nbsp; 42500 | &nbsp;&nbsp; 175329<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2165641** |
| **Financials — 15.7%** | **Financials — 15.7%** | **Financials — 15.7%** |
| Banks — 10.4% | Banks — 10.4% | Banks — 10.4% |
| Banco Bradesco SA | &nbsp;&nbsp; 86700 | &nbsp;&nbsp; 247945<br>|
| Banco de Chile | &nbsp;&nbsp; 2620992 | &nbsp;&nbsp; 397941<br>|
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 4573 | &nbsp;&nbsp; 202125<br>|
| Banco del Bajio SA | &nbsp;&nbsp; 47277 | &nbsp;&nbsp; 118937<br> <sup>(a)</sup><br>|
| Banco do Brasil SA | &nbsp;&nbsp; 100700 | &nbsp;&nbsp; 417696<br>|
| Banco Itau Chile SA | &nbsp;&nbsp; 3519 | &nbsp;&nbsp; 54164<br>|
| Banco Santander Brasil SA | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 131389<br>|
| Banco Santander Chile | &nbsp;&nbsp; 3604595 | &nbsp;&nbsp; 238721<br>|
| Grupo Financiero Banorte SAB de CV, Class O Shares | &nbsp;&nbsp; 169779 | &nbsp;&nbsp; 1708487<br>|
| Grupo Financiero Inbursa SAB de CV, Class O Shares | &nbsp;&nbsp; 104771 | &nbsp;&nbsp; 287810<br>|
| Itau Unibanco Holding SA | &nbsp;&nbsp; 28900 | &nbsp;&nbsp; 188034<br>|
| Regional SAB de CV | &nbsp;&nbsp; 14790 | &nbsp;&nbsp; 133011<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 4126260 |
| Capital Markets — 3.5% | Capital Markets — 3.5% | Capital Markets — 3.5% |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 306000 | &nbsp;&nbsp; 769948<br>|
| Banco BTG Pactual SA | &nbsp;&nbsp; 69700 | &nbsp;&nbsp; 631620<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 1401568 |
| Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% |
| Gentera SAB de CV | &nbsp;&nbsp; 63529 | &nbsp;&nbsp; 164571<br>|
| Insurance — 1.4% | Insurance — 1.4% | Insurance — 1.4% |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 37400 | &nbsp;&nbsp; 233577<br>|
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 35700 | &nbsp;&nbsp; 101290<br>|
| Porto Seguro SA | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 101114<br>|
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 11747 | &nbsp;&nbsp; 107298<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 543279 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **6235678** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Health Care — 1.6%** | **Health Care — 1.6%** | **Health Care — 1.6%** |
| Health Care Providers & Services — 1.4% | Health Care Providers & Services — 1.4% | Health Care Providers & Services — 1.4% |
| Hapvida Participacoes e Investimentos S/A | &nbsp;&nbsp; 18700 | &nbsp;&nbsp; $125,883<br> \*<sup>(a)</sup><br>|
| Rede D'Or Sao Luiz SA | &nbsp;&nbsp; 57400 | &nbsp;&nbsp; 453548<br> <sup>(a)</sup><br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 579431 |
| Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% |
| Hypera SA | &nbsp;&nbsp; 17300 | &nbsp;&nbsp; 73838<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **653269** |
| **Industrials — 10.4%** | **Industrials — 10.4%** | **Industrials — 10.4%** |
| Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% |
| Embraer SA | &nbsp;&nbsp; 40900 | &nbsp;&nbsp; 616624<br>|
| Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% |
| Ambipar Participacoes e Empreendimentos S/A | &nbsp;&nbsp; 51000 | &nbsp;&nbsp; 81,592<br> \*<br>|
| GPS Participacoes e Empreendimentos SA | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 84464<br> <sup>(a)</sup><br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 166056 |
| Electrical Equipment — 1.5% | Electrical Equipment — 1.5% | Electrical Equipment — 1.5% |
| WEG SA | &nbsp;&nbsp; 87500 | &nbsp;&nbsp; 601182<br>|
| Ground Transportation — 1.5% | Ground Transportation — 1.5% | Ground Transportation — 1.5% |
| Localiza Rent a Car SA | &nbsp;&nbsp; 51200 | &nbsp;&nbsp; 379273<br>|
| Rumo SA | &nbsp;&nbsp; 71400 | &nbsp;&nbsp; 214111<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 593384 |
| Industrial Conglomerates — 0.8% | Industrial Conglomerates — 0.8% | Industrial Conglomerates — 0.8% |
| Grupo Carso SAB de CV, Series A1 Shares | &nbsp;&nbsp; 31722 | &nbsp;&nbsp; 226281<br>|
| Quinenco SA | &nbsp;&nbsp; 16745 | &nbsp;&nbsp; 74012<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 300293 |
| Marine Transportation — 0.1% | Marine Transportation — 0.1% | Marine Transportation — 0.1% |
| Cia Sud Americana de Vapores SA | &nbsp;&nbsp; 750380 | &nbsp;&nbsp; 39254<br>|
| Passenger Airlines — 1.0% | Passenger Airlines — 1.0% | Passenger Airlines — 1.0% |
| Latam Airlines Group SA | &nbsp;&nbsp; 17088468 | &nbsp;&nbsp; 388,316<br> \*<br>|
| Transportation Infrastructure — 3.5% | Transportation Infrastructure — 3.5% | Transportation Infrastructure — 3.5% |
| Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp; 15980 | &nbsp;&nbsp; 206570<br>|
| Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | &nbsp;&nbsp; 24021 | &nbsp;&nbsp; 567227<br>|
| Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | &nbsp;&nbsp; 9299 | &nbsp;&nbsp; 299987<br>|
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 69700 | &nbsp;&nbsp; 194747<br>|
| Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp; 10268 | &nbsp;&nbsp; 139935<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 1408466 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **4113575** |
| **Information Technology — 0.7%** | **Information Technology — 0.7%** | **Information Technology — 0.7%** |
| Software — 0.7% | Software — 0.7% | Software — 0.7% |
| TOTVS SA | &nbsp;&nbsp; 31500 | &nbsp;&nbsp; **271670**<br>|
| **Materials — 15.1%** | **Materials — 15.1%** | **Materials — 15.1%** |
| Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% |
| Alpek SAB de CV | &nbsp;&nbsp; 22219 | &nbsp;&nbsp; 12047<br>|
| Controladora Alpek SAB de CV | &nbsp;&nbsp; 245973 | &nbsp;&nbsp; 40,655<br> \*<br>|
| Orbia Advance Corp. SAB de CV | &nbsp;&nbsp; 50473 | &nbsp;&nbsp; 48759<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 101461 |
| Construction Materials — 2.4% | Construction Materials — 2.4% | Construction Materials — 2.4% |
| Cementos Argos SA | &nbsp;&nbsp; 32742 | &nbsp;&nbsp; 88627<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction Materials — continued | Construction Materials — continued | Construction Materials — continued |
| Cemex SAB de CV | &nbsp;&nbsp; 890851 | &nbsp;&nbsp; $796943<br>|
| GCC SAB de CV | &nbsp;&nbsp; 9707 | &nbsp;&nbsp; 91841<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 977411 |
| Containers & Packaging — 0.4% | Containers & Packaging — 0.4% | Containers & Packaging — 0.4% |
| Klabin SA | &nbsp;&nbsp; 44200 | &nbsp;&nbsp; 149725<br>|
| Metals & Mining — 10.9% | Metals & Mining — 10.9% | Metals & Mining — 10.9% |
| Cia Siderurgica Nacional SA | &nbsp;&nbsp; 35700 | &nbsp;&nbsp; 52958<br>|
| CSN Mineracao SA | &nbsp;&nbsp; 25500 | &nbsp;&nbsp; 26479<br>|
| Grupo Mexico SAB de CV, Series B Shares | &nbsp;&nbsp; 167620 | &nbsp;&nbsp; 1460372<br>|
| Industrias Penoles SAB de CV | &nbsp;&nbsp; 11050 | &nbsp;&nbsp; 493,355<br> \*<br>|
| Vale SA | &nbsp;&nbsp; 210950 | &nbsp;&nbsp; 2280797<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 4313961 |
| Paper & Forest Products — 1.2% | Paper & Forest Products — 1.2% | Paper & Forest Products — 1.2% |
| Empresas CMPC SA | &nbsp;&nbsp; 65365 | &nbsp;&nbsp; 96360<br>|
| Suzano SA | &nbsp;&nbsp; 39800 | &nbsp;&nbsp; 372923<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 469283 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **6011841** |
| **Real Estate — 2.7%** | **Real Estate — 2.7%** | **Real Estate — 2.7%** |
| Diversified REITs — 0.8% | Diversified REITs — 0.8% | Diversified REITs — 0.8% |
| Concentradora Fibra Danhos SA de CV | &nbsp;&nbsp; 51578 | &nbsp;&nbsp; 79340<br>|
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 163064 | &nbsp;&nbsp; 240071<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 319411 |
| Industrial REITs — 0.6% | Industrial REITs — 0.6% | Industrial REITs — 0.6% |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 61761 | &nbsp;&nbsp; 252603<br>|
| Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% |
| Allos SA | &nbsp;&nbsp; 19100 | &nbsp;&nbsp; 92639<br>|
| Cencosud Shopping SA | &nbsp;&nbsp; 28492 | &nbsp;&nbsp; 63716<br>|
| Corp. Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp; 49759 | &nbsp;&nbsp; 140707<br>|
| Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp; 18700 | &nbsp;&nbsp; 102111<br>|
| Plaza SA | &nbsp;&nbsp; 38046 | &nbsp;&nbsp; 102875<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 502048 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1074062** |
| **Utilities — 8.3%** | **Utilities — 8.3%** | **Utilities — 8.3%** |
| Electric Utilities — 5.2% | Electric Utilities — 5.2% | Electric Utilities — 5.2% |
| Alupar Investimento SA | &nbsp;&nbsp; 17640 | &nbsp;&nbsp; 105961<br>|
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 68000 | &nbsp;&nbsp; 670609<br>|
| Cia Energetica de Minas Gerais | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 9244<br>|
| Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 47600 | &nbsp;&nbsp; 107972<br>|
| CPFL Energia SA | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 75463<br>|
| Enel Americas SA | &nbsp;&nbsp; 1114214 | &nbsp;&nbsp; 112401<br>|
| Enel Chile SA | &nbsp;&nbsp; 1454894 | &nbsp;&nbsp; 112573<br>|
| Energisa S/A | &nbsp;&nbsp; 15900 | &nbsp;&nbsp; 151848<br>|
| Equatorial Energia SA | &nbsp;&nbsp; 59500 | &nbsp;&nbsp; 412826<br>|
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 22593 | &nbsp;&nbsp; 134773<br>|
| Neoenergia SA | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 64130<br>|
| Transmissora Alianca de Energia Eletrica S/A | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 93620<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 2051420 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Independent Power and Renewable Electricity Producers — 1.0% | Independent Power and Renewable Electricity Producers — 1.0% | Independent Power and Renewable Electricity Producers — 1.0% | Independent Power and Renewable Electricity Producers — 1.0% |
| Auren Energia SA | Auren Energia SA | &nbsp;&nbsp; 18700 | &nbsp;&nbsp; $36062<br>|
| Colbun SA | Colbun SA | &nbsp;&nbsp; 422943 | &nbsp;&nbsp; 66863<br>|
| Eneva SA | Eneva SA | &nbsp;&nbsp; 54400 | &nbsp;&nbsp; 169,056<br> \*<br>|
| Engie Brasil Energia SA | Engie Brasil Energia SA | &nbsp;&nbsp; 15300 | &nbsp;&nbsp; 116929<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 388910 |
| Water Utilities — 2.1% | Water Utilities — 2.1% | Water Utilities — 2.1% | Water Utilities — 2.1% |
| Aguas Andinas SA, Class A Shares | Aguas Andinas SA, Class A Shares | &nbsp;&nbsp; 151351 | &nbsp;&nbsp; 57452<br>|
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp; 26900 | &nbsp;&nbsp; 667607<br>|
| Cia De Sanena Do Parana | Cia De Sanena Do Parana | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 118270<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 843329 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3283659** |
| **Total Common Stocks (Cost — $24,745,237)** | **Total Common Stocks (Cost — $24,745,237)** | **Total Common Stocks (Cost — $24,745,237)** | &nbsp;&nbsp; **31920876**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 18.5%** | **Preferred Stocks — 18.5%** | **Preferred Stocks — 18.5%** | **Preferred Stocks — 18.5%** |
| **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** |
| Beverages — 0.3% | Beverages — 0.3% | Beverages — 0.3% | Beverages — 0.3% |
| Embotelladora Andina SA, Class B Shares  | &nbsp;&nbsp; 4.095% | &nbsp;&nbsp; 23375 | &nbsp;&nbsp; **92086**<br> <sup>(b)</sup><br>|
| **Energy — 4.0%** | **Energy — 4.0%** | **Energy — 4.0%** | **Energy — 4.0%** |
| Oil, Gas & Consumable Fuels — 4.0% | Oil, Gas & Consumable Fuels — 4.0% | Oil, Gas & Consumable Fuels — 4.0% | Oil, Gas & Consumable Fuels — 4.0% |
| Petroleo Brasileiro SA - Petrobras  | &nbsp;&nbsp; 0.365% | &nbsp;&nbsp; 266900 | &nbsp;&nbsp; **1576677**<br> <sup>(b)</sup><br>|
| **Financials — 11.1%** | **Financials — 11.1%** | **Financials — 11.1%** | **Financials — 11.1%** |
| Banks — 11.0% | Banks — 11.0% | Banks — 11.0% | Banks — 11.0% |
| Banco Bradesco SA  | &nbsp;&nbsp; 1.428% | &nbsp;&nbsp; 304300 | &nbsp;&nbsp; 1010800<br> <sup>(b)</sup><br>|
| Grupo Cibest SA  | &nbsp;&nbsp; 1.222% | &nbsp;&nbsp; 25721 | &nbsp;&nbsp; 335369<br> <sup>(b)</sup><br>|
| Itau Unibanco Holding SA  | &nbsp;&nbsp; 0.038% | &nbsp;&nbsp; 311100 | &nbsp;&nbsp; 2282333<br> <sup>(b)</sup><br>|
| Itausa SA  | &nbsp;&nbsp; 0.174% | &nbsp;&nbsp; 338300 | &nbsp;&nbsp; 728620<br> <sup>(b)</sup><br>|
| Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 4357122 |
| Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% |
| Grupo de Inversiones Suramericana SA  | &nbsp;&nbsp; 1.056% | &nbsp;&nbsp; 5763 | &nbsp;&nbsp; 52244<br> <sup>(b)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **4409366** |
| **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** |
| Chemicals — 0.9% | Chemicals — 0.9% | Chemicals — 0.9% | Chemicals — 0.9% |
| Braskem SA, Class A Shares  | &nbsp;&nbsp; — | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 14,681<br> \*<br>|
| Sociedad Quimica y Minera de Chile SA, Class B Shares  | &nbsp;&nbsp; 0.001% | &nbsp;&nbsp; 8313 | &nbsp;&nbsp; 358657<br> <sup>(b)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 373338 |
| Metals & Mining — 0.8% | Metals & Mining — 0.8% | Metals & Mining — 0.8% | Metals & Mining — 0.8% |
| Gerdau SA  | &nbsp;&nbsp; 0.722% | &nbsp;&nbsp; 76500 | &nbsp;&nbsp; 238598<br> <sup>(b)</sup><br>|
| Metalurgica Gerdau SA  | &nbsp;&nbsp; 0.840% | &nbsp;&nbsp; 35700 | &nbsp;&nbsp; 63817<br> <sup>(b)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 302415 |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **675753** |
| **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% |
| Centrais Eletricas Brasileiras SA, Class B Shares  | &nbsp;&nbsp; 3.486% | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 141655<br> <sup>(b)</sup><br>|
| Cia Energetica de Minas Gerais  | &nbsp;&nbsp; 0.806% | &nbsp;&nbsp; 95200 | &nbsp;&nbsp; 199318<br> <sup>(b)</sup><br>|
| Cia Paranaense de Energia - Copel, Class B Shares  | &nbsp;&nbsp; 3.403% | &nbsp;&nbsp; 60992 | &nbsp;&nbsp; 147511<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Isa Energia Brasil SA  | &nbsp;&nbsp; 0.775% | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; $78751<br> <sup>(b)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **567235** |
| **Total Preferred Stocks (Cost — $5,477,608)** | **Total Preferred Stocks (Cost — $5,477,608)** | **Total Preferred Stocks (Cost — $5,477,608)** | &nbsp;&nbsp; **7321117** |
| **Total Investments before Short-Term Investments (Cost — $30,222,845)** | **Total Investments before Short-Term Investments (Cost — $30,222,845)** | **Total Investments before Short-Term Investments (Cost — $30,222,845)** | &nbsp;&nbsp; **39241993** |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $17,251)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 17251<br>| &nbsp;&nbsp; **17251**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.0% (Cost — $30,240,096)** | **Total Investments — 99.0% (Cost — $30,240,096)** | **Total Investments — 99.0% (Cost — $30,240,096)** | &nbsp;&nbsp; **39259244** |
| Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp; 401263 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$39660507** |

---

&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> | The rate shown represents the yield as of September 30, 2025. |
| <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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $17,251 and the cost was $17,251 (Note 6).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Bovespa Index | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10/25 | &nbsp;&nbsp;&nbsp; $261523 | &nbsp;&nbsp;&nbsp; $276306 | &nbsp;&nbsp;&nbsp; $14783 |
| Mex Bolsa Index | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; 136344 | &nbsp;&nbsp;&nbsp; 138388 | &nbsp;&nbsp;&nbsp; 2044 |
| **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; **$16827** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Mexico ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 8.8%** | **Communication Services — 8.8%** | **Communication Services — 8.8%** |
| Diversified Telecommunication Services — 0.4% | Diversified Telecommunication Services — 0.4% | Diversified Telecommunication Services — 0.4% |
| Operadora De Sites Mexicanos SAB de CV | &nbsp;&nbsp; 302400 | &nbsp;&nbsp; $284379<br>|
| Media — 1.3% | Media — 1.3% | Media — 1.3% |
| Megacable Holdings SAB de CV | &nbsp;&nbsp; 290934 | &nbsp;&nbsp; 936638<br>|
| Wireless Telecommunication Services — 7.1% | Wireless Telecommunication Services — 7.1% | Wireless Telecommunication Services — 7.1% |
| America Movil SAB de CV | &nbsp;&nbsp; 4694298 | &nbsp;&nbsp; 4908752<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **6129769** |
| **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** |
| Broadline Retail — 0.6% | Broadline Retail — 0.6% | Broadline Retail — 0.6% |
| El Puerto de Liverpool SAB de CV, Class C1 Shares | &nbsp;&nbsp; 76146 | &nbsp;&nbsp; 384001<br>|
| Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% |
| Alsea SAB de CV | &nbsp;&nbsp; 187866 | &nbsp;&nbsp; 623,778<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1007779** |
| **Consumer Staples — 29.3%** | **Consumer Staples — 29.3%** | **Consumer Staples — 29.3%** |
| Beverages — 14.2% | Beverages — 14.2% | Beverages — 14.2% |
| Arca Continental SAB de CV | &nbsp;&nbsp; 270984 | &nbsp;&nbsp; 2838367<br>|
| Becle SAB de CV | &nbsp;&nbsp; 184002 | &nbsp;&nbsp; 196523<br>|
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 202482 | &nbsp;&nbsp; 1678284<br>|
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 521094 | &nbsp;&nbsp; 5133199<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 9846373 |
| Consumer Staples Distribution & Retail — 8.1% | Consumer Staples Distribution & Retail — 8.1% | Consumer Staples Distribution & Retail — 8.1% |
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 111510 | &nbsp;&nbsp; 882713<br>|
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 1532370 | &nbsp;&nbsp; 4728551<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 5611264 |
| Food Products — 5.2% | Food Products — 5.2% | Food Products — 5.2% |
| Alfa SAB de CV, Class A Shares | &nbsp;&nbsp; 960960 | &nbsp;&nbsp; 769502<br>|
| Gruma SAB de CV, Class B Shares | &nbsp;&nbsp; 63000 | &nbsp;&nbsp; 1168348<br>|
| Grupo Bimbo SAB de CV, Class A Shares | &nbsp;&nbsp; 468468 | &nbsp;&nbsp; 1662029<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 3599879 |
| Household Products — 1.8% | Household Products — 1.8% | Household Products — 1.8% |
| Kimberly-Clark de Mexico SAB de CV, Class A Shares | &nbsp;&nbsp; 608328 | &nbsp;&nbsp; 1285511<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **20343027** |
| **Financials — 19.4%** | **Financials — 19.4%** | **Financials — 19.4%** |
| Banks — 16.9% | Banks — 16.9% | Banks — 16.9% |
| Banco del Bajio SA | &nbsp;&nbsp; 309918 | &nbsp;&nbsp; 779676<br> <sup>(a)</sup><br>|
| Grupo Financiero Banorte SAB de CV, Class O Shares | &nbsp;&nbsp; 814086 | &nbsp;&nbsp; 8192150<br>|
| Grupo Financiero Inbursa SAB de CV, Class O Shares | &nbsp;&nbsp; 685944 | &nbsp;&nbsp; 1884312<br>|
| Regional SAB de CV | &nbsp;&nbsp; 96978 | &nbsp;&nbsp; 872154<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 11728292 |
| Consumer Finance — 1.5% | Consumer Finance — 1.5% | Consumer Finance — 1.5% |
| Gentera SAB de CV | &nbsp;&nbsp; 416430 | &nbsp;&nbsp; 1078754<br>|
| Insurance — 1.0% | Insurance — 1.0% | Insurance — 1.0% |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 77028 | &nbsp;&nbsp; 703578<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **13510624** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Mexico ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Industrials — 12.2%** | **Industrials — 12.2%** | **Industrials — 12.2%** | **Industrials — 12.2%** |
| Industrial Conglomerates — 2.1% | Industrial Conglomerates — 2.1% | Industrial Conglomerates — 2.1% | Industrial Conglomerates — 2.1% |
| Grupo Carso SAB de CV, Series A1 Shares | Grupo Carso SAB de CV, Series A1 Shares | &nbsp;&nbsp; 207900 | &nbsp;&nbsp; $1482999<br>|
| Transportation Infrastructure — 10.1% | Transportation Infrastructure — 10.1% | Transportation Infrastructure — 10.1% | Transportation Infrastructure — 10.1% |
| Grupo Aeroportuario del Centro Norte SAB de CV | Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp; 104790 | &nbsp;&nbsp; 1354596<br>|
| Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | &nbsp;&nbsp; 119574 | &nbsp;&nbsp; 2823597<br>|
| Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | &nbsp;&nbsp; 59682 | &nbsp;&nbsp; 1925353<br>|
| Promotora y Operadora de Infraestructura SAB de CV | Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp; 67326 | &nbsp;&nbsp; 917536<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 7021082 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **8504081** |
| **Materials — 22.0%** | **Materials — 22.0%** | **Materials — 22.0%** | **Materials — 22.0%** |
| Chemicals — 1.0% | Chemicals — 1.0% | Chemicals — 1.0% | Chemicals — 1.0% |
| Alpek SAB de CV | Alpek SAB de CV | &nbsp;&nbsp; 143094 | &nbsp;&nbsp; 77587<br>|
| Controladora Alpek SAB de CV | Controladora Alpek SAB de CV | &nbsp;&nbsp; 1606206 | &nbsp;&nbsp; 265,474<br> \*<br>|
| Orbia Advance Corp. SAB de CV | Orbia Advance Corp. SAB de CV | &nbsp;&nbsp; 331926 | &nbsp;&nbsp; 320655<br>|
| Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 663716 |
| Construction Materials — 6.8% | Construction Materials — 6.8% | Construction Materials — 6.8% | Construction Materials — 6.8% |
| Cemex SAB de CV | Cemex SAB de CV | &nbsp;&nbsp; 4601814 | &nbsp;&nbsp; 4116719<br>|
| GCC SAB de CV | GCC SAB de CV | &nbsp;&nbsp; 63924 | &nbsp;&nbsp; 604806<br>|
| Total Construction Materials | Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 4721525 |
| Metals & Mining — 14.2% | Metals & Mining — 14.2% | Metals & Mining — 14.2% | Metals & Mining — 14.2% |
| Grupo Mexico SAB de CV, Series B Shares | Grupo Mexico SAB de CV, Series B Shares | &nbsp;&nbsp; 826686 | &nbsp;&nbsp; 7202416<br>|
| Industrias Penoles SAB de CV | Industrias Penoles SAB de CV | &nbsp;&nbsp; 60396 | &nbsp;&nbsp; 2,696,529<br> \*<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 9898945 |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **15284186** |
| **Real Estate — 6.7%** | **Real Estate — 6.7%** | **Real Estate — 6.7%** | **Real Estate — 6.7%** |
| Diversified REITs — 3.0% | Diversified REITs — 3.0% | Diversified REITs — 3.0% | Diversified REITs — 3.0% |
| Concentradora Fibra Danhos SA de CV | Concentradora Fibra Danhos SA de CV | &nbsp;&nbsp; 338100 | &nbsp;&nbsp; 520083<br>|
| Fibra Uno Administracion SA de CV | Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 1068900 | &nbsp;&nbsp; 1573686<br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 2093769 |
| Industrial REITs — 2.4% | Industrial REITs — 2.4% | Industrial REITs — 2.4% | Industrial REITs — 2.4% |
| Prologis Property Mexico SA de CV | Prologis Property Mexico SA de CV | &nbsp;&nbsp; 404880 | &nbsp;&nbsp; 1655961<br>|
| Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% |
| Corp. Inmobiliaria Vesta SAB de CV | Corp. Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp; 326172 | &nbsp;&nbsp; 922338<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4672068** |
| **Total Investments before Short-Term Investments (Cost — $63,065,818)** | **Total Investments before Short-Term Investments (Cost — $63,065,818)** | **Total Investments before Short-Term Investments (Cost — $63,065,818)** | &nbsp;&nbsp; **69451534** |
|  | Rate |  |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $287)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 287<br>| &nbsp;&nbsp; **287**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Investments — 99.9% (Cost — $63,066,105)** | **Total Investments — 99.9% (Cost — $63,066,105)** | **Total Investments — 99.9% (Cost — $63,066,105)** | &nbsp;&nbsp; **69451821** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 36936 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$69488757** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Mexico 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> | 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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $287 and the cost was $287 (Note 6).<br>|
| <sup>(d)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Saudi Arabia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Communication Services — 9.1%** | **Communication Services — 9.1%** | **Communication Services — 9.1%** |
| Diversified Telecommunication Services — 6.2% | Diversified Telecommunication Services — 6.2% | Diversified Telecommunication Services — 6.2% |
| Saudi Telecom Co. | &nbsp;&nbsp; 118365 | &nbsp;&nbsp; $1391267<br>|
| Media — 0.7% | Media — 0.7% | Media — 0.7% |
| Arabian Contracting Services Co. | &nbsp;&nbsp; 1222 | &nbsp;&nbsp; 32,813<br> \*<br>|
| Saudi Research & Media Group | &nbsp;&nbsp; 2457 | &nbsp;&nbsp; 119,568<br> \*<br>|
| Total Media | Total Media | &nbsp;&nbsp; 152381 |
| Wireless Telecommunication Services — 2.2% | Wireless Telecommunication Services — 2.2% | Wireless Telecommunication Services — 2.2% |
| Etihad Etisalat Co. | &nbsp;&nbsp; 23673 | &nbsp;&nbsp; 426407<br>|
| Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp; 27625 | &nbsp;&nbsp; 82207<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 508614 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2052262** |
| **Consumer Discretionary — 2.7%** | **Consumer Discretionary — 2.7%** | **Consumer Discretionary — 2.7%** |
| Hotels, Restaurants & Leisure — 1.4% | Hotels, Restaurants & Leisure — 1.4% | Hotels, Restaurants & Leisure — 1.4% |
| Jabal Omar Development Co. | &nbsp;&nbsp; 36270 | &nbsp;&nbsp; 187,433<br> \*<br>|
| Leejam Sports Co. JSC | &nbsp;&nbsp; 1547 | &nbsp;&nbsp; 58989<br>|
| Seera Group Holding | &nbsp;&nbsp; 8411 | &nbsp;&nbsp; 65,042<br> \*<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 311464 |
| Specialty Retail — 1.3% | Specialty Retail — 1.3% | Specialty Retail — 1.3% |
| Aldrees Petroleum and Transport Services Co. | &nbsp;&nbsp; 3068 | &nbsp;&nbsp; 102507<br>|
| Jarir Marketing Co. | &nbsp;&nbsp; 36881 | &nbsp;&nbsp; 137190<br>|
| United Electronics Co. | &nbsp;&nbsp; 2353 | &nbsp;&nbsp; 56249<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 295946 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **607410** |
| **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** |
| Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% |
| Abdullah Al Othaim Markets Co. | &nbsp;&nbsp; 27625 | &nbsp;&nbsp; 57089<br>|
| BinDawood Holding Co. | &nbsp;&nbsp; 15964 | &nbsp;&nbsp; 24051<br>|
| Nahdi Medical Co. | &nbsp;&nbsp; 3003 | &nbsp;&nbsp; 95290<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 176430 |
| Food Products — 2.4% | Food Products — 2.4% | Food Products — 2.4% |
| Almarai Co. JSC | &nbsp;&nbsp; 30719 | &nbsp;&nbsp; 412022<br>|
| Saudia Dairy & Foodstuff Co. | &nbsp;&nbsp; 949 | &nbsp;&nbsp; 68324<br>|
| Savola Group | &nbsp;&nbsp; 9217 | &nbsp;&nbsp; 60,952<br> \*<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 541298 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **717728** |
| **Energy — 11.7%** | **Energy — 11.7%** | **Energy — 11.7%** |
| Energy Equipment & Services — 0.6% | Energy Equipment & Services — 0.6% | Energy Equipment & Services — 0.6% |
| Ades Holding Co. | &nbsp;&nbsp; 21333 | &nbsp;&nbsp; 92666<br>|
| Arabian Drilling Co. | &nbsp;&nbsp; 1664 | &nbsp;&nbsp; 34964<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 127630 |
| Oil, Gas & Consumable Fuels — 11.1% | Oil, Gas & Consumable Fuels — 11.1% | Oil, Gas & Consumable Fuels — 11.1% |
| Rabigh Refining & Petrochemical Co. | &nbsp;&nbsp; 26169 | &nbsp;&nbsp; 51,498<br> \*<br>|
| Saudi Arabian Oil Co. | &nbsp;&nbsp; 372814 | &nbsp;&nbsp; 2447518<br> <sup>(a)</sup><br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 2499016 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2626646** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Saudi Arabia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Financials — 40.9%** | **Financials — 40.9%** | **Financials — 40.9%** |
| Banks — 38.0% | Banks — 38.0% | Banks — 38.0% |
| Al Rajhi Bank | &nbsp;&nbsp; 122941 | &nbsp;&nbsp; $3514286<br>|
| Alinma Bank | &nbsp;&nbsp; 76843 | &nbsp;&nbsp; 549142<br>|
| Arab National Bank | &nbsp;&nbsp; 55471 | &nbsp;&nbsp; 365497<br>|
| Bank AlBilad | &nbsp;&nbsp; 46111 | &nbsp;&nbsp; 354605<br>|
| Bank Al-Jazira | &nbsp;&nbsp; 39377 | &nbsp;&nbsp; 134,610<br> \*<br>|
| Banque Saudi Fransi | &nbsp;&nbsp; 76245 | &nbsp;&nbsp; 362907<br>|
| Riyad Bank | &nbsp;&nbsp; 92053 | &nbsp;&nbsp; 667656<br>|
| Saudi Awwal Bank | &nbsp;&nbsp; 62192 | &nbsp;&nbsp; 532003<br>|
| Saudi Investment Bank | &nbsp;&nbsp; 38415 | &nbsp;&nbsp; 146072<br>|
| Saudi National Bank | &nbsp;&nbsp; 182728 | &nbsp;&nbsp; 1909040<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 8535818 |
| Capital Markets — 0.8% | Capital Markets — 0.8% | Capital Markets — 0.8% |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 3016 | &nbsp;&nbsp; 165670<br>|
| Insurance — 2.1% | Insurance — 2.1% | Insurance — 2.1% |
| Al Rajhi Co. for Co.-operative Insurance | &nbsp;&nbsp; 3068 | &nbsp;&nbsp; 99,234<br> \*<br>|
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 4862 | &nbsp;&nbsp; 213787<br>|
| Co. for Cooperative Insurance | &nbsp;&nbsp; 4602 | &nbsp;&nbsp; 166891<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 479912 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **9181400** |
| **Health Care — 3.6%** | **Health Care — 3.6%** | **Health Care — 3.6%** |
| Health Care Providers & Services — 3.3% | Health Care Providers & Services — 3.3% | Health Care Providers & Services — 3.3% |
| Dallah Healthcare Co. | &nbsp;&nbsp; 2912 | &nbsp;&nbsp; 117017<br>|
| Dr Soliman Abdel Kader Fakeeh Hospital Co. | &nbsp;&nbsp; 3289 | &nbsp;&nbsp; 36309<br>|
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 6396 | &nbsp;&nbsp; 460488<br>|
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 5746 | &nbsp;&nbsp; 112845<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 726659 |
| Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% |
| Jamjoom Pharmaceuticals Factory Co. | &nbsp;&nbsp; 1716 | &nbsp;&nbsp; 72114<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **798773** |
| **Industrials — 2.1%** | **Industrials — 2.1%** | **Industrials — 2.1%** |
| Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 2457 | &nbsp;&nbsp; 118585<br>|
| Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% |
| Catrion Catering Holding Co. | &nbsp;&nbsp; 2522 | &nbsp;&nbsp; 66880<br>|
| Electrical Equipment — 0.6% | Electrical Equipment — 0.6% | Electrical Equipment — 0.6% |
| Riyadh Cables Group Co. | &nbsp;&nbsp; 4134 | &nbsp;&nbsp; 139997<br>|
| Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% |
| Astra Industrial Group Co. | &nbsp;&nbsp; 2327 | &nbsp;&nbsp; 86250<br>|
| Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% |
| Saudi Ground Services Co. | &nbsp;&nbsp; 5603 | &nbsp;&nbsp; 69563<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **481275** |
| **Information Technology — 2.1%** | **Information Technology — 2.1%** | **Information Technology — 2.1%** |
| IT Services — 2.1% | IT Services — 2.1% | IT Services — 2.1% |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 1534 | &nbsp;&nbsp; 105288<br>|
| Elm Co. | &nbsp;&nbsp; 1508 | &nbsp;&nbsp; 360091<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **465379** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Saudi Arabia ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Materials — 16.2%** | **Materials — 16.2%** | **Materials — 16.2%** | **Materials — 16.2%** |
| Chemicals — 9.2% | Chemicals — 9.2% | Chemicals — 9.2% | Chemicals — 9.2% |
| Advanced Petrochemical Co. | Advanced Petrochemical Co. | &nbsp;&nbsp; 7943 | &nbsp;&nbsp; $75,105<br> \*<br>|
| National Industrialization Co. | National Industrialization Co. | &nbsp;&nbsp; 20566 | &nbsp;&nbsp; 61,475<br> \*<br>|
| SABIC Agri-Nutrients Co. | SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 14638 | &nbsp;&nbsp; 465269<br>|
| Sahara International Petrochemical Co. | Sahara International Petrochemical Co. | &nbsp;&nbsp; 22282 | &nbsp;&nbsp; 121208<br>|
| Saudi Aramco Base Oil Co. | Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 3133 | &nbsp;&nbsp; 74478<br>|
| Saudi Basic Industries Corp. | Saudi Basic Industries Corp. | &nbsp;&nbsp; 56459 | &nbsp;&nbsp; 926631<br>|
| Saudi Industrial Investment Group | Saudi Industrial Investment Group | &nbsp;&nbsp; 20878 | &nbsp;&nbsp; 106667<br>|
| Saudi Kayan Petrochemical Co. | Saudi Kayan Petrochemical Co. | &nbsp;&nbsp; 46111 | &nbsp;&nbsp; 69,470<br> \*<br>|
| Yanbu National Petrochemical Co. | Yanbu National Petrochemical Co. | &nbsp;&nbsp; 17290 | &nbsp;&nbsp; 161088<br>|
| Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 2061391 |
| Construction Materials — 0.6% | Construction Materials — 0.6% | Construction Materials — 0.6% | Construction Materials — 0.6% |
| Qassim Cement Co. | Qassim Cement Co. | &nbsp;&nbsp; 3328 | &nbsp;&nbsp; 38212<br>|
| Saudi Cement Co. | Saudi Cement Co. | &nbsp;&nbsp; 4693 | &nbsp;&nbsp; 50857<br>|
| Yamama Cement Co. | Yamama Cement Co. | &nbsp;&nbsp; 6227 | &nbsp;&nbsp; 52703<br>|
| Total Construction Materials | Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 141772 |
| Metals & Mining — 6.4% | Metals & Mining — 6.4% | Metals & Mining — 6.4% | Metals & Mining — 6.4% |
| Saudi Arabian Mining Co. | Saudi Arabian Mining Co. | &nbsp;&nbsp; 84331 | &nbsp;&nbsp; 1,439,172<br> \*<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **3642335** |
| **Real Estate — 3.4%** | **Real Estate — 3.4%** | **Real Estate — 3.4%** | **Real Estate — 3.4%** |
| Real Estate Management & Development — 3.4% | Real Estate Management & Development — 3.4% | Real Estate Management & Development — 3.4% | Real Estate Management & Development — 3.4% |
| Arabian Centres Co. | Arabian Centres Co. | &nbsp;&nbsp; 14612 | &nbsp;&nbsp; 88291<br> <sup>(a)</sup><br>|
| Dar Al Arkan Real Estate Development Co. | Dar Al Arkan Real Estate Development Co. | &nbsp;&nbsp; 33202 | &nbsp;&nbsp; 176,537<br> \*<br>|
| Emaar Economic City | Emaar Economic City | &nbsp;&nbsp; 10374 | &nbsp;&nbsp; 38,451<br> \*<br>|
| Makkah Construction & Development Co. | Makkah Construction & Development Co. | &nbsp;&nbsp; 6123 | &nbsp;&nbsp; 145638<br>|
| Saudi Real Estate Co. | Saudi Real Estate Co. | &nbsp;&nbsp; 8281 | &nbsp;&nbsp; 34,999<br> \*<br>|
| Taiba Investments Co. | Taiba Investments Co. | &nbsp;&nbsp; 8008 | &nbsp;&nbsp; 88574<br>|
| Umm Al Qura for Development & Construction Co. | Umm Al Qura for Development & Construction Co. | &nbsp;&nbsp; 30095 | &nbsp;&nbsp; 198,215<br> \*<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **770705** |
| **Utilities — 4.7%** | **Utilities — 4.7%** | **Utilities — 4.7%** | **Utilities — 4.7%** |
| Electric Utilities — 0.9% | Electric Utilities — 0.9% | Electric Utilities — 0.9% | Electric Utilities — 0.9% |
| Saudi Electricity Co. | Saudi Electricity Co. | &nbsp;&nbsp; 49049 | &nbsp;&nbsp; 198670<br>|
| Independent Power and Renewable Electricity Producers — 3.6% | Independent Power and Renewable Electricity Producers — 3.6% | Independent Power and Renewable Electricity Producers — 3.6% | Independent Power and Renewable Electricity Producers — 3.6% |
| ACWA Power Co. | ACWA Power Co. | &nbsp;&nbsp; 14183 | &nbsp;&nbsp; 809,712<br> \*<br>|
| Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% |
| Power & Water Utility Co. for Jubail & Yanbu | Power & Water Utility Co. for Jubail & Yanbu | &nbsp;&nbsp; 4706 | &nbsp;&nbsp; 49592<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1057974** |
| **Total Investments before Short-Term Investments (Cost — $20,652,387)** | **Total Investments before Short-Term Investments (Cost — $20,652,387)** | **Total Investments before Short-Term Investments (Cost — $20,652,387)** | &nbsp;&nbsp; **22401887** |
|  | Rate |  |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $6,665)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 6665<br>| &nbsp;&nbsp; **6665**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Investments — 99.8% (Cost — $20,659,052)** | **Total Investments — 99.8% (Cost — $20,659,052)** | **Total Investments — 99.8% (Cost — $20,659,052)** | &nbsp;&nbsp; **22408552** |
| Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp; 54693 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$22463245** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Saudi Arabia ETF**

\* 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. 

<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 September 30, 2025, the total market value of investments in Affiliated Companies was $6,665 and the cost was $6,665 (Note 6). 

<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:** |
| JSC |  | Joint Stock Company |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 96.0%** | **Common Stocks — 96.0%** | **Common Stocks — 96.0%** |
| **Communication Services — 5.7%** | **Communication Services — 5.7%** | **Communication Services — 5.7%** |
| Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% |
| LG Uplus Corp. | &nbsp;&nbsp; 41648 | &nbsp;&nbsp; $455648<br>|
| Entertainment — 1.4% | Entertainment — 1.4% | Entertainment — 1.4% |
| HYBE Co. Ltd. | &nbsp;&nbsp; 4332 | &nbsp;&nbsp; 821291<br>|
| Kakao Games Corp. | &nbsp;&nbsp; 7448 | &nbsp;&nbsp; 82,864<br> \*<br>|
| Krafton Inc. | &nbsp;&nbsp; 5396 | &nbsp;&nbsp; 1,124,928<br> \*<br>|
| NCSoft Corp. | &nbsp;&nbsp; 2432 | &nbsp;&nbsp; 374407<br>|
| Netmarble Corp. | &nbsp;&nbsp; 5016 | &nbsp;&nbsp; 220582<br> <sup>(a)</sup><br>|
| Pearl Abyss Corp. | &nbsp;&nbsp; 6004 | &nbsp;&nbsp; 151,699<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 2775771 |
| Interactive Media & Services — 4.0% | Interactive Media & Services — 4.0% | Interactive Media & Services — 4.0% |
| Kakao Corp. | &nbsp;&nbsp; 60572 | &nbsp;&nbsp; 2573031<br>|
| NAVER Corp. | &nbsp;&nbsp; 29488 | &nbsp;&nbsp; 5643083<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 8216114 |
| Media — 0.1% | Media — 0.1% | Media — 0.1% |
| Cheil Worldwide Inc. | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 192431<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **11639964** |
| **Consumer Discretionary — 6.7%** | **Consumer Discretionary — 6.7%** | **Consumer Discretionary — 6.7%** |
| Automobile Components — 1.5% | Automobile Components — 1.5% | Automobile Components — 1.5% |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 13528 | &nbsp;&nbsp; 369765<br>|
| Hanon Systems | &nbsp;&nbsp; 31540 | &nbsp;&nbsp; 68,563<br> \*<br>|
| HL Mando Co. Ltd. | &nbsp;&nbsp; 6460 | &nbsp;&nbsp; 154703<br>|
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 11476 | &nbsp;&nbsp; 2441528<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 3034559 |
| Automobiles — 3.6% | Automobiles — 3.6% | Automobiles — 3.6% |
| Hyundai Motor Co. | &nbsp;&nbsp; 26068 | &nbsp;&nbsp; 3994597<br>|
| Kia Corp. | &nbsp;&nbsp; 47576 | &nbsp;&nbsp; 3414635<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 7409232 |
| Broadline Retail — 0.1% | Broadline Retail — 0.1% | Broadline Retail — 0.1% |
| Lotte Shopping Co. Ltd. | &nbsp;&nbsp; 2280 | &nbsp;&nbsp; 115052<br>|
| Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% |
| Hanjin Kal Corp. | &nbsp;&nbsp; 4636 | &nbsp;&nbsp; 332075<br>|
| Kangwon Land Inc. | &nbsp;&nbsp; 22344 | &nbsp;&nbsp; 292389<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 624464 |
| Household Durables — 0.9% | Household Durables — 0.9% | Household Durables — 0.9% |
| Coway Co. Ltd. | &nbsp;&nbsp; 10488 | &nbsp;&nbsp; 736302<br>|
| LG Electronics Inc. | &nbsp;&nbsp; 20824 | &nbsp;&nbsp; 1122051<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 1858353 |
| Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% |
| Hotel Shilla Co. Ltd. | &nbsp;&nbsp; 6308 | &nbsp;&nbsp; 231,090<br> \*<br>|
| Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% |
| F&F Co. Ltd. | &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 122268<br>|
| Misto Holdings Corp. | &nbsp;&nbsp; 6992 | &nbsp;&nbsp; 192111<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 314379 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **13587129** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Consumer Staples — 2.6%** | **Consumer Staples — 2.6%** | **Consumer Staples — 2.6%** |
| Beverages — 0.0%†† | Beverages — 0.0%†† | Beverages — 0.0%†† |
| Hite Jinro Co. Ltd. | &nbsp;&nbsp; 6156 | &nbsp;&nbsp; $83583<br>|
| Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% |
| BGF retail Co. Ltd. | &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 128702<br>|
| Dongsuh Cos. Inc. | &nbsp;&nbsp; 6156 | &nbsp;&nbsp; 118026<br>|
| E-MART Inc. | &nbsp;&nbsp; 3648 | &nbsp;&nbsp; 196304<br>|
| GS Retail Co. Ltd. | &nbsp;&nbsp; 6942 | &nbsp;&nbsp; 82381<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 525413 |
| Food Products — 0.8% | Food Products — 0.8% | Food Products — 0.8% |
| CJ CheilJedang Corp. | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 249713<br>|
| NongShim Co. Ltd. | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 186987<br>|
| Orion Corp. | &nbsp;&nbsp; 4408 | &nbsp;&nbsp; 325483<br>|
| Otoki Corp. | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 88944<br>|
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 803 | &nbsp;&nbsp; 875084<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 1726211 |
| Personal Care Products — 0.5% | Personal Care Products — 0.5% | Personal Care Products — 0.5% |
| Amorepacific Corp. | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 496853<br>|
| Amorepacific Holdings Corp. | &nbsp;&nbsp; 4712 | &nbsp;&nbsp; 89502<br>|
| LG H&H Co. Ltd. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 371807<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 958162 |
| Tobacco — 1.0% | Tobacco — 1.0% | Tobacco — 1.0% |
| KT&G Corp. | &nbsp;&nbsp; 20368 | &nbsp;&nbsp; 1939464<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **5232833** |
| **Energy — 1.0%** | **Energy — 1.0%** | **Energy — 1.0%** |
| Oil, Gas & Consumable Fuels — 1.0% | Oil, Gas & Consumable Fuels — 1.0% | Oil, Gas & Consumable Fuels — 1.0% |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 8208 | &nbsp;&nbsp; 909108<br>|
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 12312 | &nbsp;&nbsp; 881904<br>|
| S-Oil Corp. | &nbsp;&nbsp; 8056 | &nbsp;&nbsp; 358,287<br> \*<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2149299** |
| **Financials — 13.1%** | **Financials — 13.1%** | **Financials — 13.1%** |
| Banks — 8.7% | Banks — 8.7% | Banks — 8.7% |
| BNK Financial Group Inc. | &nbsp;&nbsp; 49780 | &nbsp;&nbsp; 517651<br>|
| Hana Financial Group Inc. | &nbsp;&nbsp; 53732 | &nbsp;&nbsp; 3339461<br>|
| iM Financial Group Co. Ltd. | &nbsp;&nbsp; 27208 | &nbsp;&nbsp; 266834<br>|
| Industrial Bank of Korea | &nbsp;&nbsp; 49400 | &nbsp;&nbsp; 685167<br>|
| KakaoBank Corp. | &nbsp;&nbsp; 37240 | &nbsp;&nbsp; 630377<br>|
| KB Financial Group Inc. | &nbsp;&nbsp; 70528 | &nbsp;&nbsp; 5805911<br>|
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 82232 | &nbsp;&nbsp; 4149550<br>|
| Woori Financial Group Inc. | &nbsp;&nbsp; 134064 | &nbsp;&nbsp; 2479570<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 17874521 |
| Capital Markets — 1.2% | Capital Markets — 1.2% | Capital Markets — 1.2% |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 8056 | &nbsp;&nbsp; 832558<br>|
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 39596 | &nbsp;&nbsp; 602526<br>|
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 26144 | &nbsp;&nbsp; 361866<br>|
| Samsung Securities Co. Ltd. | &nbsp;&nbsp; 12312 | &nbsp;&nbsp; 629180<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 2426130 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| Samsung Card Co. Ltd. | &nbsp;&nbsp; 4712 | &nbsp;&nbsp; $175644<br>|
| Financial Services — 0.7% | Financial Services — 0.7% | Financial Services — 0.7% |
| Kakaopay Corp. | &nbsp;&nbsp; 5548 | &nbsp;&nbsp; 212,738<br> \*<br>|
| Meritz Financial Group Inc. | &nbsp;&nbsp; 14668 | &nbsp;&nbsp; 1186571<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 1399309 |
| Insurance — 2.4% | Insurance — 2.4% | Insurance — 2.4% |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 8588 | &nbsp;&nbsp; 847752<br>|
| Hanwha Life Insurance Co. Ltd. | &nbsp;&nbsp; 54948 | &nbsp;&nbsp; 123,168<br> \*<br>|
| Hyundai Marine & Fire Insurance Co. Ltd. | &nbsp;&nbsp; 11628 | &nbsp;&nbsp; 233,298<br> \*<br>|
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 6156 | &nbsp;&nbsp; 1980994<br>|
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 15504 | &nbsp;&nbsp; 1730463<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 4915675 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **26791279** |
| **Health Care — 5.6%** | **Health Care — 5.6%** | **Health Care — 5.6%** |
| Biotechnology — 3.1% | Biotechnology — 3.1% | Biotechnology — 3.1% |
| Alteogen Inc. | &nbsp;&nbsp; 7752 | &nbsp;&nbsp; 2,530,499<br> \*<br>|
| Celltrion Inc. | &nbsp;&nbsp; 29184 | &nbsp;&nbsp; 3606789<br>|
| Green Cross Corp. | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 97979<br>|
| SK Bioscience Co. Ltd. | &nbsp;&nbsp; 5320 | &nbsp;&nbsp; 177,453<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 6412720 |
| Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% |
| HLB Inc. | &nbsp;&nbsp; 23484 | &nbsp;&nbsp; 635,200<br> \*<br>|
| Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† |
| Hanmi Science Co. ltd | &nbsp;&nbsp; 3952 | &nbsp;&nbsp; 109571<br>|
| Life Sciences Tools & Services — 1.3% | Life Sciences Tools & Services — 1.3% | Life Sciences Tools & Services — 1.3% |
| Samsung Biologics Co. Ltd. | &nbsp;&nbsp; 3602 | &nbsp;&nbsp; 2,559,562<br> \*<sup>(a)</sup><br>|
| Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% |
| Celltrion Pharm Inc. | &nbsp;&nbsp; 3952 | &nbsp;&nbsp; 150,694<br> \*<br>|
| Hanmi Pharm Co. Ltd. | &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 318073<br>|
| SK Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp; 5548 | &nbsp;&nbsp; 400,960<br> \*<br>|
| Yuhan Corp. | &nbsp;&nbsp; 10944 | &nbsp;&nbsp; 928998<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 1798725 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **11515778** |
| **Industrials — 22.0%** | **Industrials — 22.0%** | **Industrials — 22.0%** |
| Aerospace & Defense — 3.9% | Aerospace & Defense — 3.9% | Aerospace & Defense — 3.9% |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 6712 | &nbsp;&nbsp; 5295737<br>|
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 14364 | &nbsp;&nbsp; 609143<br>|
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 13908 | &nbsp;&nbsp; 1070571<br>|
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 2432 | &nbsp;&nbsp; 889217<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 7864668 |
| Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% |
| CJ Logistics Corp. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 109462<br>|
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 7372 | &nbsp;&nbsp; 869056<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 978518 |
| Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% |
| KEPCO Plant Service & Engineering Co. Ltd. | &nbsp;&nbsp; 4408 | &nbsp;&nbsp; 149703<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Commercial Services & Supplies — continued | Commercial Services & Supplies — continued | Commercial Services & Supplies — continued |
| S-1 Corp. | &nbsp;&nbsp; 3876 | &nbsp;&nbsp; $232331<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 382034 |
| Construction & Engineering — 0.6% | Construction & Engineering — 0.6% | Construction & Engineering — 0.6% |
| GS Engineering & Construction Corp. | &nbsp;&nbsp; 12616 | &nbsp;&nbsp; 165450<br>|
| Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp; 14364 | &nbsp;&nbsp; 556930<br>|
| Samsung E&A Co. Ltd. | &nbsp;&nbsp; 29640 | &nbsp;&nbsp; 566161<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 1288541 |
| Electrical Equipment — 6.0% | Electrical Equipment — 6.0% | Electrical Equipment — 6.0% |
| Doosan Enerbility Co. Ltd. | &nbsp;&nbsp; 87248 | &nbsp;&nbsp; 3,898,970<br> \*<br>|
| Ecopro BM Co. Ltd. | &nbsp;&nbsp; 9576 | &nbsp;&nbsp; 771,240<br> \*<br>|
| Ecopro Co. Ltd. | &nbsp;&nbsp; 19760 | &nbsp;&nbsp; 668267<br>|
| Ecopro Materials Co. Ltd. | &nbsp;&nbsp; 4788 | &nbsp;&nbsp; 161,414<br> \*<br>|
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 4332 | &nbsp;&nbsp; 1796959<br>|
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 987534<br>|
| L&F Co. Ltd. | &nbsp;&nbsp; 5016 | &nbsp;&nbsp; 265,628<br> \*<br>|
| LG Energy Solution Ltd. | &nbsp;&nbsp; 8132 | &nbsp;&nbsp; 2,014,091<br> \*<br>|
| LS Corp. | &nbsp;&nbsp; 3344 | &nbsp;&nbsp; 398024<br>|
| LS Electric Co. Ltd. | &nbsp;&nbsp; 2964 | &nbsp;&nbsp; 601018<br>|
| POSCO Future M Co. Ltd. | &nbsp;&nbsp; 6501 | &nbsp;&nbsp; 664,904<br> \*<br>|
| SK IE Technology Co. Ltd. | &nbsp;&nbsp; 5472 | &nbsp;&nbsp; 103,352<br> \*<sup>(a)</sup><br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 12331401 |
| Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% |
| Hanwha Vision Co. Ltd. | &nbsp;&nbsp; 6536 | &nbsp;&nbsp; 247,362<br> \*<br>|
| Industrial Conglomerates — 4.0% | Industrial Conglomerates — 4.0% | Industrial Conglomerates — 4.0% |
| CJ Corp. | &nbsp;&nbsp; 2584 | &nbsp;&nbsp; 337952<br>|
| Doosan Co. Ltd. | &nbsp;&nbsp; 1368 | &nbsp;&nbsp; 527485<br>|
| GS Holdings Corp. | &nbsp;&nbsp; 8512 | &nbsp;&nbsp; 278769<br>|
| Hanwha Corp. | &nbsp;&nbsp; 5472 | &nbsp;&nbsp; 329946<br>|
| LG Corp. | &nbsp;&nbsp; 16948 | &nbsp;&nbsp; 869717<br>|
| Lotte Corp. | &nbsp;&nbsp; 5016 | &nbsp;&nbsp; 103498<br>|
| Samsung C&T Corp. | &nbsp;&nbsp; 15656 | &nbsp;&nbsp; 2059868<br>|
| SK Inc. | &nbsp;&nbsp; 7144 | &nbsp;&nbsp; 1069271<br>|
| SK Square Co. Ltd. | &nbsp;&nbsp; 17708 | &nbsp;&nbsp; 2,543,147<br> \*<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 8119653 |
| Machinery — 5.8% | Machinery — 5.8% | Machinery — 5.8% |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 9576 | &nbsp;&nbsp; 378795<br>|
| Hanwha Ocean Co. Ltd. | &nbsp;&nbsp; 24776 | &nbsp;&nbsp; 1,947,751<br> \*<br>|
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 4332 | &nbsp;&nbsp; 1590093<br>|
| HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp; 2660 | &nbsp;&nbsp; 398133<br>|
| HD Hyundai Mipo | &nbsp;&nbsp; 4484 | &nbsp;&nbsp; 650365<br>|
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp; 8892 | &nbsp;&nbsp; 2604762<br>|
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 14288 | &nbsp;&nbsp; 2230193<br>|
| Samsung Heavy Industries Co. Ltd. | &nbsp;&nbsp; 124792 | &nbsp;&nbsp; 1,947,860<br> \*<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 11747952 |
| Marine Transportation — 0.5% | Marine Transportation — 0.5% | Marine Transportation — 0.5% |
| HMM Co. Ltd. | &nbsp;&nbsp; 57380 | &nbsp;&nbsp; 819977<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Marine Transportation — continued | Marine Transportation — continued | Marine Transportation — continued |
| Pan Ocean Co. Ltd. | &nbsp;&nbsp; 48640 | &nbsp;&nbsp; $133816<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 953793 |
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 36404 | &nbsp;&nbsp; 590279<br>|
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| Posco International Corp. | &nbsp;&nbsp; 8968 | &nbsp;&nbsp; 309682<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **44813883** |
| **Information Technology — 35.2%** | **Information Technology — 35.2%** | **Information Technology — 35.2%** |
| Electronic Equipment, Instruments & Components — 2.1% | Electronic Equipment, Instruments & Components — 2.1% | Electronic Equipment, Instruments & Components — 2.1% |
| LG Display Co. Ltd. | &nbsp;&nbsp; 57304 | &nbsp;&nbsp; 588,540<br> \*<br>|
| LG Innotek Co. Ltd. | &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 366217<br>|
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 10868 | &nbsp;&nbsp; 1498847<br>|
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 12008 | &nbsp;&nbsp; 1754492<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 4208096 |
| IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% |
| Hyundai Autoever Corp. | &nbsp;&nbsp; 1292 | &nbsp;&nbsp; 140614<br>|
| LG CNS Co. Ltd. | &nbsp;&nbsp; 7296 | &nbsp;&nbsp; 341646<br>|
| Posco DX Co. Ltd. | &nbsp;&nbsp; 10184 | &nbsp;&nbsp; 152428<br>|
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 7828 | &nbsp;&nbsp; 916117<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 1550805 |
| Semiconductors & Semiconductor Equipment — 13.3% | Semiconductors & Semiconductor Equipment — 13.3% | Semiconductors & Semiconductor Equipment — 13.3% |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 8436 | &nbsp;&nbsp; 580218<br>|
| SK Hynix Inc. | &nbsp;&nbsp; 106932 | &nbsp;&nbsp; 26484352<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 27064570 |
| Technology Hardware, Storage & Peripherals — 19.1% | Technology Hardware, Storage & Peripherals — 19.1% | Technology Hardware, Storage & Peripherals — 19.1% |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 651244 | &nbsp;&nbsp; 38943282<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **71766753** |
| **Materials — 3.4%** | **Materials — 3.4%** | **Materials — 3.4%** |
| Chemicals — 1.5% | Chemicals — 1.5% | Chemicals — 1.5% |
| Hanwha Solutions Corp. | &nbsp;&nbsp; 20824 | &nbsp;&nbsp; 423738<br>|
| KCC Corp. | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 228804<br>|
| Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp; 2888 | &nbsp;&nbsp; 214894<br>|
| LG Chem Ltd. | &nbsp;&nbsp; 9120 | &nbsp;&nbsp; 1807035<br>|
| Lotte Chemical Corp. | &nbsp;&nbsp; 3648 | &nbsp;&nbsp; 176023<br>|
| SKC Co. Ltd. | &nbsp;&nbsp; 3724 | &nbsp;&nbsp; 268,342<br> \*<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 3118836 |
| Metals & Mining — 1.9% | Metals & Mining — 1.9% | Metals & Mining — 1.9% |
| Hyundai Steel Co. | &nbsp;&nbsp; 16492 | &nbsp;&nbsp; 399062<br>|
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 912 | &nbsp;&nbsp; 598661<br>|
| POSCO Holdings Inc. | &nbsp;&nbsp; 14668 | &nbsp;&nbsp; 2885405<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 3883128 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **7001964** |
| **Utilities — 0.7%** | **Utilities — 0.7%** | **Utilities — 0.7%** |
| Electric Utilities — 0.6% | Electric Utilities — 0.6% | Electric Utilities — 0.6% |
| Korea Electric Power Corp. | &nbsp;&nbsp; 50844 | &nbsp;&nbsp; 1306387<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% |
| Korea Gas Corp. | Korea Gas Corp. | &nbsp;&nbsp; 5320 | &nbsp;&nbsp; $148257<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1454644** |
| **Total Common Stocks (Cost — $134,501,333)** | **Total Common Stocks (Cost — $134,501,333)** | **Total Common Stocks (Cost — $134,501,333)** | &nbsp;&nbsp; **195953526**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 3.7%** | **Preferred Stocks — 3.7%** | **Preferred Stocks — 3.7%** | **Preferred Stocks — 3.7%** |
| **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** |
| Automobiles — 0.6% | Automobiles — 0.6% | Automobiles — 0.6% | Automobiles — 0.6% |
| Hyundai Motor Co.  | &nbsp;&nbsp; 1.533% | &nbsp;&nbsp; 4180 | &nbsp;&nbsp; 485912<br> <sup>(b)</sup><br>|
| Hyundai Motor Co., Series 2  | &nbsp;&nbsp; 1.502% | &nbsp;&nbsp; 6612 | &nbsp;&nbsp; 784646<br> <sup>(b)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 1270558 |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| LG Electronics Inc.  | &nbsp;&nbsp; 1.366% | &nbsp;&nbsp; 3496 | &nbsp;&nbsp; 91197<br> <sup>(b)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1361755** |
| **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| Food Products — 0.0%†† | Food Products — 0.0%†† | Food Products — 0.0%†† | Food Products — 0.0%†† |
| CJ CheilJedang Corp.  | &nbsp;&nbsp; 1.083% | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 22506<br> <sup>(b)</sup><br>|
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Amorepacific Corp.  | &nbsp;&nbsp; 2.746% | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 53496<br> <sup>(b)</sup><br>|
| LG H&H Co. Ltd.  | &nbsp;&nbsp; 0.870% | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 37376<br> <sup>(b)</sup><br>|
| Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 90872 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **113378** |
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% |
| Mirae Asset Securities Co. Ltd.  | &nbsp;&nbsp; 2.626% | &nbsp;&nbsp; 25764 | &nbsp;&nbsp; 174814<br> <sup>(b)</sup><br>|
| Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† |
| Samsung Fire & Marine Insurance Co. Ltd.  | &nbsp;&nbsp; 5.565% | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 129488<br> <sup>(b)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **304302** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| Doosan Co. Ltd.  | &nbsp;&nbsp; 0.587% | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 94658<br> <sup>(b)</sup><br>|
| Hanwha Corp.  | &nbsp;&nbsp; 2.310% | &nbsp;&nbsp; 3876 | &nbsp;&nbsp; 101662<br> <sup>(b)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **196320** |
| **Information Technology — 2.6%** | **Information Technology — 2.6%** | **Information Technology — 2.6%** | **Information Technology — 2.6%** |
| Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† |
| Samsung SDI Co. Ltd.  | &nbsp;&nbsp; 0.783% | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 28016<br> <sup>(b)</sup><br>|
| Technology Hardware, Storage & Peripherals — 2.6% | Technology Hardware, Storage & Peripherals — 2.6% | Technology Hardware, Storage & Peripherals — 2.6% | Technology Hardware, Storage & Peripherals — 2.6% |
| Samsung Electronics Co. Ltd.  | &nbsp;&nbsp; 0.553% | &nbsp;&nbsp; 113012 | &nbsp;&nbsp; 5348346<br> <sup>(b)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **5376362** |
| **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% |
| LG Chem Ltd.  | &nbsp;&nbsp; 0.759% | &nbsp;&nbsp; 1596 | &nbsp;&nbsp; **157319**<br> <sup>(b)</sup><br>|
| **Total Preferred Stocks (Cost — $5,914,761)** | **Total Preferred Stocks (Cost — $5,914,761)** | **Total Preferred Stocks (Cost — $5,914,761)** | &nbsp;&nbsp; **7509436** |
| **Total Investments before Short-Term Investments (Cost — $140,416,094)** | **Total Investments before Short-Term Investments (Cost — $140,416,094)** | **Total Investments before Short-Term Investments (Cost — $140,416,094)** | &nbsp;&nbsp; **203462962** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares (Cost — $110,147)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 110147<br>| &nbsp;&nbsp; **$110147**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.7% (Cost — $140,526,241)** | **Total Investments — 99.7% (Cost — $140,526,241)** | **Total Investments — 99.7% (Cost — $140,526,241)** | &nbsp;&nbsp; **203573109** |
| Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp; 520686 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$204093795** |

---

&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> | The rate shown represents the yield as of September 30, 2025. |
| <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 September 30, 2025, the total market value of <br> investments in Affiliated Companies was $110,147 and the cost was $110,147 (Note 6).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Kospi 200 Mini Index | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $236521 | &nbsp;&nbsp;&nbsp; $254365 | &nbsp;&nbsp;&nbsp; **$17844** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Switzerland 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 — 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% |
| Swisscom AG, Registered Shares | &nbsp;&nbsp; 885 | &nbsp;&nbsp; **$642352**<br>|
| **Consumer Discretionary — 5.2%** | **Consumer Discretionary — 5.2%** | **Consumer Discretionary — 5.2%** |
| Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% |
| Avolta AG, Registered Shares | &nbsp;&nbsp; 3060 | &nbsp;&nbsp; 165605<br>|
| Textiles, Apparel & Luxury Goods — 4.9% | Textiles, Apparel & Luxury Goods — 4.9% | Textiles, Apparel & Luxury Goods — 4.9% |
| Cie Financiere Richemont SA, Registered Shares | &nbsp;&nbsp; 13455 | &nbsp;&nbsp; 2563662<br>|
| Swatch Group AG, Bearer Shares | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 183138<br>|
| Swatch Group AG, Registered Shares  | &nbsp;&nbsp; 1785 | &nbsp;&nbsp; 68201<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2815001 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2980606** |
| **Consumer Staples — 13.9%** | **Consumer Staples — 13.9%** | **Consumer Staples — 13.9%** |
| Food Products — 13.9% | Food Products — 13.9% | Food Products — 13.9% |
| Barry Callebaut AG, Registered Shares | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 168504<br>|
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 1100383<br>|
| Emmi AG, Registered Shares | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 64758<br>|
| Nestle SA, Registered Shares | &nbsp;&nbsp; 72345 | &nbsp;&nbsp; 6643938<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **7977583** |
| **Financials — 20.8%** | **Financials — 20.8%** | **Financials — 20.8%** |
| Banks — 0.2% | Banks — 0.2% | Banks — 0.2% |
| Banque Cantonale Vaudoise, Registered Shares | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 115066<br>|
| Capital Markets — 10.0% | Capital Markets — 10.0% | Capital Markets — 10.0% |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 7140 | &nbsp;&nbsp; 493200<br>|
| Partners Group Holding AG | &nbsp;&nbsp; 751 | &nbsp;&nbsp; 975503<br>|
| Swissquote Group Holding SA, Registered Shares | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 261814<br>|
| UBS Group AG, Registered Shares | &nbsp;&nbsp; 94200 | &nbsp;&nbsp; 3848981<br>|
| VZ Holding AG | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 105614<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 5685112 |
| Insurance — 10.6% | Insurance — 10.6% | Insurance — 10.6% |
| Baloise Holding AG, Registered Shares  | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 392479<br>|
| Helvetia Holding AG, Registered Shares | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 297317<br>|
| Swiss Life Holding AG, Registered Shares | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 1064594<br>|
| Swiss Re AG | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 1774248<br>|
| Zurich Insurance Group AG | &nbsp;&nbsp; 3585 | &nbsp;&nbsp; 2552958<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 6081596 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **11881774** |
| **Health Care — 33.5%** | **Health Care — 33.5%** | **Health Care — 33.5%** |
| Health Care Equipment & Supplies — 3.8% | Health Care Equipment & Supplies — 3.8% | Health Care Equipment & Supplies — 3.8% |
| Alcon AG | &nbsp;&nbsp; 17295 | &nbsp;&nbsp; 1288131<br>|
| Sonova Holding AG, Registered Shares | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 465514<br>|
| Straumann Holding AG, Registered Shares | &nbsp;&nbsp; 3776 | &nbsp;&nbsp; 402919<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 2156564 |
| Life Sciences Tools & Services — 2.9% | Life Sciences Tools & Services — 2.9% | Life Sciences Tools & Services — 2.9% |
| Bachem Holding AG | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 58452<br>|
| Lonza Group AG, Registered Shares | &nbsp;&nbsp; 2401 | &nbsp;&nbsp; 1590910<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 1649362 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Switzerland ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — 26.8% | Pharmaceuticals — 26.8% | Pharmaceuticals — 26.8% |
| Galderma Group AG | &nbsp;&nbsp; 5310 | &nbsp;&nbsp; $922985<br>|
| Novartis AG, Registered Shares | &nbsp;&nbsp; 53400 | &nbsp;&nbsp; 6719547<br>|
| Roche Holding AG | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 282241<br>|
| Roche Holding AG, Vienna Stock Exchange | &nbsp;&nbsp; 20070 | &nbsp;&nbsp; 6555889<br>|
| Sandoz Group AG | &nbsp;&nbsp; 14430 | &nbsp;&nbsp; 855481<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 15336143 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **19142069** |
| **Industrials — 12.7%** | **Industrials — 12.7%** | **Industrials — 12.7%** |
| Building Products — 2.1% | Building Products — 2.1% | Building Products — 2.1% |
| Belimo Holding AG, Registered Shares | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 360545<br>|
| Geberit AG, Registered Shares | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; 827141<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 1187686 |
| Electrical Equipment — 5.9% | Electrical Equipment — 5.9% | Electrical Equipment — 5.9% |
| ABB Ltd., Registered Shares | &nbsp;&nbsp; 46950 | &nbsp;&nbsp; 3382359<br>|
| Machinery — 2.4% | Machinery — 2.4% | Machinery — 2.4% |
| Georg Fischer AG, Registered Shares | &nbsp;&nbsp; 2710 | &nbsp;&nbsp; 211003<br>|
| Schindler Holding AG | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 533767<br>|
| Schindler Holding AG, Registered Shares | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 253859<br>|
| VAT Group AG | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 373415<br> <sup>(a)</sup><br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 1372044 |
| Marine Transportation — 0.5% | Marine Transportation — 0.5% | Marine Transportation — 0.5% |
| Kuehne + Nagel International AG, Registered Shares | &nbsp;&nbsp; 1620 | &nbsp;&nbsp; 301644<br>|
| Professional Services — 1.3% | Professional Services — 1.3% | Professional Services — 1.3% |
| Adecco Group AG, Registered Shares | &nbsp;&nbsp; 5625 | &nbsp;&nbsp; 157654<br>|
| SGS SA, Registered Shares | &nbsp;&nbsp; 5801 | &nbsp;&nbsp; 601353<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 759007 |
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| DKSH Holding AG | &nbsp;&nbsp; 1245 | &nbsp;&nbsp; 84184<br>|
| Transportation Infrastructure — 0.4% | Transportation Infrastructure — 0.4% | Transportation Infrastructure — 0.4% |
| Flughafen Zurich AG, Registered Shares | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 201239<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **7288163** |
| **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** |
| Software — 0.3% | Software — 0.3% | Software — 0.3% |
| Temenos AG, Registered Shares | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 157343<br>|
| Technology Hardware, Storage & Peripherals — 1.0% | Technology Hardware, Storage & Peripherals — 1.0% | Technology Hardware, Storage & Peripherals — 1.0% |
| Logitech International SA, Registered Shares | &nbsp;&nbsp; 5145 | &nbsp;&nbsp; 561155<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **718498** |
| **Materials — 8.6%** | **Materials — 8.6%** | **Materials — 8.6%** |
| Chemicals — 4.4% | Chemicals — 4.4% | Chemicals — 4.4% |
| EMS-Chemie Holding AG, Registered Shares | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 168259<br>|
| Givaudan SA, Registered Shares | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 1088639<br>|
| Sika AG, Registered Shares | &nbsp;&nbsp; 5610 | &nbsp;&nbsp; 1248704<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 2505602 |
| Construction Materials — 4.0% | Construction Materials — 4.0% | Construction Materials — 4.0% |
| Amrize Ltd. | &nbsp;&nbsp; 17415 | &nbsp;&nbsp; 840,271<br> \*<br>|
| Holcim AG | &nbsp;&nbsp; 17025 | &nbsp;&nbsp; 1440915<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 2281186 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Switzerland ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% |
| SIG Group AG | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; $117560<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4904348** |
| **Real Estate — 1.1%** | **Real Estate — 1.1%** | **Real Estate — 1.1%** |
| Real Estate Management & Development — 1.1% | Real Estate Management & Development — 1.1% | Real Estate Management & Development — 1.1% |
| PSP Swiss Property AG, Registered Shares | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 273177<br>|
| Swiss Prime Site AG, Registered Shares  | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 377691<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **650868** |
| **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** |
| Electric Utilities — 0.3% | Electric Utilities — 0.3% | Electric Utilities — 0.3% |
| BKW AG | &nbsp;&nbsp; 690 | &nbsp;&nbsp; **147340**<br>|
| **Total Investments — 98.5% (Cost — $47,793,323)** | **Total Investments — 98.5% (Cost — $47,793,323)** | &nbsp;&nbsp; **56333601** |
| Other Assets in Excess of Liabilities — 1.5% | Other Assets in Excess of Liabilities — 1.5% | &nbsp;&nbsp; 860315 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$57193916** |

---

&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. 

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Swiss Mid Cap Future Index | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $754346 | &nbsp;&nbsp;&nbsp; $760762 | &nbsp;&nbsp;&nbsp; **$6416** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
| **Communication Services — 2.8%** | **Communication Services — 2.8%** | **Communication Services — 2.8%** |
| Diversified Telecommunication Services — 1.4% | Diversified Telecommunication Services — 1.4% | Diversified Telecommunication Services — 1.4% |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 1991070 | &nbsp;&nbsp; $8721302<br>|
| Entertainment — 0.5% | Entertainment — 0.5% | Entertainment — 0.5% |
| International Games System Co. Ltd. | &nbsp;&nbsp; 116104 | &nbsp;&nbsp; 2998026<br>|
| Wireless Telecommunication Services — 0.9% | Wireless Telecommunication Services — 0.9% | Wireless Telecommunication Services — 0.9% |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 926000 | &nbsp;&nbsp; 2685819<br>|
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 737830 | &nbsp;&nbsp; 2638739<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 5324558 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **17043886** |
| **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** |
| Automobile Components — 0.2% | Automobile Components — 0.2% | Automobile Components — 0.2% |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 985000 | &nbsp;&nbsp; 1216788<br>|
| Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% |
| China Motor Corp. | &nbsp;&nbsp; 130760 | &nbsp;&nbsp; 272863<br>|
| Yulon Motor Co. Ltd. | &nbsp;&nbsp; 291620 | &nbsp;&nbsp; 333931<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 606794 |
| Broadline Retail — 0.0%†† | Broadline Retail — 0.0%†† | Broadline Retail — 0.0%†† |
| momo.com Inc. | &nbsp;&nbsp; 43213 | &nbsp;&nbsp; 342409<br>|
| Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 87300 | &nbsp;&nbsp; 1215921<br>|
| Leisure Products — 0.1% | Leisure Products — 0.1% | Leisure Products — 0.1% |
| Giant Manufacturing Co. Ltd. | &nbsp;&nbsp; 165195 | &nbsp;&nbsp; 514371<br>|
| Specialty Retail — 0.5% | Specialty Retail — 0.5% | Specialty Retail — 0.5% |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 146170 | &nbsp;&nbsp; 2843980<br>|
| Textiles, Apparel & Luxury Goods — 0.6% | Textiles, Apparel & Luxury Goods — 0.6% | Textiles, Apparel & Luxury Goods — 0.6% |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 97170 | &nbsp;&nbsp; 1398026<br>|
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 231604 | &nbsp;&nbsp; 934684<br>|
| Pou Chen Corp. | &nbsp;&nbsp; 1178000 | &nbsp;&nbsp; 1115076<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 3447786 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **10188049** |
| **Consumer Staples — 1.5%** | **Consumer Staples — 1.5%** | **Consumer Staples — 1.5%** |
| Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% |
| President Chain Store Corp. | &nbsp;&nbsp; 277590 | &nbsp;&nbsp; 2258755<br>|
| Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 2570000 | &nbsp;&nbsp; 6610932<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **8869687** |
| **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% |
| Formosa Petrochemical Corp. | &nbsp;&nbsp; 620880 | &nbsp;&nbsp; **827080**<br>|
| **Financials — 17.0%** | **Financials — 17.0%** | **Financials — 17.0%** |
| Banks — 10.8% | Banks — 10.8% | Banks — 10.8% |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 3856650 | &nbsp;&nbsp; 2486488<br>|
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 9214000 | &nbsp;&nbsp; 12969374<br>|
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 8009556 | &nbsp;&nbsp; 8764312<br>|
| Far Eastern International Bank | &nbsp;&nbsp; 1393337 | &nbsp;&nbsp; 569166<br>|
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 5662821 | &nbsp;&nbsp; 5546138<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 4854745 | &nbsp;&nbsp; $4714891<br>|
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 6163365 | &nbsp;&nbsp; 8594495<br>|
| Shanghai Commercial & Savings Bank Ltd. | &nbsp;&nbsp; 1985000 | &nbsp;&nbsp; 2738672<br>|
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 6218575 | &nbsp;&nbsp; 5100872<br>|
| Taiwan Business Bank | &nbsp;&nbsp; 3692865 | &nbsp;&nbsp; 1908348<br>|
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 5455196 | &nbsp;&nbsp; 4412054<br>|
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 11357032 | &nbsp;&nbsp; 6707349<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 64512159 |
| Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% |
| Capital Securities Corp. | &nbsp;&nbsp; 858000 | &nbsp;&nbsp; 693933<br>|
| Financial Services — 1.6% | Financial Services — 1.6% | Financial Services — 1.6% |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 777437 | &nbsp;&nbsp; 2844157<br>|
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 5690600 | &nbsp;&nbsp; 6506904<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 9351061 |
| Insurance — 4.5% | Insurance — 4.5% | Insurance — 4.5% |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 4885700 | &nbsp;&nbsp; 10515845<br>|
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 4354451 | &nbsp;&nbsp; 12615592<br>|
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 8229901 | &nbsp;&nbsp; 4036913<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 27168350 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **101725503** |
| **Health Care — 1.0%** | **Health Care — 1.0%** | **Health Care — 1.0%** |
| Biotechnology — 0.4% | Biotechnology — 0.4% | Biotechnology — 0.4% |
| PharmaEssentia Corp. | &nbsp;&nbsp; 147841 | &nbsp;&nbsp; 2498134<br>|
| Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% |
| Caliway Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp; 519000 | &nbsp;&nbsp; 3,158,819<br> \*<br>|
| Oneness Biotech Co. Ltd. | &nbsp;&nbsp; 154575 | &nbsp;&nbsp; 347,918<br> \*<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 3506737 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **6004871** |
| **Industrials — 4.3%** | **Industrials — 4.3%** | **Industrials — 4.3%** |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Taiwan Glass Industry Corp. | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 462,990<br> \*<br>|
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Taiwan Secom Co. Ltd. | &nbsp;&nbsp; 124370 | &nbsp;&nbsp; 454992<br>|
| Electrical Equipment — 1.6% | Electrical Equipment — 1.6% | Electrical Equipment — 1.6% |
| Advanced Energy Solution Holding Co. Ltd. | &nbsp;&nbsp; 16030 | &nbsp;&nbsp; 610106<br>|
| Bizlink Holding Inc. | &nbsp;&nbsp; 92000 | &nbsp;&nbsp; 3109128<br>|
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 75164 | &nbsp;&nbsp; 1432846<br>|
| Shihlin Electric & Engineering Corp. | &nbsp;&nbsp; 132200 | &nbsp;&nbsp; 789435<br>|
| Tatung Co. Ltd. | &nbsp;&nbsp; 593000 | &nbsp;&nbsp; 753945<br>|
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 623000 | &nbsp;&nbsp; 1943937<br>|
| Walsin Lihwa Corp. | &nbsp;&nbsp; 1465173 | &nbsp;&nbsp; 1247498<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 9886895 |
| Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 1575451 | &nbsp;&nbsp; 1437021<br>|
| Machinery — 0.5% | Machinery — 0.5% | Machinery — 0.5% |
| Airtac International Group | &nbsp;&nbsp; 73410 | &nbsp;&nbsp; 1813693<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| Hiwin Technologies Corp. | &nbsp;&nbsp; 156089 | &nbsp;&nbsp; $1103654<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 2917347 |
| Marine Transportation — 1.1% | Marine Transportation — 1.1% | Marine Transportation — 1.1% |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 567440 | &nbsp;&nbsp; 3332625<br>|
| U-Ming Marine Transport Corp. | &nbsp;&nbsp; 217313 | &nbsp;&nbsp; 407132<br>|
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 482330 | &nbsp;&nbsp; 1175836<br>|
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 914259 | &nbsp;&nbsp; 1589859<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 6505452 |
| Passenger Airlines — 0.5% | Passenger Airlines — 0.5% | Passenger Airlines — 0.5% |
| China Airlines Ltd. | &nbsp;&nbsp; 1506000 | &nbsp;&nbsp; 1030255<br>|
| Eva Airways Corp. | &nbsp;&nbsp; 1414000 | &nbsp;&nbsp; 1767616<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 2797871 |
| Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 1056000 | &nbsp;&nbsp; 973607<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **25436175** |
| **Information Technology — 67.9%** | **Information Technology — 67.9%** | **Information Technology — 67.9%** |
| Communications Equipment — 1.5% | Communications Equipment — 1.5% | Communications Equipment — 1.5% |
| Accton Technology Corp. | &nbsp;&nbsp; 258850 | &nbsp;&nbsp; 8875197<br>|
| Electronic Equipment, Instruments & Components — 19.3% | Electronic Equipment, Instruments & Components — 19.3% | Electronic Equipment, Instruments & Components — 19.3% |
| AUO Corp. | &nbsp;&nbsp; 3062000 | &nbsp;&nbsp; 1371360<br>|
| Chroma ATE Inc. | &nbsp;&nbsp; 192508 | &nbsp;&nbsp; 3657134<br>|
| Delta Electronics Inc. | &nbsp;&nbsp; 1007430 | &nbsp;&nbsp; 28228401<br>|
| E Ink Holdings Inc. | &nbsp;&nbsp; 420800 | &nbsp;&nbsp; 3320507<br>|
| Elite Material Co. Ltd. | &nbsp;&nbsp; 144568 | &nbsp;&nbsp; 5810611<br>|
| Foxconn Technology Co. Ltd. | &nbsp;&nbsp; 516650 | &nbsp;&nbsp; 1191695<br>|
| Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp; 43660 | &nbsp;&nbsp; 613114<br>|
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 2500574<br>|
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 6364400 | &nbsp;&nbsp; 45105007<br>|
| Innolux Corp. | &nbsp;&nbsp; 3839080 | &nbsp;&nbsp; 1813858<br>|
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 50416 | &nbsp;&nbsp; 3887315<br>|
| Lotes Co. Ltd. | &nbsp;&nbsp; 43338 | &nbsp;&nbsp; 2196903<br>|
| Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp; 110780 | &nbsp;&nbsp; 821454<br>|
| Synnex Technology International Corp. | &nbsp;&nbsp; 639300 | &nbsp;&nbsp; 1325670<br>|
| Unimicron Technology Corp. | &nbsp;&nbsp; 681090 | &nbsp;&nbsp; 3385561<br>|
| Walsin Technology Corp. | &nbsp;&nbsp; 147690 | &nbsp;&nbsp; 506385<br>|
| WPG Holdings Ltd. | &nbsp;&nbsp; 814000 | &nbsp;&nbsp; 1765385<br>|
| WT Microelectronics Co. Ltd. | &nbsp;&nbsp; 343000 | &nbsp;&nbsp; 1581190<br>|
| Yageo Corp. | &nbsp;&nbsp; 810560 | &nbsp;&nbsp; 4521136<br>|
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 339660 | &nbsp;&nbsp; 1849976<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 115453236 |
| Semiconductors & Semiconductor Equipment — 35.9% | Semiconductors & Semiconductor Equipment — 35.9% | Semiconductors & Semiconductor Equipment — 35.9% |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 41484 | &nbsp;&nbsp; 4716256<br>|
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 1711600 | &nbsp;&nbsp; 9210001<br>|
| ASMedia Technology Inc. | &nbsp;&nbsp; 19810 | &nbsp;&nbsp; 961966<br>|
| ASPEED Technology Inc. | &nbsp;&nbsp; 15970 | &nbsp;&nbsp; 2646122<br>|
| eMemory Technology Inc. | &nbsp;&nbsp; 36543 | &nbsp;&nbsp; 2415977<br>|
| Formosa Sumco Technology Corp. | &nbsp;&nbsp; 29840 | &nbsp;&nbsp; 99375<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Global Unichip Corp. | &nbsp;&nbsp; 43160 | &nbsp;&nbsp; $1897579<br>|
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 133290 | &nbsp;&nbsp; 2040153<br>|
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 43151 | &nbsp;&nbsp; 3412097<br>|
| King Yuan Electronics Co. Ltd. | &nbsp;&nbsp; 595500 | &nbsp;&nbsp; 3204344<br>|
| MediaTek Inc. | &nbsp;&nbsp; 766740 | &nbsp;&nbsp; 33081669<br>|
| Nanya Technology Corp. | &nbsp;&nbsp; 586530 | &nbsp;&nbsp; 1,404,839<br> \*<br>|
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 300090 | &nbsp;&nbsp; 4199369<br>|
| Parade Technologies Ltd. | &nbsp;&nbsp; 38446 | &nbsp;&nbsp; 934723<br>|
| Powerchip Semiconductor Manufacturing Corp. | &nbsp;&nbsp; 1682000 | &nbsp;&nbsp; 1,401,759<br> \*<br>|
| Powertech Technology Inc. | &nbsp;&nbsp; 359900 | &nbsp;&nbsp; 1724043<br>|
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 253983 | &nbsp;&nbsp; 4583327<br>|
| Sino-American Silicon Products Inc. | &nbsp;&nbsp; 284520 | &nbsp;&nbsp; 1082890<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 2874339 | &nbsp;&nbsp; 123072787<br>|
| United Microelectronics Corp. | &nbsp;&nbsp; 6082080 | &nbsp;&nbsp; 9089794<br>|
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 541378 | &nbsp;&nbsp; 1811817<br>|
| Win Semiconductors Corp. | &nbsp;&nbsp; 179450 | &nbsp;&nbsp; 546982<br>|
| Winbond Electronics Corp. | &nbsp;&nbsp; 1628548 | &nbsp;&nbsp; 1,819,413<br> \*<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 215357282 |
| Technology Hardware, Storage & Peripherals — 11.2% | Technology Hardware, Storage & Peripherals — 11.2% | Technology Hardware, Storage & Peripherals — 11.2% |
| Acer Inc. | &nbsp;&nbsp; 1504000 | &nbsp;&nbsp; 1527292<br>|
| Advantech Co. Ltd. | &nbsp;&nbsp; 239568 | &nbsp;&nbsp; 2507454<br>|
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 168709 | &nbsp;&nbsp; 5430262<br>|
| Asustek Computer Inc. | &nbsp;&nbsp; 356180 | &nbsp;&nbsp; 7841616<br>|
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 278950 | &nbsp;&nbsp; 1670332<br>|
| Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 330030 | &nbsp;&nbsp; 1494328<br>|
| Compal Electronics Inc. | &nbsp;&nbsp; 2203000 | &nbsp;&nbsp; 2341925<br>|
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 281830 | &nbsp;&nbsp; 2764852<br>|
| HTC Corp. | &nbsp;&nbsp; 349700 | &nbsp;&nbsp; 683,842<br> \*<br>|
| Inventec Corp. | &nbsp;&nbsp; 1342000 | &nbsp;&nbsp; 2014453<br>|
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 29333 | &nbsp;&nbsp; 3166401<br>|
| Lite-On Technology Corp. | &nbsp;&nbsp; 1014000 | &nbsp;&nbsp; 5739058<br>|
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 355900 | &nbsp;&nbsp; 1354564<br>|
| Pegatron Corp. | &nbsp;&nbsp; 1004473 | &nbsp;&nbsp; 2333378<br>|
| Quanta Computer Inc. | &nbsp;&nbsp; 1376740 | &nbsp;&nbsp; 13099764<br>|
| Transcend Information Inc. | &nbsp;&nbsp; 98100 | &nbsp;&nbsp; 354059<br>|
| Wistron Corp. | &nbsp;&nbsp; 1578526 | &nbsp;&nbsp; 7276819<br>|
| Wiwynn Corp. | &nbsp;&nbsp; 53970 | &nbsp;&nbsp; 5870154<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 67470553 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **407156268** |
| **Materials — 2.4%** | **Materials — 2.4%** | **Materials — 2.4%** |
| Chemicals — 1.5% | Chemicals — 1.5% | Chemicals — 1.5% |
| Eternal Materials Co. Ltd. | &nbsp;&nbsp; 423685 | &nbsp;&nbsp; 565089<br>|
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 1751000 | &nbsp;&nbsp; 1709176<br>|
| Formosa Plastics Corp. | &nbsp;&nbsp; 2189330 | &nbsp;&nbsp; 2769167<br>|
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 2578790 | &nbsp;&nbsp; 3337925<br>|
| Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp; 317887 | &nbsp;&nbsp; 513158<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 8894515 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Construction Materials — 0.3% | Construction Materials — 0.3% | Construction Materials — 0.3% | Construction Materials — 0.3% |
| Asia Cement Corp. | Asia Cement Corp. | &nbsp;&nbsp; 1209340 | &nbsp;&nbsp; $1513758<br>|
| Metals & Mining — 0.6% | Metals & Mining — 0.6% | Metals & Mining — 0.6% | Metals & Mining — 0.6% |
| China Steel Corp. | China Steel Corp. | &nbsp;&nbsp; 5906000 | &nbsp;&nbsp; 3759315<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **14167588** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| Ruentex Development Co. Ltd. | Ruentex Development Co. Ltd. | &nbsp;&nbsp; 808410 | &nbsp;&nbsp; **785122**<br>|
| **Total Investments before Short-Term Investments (Cost — $406,756,070)** | **Total Investments before Short-Term Investments (Cost — $406,756,070)** | **Total Investments before Short-Term Investments (Cost — $406,756,070)** | &nbsp;&nbsp; **592204229** |
|  | Rate |  |  |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $2,976,186)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 2976186<br>| &nbsp;&nbsp; **2976186**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.3% (Cost — $409,732,256)** | **Total Investments — 99.3% (Cost — $409,732,256)** | **Total Investments — 99.3% (Cost — $409,732,256)** | &nbsp;&nbsp; **595180415** |
| Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | &nbsp;&nbsp; 4114153 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$599294568** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | 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 <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2025, the total market value of <br> investments in Affiliated Companies was $2,976,186 and the cost was $2,976,186 (Note 6).<br>|
| <sup>(c)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Communication Services — 2.5%** | **Communication Services — 2.5%** | **Communication Services — 2.5%** |
| Diversified Telecommunication Services — 0.5% | Diversified Telecommunication Services — 0.5% | Diversified Telecommunication Services — 0.5% |
| BT Group PLC | &nbsp;&nbsp; 1576948 | &nbsp;&nbsp; $4058051<br>|
| Interactive Media & Services — 0.5% | Interactive Media & Services — 0.5% | Interactive Media & Services — 0.5% |
| Auto Trader Group PLC | &nbsp;&nbsp; 245116 | &nbsp;&nbsp; 2600961<br> <sup>(a)</sup><br>|
| Rightmove PLC | &nbsp;&nbsp; 217238 | &nbsp;&nbsp; 2072348<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 4673309 |
| Media — 0.7% | Media — 0.7% | Media — 0.7% |
| Informa PLC | &nbsp;&nbsp; 367148 | &nbsp;&nbsp; 4535449<br>|
| WPP PLC | &nbsp;&nbsp; 302450 | &nbsp;&nbsp; 1497584<br>|
| Total Media | Total Media | &nbsp;&nbsp; 6033033 |
| Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% |
| Airtel Africa PLC | &nbsp;&nbsp; 191464 | &nbsp;&nbsp; 628930<br> <sup>(a)</sup><br>|
| Vodafone Group PLC | &nbsp;&nbsp; 5300502 | &nbsp;&nbsp; 6148207<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 6777137 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **21541530** |
| **Consumer Discretionary — 5.2%** | **Consumer Discretionary — 5.2%** | **Consumer Discretionary — 5.2%** |
| Broadline Retail — 0.6% | Broadline Retail — 0.6% | Broadline Retail — 0.6% |
| Next PLC | &nbsp;&nbsp; 32086 | &nbsp;&nbsp; 5345478<br>|
| Diversified Consumer Services — 0.3% | Diversified Consumer Services — 0.3% | Diversified Consumer Services — 0.3% |
| Pearson PLC | &nbsp;&nbsp; 182522 | &nbsp;&nbsp; 2596034<br>|
| Hotels, Restaurants & Leisure — 3.0% | Hotels, Restaurants & Leisure — 3.0% | Hotels, Restaurants & Leisure — 3.0% |
| Compass Group PLC | &nbsp;&nbsp; 474978 | &nbsp;&nbsp; 16171417<br>|
| Entain PLC | &nbsp;&nbsp; 167268 | &nbsp;&nbsp; 1967663<br>|
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 41028 | &nbsp;&nbsp; 4956695<br>|
| Whitbread PLC | &nbsp;&nbsp; 48918 | &nbsp;&nbsp; 2120559<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 25216334 |
| Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% |
| Barratt Redrow PLC | &nbsp;&nbsp; 381350 | &nbsp;&nbsp; 2001717<br>|
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 25774 | &nbsp;&nbsp; 1331025<br>|
| Persimmon PLC | &nbsp;&nbsp; 87842 | &nbsp;&nbsp; 1370602<br>|
| Taylor Wimpey PLC | &nbsp;&nbsp; 989406 | &nbsp;&nbsp; 1372614<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 6075958 |
| Specialty Retail — 0.4% | Specialty Retail — 0.4% | Specialty Retail — 0.4% |
| JD Sports Fashion PLC | &nbsp;&nbsp; 683800 | &nbsp;&nbsp; 877299<br>|
| Kingfisher PLC | &nbsp;&nbsp; 486024 | &nbsp;&nbsp; 2019855<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 2897154 |
| Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% |
| Burberry Group PLC | &nbsp;&nbsp; 99940 | &nbsp;&nbsp; 1,571,477<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **43702435** |
| **Consumer Staples — 15.9%** | **Consumer Staples — 15.9%** | **Consumer Staples — 15.9%** |
| Beverages — 2.7% | Beverages — 2.7% | Beverages — 2.7% |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 59964 | &nbsp;&nbsp; 5440969<br>|
| Coca-Cola HBC AG | &nbsp;&nbsp; 55756 | &nbsp;&nbsp; 2630156<br>|
| Diageo PLC | &nbsp;&nbsp; 623310 | &nbsp;&nbsp; 14898774<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 22969899 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Staples Distribution & Retail — 1.9% | Consumer Staples Distribution & Retail — 1.9% | Consumer Staples Distribution & Retail — 1.9% |
| J Sainsbury PLC | &nbsp;&nbsp; 479712 | &nbsp;&nbsp; $2157013<br>|
| Marks & Spencer Group PLC | &nbsp;&nbsp; 572288 | &nbsp;&nbsp; 2808264<br>|
| Tesco PLC | &nbsp;&nbsp; 1790504 | &nbsp;&nbsp; 10738628<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 15703905 |
| Food Products — 0.3% | Food Products — 0.3% | Food Products — 0.3% |
| Associated British Foods PLC | &nbsp;&nbsp; 82056 | &nbsp;&nbsp; 2265697<br>|
| Household Products — 1.7% | Household Products — 1.7% | Household Products — 1.7% |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 190938 | &nbsp;&nbsp; 14698137<br>|
| Personal Care Products — 4.7% | Personal Care Products — 4.7% | Personal Care Products — 4.7% |
| Unilever PLC | &nbsp;&nbsp; 675910 | &nbsp;&nbsp; 40037533<br>|
| Tobacco — 4.6% | Tobacco — 4.6% | Tobacco — 4.6% |
| British American Tobacco PLC | &nbsp;&nbsp; 560716 | &nbsp;&nbsp; 29794482<br>|
| Imperial Brands PLC | &nbsp;&nbsp; 213556 | &nbsp;&nbsp; 9079244<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 38873726 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **134548897** |
| **Energy — 10.0%** | **Energy — 10.0%** | **Energy — 10.0%** |
| Oil, Gas & Consumable Fuels — 10.0% | Oil, Gas & Consumable Fuels — 10.0% | Oil, Gas & Consumable Fuels — 10.0% |
| BP PLC | &nbsp;&nbsp; 4464162 | &nbsp;&nbsp; 25587059<br>|
| Shell PLC | &nbsp;&nbsp; 1646906 | &nbsp;&nbsp; 58676807<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **84263866** |
| **Financials — 24.5%** | **Financials — 24.5%** | **Financials — 24.5%** |
| Banks — 15.8% | Banks — 15.8% | Banks — 15.8% |
| Barclays PLC | &nbsp;&nbsp; 3950786 | &nbsp;&nbsp; 20189961<br>|
| HSBC Holdings PLC | &nbsp;&nbsp; 4869708 | &nbsp;&nbsp; 68508582<br>|
| Lloyds Banking Group PLC | &nbsp;&nbsp; 16851462 | &nbsp;&nbsp; 19015643<br>|
| NatWest Group PLC | &nbsp;&nbsp; 2262852 | &nbsp;&nbsp; 15889839<br>|
| Standard Chartered PLC | &nbsp;&nbsp; 519688 | &nbsp;&nbsp; 10043189<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 133647214 |
| Capital Markets — 4.3% | Capital Markets — 4.3% | Capital Markets — 4.3% |
| 3i Group PLC | &nbsp;&nbsp; 264052 | &nbsp;&nbsp; 14535579<br>|
| ICG PLC | &nbsp;&nbsp; 76270 | &nbsp;&nbsp; 2285623<br>|
| London Stock Exchange Group PLC | &nbsp;&nbsp; 141494 | &nbsp;&nbsp; 16221815<br>|
| Schroders PLC | &nbsp;&nbsp; 206192 | &nbsp;&nbsp; 1043724<br>|
| St James's Place PLC | &nbsp;&nbsp; 145176 | &nbsp;&nbsp; 2482129<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 36568870 |
| Financial Services — 0.6% | Financial Services — 0.6% | Financial Services — 0.6% |
| M&G PLC | &nbsp;&nbsp; 658552 | &nbsp;&nbsp; 2243036<br>|
| Wise PLC, Class A Shares | &nbsp;&nbsp; 208822 | &nbsp;&nbsp; 2,909,661<br> \*<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 5152697 |
| Insurance — 3.8% | Insurance — 3.8% | Insurance — 3.8% |
| Admiral Group PLC | &nbsp;&nbsp; 69958 | &nbsp;&nbsp; 3156946<br>|
| Aviva PLC | &nbsp;&nbsp; 850542 | &nbsp;&nbsp; 7852700<br>|
| Beazley PLC | &nbsp;&nbsp; 168846 | &nbsp;&nbsp; 2061692<br>|
| Hiscox Ltd. | &nbsp;&nbsp; 94154 | &nbsp;&nbsp; 1735274<br>|
| Legal & General Group PLC | &nbsp;&nbsp; 1570110 | &nbsp;&nbsp; 5030751<br>|
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 208296 | &nbsp;&nbsp; 1804493<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Prudential PLC | &nbsp;&nbsp; 721146 | &nbsp;&nbsp; $10106475<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 31748331 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **207117112** |
| **Health Care — 12.4%** | **Health Care — 12.4%** | **Health Care — 12.4%** |
| Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% |
| Convatec Group PLC | &nbsp;&nbsp; 461302 | &nbsp;&nbsp; 1437059<br> <sup>(a)</sup><br>|
| Smith & Nephew PLC | &nbsp;&nbsp; 245642 | &nbsp;&nbsp; 4423053<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 5860112 |
| Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† |
| NMC Health PLC | &nbsp;&nbsp; 3705 | &nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| Pharmaceuticals — 11.7% | Pharmaceuticals — 11.7% | Pharmaceuticals — 11.7% |
| AstraZeneca PLC | &nbsp;&nbsp; 419748 | &nbsp;&nbsp; 63187895<br>|
| GSK PLC | &nbsp;&nbsp; 1132478 | &nbsp;&nbsp; 24004806<br>|
| Haleon PLC | &nbsp;&nbsp; 2524274 | &nbsp;&nbsp; 11295963<br>|
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 43132 | &nbsp;&nbsp; 985969<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 99474633 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **105334745** |
| **Industrials — 16.5%** | **Industrials — 16.5%** | **Industrials — 16.5%** |
| Aerospace & Defense — 7.6% | Aerospace & Defense — 7.6% | Aerospace & Defense — 7.6% |
| BAE Systems PLC | &nbsp;&nbsp; 842126 | &nbsp;&nbsp; 23343136<br>|
| Melrose Industries PLC | &nbsp;&nbsp; 353998 | &nbsp;&nbsp; 2901357<br>|
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 2374890 | &nbsp;&nbsp; 38046633<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 64291126 |
| Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% |
| Rentokil Initial PLC | &nbsp;&nbsp; 704314 | &nbsp;&nbsp; 3563271<br>|
| Industrial Conglomerates — 0.7% | Industrial Conglomerates — 0.7% | Industrial Conglomerates — 0.7% |
| DCC PLC | &nbsp;&nbsp; 27352 | &nbsp;&nbsp; 1757176<br>|
| Metlen Energy & Metals PLC | &nbsp;&nbsp; 29982 | &nbsp;&nbsp; 1,668,086<br> \*<br>|
| Smiths Group PLC | &nbsp;&nbsp; 93628 | &nbsp;&nbsp; 2964618<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 6389880 |
| Machinery — 0.8% | Machinery — 0.8% | Machinery — 0.8% |
| IMI PLC | &nbsp;&nbsp; 67854 | &nbsp;&nbsp; 2088226<br>|
| Spirax Group PLC | &nbsp;&nbsp; 20514 | &nbsp;&nbsp; 1882097<br>|
| Weir Group PLC | &nbsp;&nbsp; 72588 | &nbsp;&nbsp; 2669754<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 6640077 |
| Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% |
| International Consolidated Airlines Group SA | &nbsp;&nbsp; 618576 | &nbsp;&nbsp; 3215279<br>|
| Professional Services — 4.8% | Professional Services — 4.8% | Professional Services — 4.8% |
| Experian PLC | &nbsp;&nbsp; 256688 | &nbsp;&nbsp; 12861976<br>|
| Intertek Group PLC | &nbsp;&nbsp; 43658 | &nbsp;&nbsp; 2775336<br>|
| RELX PLC | &nbsp;&nbsp; 514954 | &nbsp;&nbsp; 24659148<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 40296460 |
| Trading Companies & Distributors — 1.8% | Trading Companies & Distributors — 1.8% | Trading Companies & Distributors — 1.8% |
| Ashtead Group PLC | &nbsp;&nbsp; 118876 | &nbsp;&nbsp; 7945829<br>|
| Bunzl PLC | &nbsp;&nbsp; 90472 | &nbsp;&nbsp; 2857380<br>|
| Diploma PLC | &nbsp;&nbsp; 37346 | &nbsp;&nbsp; 2667198<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — continued | Trading Companies & Distributors — continued | Trading Companies & Distributors — continued |
| Howden Joinery Group PLC | &nbsp;&nbsp; 153066 | &nbsp;&nbsp; $1738159<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 15208566 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **139604659** |
| **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** |
| Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% |
| Halma PLC | &nbsp;&nbsp; 104674 | &nbsp;&nbsp; 4861650<br>|
| Software — 0.4% | Software — 0.4% | Software — 0.4% |
| Sage Group PLC | &nbsp;&nbsp; 267208 | &nbsp;&nbsp; 3957017<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8818667** |
| **Materials — 6.4%** | **Materials — 6.4%** | **Materials — 6.4%** |
| Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% |
| Croda International PLC | &nbsp;&nbsp; 38924 | &nbsp;&nbsp; 1416935<br>|
| Metals & Mining — 6.0% | Metals & Mining — 6.0% | Metals & Mining — 6.0% |
| Anglo American PLC | &nbsp;&nbsp; 298242 | &nbsp;&nbsp; 11182007<br>|
| Antofagasta PLC | &nbsp;&nbsp; 95206 | &nbsp;&nbsp; 3525987<br>|
| Endeavour Mining PLC | &nbsp;&nbsp; 52600 | &nbsp;&nbsp; 2195195<br>|
| Evraz PLC | &nbsp;&nbsp; 128818 | &nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| Fresnillo PLC | &nbsp;&nbsp; 51548 | &nbsp;&nbsp; 1637757<br>|
| Glencore PLC | &nbsp;&nbsp; 3000304 | &nbsp;&nbsp; 13797770<br>|
| Rio Tinto PLC | &nbsp;&nbsp; 289300 | &nbsp;&nbsp; 19035355<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 51374071 |
| Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% |
| Mondi PLC | &nbsp;&nbsp; 122032 | &nbsp;&nbsp; 1682285<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **54473291** |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |
| Diversified REITs — 0.4% | Diversified REITs — 0.4% | Diversified REITs — 0.4% |
| British Land Co. PLC | &nbsp;&nbsp; 271942 | &nbsp;&nbsp; 1274767<br>|
| Land Securities Group PLC | &nbsp;&nbsp; 207770 | &nbsp;&nbsp; 1627914<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 2902681 |
| Industrial REITs — 0.4% | Industrial REITs — 0.4% | Industrial REITs — 0.4% |
| Segro PLC | &nbsp;&nbsp; 377142 | &nbsp;&nbsp; 3327646<br>|
| Residential REITs — 0.1% | Residential REITs — 0.1% | Residential REITs — 0.1% |
| UNITE Group PLC | &nbsp;&nbsp; 116246 | &nbsp;&nbsp; 1125208<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **7355535** |
| **Utilities — 4.2%** | **Utilities — 4.2%** | **Utilities — 4.2%** |
| Electric Utilities — 0.9% | Electric Utilities — 0.9% | Electric Utilities — 0.9% |
| SSE PLC | &nbsp;&nbsp; 309814 | &nbsp;&nbsp; 7263572<br>|
| Multi-Utilities — 2.7% | Multi-Utilities — 2.7% | Multi-Utilities — 2.7% |
| Centrica PLC | &nbsp;&nbsp; 1353398 | &nbsp;&nbsp; 3035472<br>|
| National Grid PLC | &nbsp;&nbsp; 1386536 | &nbsp;&nbsp; 19926215<br>|
| Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 22961687 |
| Water Utilities — 0.6% | Water Utilities — 0.6% | Water Utilities — 0.6% |
| Severn Trent PLC | &nbsp;&nbsp; 74166 | &nbsp;&nbsp; 2584014<br>|
| United Utilities Group PLC | &nbsp;&nbsp; 191464 | &nbsp;&nbsp; 2955201<br>|
| Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 5539215 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **35764474** |
| **Total Investments before Short-Term Investments (Cost — $711,672,661)** | **Total Investments before Short-Term Investments (Cost — $711,672,661)** | &nbsp;&nbsp; **842525211** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $176,201)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 176201<br>| &nbsp;&nbsp; **$176201**<br> <sup>(e)(f)(g)</sup><br>|
| **Total Investments — 99.5% (Cost — $711,848,862)** | **Total Investments — 99.5% (Cost — $711,848,862)** | **Total Investments — 99.5% (Cost — $711,848,862)** | &nbsp;&nbsp; **842701412** |
| Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp; 4435862 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$847137274** |

---

&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. 

<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 voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2025, the total market value of investments in Affiliated Companies was $176,201 and the cost was $176,201 (Note 6). 

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

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 12/2025 | &nbsp;&nbsp;&nbsp; $4115873 | &nbsp;&nbsp;&nbsp; $4179400 | &nbsp;&nbsp;&nbsp; **$63527** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Assets and Liabilities (unaudited)

September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>Asia ex Japan ETF<br>| Franklin FTSE <br>Australia ETF<br>| Franklin FTSE <br>Brazil ETF<br>| Franklin FTSE <br>Canada ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $24,937,764, $73,163,310, $186,631,397 and $393,502,182, <br> respectively)<br>| &nbsp;&nbsp; $34763462 | &nbsp;&nbsp; $78293386 | &nbsp;&nbsp; $223192572 | &nbsp;&nbsp; $493163644 |
| Investments in affiliated securities, at value (Cost — $52,179, <br> $374, $67,706 and $449,038, respectively)<br>| &nbsp;&nbsp; 52179 | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 67706 | &nbsp;&nbsp; 449038 |
| Foreign currency, at value (Cost — $46,913, $542,421, $556,580 <br> and $291,432, respectively)<br>| &nbsp;&nbsp; 47755 | &nbsp;&nbsp; 549144 | &nbsp;&nbsp; 555701 | &nbsp;&nbsp; 291724 |
| Cash | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1346 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Dividends and interest receivable from unaffiliated investments | &nbsp;&nbsp; 40902 | &nbsp;&nbsp; 218348 | &nbsp;&nbsp; 1852419 | &nbsp;&nbsp; 688757 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 573 |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 62884 | &nbsp;&nbsp; 551105 | &nbsp;&nbsp; 67831 |
| Receivable from brokers — net variation margin on open futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 9246 | &nbsp;&nbsp; 1021 | &nbsp;&nbsp; 11711 |
| **Total Assets** | &nbsp;&nbsp; **34904451** | &nbsp;&nbsp; **79134809** | &nbsp;&nbsp; **226220566** | &nbsp;&nbsp; **494673279** |
| **Liabilities:** |  |  |  |  |
| Accrued foreign capital gains tax | &nbsp;&nbsp; 299035 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment management fee payable | &nbsp;&nbsp; 5282 | &nbsp;&nbsp; 5790 | &nbsp;&nbsp; 34555 | &nbsp;&nbsp; 35665 |
| Due to broker | &nbsp;&nbsp; — | &nbsp;&nbsp; 3778 | &nbsp;&nbsp; 4354 | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **304317** | &nbsp;&nbsp; **9568** | &nbsp;&nbsp; **38909** | &nbsp;&nbsp; **35665** |
| **Total Net Assets** | &nbsp;&nbsp; **$34600134** | &nbsp;&nbsp; **$79125241** | &nbsp;&nbsp; **$226181657** | &nbsp;&nbsp; **$494637614** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $31828560 | &nbsp;&nbsp; $75080818 | &nbsp;&nbsp; $344648428 | &nbsp;&nbsp; $368452637 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 2771574 | &nbsp;&nbsp; 4044423 | &nbsp;&nbsp; (118466771) | &nbsp;&nbsp; 126184977 |
| **Total Net Assets** | &nbsp;&nbsp; **$34600134** | &nbsp;&nbsp; **$79125241** | &nbsp;&nbsp; **$226181657** | &nbsp;&nbsp; **$494637614** |
| **Shares Outstanding** | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp; 11900000 | &nbsp;&nbsp; 10900000 |
| **Net Asset Value** | $28.83 | $32.30 | $19.01 | $45.38 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>China ETF<br>| Franklin FTSE <br>Europe ETF<br>| Franklin FTSE <br>Eurozone ETF<br>| Franklin FTSE <br>Germany ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — $196,723,905, <br> $103,048,005, $49,647,366 and $47,973,144, respectively)<br>| &nbsp;&nbsp; $249268959 <br><sup>†</sup><br>| &nbsp;&nbsp; $117776029 | &nbsp;&nbsp; $57513923 | &nbsp;&nbsp; $50953338 |
| Investments in affiliated securities, at value (Cost — $159,295, <br> $29,551, $13,330 and $954, respectively)<br>| &nbsp;&nbsp; 159295 | &nbsp;&nbsp; 29551 | &nbsp;&nbsp; 13330 | &nbsp;&nbsp; 954 |
| Foreign currency, at value (Cost — $258,411, $250,903, $49,839 and <br> $19,743, respectively)<br>| &nbsp;&nbsp; 258402 | &nbsp;&nbsp; 250327 | &nbsp;&nbsp; 49784 | &nbsp;&nbsp; 19674 |
| Cash | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends and interest receivable from unaffiliated investments | &nbsp;&nbsp; 318420 | &nbsp;&nbsp; 250580 | &nbsp;&nbsp; 55769 | &nbsp;&nbsp; 68248 |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 30640 | &nbsp;&nbsp; 29375 | &nbsp;&nbsp; 4486 | &nbsp;&nbsp; 6097 |
| Receivable from brokers — net variation margin on open futures <br> contracts<br>| &nbsp;&nbsp; 1491 | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 348 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 4 |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 34425 | &nbsp;&nbsp; 32441 | &nbsp;&nbsp; — |
| European Union tax reclaims receivable (Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; 161549 | &nbsp;&nbsp; 21557 | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **250037369** | &nbsp;&nbsp; **118533711** | &nbsp;&nbsp; **57691437** | &nbsp;&nbsp; **51048663** |
| **Liabilities:** |  |  |  |  |
| Payable upon return of securities loaned | &nbsp;&nbsp; 91850 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment management fee payable | &nbsp;&nbsp; 37441 | &nbsp;&nbsp; 8650 | &nbsp;&nbsp; 3991 | &nbsp;&nbsp; 3941 |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 39147 | &nbsp;&nbsp; 36557 | &nbsp;&nbsp; — |
| European Union tax reclaim contingent fees payable (Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; 40387 | &nbsp;&nbsp; 5389 | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **129291** | &nbsp;&nbsp; **88184** | &nbsp;&nbsp; **45937** | &nbsp;&nbsp; **3941** |
| **Total Net Assets** | &nbsp;&nbsp; **$249908078** | &nbsp;&nbsp; **$118445527** | &nbsp;&nbsp; **$57645500** | &nbsp;&nbsp; **$51044722** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $238822358 | &nbsp;&nbsp; $110600760 | &nbsp;&nbsp; $53630966 | &nbsp;&nbsp; $45078818 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 11085720 | &nbsp;&nbsp; 7844767 | &nbsp;&nbsp; 4014534 | &nbsp;&nbsp; 5965904 |
| **Total Net Assets** | &nbsp;&nbsp; **$249908078** | &nbsp;&nbsp; **$118445527** | &nbsp;&nbsp; **$57645500** | &nbsp;&nbsp; **$51044722** |
| **Shares Outstanding** | &nbsp;&nbsp; 9600000 | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1550000 |
| **Net Asset Value** | $26.03 | $34.84 | $32.03 | $32.93 |
| **† Includes securities loaned** | &nbsp;&nbsp; 87508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Assets and Liabilities (unaudited) (cont'd)

September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>India ETF<br>| Franklin FTSE <br>Japan ETF<br>| Franklin FTSE <br>Japan Hedged ETF<br>| Franklin FTSE <br>Latin America ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $2,276,045,225, $1,964,980,989, $78,129,375 and <br> $30,222,845, respectively)<br>| &nbsp;&nbsp; $2448827444 | &nbsp;&nbsp; $2364944037 | &nbsp;&nbsp; $97297994 | &nbsp;&nbsp; $39241993 |
| Investments in affiliated securities, at value (Cost — <br> $4,383,320, $124,585, $6,092 and $17,251, respectively)<br>| &nbsp;&nbsp; 4383320 | &nbsp;&nbsp; 124585 | &nbsp;&nbsp; 6092 | &nbsp;&nbsp; 17251 |
| Foreign currency, at value (Cost — $7,730,024, $919,393, <br> $360,825 and $200,001, respectively)<br>| &nbsp;&nbsp; 7682147 | &nbsp;&nbsp; 929153 | &nbsp;&nbsp; 362040 | &nbsp;&nbsp; 198843 |
| Cash | &nbsp;&nbsp; 1760 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 621500 | &nbsp;&nbsp; 988928 | &nbsp;&nbsp; 43513 | &nbsp;&nbsp; 42985 |
| Dividends and interest receivable from unaffiliated <br> investments<br>| &nbsp;&nbsp; 329306 | &nbsp;&nbsp; 20465376 | &nbsp;&nbsp; 825911 | &nbsp;&nbsp; 199497 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 14374 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 20 |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1120762 | &nbsp;&nbsp; 52433 | &nbsp;&nbsp; — |
| Receivable from brokers — net variation margin on open <br> futures contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15881 |
| Unrealized appreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 872319 | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **2461859851** | &nbsp;&nbsp; **2388573058** | &nbsp;&nbsp; **99460332** | &nbsp;&nbsp; **39716470** |
| **Liabilities:** |  |  |  |  |
| Accrued foreign capital gains tax | &nbsp;&nbsp; 44807712 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment management fee payable | &nbsp;&nbsp; 381300 | &nbsp;&nbsp; 175008 | &nbsp;&nbsp; 7177 | &nbsp;&nbsp; 6047 |
| Payable to brokers — net variation margin on open <br> futures contracts<br>| &nbsp;&nbsp; 19887 | &nbsp;&nbsp; 63452 | &nbsp;&nbsp; 2791 | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1445503 | &nbsp;&nbsp; 49916 |
| Unrealized depreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1790 | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **45208899** | &nbsp;&nbsp; **238460** | &nbsp;&nbsp; **1457261** | &nbsp;&nbsp; **55963** |
| **Total Net Assets** | &nbsp;&nbsp; **$2416650952** | &nbsp;&nbsp; **$2388334598** | &nbsp;&nbsp; **$98003071** | &nbsp;&nbsp; **$39660507** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $2346452957 | &nbsp;&nbsp; $2067340105 | &nbsp;&nbsp; $81023331 | &nbsp;&nbsp; $35179160 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 70197995 | &nbsp;&nbsp; 320994493 | &nbsp;&nbsp; 16979740 | &nbsp;&nbsp; 4481347 |
| **Total Net Assets** | &nbsp;&nbsp; **$2416650952** | &nbsp;&nbsp; **$2388334598** | &nbsp;&nbsp; **$98003071** | &nbsp;&nbsp; **$39660507** |
| **Shares Outstanding** | &nbsp;&nbsp; 64850000 | &nbsp;&nbsp; 68400000 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp; 1700000 |
| **Net Asset Value** | $37.27 | $34.92 | $36.30 | $23.33 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>Mexico ETF<br>| Franklin FTSE <br>Saudi Arabia ETF<br>| Franklin FTSE <br>South Korea ETF<br>| Franklin FTSE <br>Switzerland ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $63,065,818, $20,652,387, $140,416,094 and $47,793,323, <br> respectively)<br>| &nbsp;&nbsp; $69451534 | &nbsp;&nbsp; $22401887 | &nbsp;&nbsp; $203462962 | &nbsp;&nbsp; $56333601 |
| Investments in affiliated securities, at value (Cost — $287, <br> $6,665, $110,147 and $0, respectively)<br>| &nbsp;&nbsp; 287 | &nbsp;&nbsp; 6665 | &nbsp;&nbsp; 110147 | &nbsp;&nbsp; — |
| Foreign currency, at value (Cost — $47,157, $84,046, <br> $308,729 and $0, respectively)<br>| &nbsp;&nbsp; 47157 | &nbsp;&nbsp; 84043 | &nbsp;&nbsp; 307717 | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8101772 | &nbsp;&nbsp; — |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 16 |
| Dividends and interest receivable from unaffiliated <br> investments<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 24417 | &nbsp;&nbsp; 147369 | &nbsp;&nbsp; 800690 |
| Deposits with brokers | &nbsp;&nbsp; — | &nbsp;&nbsp; 213 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23185 | &nbsp;&nbsp; 42315 |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 7255 | &nbsp;&nbsp; 6429 | &nbsp;&nbsp; — |
| Receivable from brokers — net variation margin on futures <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24305 |
| **Total Assets** | &nbsp;&nbsp; **69499237** | &nbsp;&nbsp; **22524799** | &nbsp;&nbsp; **212160417** | &nbsp;&nbsp; **57200927** |
| **Liabilities:** |  |  |  |  |
| Investment management fee payable | &nbsp;&nbsp; 10480 | &nbsp;&nbsp; 5821 | &nbsp;&nbsp; 13707 | &nbsp;&nbsp; 4252 |
| Foreign currency due to custodian, at value (Cost — $0, $0, <br> $0 and $2,757, respectively)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2759 |
| Payable for Fund shares repurchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 500 | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 55733 | &nbsp;&nbsp; 8051821 | &nbsp;&nbsp; — |
| Payable to brokers — net variation margin on open futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 594 | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **10480** | &nbsp;&nbsp; **61554** | &nbsp;&nbsp; **8066622** | &nbsp;&nbsp; **7011** |
| **Total Net Assets** | &nbsp;&nbsp; **$69488757** | &nbsp;&nbsp; **$22463245** | &nbsp;&nbsp; **$204093795** | &nbsp;&nbsp; **$57193916** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $68269624 | &nbsp;&nbsp; $21292781 | &nbsp;&nbsp; $177477984 | &nbsp;&nbsp; $52215453 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 1219133 | &nbsp;&nbsp; 1170464 | &nbsp;&nbsp; 26615811 | &nbsp;&nbsp; 4978463 |
| **Total Net Assets** | &nbsp;&nbsp; **$69488757** | &nbsp;&nbsp; **$22463245** | &nbsp;&nbsp; **$204093795** | &nbsp;&nbsp; **$57193916** |
| **Shares Outstanding** | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 7600000 | &nbsp;&nbsp; 1500000 |
| **Net Asset Value** | $33.09 | $34.56 | $26.85 | $38.13 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Assets and Liabilities (unaudited) (cont'd)

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | Franklin FTSE <br>Taiwan ETF<br>| Franklin FTSE <br>United Kingdom ETF<br>|
| **Assets:** |  |  |
| Investments in unaffiliated securities, at value (Cost — $406,756,070 and $711,672,661, <br> respectively)<br>| &nbsp;&nbsp; $592204229 | &nbsp;&nbsp; $842525211 |
| Investments in affiliated securities, at value (Cost — $2,976,186 and $176,201, respectively) | &nbsp;&nbsp; 2976186 | &nbsp;&nbsp; 176201 |
| Foreign currency, at value (Cost — $3,403,371 and $3,347,366, respectively) | &nbsp;&nbsp; 3379642 | &nbsp;&nbsp; 3330011 |
| Cash | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 15749 |
| Dividends and interest receivable from unaffiliated investments | &nbsp;&nbsp; 819262 | &nbsp;&nbsp; 902005 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 3809 | &nbsp;&nbsp; 168 |
| Deposits with brokers for open futures contracts  | &nbsp;&nbsp; — | &nbsp;&nbsp; 170379 |
| Receivable from brokers — net variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 79874 |
| **Total Assets** | &nbsp;&nbsp; **599383130** | &nbsp;&nbsp; **847199598** |
| **Liabilities:** |  |  |
| Investment management fee payable | &nbsp;&nbsp; 88562 | &nbsp;&nbsp; 62324 |
| **Total Liabilities** | &nbsp;&nbsp; **88562** | &nbsp;&nbsp; **62324** |
| **Total Net Assets** | &nbsp;&nbsp; **$599294568** | &nbsp;&nbsp; **$847137274** |
| **Net Assets:** |  |  |
| Paid-in capital | &nbsp;&nbsp; $445724427 | &nbsp;&nbsp; $722896621 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 153570141 | &nbsp;&nbsp; 124240653 |
| **Total Net Assets** | &nbsp;&nbsp; **$599294568** | &nbsp;&nbsp; **$847137274** |
| **Shares Outstanding** | &nbsp;&nbsp; 10300000 | &nbsp;&nbsp; 26300000 |
| **Net Asset Value** | $58.18 | $32.21 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Operations (unaudited)

For the Six Months Ended September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>Asia ex Japan ETF<br>| Franklin FTSE <br>Australia ETF<br>| Franklin FTSE <br>Brazil ETF<br>| Franklin FTSE <br>Canada ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $550225 | &nbsp;&nbsp; $1199476 | &nbsp;&nbsp; $6859603 | &nbsp;&nbsp; $6090116 |
| Dividends from affiliated investments | &nbsp;&nbsp; 508 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 4799 | &nbsp;&nbsp; 3394 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5341 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (63635) | &nbsp;&nbsp; (37312) | &nbsp;&nbsp; (503331) | &nbsp;&nbsp; (913062) |
| **Total Investment Income** | &nbsp;&nbsp; **487098** | &nbsp;&nbsp; **1162542** | &nbsp;&nbsp; **6361071** | &nbsp;&nbsp; **5185789** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 29449 | &nbsp;&nbsp; 29274 | &nbsp;&nbsp; 192500 | &nbsp;&nbsp; 197477 |
| **Total Expenses** | &nbsp;&nbsp; **29449** | &nbsp;&nbsp; **29274** | &nbsp;&nbsp; **192500** | &nbsp;&nbsp; **197477** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | (98) | (28) | (310) | (144) |
| **Net Expenses** | &nbsp;&nbsp; **29351** | &nbsp;&nbsp; **29246** | &nbsp;&nbsp; **192190** | &nbsp;&nbsp; **197333** |
| **Net Investment Income** | &nbsp;&nbsp; **457747** | &nbsp;&nbsp; **1133296** | &nbsp;&nbsp; **6168881** | &nbsp;&nbsp; **4988456** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (163,928)†<br>| &nbsp;&nbsp; 171752 | &nbsp;&nbsp; 145569 | &nbsp;&nbsp; 29503487 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (9776) | &nbsp;&nbsp; 113367 | &nbsp;&nbsp; 172773 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4939 | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (2494) | &nbsp;&nbsp; (7699) | &nbsp;&nbsp; 228939 | &nbsp;&nbsp; 13139 |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **(166422)** | &nbsp;&nbsp; **154277** | &nbsp;&nbsp; **492814** | &nbsp;&nbsp; **29689399** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 6,419,314<br> ‡<br>| &nbsp;&nbsp; 9268967 | &nbsp;&nbsp; 28782197 | &nbsp;&nbsp; 57584593 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (2841) | &nbsp;&nbsp; 134340 | &nbsp;&nbsp; 12333 |
| Foreign currencies | &nbsp;&nbsp; 5443 | &nbsp;&nbsp; 15313 | &nbsp;&nbsp; 41129 | &nbsp;&nbsp; (1215) |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **6424757** | &nbsp;&nbsp; **9281439** | &nbsp;&nbsp; **28957666** | &nbsp;&nbsp; **57595711** |
| **Net Gain on Investments, Futures Contracts, Forward Foreign** <br> **Currency Contracts and Foreign Currency Transactions** <br>| &nbsp;&nbsp; **6258335** | &nbsp;&nbsp; **9435716** | &nbsp;&nbsp; **29450480** | &nbsp;&nbsp; **87285110** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$6716082** | &nbsp;&nbsp; **$10569012** | &nbsp;&nbsp; **$35619361** | &nbsp;&nbsp; **$92273566** |

---

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

† Net
 of foreign capital gains tax of $10,889.

‡ Net
 of change in accrued foreign capital gains tax of $69,392.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Operations (unaudited) (cont'd)

For the Six Months Ended September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>China ETF<br>| Franklin FTSE <br>Europe ETF<br>| Franklin FTSE <br>Eurozone ETF<br>| Franklin FTSE <br>Germany ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $3616683 | &nbsp;&nbsp; $2184446 | &nbsp;&nbsp; $792163 | &nbsp;&nbsp; $985165 |
| Dividends from affiliated investments | &nbsp;&nbsp; 4820 | &nbsp;&nbsp; 1616 | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 468 |
| European Union tax reclaims (Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; (653)† | &nbsp;&nbsp; 363 | &nbsp;&nbsp; — |
| Securities lending income from affiliated investments | &nbsp;&nbsp; 2377 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending income from unaffiliated investments | &nbsp;&nbsp; 432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (234880) | &nbsp;&nbsp; (190588) | &nbsp;&nbsp; (113916) | &nbsp;&nbsp; (133897) |
| **Total Investment Income** | &nbsp;&nbsp; **3389432** | &nbsp;&nbsp; **1994821** | &nbsp;&nbsp; **678977** | &nbsp;&nbsp; **851736** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 189616 | &nbsp;&nbsp; 48247 | &nbsp;&nbsp; 18209 | &nbsp;&nbsp; 23137 |
| European Union tax reclaim contingent fees (Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; (163)† | &nbsp;&nbsp; 91 | &nbsp;&nbsp; — |
| **Total Expenses** | &nbsp;&nbsp; **189616** | &nbsp;&nbsp; **48084** | &nbsp;&nbsp; **18300** | &nbsp;&nbsp; **23137** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | (436) | (74) | (21) | (24) |
| **Net Expenses** | &nbsp;&nbsp; **189180** | &nbsp;&nbsp; **48010** | &nbsp;&nbsp; **18279** | &nbsp;&nbsp; **23113** |
| **Net Investment Income** | &nbsp;&nbsp; **3200252** | &nbsp;&nbsp; **1946811** | &nbsp;&nbsp; **660698** | &nbsp;&nbsp; **828623** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (2157844)<br>| &nbsp;&nbsp; (621260)<br>| &nbsp;&nbsp; (168625)<br>| &nbsp;&nbsp; 4595032 |
| Futures contracts | &nbsp;&nbsp; 174153 | &nbsp;&nbsp; 36793 | &nbsp;&nbsp; 9489 | &nbsp;&nbsp; 18668 |
| Foreign currency transactions | &nbsp;&nbsp; (1981) | &nbsp;&nbsp; 69514 | &nbsp;&nbsp; 4501 | &nbsp;&nbsp; 1863 |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **(1985672)** | &nbsp;&nbsp; **(514953)** | &nbsp;&nbsp; **(154635)** | &nbsp;&nbsp; **4615563** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 45868625 | &nbsp;&nbsp; 13131665 | &nbsp;&nbsp; 5583987 | &nbsp;&nbsp; 431213 |
| Futures contracts | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 41144 | &nbsp;&nbsp; 4265 | &nbsp;&nbsp; 4396 |
| Foreign currencies | &nbsp;&nbsp; 662 | &nbsp;&nbsp; 12432 | &nbsp;&nbsp; 4086 | &nbsp;&nbsp; 5497 |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **45869986** | &nbsp;&nbsp; **13185241** | &nbsp;&nbsp; **5592338** | &nbsp;&nbsp; **441106** |
| **Net Gain on Investments, Futures Contracts and Foreign Currency** <br> **Transactions** <br>| &nbsp;&nbsp; **43884314** | &nbsp;&nbsp; **12670288** | &nbsp;&nbsp; **5437703** | &nbsp;&nbsp; **5056669** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$47084566** | &nbsp;&nbsp; **$14617099** | &nbsp;&nbsp; **$6098401** | &nbsp;&nbsp; **$5885292** |

---

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

† Reversal
 of excess European Union tax reclaim and Contingency fees related to the filing of European Union tax reclaims for the period ended September
 30, 2025.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

For the Six Months Ended September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>India ETF<br>| Franklin FTSE <br>Japan ETF<br>| Franklin FTSE <br>Japan Hedged ETF<br>| Franklin FTSE <br>Latin America ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $18225283 | &nbsp;&nbsp; $30986284 | &nbsp;&nbsp; $1262500 | &nbsp;&nbsp; $1032686 |
| Dividends from affiliated investments | &nbsp;&nbsp; 179883 | &nbsp;&nbsp; 10701 | &nbsp;&nbsp; 3822 | &nbsp;&nbsp; 541 |
| Securities lending income from affiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1829 | &nbsp;&nbsp; — | &nbsp;&nbsp; 540 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (4219458) | &nbsp;&nbsp; (2587168) | &nbsp;&nbsp; (110687) | &nbsp;&nbsp; (91834) |
| **Total Investment Income** | &nbsp;&nbsp; **14185708** | &nbsp;&nbsp; **28411646** | &nbsp;&nbsp; **1155635** | &nbsp;&nbsp; **941933** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 2122585 | &nbsp;&nbsp; 979418 | &nbsp;&nbsp; 40174 | &nbsp;&nbsp; 32250 |
| **Total Expenses** | &nbsp;&nbsp; **2122585** | &nbsp;&nbsp; **979418** | &nbsp;&nbsp; **40174** | &nbsp;&nbsp; **32250** |
| Less: Fee waivers and/or expense <br> reimbursements (Note 2)<br>| &nbsp;&nbsp; (11600) | &nbsp;&nbsp; (1514) | (132) | (105) |
| **Net Expenses** | &nbsp;&nbsp; **2110985** | &nbsp;&nbsp; **977904** | &nbsp;&nbsp; **40042** | &nbsp;&nbsp; **32145** |
| **Net Investment Income** | &nbsp;&nbsp; **12074723** | &nbsp;&nbsp; **27433742** | &nbsp;&nbsp; **1115593** | &nbsp;&nbsp; **909788** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (9,979,841)†<br>| &nbsp;&nbsp; 12319956 | &nbsp;&nbsp; 319190 | &nbsp;&nbsp; 11994 |
| Futures contracts | &nbsp;&nbsp; 567212 | &nbsp;&nbsp; 1368810 | &nbsp;&nbsp; 100674 | &nbsp;&nbsp; 20542 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (970400) | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (2075190) | &nbsp;&nbsp; 759582 | &nbsp;&nbsp; 191056 | &nbsp;&nbsp; 27550 |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **(11487819)** | &nbsp;&nbsp; **14448348** | &nbsp;&nbsp; **(359480)** | &nbsp;&nbsp; **60086** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 2,181,014<br> ‡<br>| &nbsp;&nbsp; 362613520 | &nbsp;&nbsp; 15476074 | &nbsp;&nbsp; 6183267 |
| Futures contracts | &nbsp;&nbsp; 327592 | &nbsp;&nbsp; 720011 | &nbsp;&nbsp; 20942 | &nbsp;&nbsp; 13088 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1253974 | &nbsp;&nbsp; — |
| Foreign currencies | &nbsp;&nbsp; 707300 | &nbsp;&nbsp; 7867 | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 5329 |
| **Change in Net Unrealized Appreciation** <br> **(Depreciation)** <br>| &nbsp;&nbsp; **3215906** | &nbsp;&nbsp; **363341398** | &nbsp;&nbsp; **16752244** | &nbsp;&nbsp; **6201684** |
| **Net Gain (Loss) on Investments, Futures Contracts,** <br> **Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions** <br>| &nbsp;&nbsp; **(8271913)** | &nbsp;&nbsp; **377789746** | &nbsp;&nbsp; **16392764** | &nbsp;&nbsp; **6261770** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$3802810** | &nbsp;&nbsp; **$405223488** | &nbsp;&nbsp; **$17508357** | &nbsp;&nbsp; **$7171558** |

---

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

† Net
 of foreign capital gains tax of $2,427,724.

‡ Net
 of change in accrued foreign capital gains tax of $27,562,362.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Operations (unaudited) (cont'd)

For the Six Months Ended September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>Mexico ETF<br>| Franklin FTSE <br>Saudi Arabia ETF<br>| Franklin FTSE <br>South Korea ETF<br>| Franklin FTSE <br>Switzerland ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $1431331 | &nbsp;&nbsp; $470609 | &nbsp;&nbsp; $871289 | &nbsp;&nbsp; $930595 |
| Dividends from affiliated investments | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 3052 | &nbsp;&nbsp; 417 |
| Securities lending income from affiliated investments | &nbsp;&nbsp; 2778 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (142642) | &nbsp;&nbsp; (20377) | &nbsp;&nbsp; (153958) | &nbsp;&nbsp; (213557) |
| **Total Investment Income** | &nbsp;&nbsp; **1291860** | &nbsp;&nbsp; **450709** | &nbsp;&nbsp; **720383** | &nbsp;&nbsp; **717455** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 53121 | &nbsp;&nbsp; 34872 | &nbsp;&nbsp; 68095 | &nbsp;&nbsp; 23996 |
| **Total Expenses** | &nbsp;&nbsp; **53121** | &nbsp;&nbsp; **34872** | &nbsp;&nbsp; **68095** | &nbsp;&nbsp; **23996** |
| Less: Fee waivers and/or expense <br> reimbursements (Note 2)<br>| (330) | (54) | (108) | (31) |
| **Net Expenses** | &nbsp;&nbsp; **52791** | &nbsp;&nbsp; **34818** | &nbsp;&nbsp; **67987** | &nbsp;&nbsp; **23965** |
| **Net Investment Income** | &nbsp;&nbsp; **1239069** | &nbsp;&nbsp; **415891** | &nbsp;&nbsp; **652396** | &nbsp;&nbsp; **693490** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (639627)<br>| &nbsp;&nbsp; (186487)<br>| &nbsp;&nbsp; (2921998)<br>| &nbsp;&nbsp; (179291)<br>|
| Futures contracts | &nbsp;&nbsp; 11368 | &nbsp;&nbsp; (8230) | &nbsp;&nbsp; 112691 | &nbsp;&nbsp; (48340) |
| Forward foreign currency contracts | &nbsp;&nbsp; — | (306) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; 15802 | &nbsp;&nbsp; (1432) | &nbsp;&nbsp; 10474 | &nbsp;&nbsp; 56349 |
| **Net Realized Loss**  | &nbsp;&nbsp; **(612457)** | &nbsp;&nbsp; **(196455)** | &nbsp;&nbsp; **(2798833)** | &nbsp;&nbsp; **(171282)** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 16134282 | &nbsp;&nbsp; (203219)<br>| &nbsp;&nbsp; 56924178 | &nbsp;&nbsp; 4173356 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35428 | &nbsp;&nbsp; 37228 |
| Foreign currencies | &nbsp;&nbsp; 292 | (4) | &nbsp;&nbsp; 38839 | &nbsp;&nbsp; 56120 |
| **Change in Net Unrealized Appreciation** <br> **(Depreciation)** <br>| &nbsp;&nbsp; **16134574** | &nbsp;&nbsp; **(203223)** | &nbsp;&nbsp; **56998445** | &nbsp;&nbsp; **4266704** |
| **Net Gain (Loss) on Investments, Futures Contracts,** <br> **Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions** <br>| &nbsp;&nbsp; **15522117** | &nbsp;&nbsp; **(399678)** | &nbsp;&nbsp; **54199612** | &nbsp;&nbsp; **4095422** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$16761186** | &nbsp;&nbsp; **$16213** | &nbsp;&nbsp; **$54852008** | &nbsp;&nbsp; **$4788912** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

For the Six Months Ended September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | Franklin FTSE <br>Taiwan ETF<br>| Franklin FTSE <br>United Kingdom ETF<br>|
| **Investment Income:** |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $16347258 | &nbsp;&nbsp; $15621004 |
| Dividends from affiliated investments | &nbsp;&nbsp; 6338 | &nbsp;&nbsp; 5413 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (3627332) | &nbsp;&nbsp; (34816) |
| **Total Investment Income** | &nbsp;&nbsp; **12726264** | &nbsp;&nbsp; **15591601** |
| **Expenses:** |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 480174 | &nbsp;&nbsp; 356057 |
| **Total Expenses** | &nbsp;&nbsp; **480174** | &nbsp;&nbsp; **356057** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | (332) | (386) |
| **Net Expenses** | &nbsp;&nbsp; **479842** | &nbsp;&nbsp; **355671** |
| **Net Investment Income** | &nbsp;&nbsp; **12246422** | &nbsp;&nbsp; **15235930** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (13992363)<br>| &nbsp;&nbsp; 12817520 |
| Futures contracts | &nbsp;&nbsp; 530124 | &nbsp;&nbsp; 323368 |
| Forward foreign currency contracts | &nbsp;&nbsp; (2736) | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (495752) | &nbsp;&nbsp; 315973 |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **(13960727)** | &nbsp;&nbsp; **13456861** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 143197781 | &nbsp;&nbsp; 82295344 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 151869 |
| Foreign currencies | &nbsp;&nbsp; (28021) | &nbsp;&nbsp; (35711) |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **143169760** | &nbsp;&nbsp; **82411502** |
| **Net Gain on Investments, Futures Contracts, Forward Foreign Currency Contracts and** <br> **Foreign Currency Transactions** <br>| &nbsp;&nbsp; **129209033** | &nbsp;&nbsp; **95868363** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$141455455** | &nbsp;&nbsp; **$111104293** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

Franklin FTSE Asia ex Japan ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $457747 | $622948 |
| Net realized loss  | &nbsp;&nbsp; (166422) | (281708) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 6424757 | 2484775 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **6716082** | **2826015** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (198128) | (851532) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(198128)** | **(851532)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (0 and 0 shares issued, respectively)  | &nbsp;&nbsp; — | 16146 |
| Cost of shares repurchased (0 and 400,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (8872959)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **—** | **(8856813)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **6517954** | **(6882330)** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 28082180 | 34964510 |
| **End of period** | &nbsp;&nbsp; **$34600134** | **$28082180** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Australia ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1133296 | $1906998 |
| Net realized gain  | &nbsp;&nbsp; 154277 | 2989411 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 9281439 | (6270535) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **10569012** | **(1374126)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (902459) | (1660072) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(902459)** | **(1660072)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (600,000 and 1,700,000 shares issued, respectively)  | &nbsp;&nbsp; 18742005 | 49152061 |
| Cost of shares repurchased (250,000 and 550,000 shares repurchased, respectively)  | &nbsp;&nbsp; (6650490)<br>| (16197522)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **12091515** | **32954539** |
| **Increase in Net Assets** | &nbsp;&nbsp; **21758068** | **29920341** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 57367173 | 27446832 |
| **End of period** | &nbsp;&nbsp; **$79125241** | **$57367173** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE Brazil ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $6168881 | $12152438 |
| Net realized gain (loss)  | &nbsp;&nbsp; 492814 | (5766671) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 28957666 | (23690153) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **35619361** | **(17304386)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (5136505) | (10598965) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(5136505)** | **(10598965)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,200,000 and 2,900,000 shares issued, respectively)  | &nbsp;&nbsp; 20182780 | 49960354 |
| Cost of shares repurchased (0 and 500,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (8922870)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **20182780** | **41037484** |
| **Increase in Net Assets** | &nbsp;&nbsp; **50665636** | **13134133** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 175516021 | 162381888 |
| **End of period** | &nbsp;&nbsp; **$226181657** | **$175516021** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Canada ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $4988456 | $10174933 |
| Net realized gain  | &nbsp;&nbsp; 29689399 | 8241603 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 57595711 | 17599115 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **92273566** | **36015651** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (3884953) | (10231884) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(3884953)** | **(10231884)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,650,000 and 250,000 shares issued, respectively)  | &nbsp;&nbsp; 74148993 | 9620167 |
| Cost of shares repurchased (1,500,000 and 1,300,000 shares repurchased, respectively)  | &nbsp;&nbsp; (66879955)<br>| (46251382)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **7269038** | **(36631215)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **95657651** | **(10847448)** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 398979963 | 409827411 |
| **End of period** | &nbsp;&nbsp; **$494637614** | **$398979963** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE China ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $3200252 | $3345861 |
| Net realized loss  | &nbsp;&nbsp; (1985672) | (6160663) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 45869986 | 45230334 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **47084566** | **42415532** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1690471) | (4065568) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1690471)** | **(4065568)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,400,000 and 1,800,000 shares issued, respectively)  | &nbsp;&nbsp; 30536155 | 35695885 |
| Cost of shares repurchased (0 and 800,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (13135877)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **30536155** | **22560008** |
| **Increase in Net Assets** | &nbsp;&nbsp; **75930250** | **60909972** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 173977828 | 113067856 |
| **End of period** | &nbsp;&nbsp; **$249908078** | **$173977828** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Europe ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1946811 | $2187354 |
| Net realized gain (loss)  | &nbsp;&nbsp; (514953) | 473214 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 13185241 | 1464075 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **14617099** | **4124643** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (2224759) | (2726480) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(2224759)** | **(2726480)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (600,000 and 800,000 shares issued, respectively)  | &nbsp;&nbsp; 20118892 | 24345587 |
| Cost of shares repurchased (0 and 400,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (11064698)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **20118892** | **13280889** |
| **Increase in Net Assets** | &nbsp;&nbsp; **32511232** | **14679052** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 85934295 | 71255243 |
| **End of period** | &nbsp;&nbsp; **$118445527** | **$85934295** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE Eurozone ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $660698 | $585555 |
| Net realized loss  | &nbsp;&nbsp; (154635) | (186431) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 5592338 | 1074950 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **6098401** | **1474074** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (496590) | (611823) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(496590)** | **(611823)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,000,000 and 0 shares issued, respectively)  | &nbsp;&nbsp; 30353353 |  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **30353353** | **—** |
| **Increase in Net Assets** | &nbsp;&nbsp; **35955164** | **862251** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 21690336 | 20828085 |
| **End of period** | &nbsp;&nbsp; **$57645500** | **$21690336** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Germany ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $828623 | $584302 |
| Net realized gain  | &nbsp;&nbsp; 4615563 | 2010372 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 441106 | 2068998 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **5885292** | **4663672** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (893004) | (568974) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(893004)** | **(568974)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,000,000 and 500,000 shares issued, respectively)  | &nbsp;&nbsp; 31822279 | 12585227 |
| Cost of shares repurchased (400,000 and 350,000 shares repurchased, respectively)  | &nbsp;&nbsp; (13266346)<br>| (9040446)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **18555933** | **3544781** |
| **Increase in Net Assets** | &nbsp;&nbsp; **23548221** | **7639479** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 27496501 | 19857022 |
| **End of period** | &nbsp;&nbsp; **$51044722** | **$27496501** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE India ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $12074723 | $11466757 |
| Net realized loss  | &nbsp;&nbsp; (11487819) | (30717247) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 3215906 | 4542211 |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **3802810** | **(14708279)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (3683594) | (23733043) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(3683594)** | **(23733043)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (16,550,000 and 25,800,000 shares issued, respectively)  | &nbsp;&nbsp; 634792874 | 995920035 |
| Cost of shares repurchased (0 and 1,850,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (65875386)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **634792874** | **930044649** |
| **Increase in Net Assets** | &nbsp;&nbsp; **634912090** | **891603327** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1781738862 | 890135535 |
| **End of period** | &nbsp;&nbsp; **$2416650952** | **$1781738862** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Japan ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $27433742 | $43597751 |
| Net realized gain  | &nbsp;&nbsp; 14448348 | 53546128 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 363341398 | (137550620) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **405223488** | **(40406741)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (17233404) | (94224019) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(17233404)** | **(94224019)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,800,000 and 22,200,000 shares issued, respectively)  | &nbsp;&nbsp; 54155302 | 661484622 |
| Cost of shares repurchased (4,200,000 and 13,800,000 shares repurchased, respectively)  | &nbsp;&nbsp; (117885892)<br>| (399345047)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(63730590)** | **262139575** |
| **Increase in Net Assets** | &nbsp;&nbsp; **324259494** | **127508815** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2064075104 | 1936566289 |
| **End of period** | &nbsp;&nbsp; **$2388334598** | **$2064075104** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE Japan Hedged ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1115593 | $1700308 |
| Net realized gain (loss)  | &nbsp;&nbsp; (359480) | 361281 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 16752244 | (1291116) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **17508357** | **770473** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1696289) | (3581470) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1696289)** | **(3581470)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (0 and 1,300,000 shares issued, respectively)  | &nbsp;&nbsp; — | 40589333 |
| Cost of shares repurchased (100,000 and 100,000 shares repurchased, respectively)  | &nbsp;&nbsp; (3192999)<br>| (2735943)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(3192999)** | **37853390** |
| **Increase in Net Assets** | &nbsp;&nbsp; **12619069** | **35042393** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 85384002 | 50341609 |
| **End of period** | &nbsp;&nbsp; **$98003071** | **$85384002** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Latin America ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $909788 | $2994865 |
| Net realized gain (loss)  | &nbsp;&nbsp; 60086 | (1738373) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 6201684 | (11098953) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **7171558** | **(9842461)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (842542) | (3090596) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(842542)** | **(3090596)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (200,000 and 200,000 shares issued, respectively)  | &nbsp;&nbsp; 4254533 | 3774440 |
| Cost of shares repurchased (0 and 1,600,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (30243137)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **4254533** | **(26468697)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **10583549** | **(39401754)** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 29076958 | 68478712 |
| **End of period** | &nbsp;&nbsp; **$39660507** | **$29076958** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE Mexico ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1239069 | $2671181 |
| Net realized loss  | &nbsp;&nbsp; (612457) | (5082753) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 16134574 | (17479617) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **16761186** | **(19891189)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1010569) | (2471603) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1010569)** | **(2471603)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (550,000 and 3,100,000 shares issued, respectively)  | &nbsp;&nbsp; 15841112 | 88689656 |
| Cost of shares repurchased (250,000 and 2,650,000 shares repurchased, respectively)  | &nbsp;&nbsp; (7184740)<br>| (66776275)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **8656372** | **21913381** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **24406989** | **(449411)** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 45081768 | 45531179 |
| **End of period** | &nbsp;&nbsp; **$69488757** | **$45081768** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Saudi Arabia ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $415891 | $667422 |
| Net realized loss  | &nbsp;&nbsp; (196455) | (144771) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (203223) | (992499) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **16213** | **(469848)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (468442) | (529436) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(468442)** | **(529436)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (150,000 and 0 shares issued, respectively)  | &nbsp;&nbsp; 5128687 |  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **5128687** | **—** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **4676458** | **(999284)** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 17786787 | 18786071 |
| **End of period** | &nbsp;&nbsp; **$22463245** | **$17786787** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE South Korea ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $652396 | $2432503 |
| Net realized gain (loss)  | &nbsp;&nbsp; (2798833) | 8532155 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 56998445 | (38229770) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **54852008** | **(27265112)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (427336) | (10581086) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(427336)** | **(10581086)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,900,000 and 1,500,000 shares issued, respectively)  | &nbsp;&nbsp; 47545325 | 29398832 |
| Cost of shares repurchased (700,000 and 8,000,000 shares repurchased, respectively)  | &nbsp;&nbsp; (14563973)<br>| (176202335)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **32981352** | **(146803503)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **87406024** | **(184649701)** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 116687771 | 301337472 |
| **End of period** | &nbsp;&nbsp; **$204093795** | **$116687771** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Switzerland ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $693490 | $1177103 |
| Net realized gain (loss)  | &nbsp;&nbsp; (171282) | 2944958 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 4266704 | 1475216 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **4788912** | **5597277** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1157798) | (1104558) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1157798)** | **(1104558)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (100,000 and 400,000 shares issued, respectively)  | &nbsp;&nbsp; 3813952 | 13638934 |
| Cost of shares repurchased (0 and 400,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (14392503)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **3813952** | **(753569)** |
| **Increase in Net Assets** | &nbsp;&nbsp; **7445066** | **3739150** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 49748850 | 46009700 |
| **End of period** | &nbsp;&nbsp; **$57193916** | **$49748850** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE Taiwan ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $12246422 | $5160374 |
| Net realized loss  | &nbsp;&nbsp; (13960727) | (23617726) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 143169760 | (2275136) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **141455455** | **(20732488)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (728000) | (6331672) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(728000)** | **(6331672)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (7,200,000 and 14,900,000 shares issued, respectively)  | &nbsp;&nbsp; 339596999 | 714459585 |
| Cost of shares repurchased (4,000,000 and 12,900,000 shares repurchased, respectively)  | &nbsp;&nbsp; (183485391)<br>| (610443709)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **156111608** | **104015876** |
| **Increase in Net Assets** | &nbsp;&nbsp; **296839063** | **76951716** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 302455505 | 225503789 |
| **End of period** | &nbsp;&nbsp; **$599294568** | **$302455505** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE United Kingdom ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $15235930 | $25515863 |
| Net realized gain  | &nbsp;&nbsp; 13456861 | 34431363 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 82411502 | 31282747 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **111104293** | **91229973** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (15147360) | (29746195) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(15147360)** | **(29746195)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (3,250,000 and 5,450,000 shares issued, respectively)  | &nbsp;&nbsp; 98316361 | 146749033 |
| Cost of shares repurchased (1,950,000 and 5,450,000 shares repurchased, respectively)  | &nbsp;&nbsp; (59627714)<br>| (148267656)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **38688647** | **(1518623)** |
| **Increase in Net Assets** | &nbsp;&nbsp; **134645580** | **59965155** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 712491694 | 652526539 |
| **End of period** | &nbsp;&nbsp; **$847137274** | **$712491694** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights

Franklin FTSE Asia ex Japan ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $23.40 | &nbsp;&nbsp;&nbsp; $21.85 | &nbsp;&nbsp;&nbsp; $21.41 | &nbsp;&nbsp;&nbsp; $24.22 | &nbsp;&nbsp;&nbsp; $28.60 | &nbsp;&nbsp;&nbsp; $18.39 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss) | 5.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.21 |
| **Total income (loss) from operations** | **5.60** | &nbsp;&nbsp;&nbsp;&nbsp;**2.26** | &nbsp;&nbsp;&nbsp;&nbsp;**0.91** | &nbsp;&nbsp;&nbsp; **(2.22)** | &nbsp;&nbsp;&nbsp; **(3.76)** | &nbsp;&nbsp;&nbsp;&nbsp;**10.65** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.17)**<br>| &nbsp;&nbsp;&nbsp; **(0.71)**<br>| &nbsp;&nbsp;&nbsp; **(0.47)**<br>| &nbsp;&nbsp;&nbsp; **(0.59)**<br>| &nbsp;&nbsp;&nbsp; **(0.62)**<br>| &nbsp;&nbsp;&nbsp; **(0.44)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $28.83 | &nbsp;&nbsp;&nbsp; $23.40 | &nbsp;&nbsp;&nbsp; $21.85 | &nbsp;&nbsp;&nbsp; $21.41 | &nbsp;&nbsp;&nbsp; $24.22 | &nbsp;&nbsp;&nbsp; $28.60 |
| **Total return, based on NAV**<sup>3</sup> <br>| **24.01%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.43%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.32%**<br>| &nbsp;&nbsp;&nbsp; **(9.10)%**<br>| &nbsp;&nbsp;&nbsp; **(13.34)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **58.16%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $34600 | &nbsp;&nbsp;&nbsp; $28082 | &nbsp;&nbsp;&nbsp; $34965 | &nbsp;&nbsp;&nbsp; $29980 | &nbsp;&nbsp;&nbsp; $38751 | &nbsp;&nbsp;&nbsp; $34317 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.19 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.19 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 2.95 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp;&nbsp; **5%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **7%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **6%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **10%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **11%** <br><sup>7</sup><br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Australia ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $27.32 | &nbsp;&nbsp;&nbsp; $28.89 | &nbsp;&nbsp;&nbsp; $26.76 | &nbsp;&nbsp;&nbsp; $31.55 | &nbsp;&nbsp;&nbsp; $29.12 | &nbsp;&nbsp;&nbsp; $17.38 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net realized and unrealized gain (loss) | 4.89 | &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;11.55 |
| **Total income (loss) from operations** | **5.42** | &nbsp;&nbsp;&nbsp; **(0.63)** | &nbsp;&nbsp;&nbsp;&nbsp;**3.16** | &nbsp;&nbsp;&nbsp; **(3.24)** | &nbsp;&nbsp;&nbsp;&nbsp;**3.95** | &nbsp;&nbsp;&nbsp;&nbsp;**12.36** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.44)**<br>| &nbsp;&nbsp;&nbsp; **(0.94)**<br>| &nbsp;&nbsp;&nbsp; **(1.03)**<br>| &nbsp;&nbsp;&nbsp; **(1.55)**<br>| &nbsp;&nbsp;&nbsp; **(1.52)**<br>| &nbsp;&nbsp;&nbsp; **(0.62)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $32.30 | &nbsp;&nbsp;&nbsp; $27.32 | &nbsp;&nbsp;&nbsp; $28.89 | &nbsp;&nbsp;&nbsp; $26.76 | &nbsp;&nbsp;&nbsp; $31.55 | &nbsp;&nbsp;&nbsp; $29.12 |
| **Total return, based on NAV**<sup>3</sup> <br>| **19.94%**<br>| &nbsp;&nbsp;&nbsp; **(2.25)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12.03%**<br>| &nbsp;&nbsp;&nbsp; **(9.90)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **13.93%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **71.72%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $79125 | &nbsp;&nbsp;&nbsp; $57367 | &nbsp;&nbsp;&nbsp; $27447 | &nbsp;&nbsp;&nbsp; $29437 | &nbsp;&nbsp;&nbsp; $29968 | &nbsp;&nbsp;&nbsp; $23295 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.09 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses | 0.09 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 3.48 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **8%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **15%**<br>| &nbsp;&nbsp;&nbsp; **7%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE Brazil ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $16.40 | &nbsp;&nbsp;&nbsp; $19.56 | &nbsp;&nbsp;&nbsp; $16.81 | &nbsp;&nbsp;&nbsp; $23.56 | &nbsp;&nbsp;&nbsp; $20.70 | &nbsp;&nbsp;&nbsp; $14.46 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gain (loss) | 2.52 | &nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp; (6.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;6.31 |
| **Total income (loss) from operations** | **3.05** | &nbsp;&nbsp;&nbsp; **(2.07)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.60** | &nbsp;&nbsp;&nbsp; **(4.68)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.39** | &nbsp;&nbsp;&nbsp;&nbsp;**6.77** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.44)**<br>| &nbsp;&nbsp;&nbsp; **(1.09)**<br>| &nbsp;&nbsp;&nbsp; **(1.85)**<br>| &nbsp;&nbsp;&nbsp; **(2.07)**<br>| &nbsp;&nbsp;&nbsp; **(1.53)**<br>| &nbsp;&nbsp;&nbsp; **(0.53)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $19.01 | &nbsp;&nbsp;&nbsp; $16.40 | &nbsp;&nbsp;&nbsp; $19.56 | &nbsp;&nbsp;&nbsp; $16.81 | &nbsp;&nbsp;&nbsp; $23.56 | &nbsp;&nbsp;&nbsp; $20.70 |
| **Total return, based on NAV**<sup>3</sup> <br>| **18.80%**<br>| &nbsp;&nbsp;&nbsp; **(10.19)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **27.62%**<br>| &nbsp;&nbsp;&nbsp; **(19.57)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **23.03%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **46.83%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $226 | &nbsp;&nbsp;&nbsp; $176 | &nbsp;&nbsp;&nbsp; $162 | &nbsp;&nbsp;&nbsp; $269 | &nbsp;&nbsp;&nbsp; $528 | &nbsp;&nbsp;&nbsp; $108 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.19 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses | 0.19 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 6.09 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;7.72 | &nbsp;&nbsp;&nbsp;&nbsp;10.93 | &nbsp;&nbsp;&nbsp;&nbsp;8.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **8%**<br>| &nbsp;&nbsp;&nbsp; **8%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **8%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **14%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **15%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **9%** <br><sup>7</sup><br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Canada ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $37.11 | &nbsp;&nbsp;&nbsp; $34.73 | &nbsp;&nbsp;&nbsp; $30.76 | &nbsp;&nbsp;&nbsp; $36.07 | &nbsp;&nbsp;&nbsp; $30.20 | &nbsp;&nbsp;&nbsp; $19.50 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net realized and unrealized gain (loss) | 8.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp; (5.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;10.63 |
| **Total income (loss) from operations** | **8.64** | &nbsp;&nbsp;&nbsp;&nbsp;**3.29** | &nbsp;&nbsp;&nbsp;&nbsp;**4.80** | &nbsp;&nbsp;&nbsp; **(4.66)** | &nbsp;&nbsp;&nbsp;&nbsp;**6.57** | &nbsp;&nbsp;&nbsp;&nbsp;**11.38** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.37)**<br>| &nbsp;&nbsp;&nbsp; **(0.91)**<br>| &nbsp;&nbsp;&nbsp; **(0.83)**<br>| &nbsp;&nbsp;&nbsp; **(0.65)**<br>| &nbsp;&nbsp;&nbsp; **(0.70)**<br>| &nbsp;&nbsp;&nbsp; **(0.68)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $45.38 | &nbsp;&nbsp;&nbsp; $37.11 | &nbsp;&nbsp;&nbsp; $34.73 | &nbsp;&nbsp;&nbsp; $30.76 | &nbsp;&nbsp;&nbsp; $36.07 | &nbsp;&nbsp;&nbsp; $30.20 |
| **Total return, based on NAV**<sup>3</sup> <br>| **23.38%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **9.67%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15.86%**<br>| &nbsp;&nbsp;&nbsp; **(12.82)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **21.95%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **59.10%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $494638 | &nbsp;&nbsp;&nbsp; $398980 | &nbsp;&nbsp;&nbsp; $409827 | &nbsp;&nbsp;&nbsp; $279927 | &nbsp;&nbsp;&nbsp; $43289 | &nbsp;&nbsp;&nbsp; $24160 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.09 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses | 0.09 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 2.27 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **16%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **3%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE China ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $21.22 | &nbsp;&nbsp;&nbsp; $15.70 | &nbsp;&nbsp;&nbsp; $19.70 | &nbsp;&nbsp;&nbsp; $21.43 | &nbsp;&nbsp;&nbsp; $31.78 | &nbsp;&nbsp;&nbsp; $22.19 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | 4.64 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (10.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.56 |
| **Total income (loss) from operations** | **5.00** | &nbsp;&nbsp;&nbsp;&nbsp;**6.05** | &nbsp;&nbsp;&nbsp; **(3.44)** | &nbsp;&nbsp;&nbsp; **(1.23)** | &nbsp;&nbsp;&nbsp; **(9.98)** | &nbsp;&nbsp;&nbsp;&nbsp;**9.88** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.19)**<br>| &nbsp;&nbsp;&nbsp; **(0.53)**<br>| &nbsp;&nbsp;&nbsp; **(0.56)**<br>| &nbsp;&nbsp;&nbsp; **(0.50)**<br>| &nbsp;&nbsp;&nbsp; **(0.37)**<br>| &nbsp;&nbsp;&nbsp; **(0.29)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $26.03 | &nbsp;&nbsp;&nbsp; $21.22 | &nbsp;&nbsp;&nbsp; $15.70 | &nbsp;&nbsp;&nbsp; $19.70 | &nbsp;&nbsp;&nbsp; $21.43 | &nbsp;&nbsp;&nbsp; $31.78 |
| **Total return, based on NAV**<sup>3</sup> <br>| **23.79%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **39.13%**<br>| &nbsp;&nbsp;&nbsp; **(17.65)%**<br>| &nbsp;&nbsp;&nbsp; **(5.68)%**<br>| &nbsp;&nbsp;&nbsp; **(31.63)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **44.67%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $250 | &nbsp;&nbsp;&nbsp; $174 | &nbsp;&nbsp;&nbsp; $113 | &nbsp;&nbsp;&nbsp; $114 | &nbsp;&nbsp;&nbsp; $111 | &nbsp;&nbsp;&nbsp; $121 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.19 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.19 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 3.21 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp;&nbsp; **7%**<br>| &nbsp;&nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp;&nbsp; **12%**<br>| &nbsp;&nbsp;&nbsp; **15%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Europe ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $30.69 | &nbsp;&nbsp;&nbsp; $29.69 | &nbsp;&nbsp;&nbsp; $26.56 | &nbsp;&nbsp;&nbsp; $27.18 | &nbsp;&nbsp;&nbsp; $27.28 | &nbsp;&nbsp;&nbsp; $19.03 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and unrealized gain (loss) | 4.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;8.14 |
| **Total income from operations** | **4.80** | &nbsp;&nbsp;&nbsp;&nbsp;**2.09** | &nbsp;&nbsp;&nbsp;&nbsp;**3.86** | &nbsp;&nbsp;&nbsp;&nbsp;**0.22** | &nbsp;&nbsp;&nbsp;&nbsp;**0.96** | &nbsp;&nbsp;&nbsp;&nbsp;**8.74** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.65)**<br>| &nbsp;&nbsp;&nbsp; **(1.09)**<br>| &nbsp;&nbsp;&nbsp; **(0.73)**<br>| &nbsp;&nbsp;&nbsp; **(0.84)**<br>| &nbsp;&nbsp;&nbsp; **(1.06)**<br>| &nbsp;&nbsp;&nbsp; **(0.49)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $34.84 | &nbsp;&nbsp;&nbsp; $30.69 | &nbsp;&nbsp;&nbsp; $29.69 | &nbsp;&nbsp;&nbsp; $26.56 | &nbsp;&nbsp;&nbsp; $27.18 | &nbsp;&nbsp;&nbsp; $27.28 |
| **Total return, based on NAV**<sup>3</sup> <br>| **15.79%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.31%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **14.77%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.31%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3.30%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **46.23%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $118446 | &nbsp;&nbsp;&nbsp; $85934 | &nbsp;&nbsp;&nbsp; $71255 | &nbsp;&nbsp;&nbsp; $111558 | &nbsp;&nbsp;&nbsp; $184857 | &nbsp;&nbsp;&nbsp; $229126 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.09 %<sup>4,5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses | 0.09 <br><sup>4567</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>467</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>67</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>67</sup><br>|
| Net investment income | 3.63 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 |
| **Portfolio turnover rate**<sup>8</sup> <br>| &nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp;&nbsp; **7%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would not have changed for the six month ended September 30, 2025, would not have changed for the year ended March 31, 2025, and would have been 0.09% and 0.09%, respectively, for the year ended March 31, 2024, and 0.09% and 0.09%, respectively, for the year ended March 31, 2023. 

<sup>5</sup> Annualized.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE Eurozone ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $27.11 | &nbsp;&nbsp;&nbsp; $26.04 | &nbsp;&nbsp;&nbsp; $23.60 | &nbsp;&nbsp;&nbsp; $27.12 | &nbsp;&nbsp;&nbsp; $25.72 | &nbsp;&nbsp;&nbsp; $19.15 |
| **Income from operations:** | **Income from operations:** |  |  |  |  |  |
| Net investment income | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net realized and unrealized gain | 4.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 |
| **Total income from operations** | **5.27** | &nbsp;&nbsp;&nbsp;&nbsp;**1.83** | &nbsp;&nbsp;&nbsp;&nbsp;**3.23** | &nbsp;&nbsp;&nbsp;&nbsp;**1.51** | &nbsp;&nbsp;&nbsp;&nbsp;**2.27** | &nbsp;&nbsp;&nbsp;&nbsp;**7.04** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.39)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total distributions**  | &nbsp;&nbsp; **(0.35)**<br>| &nbsp;&nbsp;&nbsp; **(0.76)**<br>| &nbsp;&nbsp;&nbsp; **(0.79)**<br>| &nbsp;&nbsp;&nbsp; **(5.03)**<br>| &nbsp;&nbsp;&nbsp; **(0.87)**<br>| &nbsp;&nbsp;&nbsp; **(0.47)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $32.03 | &nbsp;&nbsp;&nbsp; $27.11 | &nbsp;&nbsp;&nbsp; $26.04 | &nbsp;&nbsp;&nbsp; $23.60 | &nbsp;&nbsp;&nbsp; $27.12 | &nbsp;&nbsp;&nbsp; $25.72 |
| **Total return, based on NAV**<sup>3</sup> <br>| **19.56%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.41%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **13.90%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.53%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **8.75%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **36.92%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $57646 | &nbsp;&nbsp;&nbsp; $21690 | &nbsp;&nbsp;&nbsp; $20828 | &nbsp;&nbsp;&nbsp; $14163 | &nbsp;&nbsp;&nbsp; $21695 | &nbsp;&nbsp;&nbsp; $15429 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.09 %<sup>4,5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 0.09 <br><sup>45</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 3.27 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 |
| **Portfolio turnover rate**<sup>8</sup> <br>| &nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **78%**<br>| &nbsp;&nbsp;&nbsp; **22%**<br>| &nbsp;&nbsp;&nbsp; **12%**<br>| &nbsp;&nbsp;&nbsp; **13%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would not have changed for the six month ended September 30, 2025, would not have changed for the year ended March 31, 2025, and would have been 0.09% and 0.09%, respectively, for the year ended March 31, 2024, and 0.09% and 0.09%, respectively, for the year ended March 31, 2023. 

<sup>5</sup> Annualized.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Germany ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $28.94 | &nbsp;&nbsp;&nbsp; $24.82 | &nbsp;&nbsp;&nbsp; $22.10 | &nbsp;&nbsp;&nbsp; $22.37 | &nbsp;&nbsp;&nbsp; $25.98 | &nbsp;&nbsp;&nbsp; $16.73 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net realized and unrealized gain (loss) | 3.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.29 |
| **Total income (loss) from operations** | **4.46** | &nbsp;&nbsp;&nbsp;&nbsp;**4.72** | &nbsp;&nbsp;&nbsp;&nbsp;**3.41** | &nbsp;&nbsp;&nbsp;&nbsp;**0.40** | &nbsp;&nbsp;&nbsp; **(2.93)** | &nbsp;&nbsp;&nbsp;&nbsp;**9.90** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.47)**<br>| &nbsp;&nbsp;&nbsp; **(0.60)**<br>| &nbsp;&nbsp;&nbsp; **(0.69)**<br>| &nbsp;&nbsp;&nbsp; **(0.67)**<br>| &nbsp;&nbsp;&nbsp; **(0.68)**<br>| &nbsp;&nbsp;&nbsp; **(0.65)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $32.93 | &nbsp;&nbsp;&nbsp; $28.94 | &nbsp;&nbsp;&nbsp; $24.82 | &nbsp;&nbsp;&nbsp; $22.10 | &nbsp;&nbsp;&nbsp; $22.37 | &nbsp;&nbsp;&nbsp; $25.98 |
| **Total return, based on NAV**<sup>3</sup> <br>| **15.46%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **19.56%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15.78%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.41%**<br>| &nbsp;&nbsp;&nbsp; **(11.68)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **59.79%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $51045 | &nbsp;&nbsp;&nbsp; $27497 | &nbsp;&nbsp;&nbsp; $19857 | &nbsp;&nbsp;&nbsp; $17683 | &nbsp;&nbsp;&nbsp; $16775 | &nbsp;&nbsp;&nbsp; $9093 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.09 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses | 0.09 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 3.22 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **7%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE India ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $36.89 | &nbsp;&nbsp;&nbsp; $36.56 | &nbsp;&nbsp;&nbsp; $27.49 | &nbsp;&nbsp;&nbsp; $31.34 | &nbsp;&nbsp;&nbsp; $27.70 | &nbsp;&nbsp;&nbsp; $15.98 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;11.70 |
| **Total income (loss) from operations** | **0.44** | &nbsp;&nbsp;&nbsp;&nbsp;**0.93** | &nbsp;&nbsp;&nbsp;&nbsp;**9.33** | &nbsp;&nbsp;&nbsp; **(3.64)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.36** | &nbsp;&nbsp;&nbsp;&nbsp;**11.90** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.06)**<br>| &nbsp;&nbsp;&nbsp; **(0.60)**<br>| &nbsp;&nbsp;&nbsp; **(0.26)**<br>| &nbsp;&nbsp;&nbsp; **(0.21)**<br>| &nbsp;&nbsp;&nbsp; **(0.72)**<br>| &nbsp;&nbsp;&nbsp; **(0.18)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $37.27 | &nbsp;&nbsp;&nbsp; $36.89 | &nbsp;&nbsp;&nbsp; $36.56 | &nbsp;&nbsp;&nbsp; $27.49 | &nbsp;&nbsp;&nbsp; $31.34 | &nbsp;&nbsp;&nbsp; $27.70 |
| **Total return, based on NAV**<sup>3</sup> <br>| **1.20%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.47%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **33.98%**<br>| &nbsp;&nbsp;&nbsp; **(11.65)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15.75%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **74.87%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $2416651 | &nbsp;&nbsp;&nbsp; $1781739 | &nbsp;&nbsp;&nbsp; $890136 | &nbsp;&nbsp;&nbsp; $98977 | &nbsp;&nbsp;&nbsp; $50140 | &nbsp;&nbsp;&nbsp; $23544 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.19 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses | 0.19 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 1.08 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp;&nbsp; **5%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **6%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **6%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **8%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **17%** <br><sup>7</sup><br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Japan ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $29.15 | &nbsp;&nbsp;&nbsp; $31.03 | &nbsp;&nbsp;&nbsp; $25.66 | &nbsp;&nbsp;&nbsp; $27.42 | &nbsp;&nbsp;&nbsp; $30.25 | &nbsp;&nbsp;&nbsp; $21.93 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net realized and unrealized gain (loss) | 5.62 | &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.24 |
| **Total income (loss) from operations** | **6.02** | &nbsp;&nbsp;&nbsp; **(0.58)** | &nbsp;&nbsp;&nbsp;&nbsp;**6.21** | &nbsp;&nbsp;&nbsp; **(1.30)** | &nbsp;&nbsp;&nbsp; **(2.13)** | &nbsp;&nbsp;&nbsp;&nbsp;**8.77** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.25)**<br>| &nbsp;&nbsp;&nbsp; **(1.30)**<br>| &nbsp;&nbsp;&nbsp; **(0.84)**<br>| &nbsp;&nbsp;&nbsp; **(0.46)**<br>| &nbsp;&nbsp;&nbsp; **(0.70)**<br>| &nbsp;&nbsp;&nbsp; **(0.45)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $34.92 | &nbsp;&nbsp;&nbsp; $29.15 | &nbsp;&nbsp;&nbsp; $31.03 | &nbsp;&nbsp;&nbsp; $25.66 | &nbsp;&nbsp;&nbsp; $27.42 | &nbsp;&nbsp;&nbsp; $30.25 |
| **Total return, based on NAV**<sup>3</sup> <br>| **20.78%**<br>| &nbsp;&nbsp;&nbsp; **(1.64)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **24.69%**<br>| &nbsp;&nbsp;&nbsp; **(4.61)%**<br>| &nbsp;&nbsp;&nbsp; **(7.21)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **40.23%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $2388 | &nbsp;&nbsp;&nbsp; $2064 | &nbsp;&nbsp;&nbsp; $1937 | &nbsp;&nbsp;&nbsp; $1001 | &nbsp;&nbsp;&nbsp; $790 | &nbsp;&nbsp;&nbsp; $599 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.09 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.09 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 2.52 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE Japan Hedged ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $30.49 | &nbsp;&nbsp;&nbsp; $31.46 | &nbsp;&nbsp;&nbsp; $26.57 | &nbsp;&nbsp;&nbsp; $30.90 | &nbsp;&nbsp;&nbsp; $30.70 | &nbsp;&nbsp;&nbsp; $21.35 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net realized and unrealized gain (loss) | 6.03 | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.47 |
| **Total income from operations** | **6.44** | &nbsp;&nbsp;&nbsp;&nbsp;**0.62** | &nbsp;&nbsp;&nbsp;&nbsp;**11.59** | &nbsp;&nbsp;&nbsp;&nbsp;**2.14** | &nbsp;&nbsp;&nbsp;&nbsp;**0.60** | &nbsp;&nbsp;&nbsp;&nbsp;**9.35** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp;&nbsp; (5.55)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total distributions**  | &nbsp;&nbsp; **(0.63)**<br>| &nbsp;&nbsp;&nbsp; **(1.59)**<br>| &nbsp;&nbsp;&nbsp; **(6.70)**<br>| &nbsp;&nbsp;&nbsp; **(6.47)**<br>| &nbsp;&nbsp;&nbsp; **(0.40)**<br>| &nbsp;&nbsp;&nbsp; **—** |
| **Net asset value, end of period** | &nbsp;&nbsp; $36.30 | &nbsp;&nbsp;&nbsp; $30.49 | &nbsp;&nbsp;&nbsp; $31.46 | &nbsp;&nbsp;&nbsp; $26.57 | &nbsp;&nbsp;&nbsp; $30.90 | &nbsp;&nbsp;&nbsp; $30.70 |
| **Total return, based on NAV**<sup>3</sup> <br>| **21.44%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.02%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **49.20%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **8.15%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.93%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **43.84%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $98003 | &nbsp;&nbsp;&nbsp; $85384 | &nbsp;&nbsp;&nbsp; $50342 | &nbsp;&nbsp;&nbsp; $13284 | &nbsp;&nbsp;&nbsp; $24720 | &nbsp;&nbsp;&nbsp; $24563 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.09 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.09 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 2.50 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **11%**<br>| &nbsp;&nbsp;&nbsp; **22%**<br>| &nbsp;&nbsp;&nbsp; **21%**<br>| &nbsp;&nbsp;&nbsp; **31%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Latin America ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $19.38 | &nbsp;&nbsp;&nbsp; $23.61 | &nbsp;&nbsp;&nbsp; $20.42 | &nbsp;&nbsp;&nbsp; $25.25 | &nbsp;&nbsp;&nbsp; $22.40 | &nbsp;&nbsp;&nbsp; $15.20 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net realized and unrealized gain (loss) | 3.91 | &nbsp;&nbsp;&nbsp; (4.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp; (4.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;7.13 |
| **Total income (loss) from operations** | **4.48** | &nbsp;&nbsp;&nbsp; **(3.04)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.53** | &nbsp;&nbsp;&nbsp; **(2.96)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.37** | &nbsp;&nbsp;&nbsp;&nbsp;**7.70** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.53)**<br>| &nbsp;&nbsp;&nbsp; **(1.19)**<br>| &nbsp;&nbsp;&nbsp; **(1.34)**<br>| &nbsp;&nbsp;&nbsp; **(1.87)**<br>| &nbsp;&nbsp;&nbsp; **(1.52)**<br>| &nbsp;&nbsp;&nbsp; **(0.50)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.33 | &nbsp;&nbsp;&nbsp; $19.38 | &nbsp;&nbsp;&nbsp; $23.61 | &nbsp;&nbsp;&nbsp; $20.42 | &nbsp;&nbsp;&nbsp; $25.25 | &nbsp;&nbsp;&nbsp; $22.40 |
| **Total return, based on NAV**<sup>3</sup> <br>| **23.40%**<br>| &nbsp;&nbsp;&nbsp; **(12.60)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **22.39%**<br>| &nbsp;&nbsp;&nbsp; **(11.05)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **21.12%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **50.80%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $39661 | &nbsp;&nbsp;&nbsp; $29077 | &nbsp;&nbsp;&nbsp; $68479 | &nbsp;&nbsp;&nbsp; $67372 | &nbsp;&nbsp;&nbsp; $7575 | &nbsp;&nbsp;&nbsp; $4480 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.19 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses | 0.19 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 5.36 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **8%**<br>| &nbsp;&nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE Mexico ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.05 | &nbsp;&nbsp;&nbsp; $33.73 | &nbsp;&nbsp;&nbsp; $29.28 | &nbsp;&nbsp;&nbsp; $27.49 | &nbsp;&nbsp;&nbsp; $22.14 | &nbsp;&nbsp;&nbsp; $14.35 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss) | 8.04 | &nbsp;&nbsp;&nbsp; (8.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;7.78 |
| **Total income (loss) from operations** | **8.69** | &nbsp;&nbsp;&nbsp; **(7.92)** | &nbsp;&nbsp;&nbsp;&nbsp;**5.41** | &nbsp;&nbsp;&nbsp;&nbsp;**2.82** | &nbsp;&nbsp;&nbsp;&nbsp;**6.14** | &nbsp;&nbsp;&nbsp;&nbsp;**8.11** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.65)**<br>| &nbsp;&nbsp;&nbsp; **(0.76)**<br>| &nbsp;&nbsp;&nbsp; **(0.96)**<br>| &nbsp;&nbsp;&nbsp; **(1.03)**<br>| &nbsp;&nbsp;&nbsp; **(0.79)**<br>| &nbsp;&nbsp;&nbsp; **(0.32)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $33.09 | &nbsp;&nbsp;&nbsp; $25.05 | &nbsp;&nbsp;&nbsp; $33.73 | &nbsp;&nbsp;&nbsp; $29.28 | &nbsp;&nbsp;&nbsp; $27.49 | &nbsp;&nbsp;&nbsp; $22.14 |
| **Total return, based on NAV**<sup>3</sup> <br>| **35.12%**<br>| &nbsp;&nbsp;&nbsp; **(23.44)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **18.66%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11.15%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **28.33%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **56.94%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $69489 | &nbsp;&nbsp;&nbsp; $45082 | &nbsp;&nbsp;&nbsp; $45531 | &nbsp;&nbsp;&nbsp; $24890 | &nbsp;&nbsp;&nbsp; $12372 | &nbsp;&nbsp;&nbsp; $5536 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.19 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses | 0.19 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 4.43 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **11%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp;&nbsp; **11%**<br>| &nbsp;&nbsp;&nbsp; **22%**<br>| &nbsp;&nbsp;&nbsp; **18%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Saudi Arabia ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $35.57 | &nbsp;&nbsp;&nbsp; $37.57 | &nbsp;&nbsp;&nbsp; $33.65 | &nbsp;&nbsp;&nbsp; $41.30 | &nbsp;&nbsp;&nbsp; $30.33 | &nbsp;&nbsp;&nbsp; $20.15 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp; (8.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;&nbsp;&nbsp;10.23 |
| **Total income (loss) from operations** | &nbsp;&nbsp; **(0.16)** | &nbsp;&nbsp;&nbsp; **(0.94)** | &nbsp;&nbsp;&nbsp;&nbsp;**5.04** | &nbsp;&nbsp;&nbsp; **(7.02)** | &nbsp;&nbsp;&nbsp;&nbsp;**11.65** | &nbsp;&nbsp;&nbsp;&nbsp;**10.75** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.85)**<br>| &nbsp;&nbsp;&nbsp; **(1.06)**<br>| &nbsp;&nbsp;&nbsp; **(1.12)**<br>| &nbsp;&nbsp;&nbsp; **(0.63)**<br>| &nbsp;&nbsp;&nbsp; **(0.68)**<br>| &nbsp;&nbsp;&nbsp; **(0.57)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $34.56 | &nbsp;&nbsp;&nbsp; $35.57 | &nbsp;&nbsp;&nbsp; $37.57 | &nbsp;&nbsp;&nbsp; $33.65 | &nbsp;&nbsp;&nbsp; $41.30 | &nbsp;&nbsp;&nbsp; $30.33 |
| **Total return, based on NAV**<sup>3</sup> <br>| &nbsp;&nbsp; **(0.19)%**<br>| &nbsp;&nbsp;&nbsp; **(2.39)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15.21%**<br>| &nbsp;&nbsp;&nbsp; **(17.04)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **38.99%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **54.12%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $22463 | &nbsp;&nbsp;&nbsp; $17787 | &nbsp;&nbsp;&nbsp; $18786 | &nbsp;&nbsp;&nbsp; $21874 | &nbsp;&nbsp;&nbsp; $4130 | &nbsp;&nbsp;&nbsp; $3033 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.39 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net expenses | 0.39 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net investment income | 4.65 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **16%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **14%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **5%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **16%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **17%** <br><sup>7</sup><br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE South Korea ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $18.23 | &nbsp;&nbsp;&nbsp; $23.36 | &nbsp;&nbsp;&nbsp; $21.08 | &nbsp;&nbsp;&nbsp; $25.57 | &nbsp;&nbsp;&nbsp; $31.48 | &nbsp;&nbsp;&nbsp; $16.52 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net realized and unrealized gain (loss) | 8.59 | &nbsp;&nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp; (4.37)<br>| &nbsp;&nbsp;&nbsp; (5.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.72 |
| **Total income (loss) from operations** | **8.69** | &nbsp;&nbsp;&nbsp; **(3.90)** | &nbsp;&nbsp;&nbsp;&nbsp;**2.80** | &nbsp;&nbsp;&nbsp; **(3.88)** | &nbsp;&nbsp;&nbsp; **(5.32)** | &nbsp;&nbsp;&nbsp;&nbsp;**15.26** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.07)**<br>| &nbsp;&nbsp;&nbsp; **(1.23)**<br>| &nbsp;&nbsp;&nbsp; **(0.52)**<br>| &nbsp;&nbsp;&nbsp; **(0.61)**<br>| &nbsp;&nbsp;&nbsp; **(0.59)**<br>| &nbsp;&nbsp;&nbsp; **(0.30)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $26.85 | &nbsp;&nbsp;&nbsp; $18.23 | &nbsp;&nbsp;&nbsp; $23.36 | &nbsp;&nbsp;&nbsp; $21.08 | &nbsp;&nbsp;&nbsp; $25.57 | &nbsp;&nbsp;&nbsp; $31.48 |
| **Total return, based on NAV**<sup>3</sup> <br>| **47.70%**<br>| &nbsp;&nbsp;&nbsp; **(17.47)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **13.42%**<br>| &nbsp;&nbsp;&nbsp; **(15.00)%**<br>| &nbsp;&nbsp;&nbsp; **(17.15)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **92.55%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $204094 | &nbsp;&nbsp;&nbsp; $116688 | &nbsp;&nbsp;&nbsp; $301337 | &nbsp;&nbsp;&nbsp; $293049 | &nbsp;&nbsp;&nbsp; $61361 | &nbsp;&nbsp;&nbsp; $62966 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.09 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses | 0.09 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 0.86 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp;&nbsp; **7%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **9%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **6%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **11%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **9%** <br><sup>7</sup><br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE Switzerland ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $35.53 | &nbsp;&nbsp;&nbsp; $32.86 | &nbsp;&nbsp;&nbsp; $31.21 | &nbsp;&nbsp;&nbsp; $34.00 | &nbsp;&nbsp;&nbsp; $30.36 | &nbsp;&nbsp;&nbsp; $24.44 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net realized and unrealized gain (loss) | 2.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 |
| **Total income (loss) from operations** | **3.43** | &nbsp;&nbsp;&nbsp;&nbsp;**3.32** | &nbsp;&nbsp;&nbsp;&nbsp;**2.43** | &nbsp;&nbsp;&nbsp; **(2.20)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.32** | &nbsp;&nbsp;&nbsp;&nbsp;**6.62** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.83)**<br>| &nbsp;&nbsp;&nbsp; **(0.65)**<br>| &nbsp;&nbsp;&nbsp; **(0.78)**<br>| &nbsp;&nbsp;&nbsp; **(0.59)**<br>| &nbsp;&nbsp;&nbsp; **(0.68)**<br>| &nbsp;&nbsp;&nbsp; **(0.70)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $38.13 | &nbsp;&nbsp;&nbsp; $35.53 | &nbsp;&nbsp;&nbsp; $32.86 | &nbsp;&nbsp;&nbsp; $31.21 | &nbsp;&nbsp;&nbsp; $34.00 | &nbsp;&nbsp;&nbsp; $30.36 |
| **Total return, based on NAV**<sup>3</sup> <br>| **9.75%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.22%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.86%**<br>| &nbsp;&nbsp;&nbsp; **(6.23)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **14.22%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **27.54%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $57194 | &nbsp;&nbsp;&nbsp; $49749 | &nbsp;&nbsp;&nbsp; $46010 | &nbsp;&nbsp;&nbsp; $49941 | &nbsp;&nbsp;&nbsp; $47593 | &nbsp;&nbsp;&nbsp; $48570 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.09 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses | 0.09 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 2.60 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **11%**<br>| &nbsp;&nbsp;&nbsp; **14%**<br>| &nbsp;&nbsp;&nbsp; **8%**<br>| &nbsp;&nbsp;&nbsp; **14%**<br>| &nbsp;&nbsp;&nbsp; **13%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE Taiwan ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $42.60 | &nbsp;&nbsp;&nbsp; $44.22 | &nbsp;&nbsp;&nbsp; $37.05 | &nbsp;&nbsp;&nbsp; $43.67 | &nbsp;&nbsp;&nbsp; $41.12 | &nbsp;&nbsp;&nbsp; $23.18 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net realized and unrealized gain (loss) | 14.40 | &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp; (6.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;17.99 |
| **Total income (loss) from operations** | **15.65** | &nbsp;&nbsp;&nbsp; **(0.73)** | &nbsp;&nbsp;&nbsp;&nbsp;**8.35** | &nbsp;&nbsp;&nbsp; **(5.59)** | &nbsp;&nbsp;&nbsp;&nbsp;**3.62** | &nbsp;&nbsp;&nbsp;&nbsp;**18.73** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.07)**<br>| &nbsp;&nbsp;&nbsp; **(0.89)**<br>| &nbsp;&nbsp;&nbsp; **(1.18)**<br>| &nbsp;&nbsp;&nbsp; **(1.03)**<br>| &nbsp;&nbsp;&nbsp; **(1.07)**<br>| &nbsp;&nbsp;&nbsp; **(0.79)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $58.18 | &nbsp;&nbsp;&nbsp; $42.60 | &nbsp;&nbsp;&nbsp; $44.22 | &nbsp;&nbsp;&nbsp; $37.05 | &nbsp;&nbsp;&nbsp; $43.67 | &nbsp;&nbsp;&nbsp; $41.12 |
| **Total return, based on NAV**<sup>3</sup> <br>| **36.76%**<br>| &nbsp;&nbsp;&nbsp; **(1.84)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **22.90%**<br>| &nbsp;&nbsp;&nbsp; **(12.55)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **8.72%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **81.35%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $599295 | &nbsp;&nbsp;&nbsp; $302456 | &nbsp;&nbsp;&nbsp; $225504 | &nbsp;&nbsp;&nbsp; $137094 | &nbsp;&nbsp;&nbsp; $43667 | &nbsp;&nbsp;&nbsp; $32897 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.19 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses | 0.19 <br><sup>456</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 4.85 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **41%**<br>| &nbsp;&nbsp;&nbsp; **2%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **12%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **5%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **8%** <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp; **11%** <br><sup>7</sup><br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Franklin FTSE United Kingdom ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $28.50 | &nbsp;&nbsp;&nbsp; $26.10 | &nbsp;&nbsp;&nbsp; $24.21 | &nbsp;&nbsp;&nbsp; $25.46 | &nbsp;&nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp; $17.92 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net realized and unrealized gain (loss) | 3.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 |
| **Total income (loss) from operations** | **4.30** | &nbsp;&nbsp;&nbsp;&nbsp;**3.56** | &nbsp;&nbsp;&nbsp;&nbsp;**2.88** | &nbsp;&nbsp;&nbsp; **(0.28)** | &nbsp;&nbsp;&nbsp;&nbsp;**2.42** | &nbsp;&nbsp;&nbsp;&nbsp;**6.46** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.59)**<br>| &nbsp;&nbsp;&nbsp; **(1.16)**<br>| &nbsp;&nbsp;&nbsp; **(0.99)**<br>| &nbsp;&nbsp;&nbsp; **(0.97)**<br>| &nbsp;&nbsp;&nbsp; **(0.74)**<br>| &nbsp;&nbsp;&nbsp; **(0.60)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $32.21 | &nbsp;&nbsp;&nbsp; $28.50 | &nbsp;&nbsp;&nbsp; $26.10 | &nbsp;&nbsp;&nbsp; $24.21 | &nbsp;&nbsp;&nbsp; $25.46 | &nbsp;&nbsp;&nbsp; $23.78 |
| **Total return, based on NAV**<sup>3</sup> <br>| **15.23%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **14.06%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12.18%**<br>| &nbsp;&nbsp;&nbsp; **(0.71)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.27%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **36.19%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $847 | &nbsp;&nbsp;&nbsp; $712 | &nbsp;&nbsp;&nbsp; $653 | &nbsp;&nbsp;&nbsp; $569 | &nbsp;&nbsp;&nbsp; $614 | &nbsp;&nbsp;&nbsp; $206 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.09 %<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.09 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 3.85 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **7%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies**

Franklin FTSE Asia ex Japan ETF ("FTSE Asia ex Japan ETF"), Franklin FTSE Europe ETF ("FTSE Europe ETF"), Franklin FTSE Eurozone ETF ("FTSE Eurozone ETF"), Franklin FTSE Japan ETF ("FTSE Japan ETF"), Franklin FTSE Japan Hedged ETF ("FTSE Japan Hedged ETF") and Franklin FTSE Latin America ETF ("FTSE Latin America ETF") are separate diversified investment series of Franklin Templeton ETF Trust (the "Trust"). Franklin FTSE Australia ETF ("FTSE Australia ETF"), Franklin FTSE Brazil ETF ("FTSE Brazil ETF"), Franklin FTSE Canada ETF ("FTSE Canada ETF"), Franklin FTSE China ETF ("FTSE China ETF"), Franklin FTSE Germany ETF ("FTSE Germany ETF"), Franklin FTSE India ETF ("FTSE India ETF"), Franklin FTSE Mexico ETF ("FTSE Mexico ETF"), Franklin FTSE Saudi Arabia ETF ("FTSE Saudi Arabia ETF"), Franklin FTSE South Korea ETF ("FTSE South Korea ETF"), Franklin FTSE Switzerland ETF ("FTSE Switzerland ETF"), Franklin FTSE Taiwan ETF ("FTSE Taiwan ETF") and Franklin FTSE United Kingdom ETF ("FTSE United Kingdom ETF") (each a "Fund", collectively referenced as "Funds") are separate non-diversified investment 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.

On May 21, 2025, the Funds' Board of Trustees (the "Board"), on behalf of Franklin FTSE Hong Kong ETF approved a proposal to liquidate the Fund. The Fund liquidated on July 8, 2025.

The Funds are 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 the Funds are listed and traded at market prices on NYSE Arca, Inc. 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.

Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index.

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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities 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.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. 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

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

affected by events after the close of the exchange or market on 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 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.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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

**FTSE Asia ex Japan ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Financials | &nbsp;&nbsp; $6884947 | &nbsp;&nbsp; $5242 | &nbsp;&nbsp; — | &nbsp;&nbsp; $6890189 |
| Information Technology | &nbsp;&nbsp; 9442999 | &nbsp;&nbsp; 1983 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9444982 |
| Real Estate | &nbsp;&nbsp; 797931 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 797931 |
| Other Common Stocks | &nbsp;&nbsp; 17450238 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17450238 |
| Preferred Stocks: |  |  |  |  |
| Consumer Discretionary | &nbsp;&nbsp; 25727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 25727 |
| Other Preferred Stocks | &nbsp;&nbsp; 152399 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 152399 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1132 | &nbsp;&nbsp; 1132 |
| Rights: |  |  |  |  |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 61 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61 |
| Utilities | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 803 | &nbsp;&nbsp; 803 |
| Total Long-Term Investments | &nbsp;&nbsp; 34754241 | &nbsp;&nbsp; 7286 | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 34763462 |
| Short-Term Investments† | &nbsp;&nbsp; 52179 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52179 |
| **Total Investments** | &nbsp;&nbsp; **$34806420** | &nbsp;&nbsp; **$7286** | &nbsp;&nbsp; **$1935** | &nbsp;&nbsp; **$34815641** |

---

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

---

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

---

**FTSE Australia ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $78293386 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $78293386 |
| Short-Term Investments† | &nbsp;&nbsp; 374 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 374 |
| **Total Investments** | &nbsp;&nbsp; **$78293760** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$78293760** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $3033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $3033 |

---

&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.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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**FTSE Brazil ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $159686518 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $159686518 |
| Preferred Stocks | &nbsp;&nbsp; 63506054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63506054 |
| Total Long-Term Investments | &nbsp;&nbsp; 223192572 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 223192572 |
| Short-Term Investments† | &nbsp;&nbsp; 67706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67706 |
| **Total Investments** | &nbsp;&nbsp; **$223260278** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$223260278** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $162321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $162321 |
| **Total** | &nbsp;&nbsp; **$223422599** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$223422599** |

---

&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.

**FTSE Canada ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $492876164 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $492876164 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; 492876164 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 492876164 |
| Short-Term Investments†: |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 449038 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 449038 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; $287480 | &nbsp;&nbsp; — | &nbsp;&nbsp; 287480 |
| Total Short-Term Investments | &nbsp;&nbsp; 449038 | &nbsp;&nbsp; 287480 | &nbsp;&nbsp; — | &nbsp;&nbsp; 736518 |
| **Total Investments** | &nbsp;&nbsp; **$493325202** | &nbsp;&nbsp; **$287480** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$493612682** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $21110 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $21110 |
| **Total** | &nbsp;&nbsp; **$493346312** | &nbsp;&nbsp; **$287480** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$493633792** |

---

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

---

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

---

**FTSE China ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Information Technology | &nbsp;&nbsp; $23088423 | &nbsp;&nbsp; $39667 | &nbsp;&nbsp; — | &nbsp;&nbsp; $23128090 |
| Real Estate | &nbsp;&nbsp; 4109422 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 4109422 |
| Other Common Stocks | &nbsp;&nbsp; 222031447 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 222031447 |
| Total Long-Term Investments | &nbsp;&nbsp; 249229292 | &nbsp;&nbsp; 39667 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 249268959 |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | Quoted Prices<br> (Level 1)<br>| Other Significant<br> Observable Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments†: |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $67445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $67445 |
| Investments from Cash Collateral Received for Loaned Securities | &nbsp;&nbsp; 91850 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 91850 |
| Total Short-Term Investments | &nbsp;&nbsp; 159295 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 159295 |
| **Total Investments** | &nbsp;&nbsp; **$249388587** | &nbsp;&nbsp; **$39667** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$249428254** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $699 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $699 |
| **Total** | &nbsp;&nbsp; **$249389286** | &nbsp;&nbsp; **$39667** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$249428953** |

---

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

---

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

---

**FTSE Europe ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Health Care | &nbsp;&nbsp; $15176636 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $15176636 |
| Materials | &nbsp;&nbsp; 6352487 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 6352487 |
| Other Common Stocks | &nbsp;&nbsp; 95808734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 95808734 |
| Preferred Stocks | &nbsp;&nbsp; 418304 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 418304 |
| Rights | &nbsp;&nbsp; 19868 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19868 |
| Total Long-Term Investments | &nbsp;&nbsp; 117776029 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 117776029 |
| Short-Term Investments† | &nbsp;&nbsp; 29551 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29551 |
| **Total Investments** | &nbsp;&nbsp; **$117805580** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$117805580** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $9831 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $9831 |
| **Total** | &nbsp;&nbsp; **$117815411** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$117815411** |

---

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

---

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

---

**FTSE Eurozone ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Health Care | &nbsp;&nbsp; $3701005 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $3701005 |
| Materials | &nbsp;&nbsp; 2464688 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 2464688 |
| Other Common Stocks | &nbsp;&nbsp; 50966633 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50966633 |
| Preferred Stocks | &nbsp;&nbsp; 381336 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 381336 |
| Rights | &nbsp;&nbsp; 261 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 261 |
| Total Long-Term Investments | &nbsp;&nbsp; 57513923 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 57513923 |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | Quoted Prices<br> (Level 1)<br>| Other Significant<br> Observable Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments† | &nbsp;&nbsp; $13330 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $13330 |
| **Total Investments** | &nbsp;&nbsp; **$57527253** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$57527253** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $1744 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1744 |
| **Total** | &nbsp;&nbsp; **$57528997** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$57528997** |

---

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

---

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

---

**FTSE Germany ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $49796906 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $49796906 |
| Preferred Stocks | &nbsp;&nbsp; 1156432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1156432 |
| Total Long-Term Investments | &nbsp;&nbsp; 50953338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50953338 |
| Short-Term Investments† | &nbsp;&nbsp; 954 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 954 |
| **Total Investments** | &nbsp;&nbsp; **$50954292** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$50954292** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $1852 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1852 |
| **Total** | &nbsp;&nbsp; **$50956144** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$50956144** |

---

&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.

**FTSE India ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Financials | &nbsp;&nbsp; $684981011 | &nbsp;&nbsp; $2069170 | &nbsp;&nbsp; — | &nbsp;&nbsp; $687050181 |
| Other Common Stocks | &nbsp;&nbsp; 1761777263 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1761777263 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; 2446758274 | &nbsp;&nbsp; 2069170 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 2448827444 |
| Short-Term Investments† | &nbsp;&nbsp; 4383320 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4383320 |
| **Total Investments** | &nbsp;&nbsp; **$2451141594** | &nbsp;&nbsp; **$2069170** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$2453210764** |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $139677 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $139677 |

---

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

---

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

---

**FTSE Japan ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Consumer Staples | &nbsp;&nbsp; $129285660 | &nbsp;&nbsp; — | &nbsp;&nbsp; $744433 | &nbsp;&nbsp; $130030093 |
| Other Common Stocks | &nbsp;&nbsp; 2234913944 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2234913944 |
| Total Long-Term Investments | &nbsp;&nbsp; 2364199604 | &nbsp;&nbsp; — | &nbsp;&nbsp; 744433 | &nbsp;&nbsp; 2364944037 |
| Short-Term Investments† | &nbsp;&nbsp; 124585 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124585 |
| **Total Investments** | &nbsp;&nbsp; **$2364324189** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$744433** | &nbsp;&nbsp; **$2365068622** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $160531 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $160531 |

---

&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.

**FTSE Japan Hedged ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Consumer Staples | &nbsp;&nbsp; $5346669 | &nbsp;&nbsp; — | &nbsp;&nbsp; $29973 | &nbsp;&nbsp; $5376642 |
| Other Common Stocks | &nbsp;&nbsp; 91921352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 91921352 |
| Total Long-Term Investments | &nbsp;&nbsp; 97268021 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29973 | &nbsp;&nbsp; 97297994 |
| Short-Term Investments† | &nbsp;&nbsp; 6092 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6092 |
| **Total Investments** | &nbsp;&nbsp; **$97274113** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$29973** | &nbsp;&nbsp; **$97304086** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $1378 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1378 |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $872319 | &nbsp;&nbsp; — | &nbsp;&nbsp; 872319 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$1378** | &nbsp;&nbsp; **$872319** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$873697** |
| **Total** | &nbsp;&nbsp; **$97275491** | &nbsp;&nbsp; **$872319** | &nbsp;&nbsp; **$29973** | &nbsp;&nbsp; **$98177783** |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $1790 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1790 |

---

&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.

**FTSE Latin America ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $31920876 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $31920876 |
| Preferred Stocks | &nbsp;&nbsp; 7321117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7321117 |
| Total Long-Term Investments | &nbsp;&nbsp; 39241993 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39241993 |
| Short-Term Investments† | &nbsp;&nbsp; 17251 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17251 |
| **Total Investments** | &nbsp;&nbsp; **$39259244** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$39259244** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $16827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $16827 |
| **Total** | &nbsp;&nbsp; **$39276071** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$39276071** |

---

&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.

**FTSE Mexico ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $69451534 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $69451534 |
| Short-Term Investments† | &nbsp;&nbsp; 287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 287 |
| **Total Investments** | &nbsp;&nbsp; **$69451821** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$69451821** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**FTSE Saudi Arabia ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $22401887 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $22401887 |
| Short-Term Investments† | &nbsp;&nbsp; 6665 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6665 |
| **Total Investments** | &nbsp;&nbsp; **$22408552** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$22408552** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

**FTSE South Korea ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $195953526 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $195953526 |
| Preferred Stocks | &nbsp;&nbsp; 7509436 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7509436 |
| Total Long-Term Investments | &nbsp;&nbsp; 203462962 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 203462962 |
| Short-Term Investments† | &nbsp;&nbsp; 110147 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 110147 |
| **Total Investments** | &nbsp;&nbsp; **$203573109** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$203573109** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $17844 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $17844 |
| **Total** | &nbsp;&nbsp; **$203590953** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$203590953** |

---

&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.

**FTSE Switzerland ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $56333601 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $56333601 |
| **Total Investments** | &nbsp;&nbsp; **$56333601** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$56333601** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $6416 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $6416 |
| **Total** | &nbsp;&nbsp; **$56340017** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$56340017** |

---

&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.

**FTSE Taiwan ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $592204229 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $592204229 |
| Short-Term Investments† | &nbsp;&nbsp; 2976186 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2976186 |
| **Total Investments** | &nbsp;&nbsp; **$595180415** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$595180415** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**FTSE United Kingdom ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Materials | &nbsp;&nbsp; $54473291 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $54473291 |
| Other Common Stocks | &nbsp;&nbsp; 788051920 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 788051920 |
| Total Long-Term Investments | &nbsp;&nbsp; 842525211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 842525211 |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | Quoted Prices<br> (Level 1)<br>| Other Significant<br> Observable Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments† | &nbsp;&nbsp; $176201 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $176201 |
| **Total Investments** | &nbsp;&nbsp; **$842701412** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$842701412** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $63527 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $63527 |
| **Total** | &nbsp;&nbsp; **$842764939** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$842764939** |

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

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

---

**(b) Futures contracts.** The Funds use futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Funds are required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Funds each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statements of Operations and the Funds recognize a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Funds may not be able to enter into a closing transaction because of an illiquid secondary market.

**(c) Forward foreign currency contracts.** The Funds enter into a forward foreign currency contract to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of a foreign currency denominated portfolio transaction. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Funds as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Funds recognize a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statements of Assets and Liabilities. The Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

**(d) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

**(e) Foreign investment risks.** The Funds' investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(f) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Funds may invest in certain securities or engage in other transactions where the Funds are exposed to counterparty credit risk in addition to broader market risks. The Funds may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Funds' subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Funds to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Funds have entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Funds' net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Funds under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedules of Investments.

As of September 30, 2025, FTSE Japan Hedged ETF held forward foreign currency contracts with credit related contingent features which had a liability position of $1,790. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.

**(g) Securities lending.** Certain or all Funds participate in an agency based securities lending program to earn additional income. The Funds receive cash collateral against the loaned securities in an amount equal to at least 102% of the fair value of the loaned securities. Collateral is maintained over the life of the loan in an amount not less than 100% of the fair value of loaned securities, as determined at the close of the Funds business each day; any additional collateral required due to changes in security values is delivered to the Funds on the next business day. The collateral is deposited into a joint

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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cash account with other funds and is used to invest in a money market fund managed by Franklin Advisers, Inc. ("Franklin Advisers"), an affiliate of the Funds. These securities received as collateral are held in segregated accounts with the Funds' custodian. The Funds cannot repledge or resell these securities received as collateral. As such, the non-cash collateral is excluded from the Statements of Assets and Liabilities. The Funds may receive income from the investment of cash collateral, in addition to lending fees paid by the borrower. Income from securities loaned, net of fees paid to the securities lending agent and/or third-party vendor, is reported separately in the Statements of Operations. The Funds bear the market risk with respect to the collateral investment, securities loaned, and the risk that the agent may default on its obligations to the Funds. If the borrower defaults on its obligation to return the securities loaned, the Funds have the right to repurchase the securities in the open market using the collateral received. The securities lending agent has agreed to indemnify the Funds in the event of default by a third party borrower.

**(h) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Funds may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(i) Distributions to shareholders.** Distributions from net investment income of the Funds, if any, are declared and paid on a semi-annual basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(j) Federal and other taxes.** It is the Funds' policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Funds intend to distribute their taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Funds' financial statements.

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2025, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. Realized gains upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. As of September 30, 2025, there were $299,035 for FTSE Asia ex Japan ETF and $44,807,712 for FTSE India ETF of capital gains tax liabilities accrued on unrealized gains.

As a result of several court cases, in certain countries across the European Union, FTSE Europe ETF and FTSE Eurozone ETF filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("EU reclaims"). Income recognized, if any, for EU reclaims is reflected as European Union tax reclaims in the Statements of Operations and any related receivable is reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Any fees associated with these filings are reflected as European Union tax reclaims contingency fees in the Statements of operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by FTSE Europe ETF and FTSE Eurozone ETF, if any, reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns.

**(k) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**(l) Guarantees and indemnifications.** Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisory Services, LLC ("FASL") is each Fund's investment manager. Franklin Templeton Institutional, LLC ("FT Institutional") is each Fund's subadviser. Franklin Templeton Services, LLC ("Franklin Templeton Services") is each Fund's Administrative manager. FASL, FT Institutional and Franklin Templeton Services are subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with FASL, Franklin Templeton Services provides administrative services to the Funds. The fee is paid by FASL based on the Funds' average daily net assets, and is not an additional expense of the Funds.

Under a subadvisory agreement, FT Institutional provides subadvisory services to the Funds. The subadvisory fee is paid by FASL based on the Funds' average daily net assets and is not an additional expense of the Funds.

The Funds pay FASL a unified management fee for managing the Funds' assets, as approved by the Board. Pursuant to the investment management agreement with the Trust on behalf of the Funds, FASL reimburses the Funds for all acquired fund fees and expenses (such as those associated with the Funds' investment in a Franklin Templeton money fund) and pays all of the ordinary operating expenses of the Funds, except for (i) the Funds' management fee, (ii) payments under the Funds' Rule 12b-1 plan (if any), (iii) brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Funds may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses.

Each Fund pays gross effective investment management fee, calculated daily and paid monthly according to the terms of the management agreement, at an annual rate of each Fund's average daily net assets as follows:

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| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| FTSE Asia ex Japan ETF | &nbsp;&nbsp; 0.19% |
| FTSE Australia ETF | &nbsp;&nbsp; 0.09% |
| FTSE Brazil ETF | &nbsp;&nbsp; 0.19% |
| FTSE Canada ETF | &nbsp;&nbsp; 0.09% |
| FTSE China ETF | &nbsp;&nbsp; 0.19% |
| FTSE Europe ETF | &nbsp;&nbsp; 0.09% |
| FTSE Eurozone ETF | &nbsp;&nbsp; 0.09% |
| FTSE Germany ETF | &nbsp;&nbsp; 0.09% |
| FTSE India ETF | &nbsp;&nbsp; 0.19% |
| FTSE Japan ETF | &nbsp;&nbsp; 0.09% |
| FTSE Japan Hedged ETF | &nbsp;&nbsp; 0.09% |
| FTSE Latin America ETF | &nbsp;&nbsp; 0.19% |
| FTSE Mexico ETF | &nbsp;&nbsp; 0.19% |
| FTSE Saudi Arabia ETF | &nbsp;&nbsp; 0.39% |
| FTSE South Korea ETF | &nbsp;&nbsp; 0.09% |
| FTSE Switzerland ETF | &nbsp;&nbsp; 0.09% |
| FTSE Taiwan ETF | &nbsp;&nbsp; 0.19% |
| FTSE United Kingdom ETF | &nbsp;&nbsp; 0.09% |

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FASL pays FT Institutional for its services to the Funds. With respect to each Fund, FASL pays FT Institutional a monthly fee equal to 50% of the net investment advisory fee payable by each Fund to FASL (the "Net Investment Advisory Fee"), calculated daily. The Net Investment Advisory Fee is equal to (i) 96% of an amount equal to the total investment management fees payable to FASL, minus any Fund fees and/or expenses waived or reimbursed by FASL, including as part of each Fund's unitary management fee structure pursuant to the investment management agreement between FASL and the Trust, on behalf of each Fund, minus (ii) any fees payable by FASL to Franklin Templeton Services for fund administrative services.

The manager has agreed to waive the Funds' management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver").

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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During the six months ended September 30, 2025, fees waived and/or expenses reimbursed, all of which was an affiliated money market fund waiver, amounted to as follows:

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| | |
|:---|:---|
| FTSE Asia ex Japan ETF | &nbsp;&nbsp; $98 |
| FTSE Australia ETF | &nbsp;&nbsp; 28 |
| FTSE Brazil ETF | &nbsp;&nbsp; 310 |
| FTSE Canada ETF | &nbsp;&nbsp; 144 |
| FTSE China ETF | &nbsp;&nbsp; 436 |
| FTSE Europe ETF | &nbsp;&nbsp; 74 |
| FTSE Eurozone ETF | &nbsp;&nbsp; 21 |
| FTSE Germany ETF | &nbsp;&nbsp; 24 |
| FTSE India ETF  | &nbsp;&nbsp; 11600 |
| FTSE Japan ETF | &nbsp;&nbsp; 1514 |
| FTSE Japan Hedged ETF | &nbsp;&nbsp; 132 |
| FTSE Latin America ETF | &nbsp;&nbsp; 105 |
| FTSE Mexico ETF | &nbsp;&nbsp; 330 |
| FTSE Saudi Arabia ETF | &nbsp;&nbsp; 54 |
| FTSE South Korea ETF | &nbsp;&nbsp; 108 |
| FTSE Switzerland ETF | &nbsp;&nbsp; 31 |
| FTSE Taiwan ETF | &nbsp;&nbsp; 332 |
| FTSE United Kingdom ETF | &nbsp;&nbsp; 386 |

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Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Funds on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, each Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Funds, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the six months ended September 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

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| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| FTSE Asia ex Japan ETF | &nbsp;&nbsp; $1208116 | &nbsp;&nbsp; $1018956 |
| FTSE Australia ETF | &nbsp;&nbsp; 2370684 | &nbsp;&nbsp; 2343633 |
| FTSE Brazil ETF | &nbsp;&nbsp; 36097468 | &nbsp;&nbsp; 15659798 |
| FTSE Canada ETF | &nbsp;&nbsp; 72861719 | &nbsp;&nbsp; 70272319 |
| FTSE China ETF | &nbsp;&nbsp; 36381027 | &nbsp;&nbsp; 6300905 |
| FTSE Europe ETF | &nbsp;&nbsp; 3454064 | &nbsp;&nbsp; 2954264 |
| FTSE Eurozone ETF | &nbsp;&nbsp; 1628807 | &nbsp;&nbsp; 1312277 |
| FTSE Germany ETF | &nbsp;&nbsp; 1785225 | &nbsp;&nbsp; 1747854 |
| FTSE India ETF  | &nbsp;&nbsp; 705271472 | &nbsp;&nbsp; 57316914 |
| FTSE Japan ETF | &nbsp;&nbsp; 92604785 | &nbsp;&nbsp; 80943465 |
| FTSE Japan Hedged ETF | &nbsp;&nbsp; 10171291 | &nbsp;&nbsp; 9980677 |
| FTSE Latin America ETF | &nbsp;&nbsp; 5807974 | &nbsp;&nbsp; 2773100 |
| FTSE Mexico ETF | &nbsp;&nbsp; 6184841 | &nbsp;&nbsp; 5992791 |
| FTSE Saudi Arabia ETF | &nbsp;&nbsp; 5861535 | &nbsp;&nbsp; 894267 |
| FTSE South Korea ETF | &nbsp;&nbsp; 59991426 | &nbsp;&nbsp; 25564512 |
| FTSE Switzerland ETF | &nbsp;&nbsp; 3082872 | &nbsp;&nbsp; 3089021 |
| FTSE Taiwan ETF | &nbsp;&nbsp; 358937983 | &nbsp;&nbsp; 197703463 |
| FTSE United Kingdom ETF | &nbsp;&nbsp; 28522002 | &nbsp;&nbsp; 25946780 |

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

During the six months ended September 30, 2025, in-kind transactions (Note 5) were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | Contributions | Redemptions | Realized Gain (Loss)\* |
| FTSE Asia ex Japan ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Australia ETF | &nbsp;&nbsp; $18677687 | &nbsp;&nbsp; $6635900 | &nbsp;&nbsp; $618664 |
| FTSE Brazil ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Canada ETF | &nbsp;&nbsp; 73766296 | &nbsp;&nbsp; 68014361 | &nbsp;&nbsp; 32876020 |
| FTSE China ETF | &nbsp;&nbsp; 1568548 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Europe ETF | &nbsp;&nbsp; 19756966 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Eurozone ETF | &nbsp;&nbsp; 30178063 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Germany ETF | &nbsp;&nbsp; 31669496 | &nbsp;&nbsp; 13219775 | &nbsp;&nbsp; 4937821 |
| FTSE India ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Japan ETF | &nbsp;&nbsp; 53699404 | &nbsp;&nbsp; 116041945 | &nbsp;&nbsp; 24198628 |
| FTSE Japan Hedged ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 3077658 | &nbsp;&nbsp; 803130 |
| FTSE Latin America ETF | &nbsp;&nbsp; 1286143 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Mexico ETF | &nbsp;&nbsp; 15835560 | &nbsp;&nbsp; 7150005 | &nbsp;&nbsp; 85189 |
| FTSE Saudi Arabia ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE South Korea ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Switzerland ETF | &nbsp;&nbsp; 3733789 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Taiwan ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE United Kingdom ETF | &nbsp;&nbsp; 97747132 | &nbsp;&nbsp; 59236733 | &nbsp;&nbsp; 17808016 |

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

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Funds.

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Funds' Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of each Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At September 30, 2025, in connection with securities lending transactions, certain or all Funds loaned investments and received cash collateral as follows:

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| | |
|:---|:---|
| **Securities Lending Transactions**<sup>(a)</sup> <br>| &nbsp;&nbsp; **Equity** <br>**Investments**<sup>(b)</sup><br>|
| FTSE China ETF | &nbsp;&nbsp; $91850 |

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

<sup>(a)</sup> The agreements can be terminated at any time.

<sup>(b)</sup> The gross amount of recognized liability for such transactions is included in payable upon return of securities loaned in the Statements of Assets and Liabilities. 

At September 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Asia ex Japan ETF | FTSE Asia ex Japan ETF | FTSE Asia ex Japan ETF | FTSE Asia ex Japan ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $26309532 | &nbsp;&nbsp; $12163169 | &nbsp;&nbsp; $(3657060)<br>| &nbsp;&nbsp; $8506109 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Australia ETF | FTSE Australia ETF | FTSE Australia ETF | FTSE Australia ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $73410594 | &nbsp;&nbsp; $9172613 | &nbsp;&nbsp; $(4289447)<br>| &nbsp;&nbsp; $4883166 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3033)<br>| &nbsp;&nbsp; (3033)<br>|

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Franklin Templeton ETF Trust 2025 Semi-Annual Report

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Brazil ETF | FTSE Brazil ETF | FTSE Brazil ETF | FTSE Brazil ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $204905930 | &nbsp;&nbsp; $43161477 | &nbsp;&nbsp; $(24807129)<br>| &nbsp;&nbsp; $18354348 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 162321 | &nbsp;&nbsp; — | &nbsp;&nbsp; 162321 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Canada ETF | FTSE Canada ETF | FTSE Canada ETF | FTSE Canada ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $394349301 | &nbsp;&nbsp; $106018510 | &nbsp;&nbsp; $(6755129)<br>| &nbsp;&nbsp; $99263381 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 21110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21110 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE China ETF | FTSE China ETF | FTSE China ETF | FTSE China ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $207396541 | &nbsp;&nbsp; $63995553 | &nbsp;&nbsp; $(21963840)<br>| &nbsp;&nbsp; $42031713 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 699 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Europe ETF | FTSE Europe ETF | FTSE Europe ETF | FTSE Europe ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $103387913 | &nbsp;&nbsp; $22033344 | &nbsp;&nbsp; $(7615677)<br>| &nbsp;&nbsp; $14417667 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 9831 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9831 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Eurozone ETF | FTSE Eurozone ETF | FTSE Eurozone ETF | FTSE Eurozone ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $49759687 | &nbsp;&nbsp; $9581703 | &nbsp;&nbsp; $(1814137)<br>| &nbsp;&nbsp; $7767566 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1744 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Germany ETF | FTSE Germany ETF | FTSE Germany ETF | FTSE Germany ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $48053762 | &nbsp;&nbsp; $5663077 | &nbsp;&nbsp; $(2762547)<br>| &nbsp;&nbsp; $2900530 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1852 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE India ETF  | FTSE India ETF  | FTSE India ETF  | FTSE India ETF  |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $2334306393 | &nbsp;&nbsp; $243179077 | &nbsp;&nbsp; $(124274706)<br>| &nbsp;&nbsp; $118904371 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (139677)<br>| &nbsp;&nbsp; (139677)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Japan ETF | FTSE Japan ETF | FTSE Japan ETF | FTSE Japan ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $2015530932 | &nbsp;&nbsp; $540981095 | &nbsp;&nbsp; $(191443405)<br>| &nbsp;&nbsp; $349537690 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (160531)<br>| &nbsp;&nbsp; (160531)<br>|

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Japan Hedged ETF | FTSE Japan Hedged ETF | FTSE Japan Hedged ETF | FTSE Japan Hedged ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $79928646 | &nbsp;&nbsp; $21649131 | &nbsp;&nbsp; $(4273691)<br>| &nbsp;&nbsp; $17375440 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1378 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 872319 | &nbsp;&nbsp; (1790)<br>| &nbsp;&nbsp; 870529 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Latin America ETF | FTSE Latin America ETF | FTSE Latin America ETF | FTSE Latin America ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $31296501 | &nbsp;&nbsp; $10102777 | &nbsp;&nbsp; $(2140034)<br>| &nbsp;&nbsp; $7962743 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 16827 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16827 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Mexico ETF | FTSE Mexico ETF | FTSE Mexico ETF | FTSE Mexico ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $63116650 | &nbsp;&nbsp; $9193271 | &nbsp;&nbsp; $(2858100)<br>| &nbsp;&nbsp; $6335171 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Saudi Arabia ETF | FTSE Saudi Arabia ETF | FTSE Saudi Arabia ETF | FTSE Saudi Arabia ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $20705100 | &nbsp;&nbsp; $3128793 | &nbsp;&nbsp; $(1425341)<br>| &nbsp;&nbsp; $1703452 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE South Korea ETF | FTSE South Korea ETF | FTSE South Korea ETF | FTSE South Korea ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $155194617 | &nbsp;&nbsp; $68713495 | &nbsp;&nbsp; $(20335003)<br>| &nbsp;&nbsp; $48378492 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 17844 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17844 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Switzerland ETF | FTSE Switzerland ETF | FTSE Switzerland ETF | FTSE Switzerland ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $47803651 | &nbsp;&nbsp; $11333232 | &nbsp;&nbsp; $(2803282)<br>| &nbsp;&nbsp; $8529950 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 6416 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6416 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Taiwan ETF | FTSE Taiwan ETF | FTSE Taiwan ETF | FTSE Taiwan ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $432670080 | &nbsp;&nbsp; $187598798 | &nbsp;&nbsp; $(25088463)<br>| &nbsp;&nbsp; $162510335 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE United Kingdom ETF | FTSE United Kingdom ETF | FTSE United Kingdom ETF | FTSE United Kingdom ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $718556643 | &nbsp;&nbsp; $172094424 | &nbsp;&nbsp; $(47949655)<br>| &nbsp;&nbsp; $124144769 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 63527 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63527 |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

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

**4. Derivative instruments and hedging activities** 

**FTSE Asia ex Japan ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**FTSE Australia ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $3033 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(9776)<br>|

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(2841)<br>|

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $318236 |

---

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

\* Based on the average of the market values at each month-end during the period.

**FTSE Brazil ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $162321 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $113367 | &nbsp;&nbsp; $113367 |
| Forward foreign currency contracts | &nbsp;&nbsp; $4939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4939 |
| **Total** | &nbsp;&nbsp; **$4939** | &nbsp;&nbsp; **$113367** | &nbsp;&nbsp; **$118306** |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $134340 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $3581785 |
| Forward foreign currency contracts (to buy)† | &nbsp;&nbsp; 718761 |

---

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

\* Based on the average of the market values at each month-end during the period. <br> † At September 30, 2025, there were no open positions held in this derivative.

**FTSE Canada ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $21110 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $172773 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $12333 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $1189457 |

---

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

\* Based on the average of the market values at each month-end during the period.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

**FTSE China ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $699 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $174153 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $699 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $853784 |

---

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

\* Based on the average of the market values at each month-end during the period.

**FTSE Europe ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $9831 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $36793 |

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $41144 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $811365 |

---

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

\* Based on the average of the market values at each month-end during the period.

**FTSE Eurozone ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $1744 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $9489 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $4265 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $86230 |

---

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

\* Based on the average of the market values at each month-end during the period.

**FTSE Germany ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $1852 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $18668 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $4396 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $100801 |

---

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

\* Based on the average of the market values at each month-end during the period.

**FTSE India ETF** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $139677 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $567212 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $327592 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $23689635 |

---

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

\* Based on the average of the market values at each month-end during the period.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

**FTSE Japan ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $160531 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $1368810 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $720011 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $16429539 |

---

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

\* Based on the average of the market values at each month-end during the period.

**FTSE Japan Hedged ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $1378 | &nbsp;&nbsp; $1378 |
| Forward foreign currency contracts | &nbsp;&nbsp; $872319 | &nbsp;&nbsp; — | &nbsp;&nbsp; 872319 |
| **Total** | &nbsp;&nbsp; **$872319** | &nbsp;&nbsp; **$1378** | &nbsp;&nbsp; **$873697** |

---

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $1790 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $100674 | &nbsp;&nbsp; $100674 |
| Forward foreign currency contracts | &nbsp;&nbsp; $(970400)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (970400)<br>|
| **Total** | &nbsp;&nbsp; **$(970400)**<br>| &nbsp;&nbsp; **$100674** | &nbsp;&nbsp; **$(869726)**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $20942 | &nbsp;&nbsp; $20942 |
| Forward foreign currency contracts | &nbsp;&nbsp; $1253974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1253974 |
| **Total** | &nbsp;&nbsp; **$1253974** | &nbsp;&nbsp; **$20942** | &nbsp;&nbsp; **$1274916** |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $955708 |
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; 70214663 |
| Forward foreign currency contracts (to sell) | &nbsp;&nbsp; 179439619 |

---

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

\* Based on the average of the market values at each month-end during the period.

The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<br>| Net <br>Amount<sup>2,3</sup> <br>|
| State Street Bank and Trust Co. | &nbsp;&nbsp; $217943 | &nbsp;&nbsp; $(745)<br>| &nbsp;&nbsp; $217198 | &nbsp;&nbsp; — | &nbsp;&nbsp; $217198 |
| UBS Securities LLC | &nbsp;&nbsp; 217764 | &nbsp;&nbsp; (561)<br>| &nbsp;&nbsp; 217203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 217203 |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 436612 | &nbsp;&nbsp; (484)<br>| &nbsp;&nbsp; 436128 | &nbsp;&nbsp; — | &nbsp;&nbsp; 436128 |
| **Total** | &nbsp;&nbsp; **$872319** | &nbsp;&nbsp; **$(1790)**<br>| &nbsp;&nbsp; **$870529** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$870529** |

---

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

<sup>1</sup> Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. 

<sup>2</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>3</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

**FTSE Latin America ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $16827 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $20542 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $13088 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $414847 |

---

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

\* Based on the average of the market values at each month-end during the period.

**FTSE Mexico ETF**

At September 30, 2025, the Fund did not have any derivative instruments outstanding.

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $11368 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy)† | &nbsp;&nbsp; $114420 |

---

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

\* Based on the average of the market values at each month-end during the period. <br> † At September 30, 2025, there were no open positions held in this derivative.

**FTSE Saudi Arabia ETF**

At September 30, 2025, the Fund did not have any derivative instruments outstanding.

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $(8230)<br>| &nbsp;&nbsp; $(8230)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $(306)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (306)<br>|
| **Total** | &nbsp;&nbsp; **$(306)**<br>| &nbsp;&nbsp; **$(8230)**<br>| &nbsp;&nbsp; **$(8536)**<br>|

---

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy)† | &nbsp;&nbsp; $36757 |
| Forward foreign currency contracts (to sell)† | &nbsp;&nbsp; 6899 |

---

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

\* Based on the average of the market values at each month-end during the period. <br> † At September 30, 2025, there were no open positions held in this derivative.

**FTSE South Korea ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $17844 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $112691 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $35428 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $501979 |

---

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

\* Based on the average of the market values at each month-end during the period.

**FTSE Switzerland ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $6416 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(48340)<br>|

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $37228 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $1032727 |

---

**FTSE Taiwan ETF**

At September 30, 2025, the Fund did not have any derivative instruments outstanding.

The following table provides information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $530124 | &nbsp;&nbsp; $530124 |
| Forward foreign currency contracts | &nbsp;&nbsp; $(2736)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2736)<br>|
| **Total** | &nbsp;&nbsp; **$(2736)**<br>| &nbsp;&nbsp; **$530124** | &nbsp;&nbsp; **$527388** |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy)† | &nbsp;&nbsp; $1402514 |
| Forward foreign currency contracts (to sell)† | &nbsp;&nbsp; 7192 |

---

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

\* Based on the average of the market values at each month-end during the period. <br> † At September 30, 2025, there were no open positions held in this derivative.

**FTSE United Kingdom ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $63527 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $323368 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $151869 |

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $4958490 |

---

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

\* Based on the average of the market values at each month-end during the period.

**5. Fund share transactions**

At September 30, 2025, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Each Fund's shares are issued and redeemed by the Funds only in Creation Units or Creation Unit aggregations, where 50,000 shares of each Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of each Fund on the transaction date. Transactions in capital shares of the Funds are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Funds' Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended September 30, 2025. The following transactions were effected in such company for the six months ended September 30, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Asia ex Japan ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE Asia ex Japan ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $39 | $373009 | 373009 | $320869 | 320869 |  | $508 |  | $52179 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 2864824 | 2864824 | 2864824 | 2864824 |  |  |  |  |
|  | **$39** | **$3237833** |  | **$3185693** |  | **—** | **$508** | **—** | **$52179** |

---

&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 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Australia ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE Australia ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $40578 | $936807 | 936807 | $977011 | 977011 |  | $378 |  | $374 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>|  | 171600 | 171600 | 171600 | 171600 |  |  |  |  |
|  | **$40578** | **$1108407** |  | **$1148611** |  | **—** | **$378** | **—** | **$374** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Brazil ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE Brazil ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $48735 | $10421667 | 10421667 | $10402696 | 10402696 |  | $4799 |  | $67706 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Canada ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE Canada ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $78873 | $5004586 | 5004586 | $4634421 | 4634421 |  | $3394 |  | $449038 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE China ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| FTSE China ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $22311 | $4878898 | 4878898 | $4833764 | 4833764 |  | $4820 |  | $67445 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| 29700 | 2075684 | 2075684 | 2013534 | 2013534 |  | 2377 |  | 91850 |
|  | **$52011** | **$6954582** |  | **$6847298** |  | **—** | **$7197** | **—** | **$159295** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Europe ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE Europe ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $46800 | $2381066 | 2381066 | $2398315 | 2398315 |  | $1616 |  | $29551 |

---

&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 Semi-Annual Report

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Eurozone ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE Eurozone ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $1925 | $604119 | 604119 | $592714 | 592714 |  | $367 |  | $13330 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Germany ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE Germany ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $— | $1014624 | 1014624 | $1013670 | 1013670 |  | $468 |  | $954 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE India ETF  | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE India ETF  | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| $14580819 | $214967927 | 214967927 | $225165426 | 225165426 |  | $179883 |  | $4383320 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Japan ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| FTSE Japan ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $144665 | $20570608<br>| 20570608 | $20590688 | 20590688 |  | $10701 |  | $124585 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| 1489374 | 35759098 | 35759098 | 37248472 | 37248472 |  | 1829 |  |  |
|  | **$1634039** | **$56329706** |  | **$57839160** |  | **—** | **$12530** | **—** | **$124585** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Japan Hedged ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE Japan Hedged ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $438852 | $3380101 | 3380101 | $3812861 | 3812861 |  | $3822 |  | $6092 |

---

&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 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Latin America ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| FTSE Latin America ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $18048 | $971509 | 971509 | $972306 | 972306 |  | $541 |  | $17251 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| 34414 | 486381 | 486381 | 520795 | 520795 |  | 540 |  |  |
|  | **$52462** | **$1457890** |  | **$1493101** |  | **—** | **$1081** | **—** | **$17251** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Mexico ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| FTSE Mexico ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $1 | $1045419 | 1045419 | $1045133 | 1045133 |  | $393 |  | $287 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| 175005 | 7241990 | 7241990 | 7416995 | 7416995 |  | 2778 |  |  |
|  | **$175006** | **$8287409** |  | **$8462128** |  | **—** | **$3171** | **—** | **$287** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Saudi Arabia ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE Saudi Arabia ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $1 | $1390249 | 1390249 | $1383585 | 1383585 |  | $477 |  | $6665 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE South Korea ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE South Korea ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $37 | $10159899 | 10159899 | $10049789 | 10049789 |  | $3052 |  | $110147 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Switzerland ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE Switzerland ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $2258 | $1111757 | 1111757 | $1114015 | 1114015 |  | $417 |  |  |

---

&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 Semi-Annual Report

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Taiwan ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE Taiwan ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $224256 | $6687189 | 6687189 | $3935259 | 3935259 |  | $6338 |  | $2976186 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE United Kingdom ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| FTSE United Kingdom ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $489625 | $15986498<br>| 15986498 | $16299922 | 16299922 |  | $5413 |  | $176201 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>|  | 45885 | 45885 | 45885 | 45885 |  |  |  |  |
|  | **$489625** | **$16032383** |  | **$16345807** |  | **—** | **$5413** | **—** | **$176201** |

---

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

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

**7. Capital loss carryforwards**

As of March 31, 2025, the following Funds had capital loss carryforwards remaining, which have no expiration date, that will be available to offset future taxable capital gains. The capital loss carryforwards were as follows:

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss Carryforwards<br>|
| FTSE Asia ex Japan ETF | &nbsp;&nbsp; $5604190 |
| FTSE Australia ETF | &nbsp;&nbsp; 1884297 |
| FTSE Brazil ETF | &nbsp;&nbsp; 141767052 |
| FTSE Canada ETF | &nbsp;&nbsp; 6351758 |
| FTSE China ETF | &nbsp;&nbsp; 31156910 |
| FTSE Europe ETF | &nbsp;&nbsp; 6852749 |
| FTSE Eurozone ETF | &nbsp;&nbsp; 3790877 |
| FTSE Germany ETF | &nbsp;&nbsp; 1554368 |
| FTSE India ETF  | &nbsp;&nbsp; 4044334 |
| FTSE Japan ETF | &nbsp;&nbsp; 69079280 |
| FTSE Japan Hedged ETF | &nbsp;&nbsp; 2031118 |
| FTSE Latin America ETF | &nbsp;&nbsp; 4066914 |
| FTSE Mexico ETF | &nbsp;&nbsp; 4916172 |
| FTSE Saudi Arabia ETF | &nbsp;&nbsp; 545202 |
| FTSE South Korea ETF | &nbsp;&nbsp; 19606129 |
| FTSE Switzerland ETF | &nbsp;&nbsp; 3499025 |
| FTSE Taiwan ETF | &nbsp;&nbsp; 6428653 |
| FTSE United Kingdom ETF | &nbsp;&nbsp; 22071652 |

---

**8. Concentration of risk**

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local, regional and global economic, political and social conditions, which may result in greater market volatility. Political and financial uncertainty in many foreign regions may increase market volatility and the economic risk of investing in foreign securities. In addition, certain foreign securities may not be as liquid as U.S. securities.

Certain investments in Chinese companies are made through a special structure known as a variable interest entity (VIE). In a VIE structure, foreign investors, such as FTSE Asia ex Japan ETF & FTSE China ETF will only own stock in a shell company

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

rather than directly in the VIE, which must be owned by Chinese nationals (and/or Chinese companies) to obtain the licenses and/or assets required to operate in a restricted or prohibited sector in China. The value of the shell company is derived from its ability to consolidate the VIE into its financials pursuant to contractual arrangements that allow the shell company to exert a degree of control over, and obtain economic benefits arising from, the VIE without formal legal ownership. While VIEs are a longstanding industry practice and are well known by Chinese officials and regulators, the structure historically has not been formally recognized under Chinese law and it is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the structure. It is also uncertain whether the contractual arrangements, which may be subject to conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent losses, and in turn, adversely affect the Funds' returns and net asset value.

**9. Recent accounting pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

**10. Operating segments**

Each Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Funds within the Funds' investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Funds' operating results and allocating resources in accordance with the Funds' investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. The Funds' Schedules of Investments provides details of the Funds' investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

------

Franklin Templeton ETF Trust 2025 Semi-Annual Report

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

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| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> Fund. |

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Franklin Templeton ETF Trust

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Board Approval of Management and

Subadvisory Agreements (unaudited)

**Franklin Templeton ETF Trust**

**Franklin FTSE Asia ex Japan ETF**

**Franklin FTSE Australia ETF**

**Franklin FTSE Brazil ETF**

**Franklin FTSE Canada ETF**

**Franklin FTSE China ETF**

**Franklin FTSE Europe ETF**

**Franklin FTSE Eurozone ETF**

**Franklin FTSE Germany ETF**

**Franklin FTSE Hong Kong ETF**

**Franklin FTSE India ETF**

**Franklin FTSE Japan ETF**

**Franklin FTSE Japan Hedged ETF**

**Franklin FTSE Latin America ETF**

**Franklin FTSE Mexico ETF**

**Franklin FTSE Saudi Arabia ETF**

**Franklin FTSE South Korea ETF**

**Franklin FTSE Switzerland ETF**

**Franklin FTSE Taiwan ETF**

**Franklin FTSE United Kingdom ETF**

(each a Fund)

At an in-person meeting held on May 21, 2025 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the continuance of (i) the investment management agreement between Franklin Advisory Services, LLC (FAS) and the Trust, on behalf of each Fund; and (ii) the investment sub-advisory agreement between FAS and Franklin Templeton Institutional, LLC (FTI), an affiliate of FAS, on behalf of each Fund (each a Management Agreement) for an additional one-year period, including with respect to the Franklin FTSE Hong Kong ETF in light of the pending liquidation of the Fund. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the renewal of each Management Agreement. Although the Management Agreements for the Funds were considered at the same Board meeting, the Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate. FAS and FTI are each referred to herein as a Manager.

In considering the continuance of each Management Agreement, the Board reviewed and considered information provided by each Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information provided in response to a detailed set of requests for information submitted to each Manager by Independent Trustee counsel on behalf of the Independent Trustees in connection with the annual contract renewal process. In addition, prior to the Meeting, the Independent Trustees held a virtual contract renewal meeting at which the Independent Trustees first conferred amongst themselves and Independent Trustee counsel about contract renewal matters, and then met with management to request additional information that the Independent Trustees also considered prior to and at the Meeting. The Board further considered all of the factors it deemed relevant in approving the continuance of each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by each Manager; (ii) each Fund's tracking error against a specified benchmark index as of a recent period; (iii) the costs of the services provided and profits realized by each Manager and its affiliates from the relationship with each Fund; (iv) the extent to which economies of scale are realized as each Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund investors.

In approving the continuance of each Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of each Management Agreement are fair and reasonable and that the continuance of each Management Agreement is in the best interests of the applicable Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

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Franklin Templeton ETF Trust

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**Nature, Extent and Quality of Services**

The Board reviewed the information it received regarding the nature, extent and quality of investment management services provided by each Manager and its affiliates to the Funds and their shareholders. This information included, among other things, the qualifications, background and experience of the senior management and investment personnel of each Manager, as well as information on succession planning where appropriate; the structure of investment personnel compensation; oversight of third-party service providers; investment performance reports and related financial information for each Fund; reports on expenses and shareholder services; legal and compliance matters; risk controls; pricing and other services provided by each Manager and its affiliates; and management fees charged by each Manager and its affiliates to US funds and other accounts, including management's explanation of differences among accounts where relevant. The Board acknowledged the ongoing integration of acquired third-party fund families into the Franklin Templeton (FT) family of funds and management's continued development of strategies to address evolving changes in domestic policy and continuing geopolitical concerns.

The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the FT family of funds. The Board noted the financial position of Franklin Resources, Inc. (FRI), the Managers' parent, and its commitment to the registered fund business as evidenced by its continued introduction of new funds, reassessment of the fund offerings in response to FT acquisitions and the market environment, as well as its evaluation of ways to incorporate private assets into more traditional investment vehicles. The Board specifically noted FT's commitment to technological innovation and advancement, including its continued focus on developing potential use cases for tokenization and the blockchain and the use of artificial intelligence tools to help streamline day-to-day tasks.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by each Manager and its affiliates to the Funds and their shareholders.

**Fund Performance**

The Board noted that, in light of the Funds' use of a "passive" or indexing investment approach, management evaluates each Fund based on its tracking error against a specified benchmark. The Board also noted that management did not provide peer fund performance analyses typically prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as the Funds are pure-index exchange-traded funds as opposed to active or smart beta funds. The Board referenced earlier discussions with management on matters related to, among other things, the expansion and rationalization of the overall product line, including investments in novel asset classes, as well as the growth in assets from internal and external clients. In addition, the Board acknowledged information provided regarding management's strategy to grow market share through the use of innovative data and technology and investments in marketing and distribution. The Board noted management's high level of client engagement and the strength of its internal audit and compliance program.

The Board then noted that for the one-year period ended December 31, 2024, each Fund's tracking error was within the tolerance anticipated for such Fund, except that the tracking error for the Franklin FTSE Asia ex Japan ETF was 47.9 basis points outside the tolerance anticipated for this Fund, the Franklin FTSE India ETF was 216.1 basis points outside the tolerance anticipated for this Fund, the Franklin FTSE Mexico ETF was 3.5 basis points outside the tolerance anticipated for this Fund, the Franklin FTSE Saudi Arabia ETF was 6.0 basis points outside the tolerance anticipated for this Fund and the Franklin FTSE Switzerland ETF was 6.5 basis points outside the tolerance anticipated for this Fund. The Board discussed the tracking error of the Funds with management and management explained that, for each of the Franklin FTSE Asia ex Japan ETF and the Franklin FTSE India ETF, the Fund's tracking error was outside the tolerance anticipated due, in part, to taxes and fees. Management further explained that, for the Franklin FTSE Mexico ETF, the Fund's tracking error was outside the tolerance anticipated due, in part, to the Fund's valuation of a particular stock whose trading was halted during the period. Management further explained that, for the Franklin FTSE Saudi Arabia ETF, the Fund's tracking error was outside the tolerance anticipated due, in part, to fees. Management further explained that, for the Franklin FTSE Switzerland ETF, the Fund's tracking error was outside the tolerance anticipated due, in part, to a tax advantage related to foreign dividend withholding taxes and fees. The Board noted that management proposed and the Board approved the liquidation of the Franklin FTSE Hong Kong ETF. The Board concluded that each Fund whose tracking error was within the anticipated tolerance for it was satisfactory and that, each Fund whose tracking error was outside the anticipated tolerance, such Fund's Management Agreements should be continued for an additional one-year period, while management's efforts continue to be closely monitored.

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Franklin Templeton ETF Trust

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding each Fund's actual total expense ratio, noting that each Fund pays a Unified Fee (as defined below). The Board considered the actual total expense ratio and, separately, the contractual management fee rate, without the effect of fee waivers, if any (Management Rate), of each Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-traded funds deemed comparable to and with a similar expense structure to the Fund selected by Broadridge (Expense Group). Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report, which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in an Expense Group. The Expense Group for each Fund was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Asia ex Japan ETF was comprised of pure index exchange-traded funds, which included the Fund and two other Pacific ex-Japan funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Australia ETF was comprised of pure index exchange-traded funds, which included the Fund and one other Pacific region fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Brazil ETF was comprised of pure index exchange-traded funds, which included the Fund and two other Latin American funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Canada ETF was comprised of pure index exchange-traded funds, which included the Fund and two other international large-cap core funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE China ETF was comprised of pure index exchange-traded funds, which included the Fund and six other China region funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Europe ETF was comprised of pure index exchange-traded funds, which included the Fund and five other European region funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Eurozone ETF was comprised of pure index exchange-traded funds, which included the Fund and two other European region funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Germany ETF was comprised of pure index exchange-traded funds, which included the Fund and three other European region funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Hong Kong ETF was comprised of pure index exchange-traded funds, which included the Fund and one other China region fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE India ETF was comprised of pure index exchange-traded funds, which included the Fund and five other India region funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Japan ETF was comprised of pure index exchange-traded funds, which included the Fund and three other Japanese funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Japan Hedged ETF was comprised of pure index exchange-traded funds, which included the Fund and three other Japanese funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Latin America ETF was comprised of pure index exchange-traded funds, which included the Fund and one other Latin American fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Mexico ETF was comprised of pure index exchange-traded funds, which included the Fund and one other Latin American fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Saudi Arabia ETF was comprised of pure index exchange-traded funds, which included the Fund and one other emerging markets fund.

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Franklin Templeton ETF Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE South Korea ETF was comprised of pure index exchange-traded funds, which included the Fund and one other Pacific ex-Japan fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Switzerland ETF was comprised of pure index exchange-traded funds, which included the Fund and two other European region funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE Taiwan ETF was comprised of pure index exchange-traded funds, which included the Fund and one other China region fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Expense Group for the Franklin FTSE United Kingdom ETF was comprised of pure index exchange-traded funds, which included the Fund and two other European region funds.

The Board noted that the Management Rates and actual total expense ratios for the Funds were below the medians of their respective Expense Groups, except that the Management Rate for each of the Franklin FTSE Asia ex Japan ETF and Franklin FTSE Europe ETF was equal to the median of its respective Expense Group. The Board also noted the small size of each Fund's Expense Group, and that therefore no quintile information was available for each Fund, except that the Franklin FTSE China ETF had seven funds in its Expense Group, the Franklin FTSE India ETF had six funds in its Expense Group and the Franklin FTSE Europe ETF had six funds in its Expense Group for the total expense ratio comparison. The Board further noted each Fund's unified management fee (Unified Fee). The Board also noted that pursuant to the Unified Fee arrangement FAS reimburses the Fund for all of its acquired fund fees and expenses (if any) and pays all of the ordinary operating expenses of the Fund, except for (i) the Fund's Unified Fee, (ii) future Rule 12b-1 fees (if any), (iii) brokerage expenses, (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses. The Board noted that FTI is paid by FAS out of the Unified Fee FAS receives from each Fund and that the allocation of the fee between FAS and FTI reflects the services provided by each Manager to each Fund. The Board concluded that the Management Rate charged to each Fund and the sub-advisory fee paid to FTI are reasonable.

**Profitability**

The Board reviewed and considered information regarding the profits realized by each Manager and its affiliates in connection with the operation of each Fund. In this respect, the Board considered the Fund profitability analysis that addresses the overall profitability of FT's US fund business, as well as its profits in providing investment management and other services to each of the individual Funds during the 12-month period ended September 30, 2024 (the most recent fiscal year-end for FRI). The Board noted that although management continually makes refinements to its methodologies used in calculating profitability in response to organizational and product-related changes, the overall methodology has remained consistent with that used in the Funds' profitability report presentations from prior years. The Board also noted that an independent registered public accounting firm has been engaged to periodically review and assess the allocation methodologies to be used solely by the Funds' Board with respect to the profitability analysis.

The Board noted management's belief that costs incurred in establishing the infrastructure necessary for the type of fund operations conducted by each Manager and its affiliates may not be fully reflected in the expenses allocated to each Fund in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. As part of this evaluation, the Board considered management's outsourcing of certain operations, which effort has required considerable up-front expenditures by the Managers, but over the long run, is expected to result in greater efficiencies. The Board also noted management's expenditures in improving shareholder services provided to the Funds, as well as the need to implement systems and meet additional regulatory and compliance requirements resulting from recent US Securities and Exchange Commission and other regulatory requirements.

The Board also considered the extent to which each Manager and its affiliates might derive ancillary benefits from fund operations, including potential benefits resulting from personnel and systems enhancements necessitated by fund growth, as well as increased leverage with service providers and counterparties. Based upon its consideration of all these factors, the Board concluded that the level of profits realized by each Manager and its affiliates from providing services to each Fund was not excessive in view of the nature, extent and quality of services provided to each Fund.

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Franklin Templeton ETF Trust

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

**Economies of Scale**

The Board reviewed and considered the extent to which each Manager may realize economies of scale, if any, as each Fund grows larger and whether each Fund's management fee structure reflects any economies of scale for the benefit of shareholders. The Board considered that each Fund would likely experience benefits from the Unified Fee at the Fund's projected asset levels because of FAS's contractual requirement to bear most of the Fund's ordinary operating expenses. The Board noted that, under the Unified Fee, it is not anticipated that any of the Funds will generate significant, if any, profit for FAS and/or its affiliates for some time. The Board considered the management's view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments each Manager incurs across the FT family of funds as a whole. The Board also noted that, as of December 31, 2024, each Fund (except for the Franklin FTSE Canada ETF, Franklin FTSE India ETF, Franklin FTSE Japan ETF, Franklin FTSE United Kingdom ETF and Franklin FTSE Taiwan ETF) had net assets below $250 million (and in most cases much less). The Board also noted management's representation that, while the Franklin FTSE Canada ETF, Franklin FTSE India ETF, Franklin FTSE Japan ETF, Franklin FTSE United Kingdom ETF and Franklin FTSE Taiwan ETF had net assets that exceeded $250 million as of December 31, 2024, none of the Funds experienced a profit for the fiscal year ended September 30, 2024. The Board recognized that there would not likely be any economies of scale for a Fund until the Fund's assets grow.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the continuance of each Management Agreement for an additional one-year period, including with respect to the Franklin FTSE Hong Kong ETF in light of the pending liquidation of the Fund.

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Franklin Templeton ETF Trust

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Franklin Templeton ETF Trust

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisory Services, LLC

**Subadviser**

Franklin Templeton Institutional, LLC

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Franklin Templeton ETF Trust**

Franklin FTSE Asia ex Japan ETF

Franklin FTSE Australia ETF

Franklin FTSE Brazil ETF

Franklin FTSE Canada ETF

Franklin FTSE China ETF

Franklin FTSE Europe ETF

Franklin FTSE Eurozone ETF

Franklin FTSE Germany ETF

Franklin FTSE India ETF

Franklin FTSE Japan ETF

Franklin FTSE Japan Hedged ETF

Franklin FTSE Latin America ETF

Franklin FTSE Mexico ETF

Franklin FTSE Saudi Arabia ETF

Franklin FTSE South Korea ETF

Franklin FTSE Switzerland ETF

Franklin FTSE Taiwan ETF

Franklin FTSE United Kingdom ETF

The Funds are separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin Templeton ETF Trust

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Funds at (800) DIAL BEN/342-5236.

Information on how the Funds voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Funds at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin Templeton ETF Trust. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current prospectus.

**Investors should consider each Fund's investment objectives, risks, charges and expenses carefully before investing. Each prospectus contains this and other important information about the Funds. Please read the prospectuses carefully before investing.**

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

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![](imgcc8b60923.jpg)

**ETF5-SFSOI 11/25**© 2025 Franklin Templeton. All rights reserved.

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![](img1272f7791.gif)

**BrandywineGLOBAL — ETFS**

**Financial Statements and Other Important Information**

**Semi-Annual** \| September 30, 2025 ![](img1aea10672.gif)

**BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

**BrandywineGLOBAL - U.S. Fixed Income ETF**

------

**Table of Contents**

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

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| | |
|:---|:---|
| [Schedules of Investments](#xx_40925b59-3dc0-48bb-b01c-33bc6b6414c4_SOI-Header-SOI-4993_1) | **1** |
| [Statements of Assets and Liabilities](#xx_40925b59-3dc0-48bb-b01c-33bc6b6414c4_SAL-Header-SAL_1) | **8** |
| [Statements of Operations](#xx_40925b59-3dc0-48bb-b01c-33bc6b6414c4_SOP-Header-SOP_1) | **9** |
| [Statements of Changes in Net Assets](#xx_40925b59-3dc0-48bb-b01c-33bc6b6414c4_SOC-Header-SOC-4993_1) | **10** |
| [Financial Highlights](#xx_40925b59-3dc0-48bb-b01c-33bc6b6414c4_FIHISP-Header-Financialhighlights2-4993_1) | **12** |
| [Notes to Financial Statements](#xx_40925b59-3dc0-48bb-b01c-33bc6b6414c4_NTF-Header-Notestofinancialstatements-4993_1) | **14** |
| [Changes in and Disagreements with Accountants](#xx_40925b59-3dc0-48bb-b01c-33bc6b6414c4_TSR-TOCTSRDisclosures-4993_1) | **21** |
| [Results of Meeting(s) of Shareholders](#xx_40925b59-3dc0-48bb-b01c-33bc6b6414c4_TSR-TOCTSRDisclosures-4993_1) | **21** |
| [Remuneration Paid to Directors, Officers and Others](#xx_40925b59-3dc0-48bb-b01c-33bc6b6414c4_TSR-TOCTSRDisclosures-4993_1) | **21** |
| [Board Approval of Management and Subadvisory](#xx_40925b59-3dc0-48bb-b01c-33bc6b6414c4_BAMSA-TOC-Mgmtandsubadvisoryagreements-4993_1) [Agreements](#xx_40925b59-3dc0-48bb-b01c-33bc6b6414c4_BAMSA-TOC-Mgmtandsubadvisoryagreements-4993_1) | **22** |

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**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedules of Investments (unaudited)

September 30, 2025

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

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| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Communication Services — 13.7%** | **Communication Services — 13.7%** | **Communication Services — 13.7%** |
| Diversified Telecommunication Services — 3.9% | Diversified Telecommunication Services — 3.9% | Diversified Telecommunication Services — 3.9% |
| AT&T Inc. | &nbsp;&nbsp; 76417 | &nbsp;&nbsp; $2158016<br>|
| Verizon Communications Inc. | &nbsp;&nbsp; 57300 | &nbsp;&nbsp; 2518335<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 4676351 |
| Entertainment — 0.5% | Entertainment — 0.5% | Entertainment — 0.5% |
| Walt Disney Co. | &nbsp;&nbsp; 5306 | &nbsp;&nbsp; 607537<br>|
| Interactive Media & Services — 1.0% | Interactive Media & Services — 1.0% | Interactive Media & Services — 1.0% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 4968 | &nbsp;&nbsp; 1207721<br>|
| Media — 3.9% | Media — 3.9% | Media — 3.9% |
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 140252 | &nbsp;&nbsp; 4406718<br>|
| Nexstar Media Group Inc. | &nbsp;&nbsp; 1293 | &nbsp;&nbsp; 255678<br>|
| Total Media | Total Media | &nbsp;&nbsp; 4662396 |
| Wireless Telecommunication Services — 4.4% | Wireless Telecommunication Services — 4.4% | Wireless Telecommunication Services — 4.4% |
| Millicom International Cellular SA | &nbsp;&nbsp; 3575 | &nbsp;&nbsp; 173530<br>|
| T-Mobile US Inc. | &nbsp;&nbsp; 21063 | &nbsp;&nbsp; 5042061<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 5215591 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **16369596** |
| **Consumer Discretionary — 14.4%** | **Consumer Discretionary — 14.4%** | **Consumer Discretionary — 14.4%** |
| Automobile Components — 0.3% | Automobile Components — 0.3% | Automobile Components — 0.3% |
| Aptiv PLC | &nbsp;&nbsp; 4258 | &nbsp;&nbsp; 367,125<br> \*<br>|
| Automobiles — 3.6% | Automobiles — 3.6% | Automobiles — 3.6% |
| General Motors Co. | &nbsp;&nbsp; 70928 | &nbsp;&nbsp; 4324480<br>|
| Broadline Retail — 2.9% | Broadline Retail — 2.9% | Broadline Retail — 2.9% |
| Amazon.com Inc. | &nbsp;&nbsp; 3988 | &nbsp;&nbsp; 875,645<br> \*<br>|
| Dillard's Inc., Class A Shares | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 144403<br>|
| eBay Inc. | &nbsp;&nbsp; 26985 | &nbsp;&nbsp; 2454286<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 3474334 |
| Diversified Consumer Services — 0.6% | Diversified Consumer Services — 0.6% | Diversified Consumer Services — 0.6% |
| ADT Inc. | &nbsp;&nbsp; 34632 | &nbsp;&nbsp; 301645<br>|
| H&R Block Inc. | &nbsp;&nbsp; 1924 | &nbsp;&nbsp; 97297<br>|
| Service Corp. International | &nbsp;&nbsp; 4271 | &nbsp;&nbsp; 355432<br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 754374 |
| Hotels, Restaurants & Leisure — 3.2% | Hotels, Restaurants & Leisure — 3.2% | Hotels, Restaurants & Leisure — 3.2% |
| Boyd Gaming Corp. | &nbsp;&nbsp; 4655 | &nbsp;&nbsp; 402425<br>|
| Darden Restaurants Inc. | &nbsp;&nbsp; 2473 | &nbsp;&nbsp; 470760<br>|
| Hyatt Hotels Corp., Class A Shares | &nbsp;&nbsp; 2231 | &nbsp;&nbsp; 316646<br>|
| Las Vegas Sands Corp. | &nbsp;&nbsp; 19965 | &nbsp;&nbsp; 1073917<br>|
| Light & Wonder Inc. | &nbsp;&nbsp; 1204 | &nbsp;&nbsp; 101,064<br> \*<br>|
| MGM Resorts International | &nbsp;&nbsp; 23682 | &nbsp;&nbsp; 820,818<br> \*<br>|
| Vail Resorts Inc. | &nbsp;&nbsp; 1097 | &nbsp;&nbsp; 164078<br>|
| Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp; 5981 | &nbsp;&nbsp; 477882<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 3827590 |
| Household Durables — 2.5% | Household Durables — 2.5% | Household Durables — 2.5% |
| DR Horton Inc. | &nbsp;&nbsp; 9201 | &nbsp;&nbsp; 1559294<br>|
| NVR Inc. | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 1,221,268<br> \*<br>|

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Household Durables — continued | Household Durables — continued | Household Durables — continued |
| TopBuild Corp. | &nbsp;&nbsp; 401 | &nbsp;&nbsp; $156,735<br> \*<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 2937297 |
| Leisure Products — 0.2% | Leisure Products — 0.2% | Leisure Products — 0.2% |
| Mattel Inc. | &nbsp;&nbsp; 11651 | &nbsp;&nbsp; 196,086<br> \*<br>|
| Specialty Retail — 0.9% | Specialty Retail — 0.9% | Specialty Retail — 0.9% |
| Gap Inc. | &nbsp;&nbsp; 5362 | &nbsp;&nbsp; 114693<br>|
| Murphy USA Inc. | &nbsp;&nbsp; 1014 | &nbsp;&nbsp; 393696<br>|
| Williams-Sonoma Inc. | &nbsp;&nbsp; 2769 | &nbsp;&nbsp; 541201<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 1049590 |
| Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% |
| Lululemon Athletica Inc. | &nbsp;&nbsp; 1495 | &nbsp;&nbsp; 266,005<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **17196881** |
| **Consumer Staples — 10.6%** | **Consumer Staples — 10.6%** | **Consumer Staples — 10.6%** |
| Beverages — 2.7% | Beverages — 2.7% | Beverages — 2.7% |
| Molson Coors Beverage Co., Class B Shares | &nbsp;&nbsp; 2668 | &nbsp;&nbsp; 120727<br>|
| PepsiCo Inc. | &nbsp;&nbsp; 21739 | &nbsp;&nbsp; 3053025<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 3173752 |
| Consumer Staples Distribution & Retail — 4.7% | Consumer Staples Distribution & Retail — 4.7% | Consumer Staples Distribution & Retail — 4.7% |
| Albertsons Cos. Inc., Class A Shares | &nbsp;&nbsp; 11936 | &nbsp;&nbsp; 208999<br>|
| Kroger Co. | &nbsp;&nbsp; 24755 | &nbsp;&nbsp; 1668735<br>|
| Sysco Corp. | &nbsp;&nbsp; 22364 | &nbsp;&nbsp; 1841452<br>|
| Walmart Inc. | &nbsp;&nbsp; 18925 | &nbsp;&nbsp; 1950410<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 5669596 |
| Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% |
| Ingredion Inc. | &nbsp;&nbsp; 3287 | &nbsp;&nbsp; 401376<br>|
| Pilgrim's Pride Corp. | &nbsp;&nbsp; 7174 | &nbsp;&nbsp; 292125<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 693501 |
| Household Products — 2.6% | Household Products — 2.6% | Household Products — 2.6% |
| Clorox Co. | &nbsp;&nbsp; 1614 | &nbsp;&nbsp; 199006<br>|
| Kimberly-Clark Corp. | &nbsp;&nbsp; 8854 | &nbsp;&nbsp; 1100907<br>|
| Procter & Gamble Co. | &nbsp;&nbsp; 11872 | &nbsp;&nbsp; 1824133<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 3124046 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **12660895** |
| **Energy — 7.1%** | **Energy — 7.1%** | **Energy — 7.1%** |
| Energy Equipment & Services — 0.5% | Energy Equipment & Services — 0.5% | Energy Equipment & Services — 0.5% |
| Schlumberger NV | &nbsp;&nbsp; 19052 | &nbsp;&nbsp; 654817<br>|
| Oil, Gas & Consumable Fuels — 6.6% | Oil, Gas & Consumable Fuels — 6.6% | Oil, Gas & Consumable Fuels — 6.6% |
| Antero Midstream Corp. | &nbsp;&nbsp; 25389 | &nbsp;&nbsp; 493562<br>|
| Chevron Corp. | &nbsp;&nbsp; 13878 | &nbsp;&nbsp; 2155115<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 23319 | &nbsp;&nbsp; 2614526<br>|
| Targa Resources Corp. | &nbsp;&nbsp; 4456 | &nbsp;&nbsp; 746558<br>|
| Williams Cos. Inc. | &nbsp;&nbsp; 29039 | &nbsp;&nbsp; 1839621<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 7849382 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **8504199** |
| **Financials — 19.1%** | **Financials — 19.1%** | **Financials — 19.1%** |
| Banks — 6.8% | Banks — 6.8% | Banks — 6.8% |
| First Horizon Corp. | &nbsp;&nbsp; 8779 | &nbsp;&nbsp; 198493<br>|

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

------

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 9932 | &nbsp;&nbsp; $3132851<br>|
| M&T Bank Corp. | &nbsp;&nbsp; 3339 | &nbsp;&nbsp; 659853<br>|
| Wells Fargo & Co. | &nbsp;&nbsp; 48910 | &nbsp;&nbsp; 4099637<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 8090834 |
| Capital Markets — 1.7% | Capital Markets — 1.7% | Capital Markets — 1.7% |
| Affiliated Managers Group Inc. | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 596313<br>|
| Northern Trust Corp. | &nbsp;&nbsp; 4063 | &nbsp;&nbsp; 546880<br>|
| SEI Investments Co. | &nbsp;&nbsp; 4462 | &nbsp;&nbsp; 378517<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 4668 | &nbsp;&nbsp; 479123<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 2000833 |
| Consumer Finance — 0.9% | Consumer Finance — 0.9% | Consumer Finance — 0.9% |
| Credit Acceptance Corp. | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 74,242<br> \*<br>|
| SLM Corp. | &nbsp;&nbsp; 6313 | &nbsp;&nbsp; 174744<br>|
| Synchrony Financial | &nbsp;&nbsp; 10911 | &nbsp;&nbsp; 775226<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 1024212 |
| Financial Services — 4.2% | Financial Services — 4.2% | Financial Services — 4.2% |
| Berkshire Hathaway Inc., Class B Shares | &nbsp;&nbsp; 1199 | &nbsp;&nbsp; 602,785<br> \*<br>|
| Enact Holdings Inc. | &nbsp;&nbsp; 2569 | &nbsp;&nbsp; 98496<br>|
| MGIC Investment Corp. | &nbsp;&nbsp; 21333 | &nbsp;&nbsp; 605217<br>|
| PayPal Holdings Inc. | &nbsp;&nbsp; 54157 | &nbsp;&nbsp; 3,631,769<br> \*<br>|
| WEX Inc. | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 76,402<br> \*<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 5014669 |
| Insurance — 5.5% | Insurance — 5.5% | Insurance — 5.5% |
| American Financial Group Inc. | &nbsp;&nbsp; 2365 | &nbsp;&nbsp; 344628<br>|
| American International Group Inc. | &nbsp;&nbsp; 8140 | &nbsp;&nbsp; 639316<br>|
| Axis Capital Holdings Ltd. | &nbsp;&nbsp; 1768 | &nbsp;&nbsp; 169374<br>|
| Globe Life Inc. | &nbsp;&nbsp; 2940 | &nbsp;&nbsp; 420332<br>|
| Hartford Insurance Group Inc. | &nbsp;&nbsp; 5357 | &nbsp;&nbsp; 714570<br>|
| MetLife Inc. | &nbsp;&nbsp; 29444 | &nbsp;&nbsp; 2425302<br>|
| Old Republic International Corp. | &nbsp;&nbsp; 20269 | &nbsp;&nbsp; 860824<br>|
| Primerica Inc. | &nbsp;&nbsp; 1673 | &nbsp;&nbsp; 464408<br>|
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp; 992 | &nbsp;&nbsp; 251899<br>|
| Unum Group | &nbsp;&nbsp; 3864 | &nbsp;&nbsp; 300542<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 6591195 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **22721743** |
| **Health Care — 4.5%** | **Health Care — 4.5%** | **Health Care — 4.5%** |
| Biotechnology — 0.8% | Biotechnology — 0.8% | Biotechnology — 0.8% |
| Amgen Inc. | &nbsp;&nbsp; 2644 | &nbsp;&nbsp; 746137<br>|
| Exelixis Inc. | &nbsp;&nbsp; 5720 | &nbsp;&nbsp; 236,236<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 982373 |
| Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% |
| Tenet Healthcare Corp. | &nbsp;&nbsp; 1867 | &nbsp;&nbsp; 379,075<br> \*<br>|
| Pharmaceuticals — 3.4% | Pharmaceuticals — 3.4% | Pharmaceuticals — 3.4% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 23177 | &nbsp;&nbsp; 1045283<br>|
| Johnson & Johnson | &nbsp;&nbsp; 11676 | &nbsp;&nbsp; 2164964<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 4233 | &nbsp;&nbsp; 355276<br>|

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 12955 | &nbsp;&nbsp; $457052<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 4022575 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5384023** |
| **Industrials — 18.9%** | **Industrials — 18.9%** | **Industrials — 18.9%** |
| Aerospace & Defense — 4.6% | Aerospace & Defense — 4.6% | Aerospace & Defense — 4.6% |
| Lockheed Martin Corp. | &nbsp;&nbsp; 11094 | &nbsp;&nbsp; 5538236<br>|
| Air Freight & Logistics — 0.9% | Air Freight & Logistics — 0.9% | Air Freight & Logistics — 0.9% |
| FedEx Corp. | &nbsp;&nbsp; 4740 | &nbsp;&nbsp; 1117739<br>|
| Building Products — 1.1% | Building Products — 1.1% | Building Products — 1.1% |
| AO Smith Corp. | &nbsp;&nbsp; 4579 | &nbsp;&nbsp; 336145<br>|
| Carlisle Cos. Inc. | &nbsp;&nbsp; 2822 | &nbsp;&nbsp; 928325<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 1264470 |
| Ground Transportation — 3.3% | Ground Transportation — 3.3% | Ground Transportation — 3.3% |
| CSX Corp. | &nbsp;&nbsp; 20320 | &nbsp;&nbsp; 721563<br>|
| Ryder System Inc. | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 79795<br>|
| Union Pacific Corp. | &nbsp;&nbsp; 13498 | &nbsp;&nbsp; 3190522<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 3991880 |
| Industrial Conglomerates — 3.2% | Industrial Conglomerates — 3.2% | Industrial Conglomerates — 3.2% |
| Honeywell International Inc. | &nbsp;&nbsp; 17928 | &nbsp;&nbsp; 3773844<br>|
| Machinery — 4.6% | Machinery — 4.6% | Machinery — 4.6% |
| CNH Industrial NV | &nbsp;&nbsp; 43993 | &nbsp;&nbsp; 477324<br>|
| Deere & Co. | &nbsp;&nbsp; 10569 | &nbsp;&nbsp; 4832781<br>|
| Snap-on Inc. | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 143464<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 5453569 |
| Professional Services — 0.9% | Professional Services — 0.9% | Professional Services — 0.9% |
| Genpact Ltd. | &nbsp;&nbsp; 1884 | &nbsp;&nbsp; 78921<br>|
| Leidos Holdings Inc. | &nbsp;&nbsp; 4325 | &nbsp;&nbsp; 817252<br>|
| Science Applications International Corp. | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; 118051<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 1014224 |
| Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% |
| Core & Main Inc., Class A Shares | &nbsp;&nbsp; 6269 | &nbsp;&nbsp; 337,460<br> \*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **22491422** |
| **Information Technology — 7.0%** | **Information Technology — 7.0%** | **Information Technology — 7.0%** |
| Electronic Equipment, Instruments & Components — 2.4% | Electronic Equipment, Instruments & Components — 2.4% | Electronic Equipment, Instruments & Components — 2.4% |
| Flex Ltd. | &nbsp;&nbsp; 19213 | &nbsp;&nbsp; 1,113,778<br> \*<br>|
| Jabil Inc. | &nbsp;&nbsp; 8018 | &nbsp;&nbsp; 1741269<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 2855047 |
| IT Services — 4.6% | IT Services — 4.6% | IT Services — 4.6% |
| Amdocs Ltd. | &nbsp;&nbsp; 2355 | &nbsp;&nbsp; 193227<br>|
| International Business Machines Corp. | &nbsp;&nbsp; 18799 | &nbsp;&nbsp; 5304326<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 5497553 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8352600** |
| **Materials — 3.6%** | **Materials — 3.6%** | **Materials — 3.6%** |
| Chemicals — 2.6% | Chemicals — 2.6% | Chemicals — 2.6% |
| Air Products & Chemicals Inc. | &nbsp;&nbsp; 3101 | &nbsp;&nbsp; 845705<br>|
| CF Industries Holdings Inc. | &nbsp;&nbsp; 11668 | &nbsp;&nbsp; 1046619<br>|
| Eastman Chemical Co. | &nbsp;&nbsp; 5280 | &nbsp;&nbsp; 332904<br>|

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

------

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued | Chemicals — continued |
| PPG Industries Inc. | PPG Industries Inc. | &nbsp;&nbsp; 8153 | &nbsp;&nbsp; $856962<br>|
| Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 3082190 |
| Construction Materials — 0.7% | Construction Materials — 0.7% | Construction Materials — 0.7% | Construction Materials — 0.7% |
| Martin Marietta Materials Inc. | Martin Marietta Materials Inc. | &nbsp;&nbsp; 1318 | &nbsp;&nbsp; 830709<br>|
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Avery Dennison Corp. | Avery Dennison Corp. | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 135574<br>|
| Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% |
| Steel Dynamics Inc. | Steel Dynamics Inc. | &nbsp;&nbsp; 2116 | &nbsp;&nbsp; 295034<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4343507** |
| **Total Investments before Short-Term Investments (Cost — $106,550,991)** | **Total Investments before Short-Term Investments (Cost — $106,550,991)** | **Total Investments before Short-Term Investments (Cost — $106,550,991)** | &nbsp;&nbsp; **118024866** |
|  | Rate |  |  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares <br> (Cost — $1,187,659)  | &nbsp;&nbsp; 4.013% | &nbsp;&nbsp; 1187659<br>| &nbsp;&nbsp; **1187659**<br> <sup>(a)(b)</sup><br>|
| **Total Investments — 99.9% (Cost — $107,738,650)** | **Total Investments — 99.9% (Cost — $107,738,650)** | **Total Investments — 99.9% (Cost — $107,738,650)** | &nbsp;&nbsp; **119212525** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 71992 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$119284517** |

---

&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 September 30, 2025, the total market value of investments in Affiliated Companies was $1,187,659 and the cost was $1,187,659 (Note 6). 

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

------

Schedules of Investments (unaudited) (cont'd)

September 30, 2025

 **BrandywineGLOBAL — U.S. Fixed Income ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 68.1%** | **U.S. Government & Agency Obligations — 68.1%** | **U.S. Government & Agency Obligations — 68.1%** | **U.S. Government & Agency Obligations — 68.1%** | **U.S. Government & Agency Obligations — 68.1%** |
| U.S. Government Obligations — 68.1% | U.S. Government Obligations — 68.1% | U.S. Government Obligations — 68.1% | U.S. Government Obligations — 68.1% | U.S. Government Obligations — 68.1% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; $2420000 | &nbsp;&nbsp; $2428319<br>|
| U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.205%) | &nbsp;&nbsp; 4.103% | &nbsp;&nbsp; 10/31/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 899969<br> <sup>(a)</sup><br>|
| U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.098%) | &nbsp;&nbsp; 3.996% | &nbsp;&nbsp; 1/31/27 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 119862<br> <sup>(a)</sup><br>|
| U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.160%) | &nbsp;&nbsp; 4.058% | &nbsp;&nbsp; 4/30/27 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 879580<br> <sup>(a)</sup><br>|
| U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.159%) | &nbsp;&nbsp; 4.057% | &nbsp;&nbsp; 7/31/27 | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp; 1688813<br> <sup>(a)</sup><br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp; 2412963<br>|
| **Total U.S. Government & Agency Obligations (Cost — $8,326,632)** | **Total U.S. Government & Agency Obligations (Cost — $8,326,632)** | **Total U.S. Government & Agency Obligations (Cost — $8,326,632)** | **Total U.S. Government & Agency Obligations (Cost — $8,326,632)** | &nbsp;&nbsp; **8429506** |
| **Mortgage-Backed Securities — 19.9%** | **Mortgage-Backed Securities — 19.9%** | **Mortgage-Backed Securities — 19.9%** | **Mortgage-Backed Securities — 19.9%** | **Mortgage-Backed Securities — 19.9%** |
| GNMA — 19.9% | GNMA — 19.9% | GNMA — 19.9% | GNMA — 19.9% | GNMA — 19.9% |
| Government National Mortgage Association (GNMA) II <br>(Cost — $2,438,446) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/20/53- <br>12/20/54<br>| &nbsp;&nbsp; 2414896 | &nbsp;&nbsp; **2466334**<br>|
| **Corporate Bonds & Notes — 7.4%** | **Corporate Bonds & Notes — 7.4%** | **Corporate Bonds & Notes — 7.4%** | **Corporate Bonds & Notes — 7.4%** | **Corporate Bonds & Notes — 7.4%** |
| **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** |
| Media — 0.5% | Media — 0.5% | Media — 0.5% | Media — 0.5% | Media — 0.5% |
| Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19912<br>|
| Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41983<br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **61895** |
| **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% |
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20309<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 42887<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **63196** |
| **Financials — 6.1%** | **Financials — 6.1%** | **Financials — 6.1%** | **Financials — 6.1%** | **Financials — 6.1%** |
| Banks — 3.4% | Banks — 3.4% | Banks — 3.4% | Banks — 3.4% | Banks — 3.4% |
| Citigroup Inc., Junior Subordinated Notes (4.000% to 12/10/25 then 5 year Treasury <br> Constant Maturity Rate + 3.597%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/10/25 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 149599<br> <sup>(a)(b)</sup><br>|
| Truist Financial Corp., Junior Subordinated Notes (4.950% to 12/1/25 then 5 year <br> Treasury Constant Maturity Rate + 4.605%) | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/6/25 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99732<br> <sup>(a)(b)</sup><br>|
| US Bancorp, Junior Subordinated Notes (5.300% to 4/15/27 then 3 mo. Term SOFR + <br> 3.176%) | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49917<br> <sup>(a)(b)</sup><br>|
| Wells Fargo & Co., Junior Subordinated Notes (3.900% to 3/15/26 then 5 year <br> Treasury Constant Maturity Rate + 3.453%) | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 125000<br>| &nbsp;&nbsp; 123934<br> <sup>(a)(b)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 423182 |
| Capital Markets — 2.6% | Capital Markets — 2.6% | Capital Markets — 2.6% | Capital Markets — 2.6% | Capital Markets — 2.6% |
| Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10296<br>|
| Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 38195<br>|
| Blue Owl Capital Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/11/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 37861<br> <sup>(c)</sup><br>|
| Charles Schwab Corp., Junior Subordinated Notes (4.000% to 6/1/26 then 5 year <br> Treasury Constant Maturity Rate + 3.168%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 128000<br>| &nbsp;&nbsp; 126702<br> <sup>(a)(b)</sup><br>|
| Golub Capital BDC Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/24/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 108095<br> <sup>(c)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 321149 |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

------

 **BrandywineGLOBAL — U.S. Fixed Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| American Express Co., Junior Subordinated Notes (3.550% to 9/15/26 then 5 year <br> Treasury Constant Maturity Rate + 2.854%) | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; $15000<br>| &nbsp;&nbsp; $14730<br> <sup>(a)(b)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **759061** |
| **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; **38608**<br>|
| **Total Corporate Bonds & Notes (Cost — $911,646)** | **Total Corporate Bonds & Notes (Cost — $911,646)** | **Total Corporate Bonds & Notes (Cost — $911,646)** | **Total Corporate Bonds & Notes (Cost — $911,646)** | &nbsp;&nbsp; **922760** |
| **Total Investments before Short-Term Investments (Cost — $11,676,724)** | **Total Investments before Short-Term Investments (Cost — $11,676,724)** | **Total Investments before Short-Term Investments (Cost — $11,676,724)** | **Total Investments before Short-Term Investments (Cost — $11,676,724)** | &nbsp;&nbsp; **11818600** |
|  |  |  | Shares |  |
| **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** |
| Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares <br> (Cost — $246,177)  | &nbsp;&nbsp; 4.013% |  | &nbsp;&nbsp; 246177<br>| &nbsp;&nbsp; **246177**<br> <sup>(d)(e)</sup><br>|
| **Total Investments — 97.4% (Cost — $11,922,901)** | **Total Investments — 97.4% (Cost — $11,922,901)** | **Total Investments — 97.4% (Cost — $11,922,901)** | **Total Investments — 97.4% (Cost — $11,922,901)** | &nbsp;&nbsp; **12064777** |
| Other Assets in Excess of Liabilities — 2.6% | Other Assets in Excess of Liabilities — 2.6% | Other Assets in Excess of Liabilities — 2.6% | Other Assets in Excess of Liabilities — 2.6% | &nbsp;&nbsp; 321613 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$12386390** |

---

&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> Security has no maturity date. The date shown represents the next call date.

<sup>(c)</sup> Security is a business development company (Note 1).

<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 September 30, 2025, the total market value of investments in Affiliated Companies was $246,177 and the cost was $246,177 (Note 6). 

&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:** |
| BDC |  | Business development company. |
| SOFR |  | Secured Overnight Financing Rate |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp; $817051 | &nbsp;&nbsp;&nbsp; $840437 | &nbsp;&nbsp;&nbsp; **$23386** |

---

See Notes to Financial Statements.

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BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

------

Statements of Assets and Liabilities (unaudited)

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | BrandywineGLOBAL — <br>Dynamic US Large Cap Value ETF<br>| BrandywineGLOBAL — <br>U.S. Fixed Income ETF<br>|
| **Assets:** |  |  |
| Investments in unaffiliated securities, at value (Cost — $106,550,991 and <br> $11,676,724, respectively)<br>| &nbsp;&nbsp; $118024866 | &nbsp;&nbsp; $11818600 |
| Investments in affiliated securities, at value (Cost — $1,187,659 and <br> $246,177, respectively)<br>| &nbsp;&nbsp; 1187659 | &nbsp;&nbsp; 246177 |
| Cash | &nbsp;&nbsp; 47591 | &nbsp;&nbsp; 180 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 727082 | &nbsp;&nbsp; — |
| Interest and dividends receivable | &nbsp;&nbsp; 64332 | &nbsp;&nbsp; 100677 |
| Deposits with brokers for futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 201326 |
| Receivable from brokers — net variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 23386 |
| **Total Assets** | &nbsp;&nbsp; **120051530** | &nbsp;&nbsp; **12390346** |
| **Liabilities:** |  |  |
| Payable for securities purchased | &nbsp;&nbsp; 719026 | &nbsp;&nbsp; — |
| Investment management fee payable | &nbsp;&nbsp; 47987 | &nbsp;&nbsp; 3956 |
| **Total Liabilities** | &nbsp;&nbsp; **767013** | &nbsp;&nbsp; **3956** |
| **Total Net Assets** | &nbsp;&nbsp; **$119284517** | &nbsp;&nbsp; **$12386390** |
| **Net Assets:** |  |  |
| Paid-in capital | &nbsp;&nbsp; $114691671 | &nbsp;&nbsp; $12500000 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 4592846 | &nbsp;&nbsp; (113610) |
| **Total Net Assets** | &nbsp;&nbsp; **$119284517** | &nbsp;&nbsp; **$12386390** |
| **Shares Outstanding** | &nbsp;&nbsp; 8202953 | &nbsp;&nbsp; 500000 |
| **Net Asset Value** | $14.54 | $24.77 |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL— ETFs 2025 Semi-Annual Report

------

Statements of Operations (unaudited)

For the Six Months Ended September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | BrandywineGLOBAL — <br>Dynamic US Large Cap Value ETF<br>| BrandywineGLOBAL — <br>U.S. Fixed Income ETF<br>|
| **Investment Income:** |  |  |
| Dividends | &nbsp;&nbsp; $1288807 | &nbsp;&nbsp; $5148 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; 291811 |
| **Total Investment Income** | &nbsp;&nbsp; **$1288807** | &nbsp;&nbsp; **296959** |
| **Expenses:** |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 279000 | &nbsp;&nbsp; 23828 |
| **Total Expenses** | &nbsp;&nbsp; **279000** | &nbsp;&nbsp; **23828** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | (611) | (134) |
| **Net Expenses** | &nbsp;&nbsp; **278389** | &nbsp;&nbsp; **23694** |
| **Net Investment Income** | &nbsp;&nbsp; **1010418** | &nbsp;&nbsp; **273265** |
| **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:** |
| Net Realized Gain (Loss) From: |  |  |
| Investment transactions | &nbsp;&nbsp; 1741426 | &nbsp;&nbsp; (18617)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 95265 |
| **Net Realized Gain From Unaffiliated Investment Transactions**  | &nbsp;&nbsp; **1741426** | &nbsp;&nbsp; **76648** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 5375121 | &nbsp;&nbsp; 61945 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 5321 |
| **Change in Net Unrealized Appreciation (Depreciation) From** <br> **Unaffiliated Investments** <br>| &nbsp;&nbsp; **5375121** | &nbsp;&nbsp; **67266** |
| **Net Gain on Investments and Futures Contracts**  | &nbsp;&nbsp; **7116547** | &nbsp;&nbsp; **143914** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$8126965** | &nbsp;&nbsp; **$417179** |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL— ETFs 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

BrandywineGLOBAL — Dynamic US Large Cap Value ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1010418 | $2343748 |
| Net realized gain  | &nbsp;&nbsp; 1741426 | 18340586 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 5375121 | (18731870) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **8126965** | **1952464** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; — | (3144713) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **—** | **(3144713)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,500,000 and 5,100,000 shares issued, respectively)  | &nbsp;&nbsp; 21141137 | 69588592 |
| Cost of shares repurchased (1,500,000 and 9,000,000 shares repurchased, respectively)  | &nbsp;&nbsp; (20836636)<br>| (123024621)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **304501** | **(53436029)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **8431466** | **(54628278)** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 110853051 | 165481329 |
| **End of period** | &nbsp;&nbsp; **$119284517** | **$110853051** |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

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BrandywineGLOBAL — U.S. Fixed Income ETF

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $273265 | $551811 |
| Net realized gain  | &nbsp;&nbsp; 76648 | 51684 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 67266 | 23501 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **417179** | **626996** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (281705) | (556192) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(281705)** | **(556192)** |
| **Increase in Net Assets** | &nbsp;&nbsp; **135474** | **70804** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 12250916 | 12180112 |
| **End of period** | &nbsp;&nbsp; **$12386390** | **$12250916** |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

------

Financial Highlights

BrandywineGLOBAL — Dynamic US Large Cap Value ETF

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>13</sup> <br>| 2022<sup>14</sup> <br>| 2021<sup>14</sup> <br>| 2020<sup>14</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.51 | &nbsp;&nbsp;&nbsp; $13.67 | &nbsp;&nbsp;&nbsp; $11.49 | &nbsp;&nbsp;&nbsp; $11.36 | &nbsp;&nbsp;&nbsp; $15.45 | &nbsp;&nbsp;&nbsp; $11.49 | &nbsp;&nbsp;&nbsp; $11.77 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |  |
| Net investment income | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | 0.91 | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| **Total income (loss) from operations** | **1.03** | &nbsp;&nbsp;&nbsp;&nbsp;**0.22** | &nbsp;&nbsp;&nbsp;&nbsp;**2.32** | &nbsp;&nbsp;&nbsp;&nbsp;**1.63** | &nbsp;&nbsp;&nbsp; **(1.70)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.63** | &nbsp;&nbsp;&nbsp;&nbsp;**0.22** |
| **Less distributions from:** |  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Total distributions**  | &nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.38)**<br>| &nbsp;&nbsp;&nbsp; **(0.14)**<br>| &nbsp;&nbsp;&nbsp; **(1.50)**<br>| &nbsp;&nbsp;&nbsp; **(2.39)**<br>| &nbsp;&nbsp;&nbsp; **(0.67)**<br>| &nbsp;&nbsp;&nbsp; **(0.50)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.54 | &nbsp;&nbsp;&nbsp; $13.51 | &nbsp;&nbsp;&nbsp; $13.67 | &nbsp;&nbsp;&nbsp; $11.49 | &nbsp;&nbsp;&nbsp; $11.36 | &nbsp;&nbsp;&nbsp; $15.45 | &nbsp;&nbsp;&nbsp; $11.49 |
| **Total return, based on NAV**<sup>5</sup> <br>| **7.62%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.62%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **20.38%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **14.03%** <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp; **(13.03)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **41.75%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.66%**<br>|
| **Net assets, end of period (millions)** | &nbsp;&nbsp; $119 | &nbsp;&nbsp;&nbsp; $111 | &nbsp;&nbsp;&nbsp; $165 | &nbsp;&nbsp;&nbsp; $158 | &nbsp;&nbsp;&nbsp; $156 | &nbsp;&nbsp;&nbsp; $207 | &nbsp;&nbsp;&nbsp; $170 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |  |
| Gross expenses | 0.49 %<sup>7</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>7</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 %<sup>8</sup><br>|
| Net expenses | 0.49 <br><sup>79</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 <br><sup>9</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 0.61 <br><sup>79</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 <br><sup>9</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 <br><sup>9</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 <br><sup>89</sup><br>|
| Net investment income | 1.77 <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp; 2.40 <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **50%** <br><sup>10</sup><br>| &nbsp;&nbsp;&nbsp; **67%** <br><sup>10</sup><br>| &nbsp;&nbsp;&nbsp; **100%** <br><sup>10</sup><br>| &nbsp;&nbsp;&nbsp; **52%** <br><sup>10</sup><br>| &nbsp;&nbsp;&nbsp; **124%**<br>| &nbsp;&nbsp;&nbsp; **83%**<br>| &nbsp;&nbsp;&nbsp; **141%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> For the period October 1, 2022 through March 31, 2023.

<sup>4</sup> For the year ended September 30.

<sup>5</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>6</sup> The Fund adopted the performance of the predecessor mutual fund as the result of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to October 28, 2022, are those of the predecessor mutual fund. The predecessor mutual fund's performance is represented by the performance of the predecessor mutual fund's Class IS Shares. Had the predecessor mutual fund been structured as an ETF, its performance may have differed. 

<sup>7</sup> Annualized.

<sup>8</sup> Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.

<sup>9</sup> Reflects fee waivers and/or expense reimbursements.

<sup>10</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

------

BrandywineGLOBAL — U.S. Fixed Income ETF

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

---

| | | | |
|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>13</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp; $24.36 | &nbsp;&nbsp;&nbsp; $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |
| Net investment income | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net realized and unrealized gain (loss) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (0.75)<br>|
| **Total income (loss) from operations** | **0.83** | &nbsp;&nbsp;&nbsp;&nbsp;**1.25** | &nbsp;&nbsp;&nbsp; **(0.01)** |
| **Less distributions from:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.56)**<br>| &nbsp;&nbsp;&nbsp; **(1.11)**<br>| &nbsp;&nbsp;&nbsp; **(0.63)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.77 | &nbsp;&nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp; $24.36 |
| **Total return, based on NAV**<sup>4</sup> <br>| **3.46%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **5.27%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **0.01%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $12386 | &nbsp;&nbsp;&nbsp; $12251 | &nbsp;&nbsp;&nbsp; $12180 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |
| Gross expenses | 0.39 %<sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>5</sup><br>|
| Net expenses | 0.39 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 <br><sup>5</sup><br>|
| Net investment income | 4.47 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;&nbsp;&nbsp; 4.51 <br><sup>5</sup><br>|
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **74%**<br>| &nbsp;&nbsp;&nbsp; **157%**<br>| &nbsp;&nbsp;&nbsp; **84%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> For the period July 25, 2023 (inception date) to March 31, 2024.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

BrandywineGLOBAL — Dynamic U.S. Large Cap Value ETF ("Dynamic U.S. Large Cap Value ETF") and BrandywineGLOBAL — U.S. Fixed Income ETF ("U.S. Fixed Income ETF") (the "Funds") are separate diversified investment series of Franklin Templeton ETF Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.&nbsp;&nbsp;&nbsp;&nbsp;

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 the Funds are listed and traded at market prices 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 seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index.

The Funds follows 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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities 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. 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. 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 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

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BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

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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. Additionally, if the closing net asset value per share for an Underlying Fund is not available on the day of valuation, the Valuation Committee may adjust the Underlying Fund's last available net asset value per share to account for significant events that have occurred subsequent to the Underlying Fund's last net asset value per share calculation but prior to the day of valuation.

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 carried at fair value:

**Dynamic US Large Cap Value ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $118024866 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $118024866 |
| Short-Term Investments† | &nbsp;&nbsp; 1187659 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1187659 |
| **Total Investments** | &nbsp;&nbsp; **$119212525** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$119212525** |

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

† See
 Schedules of Investments for additional detailed categorizations.

**U.S. Fixed Income ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $8429506 | &nbsp;&nbsp; — | &nbsp;&nbsp; $8429506 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2466334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2466334 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 922760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 922760 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 11818600 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11818600 |
| Short-Term Investments† | &nbsp;&nbsp; $246177 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 246177 |
| **Total Investments** | &nbsp;&nbsp; **$246177** | &nbsp;&nbsp; **$11818600** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$12064777** |

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Notes to Financial Statements (unaudited) (cont'd)

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | Quoted Prices<br> (Level 1)<br>| Other Significant<br> Observable Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $23386 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $23386 |
| **Total** | &nbsp;&nbsp; **$269563** | &nbsp;&nbsp; **$11818600** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$12088163** |

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&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.

**(b) Business development companies.** The Funds may invest in securities of closed-end investment companies that have elected to be treated as a business development company under the 1940 Act. The Funds may purchase a business development company to gain exposure to the securities in the underlying portfolio. The risks of owning a business development company generally reflect the risks of owning the underlying securities. Business development companies have expenses that reduce their value.

**(c) Futures contracts.** The Funds use futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Funds are required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Funds each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statements of Operations and the Funds recognize a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Funds may not be able to enter into a closing transaction because of an illiquid secondary market.

**(d) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Funds may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(e) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Funds is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Funds' records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

**(f) Distributions to shareholders.** Distributions from net investment income of the Funds, if any, are declared and paid on a monthly basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(g) Federal and other taxes.** It is the Funds' policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Funds intend to distribute their taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Funds' financial statements.

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2025, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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

**(h) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**(i) Guarantees and indemnifications.** Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisers, Inc. ("Advisers") is each Fund's investment manager and Brandywine Global Investment Management, LLC ("Brandywine Global") is each Fund's subadviser. Advisers and Brandywine Global are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Advisers provides administrative and certain oversight services to the Funds. Advisers delegates to the subadviser the day-to-day portfolio management of the Funds. Each Fund is responsible for paying interest expenses, taxes, brokerage expenses, future 12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee payable to Advisers under the investment management agreement.

Under the investment management agreement and subject to the general supervision of the Funds' Board, Advisers as to each Fund provides or causes to be furnished all investment management, supervisory, administrative and other services reasonably necessary for the operation of the Fund, including certain distribution services (provided pursuant to a separate distribution agreement) and investment advisory services (provided pursuant to separate subadvisory agreements) under a unitary fee structure.

Each Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| Dynamic U.S. Large Cap Value ETF | &nbsp;&nbsp; 0.49% |
| U.S. Fixed Income ETF | &nbsp;&nbsp; 0.39% |

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Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Funds on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, each Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Funds, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

As of September 30, 2025, Franklin Resources and its affiliates owned 37% of the U.S. Fixed Income ETF.

**3. Investments**

During the six months ended September 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) and U.S. Government & Agency Obligations were as follows:

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| | |
|:---|:---|
|  | Dynamic US Large Cap Value ETF |
| Purchases | &nbsp;&nbsp; $67124918 |
| Sales | &nbsp;&nbsp; 56600156 |

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| | | |
|:---|:---|:---|
|  | U.S. Fixed Income ETF | U.S. Fixed Income ETF |
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $6346575 | &nbsp;&nbsp; $2330180 |
| Sales | &nbsp;&nbsp; 5671566 | &nbsp;&nbsp; 3081112 |

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BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

During the six months ended September 30, 2025, in-kind transactions (Note 5) were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | Contributions | Redemptions | Realized Gain (Loss) |
| Dynamic US Large Cap Value ETF | &nbsp;&nbsp; $719026 | &nbsp;&nbsp; $10094240 | &nbsp;&nbsp; $2274949 <br><sup>\*</sup><br>|
| U.S. Fixed Income ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

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

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Fund.

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At September 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Dynamic US Large Cap Value ETF | Dynamic US Large Cap Value ETF | Dynamic US Large Cap Value ETF | Dynamic US Large Cap Value ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $107864304 | &nbsp;&nbsp; $14439669 | &nbsp;&nbsp; $(3091448)<br>| &nbsp;&nbsp; $11348221 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Fixed Income ETF | U.S. Fixed Income ETF | U.S. Fixed Income ETF | U.S. Fixed Income ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $12000275 | &nbsp;&nbsp; $144052 | &nbsp;&nbsp; $(79550)<br>| &nbsp;&nbsp; $64502 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 23386 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23386 |

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**4. Derivative instruments and hedging activities** 

**Dynamic US Large Cap Value ETF**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**U.S. Fixed Income ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at September 30, 2025.

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| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $23386 |

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

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| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>|
| Futures contracts | &nbsp;&nbsp; $95265 |

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| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>|
| Futures contracts | &nbsp;&nbsp; $5321 |

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During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

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| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $4529705 |

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

\* Based on the average of the market values at each month-end during the period.

**5. Fund share transactions**

At September 30, 2025, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Each Funds' shares are issued and redeemed by the Funds only in Creation Units or Creation Unit aggregations, where 50,000 shares of each Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of each Fund on the transaction date. Transactions in capital shares of the Funds are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Funds' Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Funds. The following company was considered an affiliated company for all or some portion of the six months ended September 30, 2025. The following transactions were effected in such company for the six months ended September 30, 2025.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BrandywineGLOBAL — Dynamic <br> US Large Cap Value ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| BrandywineGLOBAL — Dynamic <br> US Large Cap Value ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Western Asset Premier Institutional <br> U.S. Treasury Reserves, Premium <br> Shares<br>| $— | $2543279 | 2543279 | $1355620 | 1355620 |  |  |  | $1187659 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BrandywineGLOBAL — U.S. Fixed Income <br> ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| BrandywineGLOBAL — U.S. Fixed Income <br> ETF | Affiliate <br>Value at <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>September 30, <br>2025 |
| Western Asset Premier Institutional U.S. <br> Treasury Reserves, Premium Shares<br>| $— | $495455 | 495455 | $249278 | 249278 |  |  |  | $246177 |

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**7. Capital loss carryforwards**

As of March 31, 2025, the Funds had the following non-expiring capital loss carryforwards remaining, which have no expiration date, that will be available to offset future taxable capital gains. The capital loss carryforwards were as follows:

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| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss Carryforwards<br>|
| Dynamic US Large Cap Value ETF | &nbsp;&nbsp; $11852940 |
| U.S. Fixed Income ETF | &nbsp;&nbsp; 320430 |

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**8. Operating segments**

Each Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Funds within the Funds' investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Funds' operating results and allocating resources in accordance with the Funds' investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. The Funds' Schedules of Investments provides details of the Funds' investments that generate returns such as interest, dividends,

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BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

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BrandywineGLOBAL — ETFs 2025 Semi-Annual Report

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

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| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> Fund. |

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BrandywineGLOBAL — ETFs

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Board Approval of Management and

Subadvisory Agreements (unaudited)

**Franklin Templeton ETF Trust**

**BrandywineGLOBAL – Dynamic US Large Cap Value ETF**

**BrandywineGLOBAL – U.S. Fixed Income ETF**

(each a Fund)

At an in-person meeting held on May 21, 2025 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the continuance of (i) the investment management agreement between Franklin Advisers, Inc. (FAV) and the Trust, on behalf of each Fund; and (ii) the investment sub-advisory agreement between FAV and Brandywine Global Investment Management, LLC (BrandywineGlobal), on behalf of each Fund (each a Management Agreement) for an additional one-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the renewal of each Management Agreement. FAV and BrandywineGlobal are each referred to herein as a Manager.

In considering the continuance of each Management Agreement, the Board reviewed and considered information provided by each Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information provided in response to a detailed set of requests for information submitted to each Manager by Independent Trustee counsel on behalf of the Independent Trustees in connection with the annual contract renewal process. In addition, prior to the Meeting, the Independent Trustees held a virtual contract renewal meeting at which the Independent Trustees first conferred amongst themselves and Independent Trustee counsel about contract renewal matters, and then met with management to request additional information that the Independent Trustees also considered prior to and at the Meeting. The Board further considered all of the factors it deemed relevant in approving the continuance of each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by each Manager; (ii) the investment performance of each Fund; (iii) the costs of the services provided and profits realized by each Manager and its affiliates from the relationship with each Fund; (iv) the extent to which economies of scale are realized as each Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund investors.

In approving the continuance of each Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of each Management Agreement are fair and reasonable and that the continuance of each Management Agreement is in the best interests of the applicable Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services**

The Board reviewed the information it received regarding the nature, extent and quality of investment management services provided by each Manager and its affiliates to the Funds and their shareholders. This information included, among other things, the qualifications, background and experience of the senior management and investment personnel of each Manager, as well as information on succession planning where appropriate; the structure of investment personnel compensation; oversight of third-party service providers; investment performance reports and related financial information for each Fund; reports on expenses and shareholder services; legal and compliance matters; risk controls; pricing and other services provided by each Manager and its affiliates; and management fees charged by each Manager and its affiliates to US funds and other accounts, including management's explanation of differences among accounts where relevant. The Board acknowledged the ongoing integration of acquired third-party fund families into the Franklin Templeton (FT) family of funds and management's continued development of strategies to address evolving changes in domestic policy and continuing geopolitical concerns.

The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the FT family of funds. The Board noted the financial position of Franklin Resources, Inc. (FRI), the Managers' parent, and its commitment to the registered fund business as evidenced by its continued introduction of new funds, reassessment of the fund offerings in response to FT acquisitions and the market environment, as well as its evaluation of ways to incorporate private assets into more traditional investment vehicles. The Board specifically noted FT's commitment to technological

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BrandywineGLOBAL — ETFs

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innovation and advancement, including its continued focus on developing potential use cases for tokenization and the blockchain and the use of artificial intelligence tools to help streamline day-to-day tasks.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by each Manager and its affiliates to the Funds and their shareholders.

**Fund Performance**

The Board reviewed and considered the performance results of each Fund over various time periods ended December 31, 2024. The Board considered the performance returns for each Fund in comparison to the performance returns of registered funds deemed comparable to the Fund included in a universe (Performance Universe) selected by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the registered funds included in a Performance Universe. The Board also reviewed and considered Fund performance reports provided and discussions that occurred with portfolio managers at Board meetings throughout the year. The Board referenced earlier discussions with management on matters related to, among other things, the expansion and rationalization of the overall product line, including investments in novel asset classes, as well as the growth in assets from internal and external clients. In addition, the Board acknowledged information provided regarding management's strategy to grow market share through the use of innovative data and technology and investments in marketing and distribution. The Board noted management's high level of client engagement and the strength of its internal audit and compliance program. A summary of each Fund's performance results is below.

<u>BrandywineGLOBAL – Dynamic US Large Cap Value ETF</u> - The Performance Universe for the Fund included the Fund and all retail and institutional multi-cap value funds and exchange-traded funds. The Fund adopted the performance of the BrandywineGLOBAL—Dynamic US Large Cap Value Fund (predecessor mutual fund) as the result of a reorganization of the predecessor mutual fund into the Fund that was effective after the market close on October 28, 2022 (Reorganization). Prior to the Reorganization, the Fund had not yet commenced operations. The Fund's returns for periods ending on or prior to October 28, 2022 are those of the predecessor mutual fund. The Board reviewed and considered the performance results of the Fund over various periods ended December 31, 2024, noting the Reorganization. The Board further noted that the Fund's annualized total return for the one-, three-, five- and 10-year periods was below the median of its Performance Universe. The Board discussed this performance with management and management explained that the Fund's underperformance relative to the Fund's Performance Universe and its benchmark, the Russell 1000 Value Index, is due to the Fund's consistent approach to a more 'pure' value strategy than Performance Universe peers that have a tilt toward growth, which has performed well in the last few years. Management also explained that the Fund's relative weighting to certain sectors, such as the energy sector and financials sector, also contributed to the Fund's underperformance. Management discussed with the Board management's conviction in the Fund's investment strategies, noting that it did not anticipate making changes to the Fund's investment process at this time and that it had been outperforming the benchmark in the first quarter of 2025. The Board further noted the Fund's annualized total return for the one-, three-, five- and ten-year periods were 12.59%, 4.66%, 9.73% and 9.09%, respectively. The Board concluded that the Fund's Management Agreements should be continued for an additional one-year period, while management's efforts continue to be closely monitored.

<u>BrandywineGLOBAL – U.S. Fixed Income ETF</u> - The Performance Universe for the Fund included the Fund and all retail and institutional BBB-rated corporate debt funds and exchange-traded funds. The Fund commenced operations on July 25, 2023, and thus had been in operation for less than three years as of the period ended December 31, 2024. The Board further noted that the Fund's annualized total return for the one-year period was below the median of its Performance Universe. The Board also noted the Fund's short operating history. The Board concluded that the Fund's Management Agreements should be continued for an additional one-year period, while management's efforts continue to be closely monitored.

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding each Fund's actual total expense ratio, noting that each Fund pays a Unified Fee (as defined below). The Board considered the actual total expense ratio and, separately, the contractual management fee rate, without the effect of fee waivers, if any (Management Rate), of each Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-traded funds deemed comparable to and with a similar expense structure to the Fund selected by Broadridge (Expense Group). Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report, which reflects historical asset levels

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BrandywineGLOBAL — ETFs

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in an Expense Group.

<u>BrandywineGLOBAL – Dynamic US Large Cap Value ETF</u> - The Expense Group for the Fund was comprised of actively managed exchange-traded funds, which included the Fund and 10 other multi-cap value funds. The Board noted that the Management Rate for the Fund was below the median of its Expense Group. The Board also noted that the actual total expense ratio for the Fund was equal to the median of its Expense Group. The Board further noted that the Fund has a unified management fee (Unified Fee). The Board also noted that pursuant to the Unified Fee arrangement FAV reimburses the Fund for all of its acquired fund fees and expenses (if any) and pays all of the ordinary operating expenses of the Fund, except for (i) the Fund's Unified Fee, (ii) future Rule 12b-1 fees (if any), (iii) brokerage expenses, (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses (Unified Fee Arrangement). The Board also noted that BrandywineGlobal is paid by FAV out of the Unified Fee FAV receives from the Fund and that the allocation of the fee between FAV and BrandywineGlobal reflected the services provided by each Manager to the Fund. The Board concluded that the Management Rate charged to the Fund and the sub-advisory fee paid to BrandywineGlobal are reasonable.

<u>BrandywineGLOBAL – U.S. Fixed Income ETF</u> - The Expense Group for the Fund was comprised of actively managed exchange-traded funds, which included the Fund and three other BBB-rated corporate debt funds. The Board noted that the Management Rate and actual total expense ratio for the Fund were below the medians of its Expense Group. The Board further noted that the Fund has a Unified Fee and discussed the terms of the Unified Fee Arrangement. The Board further noted that BrandywineGlobal is paid by FAV out of the Unified Fee FAV receives from the Fund and that the allocation of the fee between FAV and BrandywineGlobal reflected the services provided by each Manager to the Fund. The Board also noted the small size of the Fund's Expense Group and that therefore no quintile information was available for the Fund. The Board concluded that the Management Rate charged to the Fund and the sub-advisory fee paid to BrandywineGlobal are reasonable.

**Profitability**

The Board reviewed and considered information regarding the profits realized by each Manager and its affiliates in connection with the operation of each Fund. In this respect, the Board considered the Fund profitability analysis that addresses the overall profitability of FT's US fund business, as well as its profits in providing investment management and other services to each of the individual Funds during the 12-month period ended September 30, 2024 (the most recent fiscal year-end for FRI). The Board noted that although management continually makes refinements to its methodologies used in calculating profitability in response to organizational and product-related changes, the overall methodology has remained consistent with that used in the Funds' profitability report presentations from prior years. The Board also noted that an independent registered public accounting firm has been engaged to periodically review and assess the allocation methodologies to be used solely by the Funds' Board with respect to the profitability analysis.

The Board noted management's belief that costs incurred in establishing the infrastructure necessary for the type of fund operations conducted by each Manager and its affiliates may not be fully reflected in the expenses allocated to each Fund in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. As part of this evaluation, the Board considered management's outsourcing of certain operations, which effort has required considerable up-front expenditures by the Managers, but over the long run, is expected to result in greater efficiencies. The Board also noted management's expenditures in improving shareholder services provided to the Funds, as well as the need to implement systems and meet additional regulatory and compliance requirements resulting from recent US Securities and Exchange Commission and other regulatory requirements.

The Board also considered the extent to which each Manager and its affiliates might derive ancillary benefits from fund operations, including potential benefits resulting from personnel and systems enhancements necessitated by fund growth, as well as increased leverage with service providers and counterparties. Based upon its consideration of all these factors, the Board concluded that the level of profits realized by each Manager and its affiliates from providing services to each Fund was not excessive in view of the nature, extent and quality of services provided to each Fund.

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BrandywineGLOBAL — ETFs

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**Economies of Scale**

The Board reviewed and considered the extent to which each Manager may realize economies of scale, if any, as each Fund grows larger and whether each Fund's management fee structure reflects any economies of scale for the benefit of shareholders. The Board considered that each Fund would likely experience benefits from the Unified Fee at the Fund's projected asset levels because of FAV's contractual requirement to bear most of the Fund's ordinary operating expenses. The Board noted that, under the Unified Fee, it is not anticipated that any of the Funds will generate significant, if any, profit for FAV and/or its affiliates for some time. The Board also considered management's view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments each Manager incurs across the FT family of funds as a whole. The Board noted that as of December 31, 2024, neither of the Funds had an asset size that would likely enable them to achieve economies of scale. The Board also noted management's representation that for the fiscal year ended September 30, 2024, neither Fund experienced a profit. The Board recognized that there would not likely be any economies of scale for a Fund until its assets grow.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the continuance of each Management Agreement for an additional one-year period.

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BrandywineGLOBAL — ETFs

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Franklin Templeton ETF Trust

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisers, Inc.

**Subadviser**

Brandywine Global Investment Management, LLC

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Franklin Templeton ETF Trust**

BrandywineGLOBAL — Dynamic US Large Cap Value ETF

BrandywineGLOBAL — U.S. Fixed Income ETF

The Funds are a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin Templeton ETF Trust

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Funds at (800) DIAL BEN/342-5236.

Information on how the Funds voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Funds at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin Templeton ETF Trust. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current prospectus.

**Investors should consider each Fund's investment objectives, risks, charges and expenses carefully before investing. Each prospectus contains this and other important information about the Funds. Please read the prospectuses carefully before investing.**

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

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![](img7b63c4773.jpg)

**BWETF-SFSOI 11/25**© 2025 Franklin Templeton. All rights reserved.

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![](img438a11321.gif)

**ClearBridge**

**Sustainable Infrastructure ETF**

**Financial Statements and Other Important Information**

**Semi-Annual** \| September 30, 2025

![](imgbdfac2552.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_e9f10319-bced-4f8a-8407-8b6e05dd3e01_SOI-Header-SOI-5040_1) | **1** |
| [Statement of Assets and Liabilities](#xx_e9f10319-bced-4f8a-8407-8b6e05dd3e01_SAL-Header-SAL-5040_1) | **3** |
| [Statement of Operations](#xx_e9f10319-bced-4f8a-8407-8b6e05dd3e01_SOP-Header-SOP-5040_1) | **4** |
| [Statements of Changes in Net Assets](#xx_e9f10319-bced-4f8a-8407-8b6e05dd3e01_SOC-Header-SOC-5040_1) | **5** |
| [Financial Highlights](#xx_e9f10319-bced-4f8a-8407-8b6e05dd3e01_FH-Header-Financialhighlights-5040_1) | **6** |
| [Notes to Financial Statements](#xx_e9f10319-bced-4f8a-8407-8b6e05dd3e01_NTF-Header-Notestofinancialstatements-5040_1) | **7** |
| [Changes in and Disagreements with Accountants](#xx_e9f10319-bced-4f8a-8407-8b6e05dd3e01_TSR-TOCTSRDisclosures-5040_1) | **15** |
| [Results of Meeting(s) of Shareholders](#xx_e9f10319-bced-4f8a-8407-8b6e05dd3e01_TSR-TOCTSRDisclosures-5040_1) | **15** |
| [Remuneration Paid to Directors, Officers and Others](#xx_e9f10319-bced-4f8a-8407-8b6e05dd3e01_TSR-TOCTSRDisclosures-5040_1) | **15** |
| [Board Approval of Management and Subadvisory](#xx_e9f10319-bced-4f8a-8407-8b6e05dd3e01_BAMSA-TOC-Mgmtandsubadvisoryagreements-5040_1) [Agreements](#xx_e9f10319-bced-4f8a-8407-8b6e05dd3e01_BAMSA-TOC-Mgmtandsubadvisoryagreements-5040_1) | **16** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

September 30, 2025

 **ClearBridge Sustainable Infrastructure ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 95.8%** | **Common Stocks — 95.8%** | **Common Stocks — 95.8%** |
| **Communication Services — 4.5%** | **Communication Services — 4.5%** | **Communication Services — 4.5%** |
| Diversified Telecommunication Services — 4.5% | Diversified Telecommunication Services — 4.5% | Diversified Telecommunication Services — 4.5% |
| Cellnex Telecom SA | &nbsp;&nbsp; 13668 | &nbsp;&nbsp; **$473606**<br> <sup>(a)</sup><br>|
| **Industrials — 26.3%** | **Industrials — 26.3%** | **Industrials — 26.3%** |
| Construction & Engineering — 9.2% | Construction & Engineering — 9.2% | Construction & Engineering — 9.2% |
| Ferrovial SE | &nbsp;&nbsp; 9963 | &nbsp;&nbsp; 571044<br>|
| Vinci SA | &nbsp;&nbsp; 2965 | &nbsp;&nbsp; 410923<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 981967 |
| Ground Transportation — 4.5% | Ground Transportation — 4.5% | Ground Transportation — 4.5% |
| Canadian National Railway Co. | &nbsp;&nbsp; 1576 | &nbsp;&nbsp; 148652<br>|
| CSX Corp. | &nbsp;&nbsp; 9260 | &nbsp;&nbsp; 328823<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 477475 |
| Transportation Infrastructure — 12.6% | Transportation Infrastructure — 12.6% | Transportation Infrastructure — 12.6% |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 48313 | &nbsp;&nbsp; 157215<br>|
| Enav SpA | &nbsp;&nbsp; 92068 | &nbsp;&nbsp; 467554<br> <sup>(a)</sup><br>|
| Getlink SE | &nbsp;&nbsp; 27324 | &nbsp;&nbsp; 502775<br>|
| Transurban Group | &nbsp;&nbsp; 23072 | &nbsp;&nbsp; 211015<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 1338559 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **2798001** |
| **Real Estate — 3.1%** | **Real Estate — 3.1%** | **Real Estate — 3.1%** |
| Specialized REITs — 3.1% | Specialized REITs — 3.1% | Specialized REITs — 3.1% |
| Crown Castle Inc. | &nbsp;&nbsp; 3473 | &nbsp;&nbsp; **335110**<br>|
| **Utilities — 61.9%** | **Utilities — 61.9%** | **Utilities — 61.9%** |
| Electric Utilities — 39.4% | Electric Utilities — 39.4% | Electric Utilities — 39.4% |
| EDP SA | &nbsp;&nbsp; 75605 | &nbsp;&nbsp; 358630<br>|
| Enel SpA | &nbsp;&nbsp; 54538 | &nbsp;&nbsp; 516887<br>|
| Entergy Corp. | &nbsp;&nbsp; 3796 | &nbsp;&nbsp; 353749<br>|
| Equatorial Energia SA | &nbsp;&nbsp; 47907 | &nbsp;&nbsp; 332391<br>|
| Exelon Corp. | &nbsp;&nbsp; 8438 | &nbsp;&nbsp; 379794<br>|
| Hydro One Ltd. | &nbsp;&nbsp; 6039 | &nbsp;&nbsp; 215493<br> <sup>(a)</sup><br>|
| Iberdrola SA | &nbsp;&nbsp; 16009 | &nbsp;&nbsp; 302944<br>|
| NextEra Energy Inc. | &nbsp;&nbsp; 6077 | &nbsp;&nbsp; 458753<br>|
| Redeia Corp. SA | &nbsp;&nbsp; 27190 | &nbsp;&nbsp; 525229<br>|
| SSE PLC | &nbsp;&nbsp; 16891 | &nbsp;&nbsp; 396009<br>|
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 34266 | &nbsp;&nbsp; 347788<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 4187667 |
| Independent Power and Renewable Electricity Producers — 2.8% | Independent Power and Renewable Electricity Producers — 2.8% | Independent Power and Renewable Electricity Producers — 2.8% |
| Clearway Energy Inc., Class C Shares | &nbsp;&nbsp; 10588 | &nbsp;&nbsp; 299111<br>|
| Multi-Utilities — 5.6% | Multi-Utilities — 5.6% | Multi-Utilities — 5.6% |
| E.ON SE | &nbsp;&nbsp; 21009 | &nbsp;&nbsp; 395339<br>|

---

See Notes to Financial Statements.

ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **ClearBridge Sustainable Infrastructure ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued |
| Public Service Enterprise Group Inc. | Public Service Enterprise Group Inc. | &nbsp;&nbsp; 2319 | &nbsp;&nbsp; $193544<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 588883 |
| Water Utilities — 14.1% | Water Utilities — 14.1% | Water Utilities — 14.1% | Water Utilities — 14.1% |
| American Water Works Co. Inc. | American Water Works Co. Inc. | &nbsp;&nbsp; 1987 | &nbsp;&nbsp; 276570<br>|
| Pennon Group PLC | Pennon Group PLC | &nbsp;&nbsp; 62954 | &nbsp;&nbsp; 396300<br>|
| Severn Trent PLC | Severn Trent PLC | &nbsp;&nbsp; 15936 | &nbsp;&nbsp; 555225<br>|
| United Utilities Group PLC | United Utilities Group PLC | &nbsp;&nbsp; 17646 | &nbsp;&nbsp; 272362<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 1500457 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **6576118** |
| **Total Common Stocks (Cost — $8,977,190)** | **Total Common Stocks (Cost — $8,977,190)** | **Total Common Stocks (Cost — $8,977,190)** | &nbsp;&nbsp; **10182835**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 1.7%** | **Preferred Stocks — 1.7%** | **Preferred Stocks — 1.7%** | **Preferred Stocks — 1.7%** |
| **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** |
| Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% |
| Cia Paranaense de Energia - Copel, Class B Shares <br> (Cost — $141,932) | &nbsp;&nbsp; 3.403% | &nbsp;&nbsp; 76750 | &nbsp;&nbsp; **185622**<br> <sup>(b)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $9,119,122)** | **Total Investments before Short-Term Investments (Cost — $9,119,122)** | **Total Investments before Short-Term Investments (Cost — $9,119,122)** | &nbsp;&nbsp; **10368457** |
| **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund, <br> Institutional Class (Cost — $253,887)  | &nbsp;&nbsp; 3.958% | &nbsp;&nbsp; 253887<br>| &nbsp;&nbsp; **253887**<br> <sup>(c)</sup><br>|
| **Total Investments — 99.9% (Cost — $9,373,009)** | **Total Investments — 99.9% (Cost — $9,373,009)** | **Total Investments — 99.9% (Cost — $9,373,009)** | &nbsp;&nbsp; **10622344** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 6622 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$10628966** |

---

&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> The rate shown represents the yield as of September 30, 2025.

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

See Notes to Financial Statements.

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ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

September 30, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost — $9,373,009) | &nbsp;&nbsp; $10622344 |
| Foreign currency, at value (Cost — $2,197) | &nbsp;&nbsp; 2197 |
| Dividends receivable | &nbsp;&nbsp; 9549 |
| **Total Assets** | &nbsp;&nbsp; **10634090** |
| **Liabilities:** |  |
| Investment management fee payable | &nbsp;&nbsp; 5124 |
| **Total Liabilities** | &nbsp;&nbsp; **5124** |
| **Total Net Assets** | &nbsp;&nbsp; **$10628966** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $9644012 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 984954 |
| **Total Net Assets** | &nbsp;&nbsp; **$10628966** |
| **Shares Outstanding** | &nbsp;&nbsp; 400000 |
| **Net Asset Value** | &nbsp;&nbsp; $26.57 |

---

See Notes to Financial Statements.

ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended September 30, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends | &nbsp;&nbsp; $309036 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (28577)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **280459** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 33606 |
| **Total Expenses** | &nbsp;&nbsp; **33606** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (201)<br>|
| **Net Expenses** | &nbsp;&nbsp; **33405** |
| **Net Investment Income** | &nbsp;&nbsp; **247054** |
| **Realized and Unrealized Gain on Investments and Foreign Currency Transactions (Notes 1 and 3):** | **Realized and Unrealized Gain on Investments and Foreign Currency Transactions (Notes 1 and 3):** |
| Net Realized Gain From: |  |
| Investment transactions | &nbsp;&nbsp; 16430 |
| Foreign currency transactions | &nbsp;&nbsp; 1029 |
| **Net Realized Gain**  | &nbsp;&nbsp; **17459** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments | &nbsp;&nbsp; 883317 |
| Foreign currencies | &nbsp;&nbsp; 229 |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **883546** |
| **Net Gain on Investments and Foreign Currency Transactions**  | &nbsp;&nbsp; **901005** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$1148059** |

---

See Notes to Financial Statements.

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ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

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Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $247054 | $224445 |
| Net realized gain (loss)  | &nbsp;&nbsp; 17459 | (329882)<br>|
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 883546 | 346393 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **1148059** | **240956** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (96256)<br>| (204207)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(96256)**<br>| **(204207)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (50,000 and 50,000 shares issued, <br> respectively) <br>| &nbsp;&nbsp; 1261474 | 1256793 |
| Cost of shares repurchased (50,000 and 0 shares repurchased, respectively)  | &nbsp;&nbsp; (1281381)<br>|  |
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(19907)**<br>| **1256793** |
| **Increase in Net Assets** | &nbsp;&nbsp; **1031896** | **1293542** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 9597070 | 8303528 |
| **End of period** | &nbsp;&nbsp; **$10628966** | **$9597070** |

---

See Notes to Financial Statements.

ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

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Financial Highlights

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise** <br> **noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise** <br> **noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise** <br> **noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise** <br> **noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise** <br> **noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>13</sup> <br>|
| **Net asset value, beginning of period** | $23.99 | &nbsp;&nbsp; $23.72 | &nbsp;&nbsp; $25.22 | &nbsp;&nbsp; $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |
| Net investment income | 0.57 | 0.60 | 0.69 | 0.13 |
| Net realized and unrealized gain (loss) | 2.22 | 0.20 | &nbsp;&nbsp; (1.43)<br>| 0.09 |
| **Total income (loss) from operations** | **2.79** | **0.80** | &nbsp;&nbsp; **(0.74)** | **0.22** |
| **Less distributions from:** |  |  |  |  |
| Net investment income | (0.21)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; — |
| **Total distributions**  | **(0.21)**<br>| &nbsp;&nbsp; **(0.53)**<br>| &nbsp;&nbsp; **(0.76)**<br>| &nbsp;&nbsp; **—** |
| **Net asset value, end of period** | $26.57 | &nbsp;&nbsp; $23.99 | &nbsp;&nbsp; $23.72 | &nbsp;&nbsp; $25.22 |
| **Total return, based on NAV**<sup>4</sup> <br>| **11.66%**<br>| **3.47%**<br>| &nbsp;&nbsp; **(3.03)%**<br>| **0.88%**<br>|
| **Net assets, end of period (000s)** | $10629 | &nbsp;&nbsp; $9597 | &nbsp;&nbsp; $8304 | &nbsp;&nbsp; $2522 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |
| Gross expenses | 0.59 %<sup>5</sup><br>| 0.59<br> %<br>| 0.59<br> %<br>| 0.59 %<sup>5</sup><br>|
| Net expenses | 0.59 <br><sup>56</sup><br>| 0.59 <br><sup>6</sup><br>| 0.59 | 0.59 <br><sup>5</sup><br>|
| Net investment income | 4.34 <br><sup>5</sup><br>| 2.52 | 2.89 | 1.82 <br><sup>5</sup><br>|
| **Portfolio turnover rate**<sup>7</sup> <br>| **9%**<br>| &nbsp;&nbsp; **25%**<br>| &nbsp;&nbsp; **37%**<br>| &nbsp;&nbsp; **6%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> For the period December 14, 2022 through March 31, 2023.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. 

See Notes to Financial Statements.

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ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

ClearBridge Sustainable Infrastructure ETF (the "Fund") is a separate diversified investment series of Franklin Templeton ETF Trust (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 Fund is an actively managed exchange-traded fund ("ETF"). 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 Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NASDAQ. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems 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 Fund 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 Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund seeks total return, consisting of capital appreciation and income.

The Fund follows 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 Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities 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. 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,

ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

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. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund 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 which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's 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 Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, 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.

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ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

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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 Fund uses 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 Fund's 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 Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $10182835 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $10182835 |
| Preferred Stocks | &nbsp;&nbsp; 185622 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 185622 |
| Total Long-Term Investments | &nbsp;&nbsp; 10368457 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10368457 |
| Short-Term Investments† | &nbsp;&nbsp; 253887 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 253887 |
| **Total Investments** | &nbsp;&nbsp; **$10622344** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$10622344** |

---

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

† See
 Schedule of Investments for additional detailed categorizations.

**(b) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated

ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

**(c) Foreign investment risks.** The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(d) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest

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ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

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income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(e) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Fund's records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

**(f) Distributions to shareholders.** Distributions from net investment income of the Fund, if any, are declared and paid on a semi-annual basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(g) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

**(h) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**(i) Guarantees and indemnifications.** Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements

ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisers, Inc. ("Advisers") is the Fund's investment manager. ClearBridge Investments (North America) Pty Limited, LLC ("ClearBridge") is the Fund's subadviser. Franklin Templeton Services, LLC ("Franklin Templeton Services") is the Fund's Administrative manager. Advisers, ClearBridge and Franklin Templeton Services are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with Advisers, Franklin Templeton Services provides administrative services to the Fund. The fee is paid by Advisers based on the Fund's average daily net assets, and is not an additional expense of the Fund.

Under a subadvisory agreement, ClearBridge provides subadvisory services to the Fund. The subadvisory fee is paid by Advisers based on the Fund's average daily net assets and is not an additional expense of the Fund.

The Fund pays Advisers a unified management fee for managing the Fund's assets, as approved by the Board. Pursuant to the investment management agreement with the Trust on behalf of the Funds, Advisers reimburses the Fund for all acquired fund fees and expenses (such as those associated with the Fund's investment in a Franklin Templeton money fund) and pays all of the ordinary operating expenses of the Fund, except for (i) the Fund's management fee, (ii) payments under the Fund's Rule 12b-1 plan (if any), (iii) brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses. The fee is calculated daily and paid monthly according to the terms of the management agreement. The Fund pays gross effective investment management fees 0.59% per year on the average daily net assets of the Fund.

Advisers pays ClearBridge a fee monthly, at an annual rate equal to 96% of the management fee paid by the Fund to Advisers, net of (i) all fees and expenses incurred by Advisers under the investment management agreement and (ii) expense waivers, if any, and reimbursements.

The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver").

During the six months ended September 30, 2025, fees waived and/or expenses reimbursed amounted to $201, all of which was an affiliated money market fund waiver.

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ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

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Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the six months ended September 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $2328736 |
| Sales | &nbsp;&nbsp; 1048311 |

---

During the six months ended September 30, 2025, in-kind transactions (Note 5) were as follows:

---

| | |
|:---|:---|
| Contributions | &nbsp;&nbsp; — |
| Redemptions | &nbsp;&nbsp; $1189375 |
| Realized gain (loss)\* | &nbsp;&nbsp; 187420 |

---

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

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Fund.

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At September 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $9384514 | &nbsp;&nbsp; $1379989 | &nbsp;&nbsp; $(142159) | &nbsp;&nbsp; $1237830 |

---

**4. Derivative instruments and hedging activities**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

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

**5. Fund share transactions**

At September 30, 2025, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Capital loss carryforward**

As of March 31, 2025, the Fund had capital loss carryforwards remaining, which have no expiration date, of $433,966, that will be available to offset future taxable capital gains.

**7. Recent accounting pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

**8. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

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ClearBridge Sustainable Infrastructure ETF 2025 Semi-Annual Report

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

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

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ClearBridge Sustainable Infrastructure ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting held on May 21, 2025 (Meeting), the Board of Trustees (Board) of the Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the continuance of (i) the investment management agreement between Franklin Advisers, Inc. (FAI) and the Trust, on behalf of the Fund; and (ii) the investment sub-advisory agreement between FAI and ClearBridge Investments (North America) Pty Limited (Sub-Adviser), an affiliate of FAI, on behalf of the Fund (each a Management Agreement) for an additional one-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the renewal of each Management Agreement. FAI and the Sub-Adviser are each referred to herein as a Manager.

In considering the continuance of each Management Agreement, the Board reviewed and considered information provided by each Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information provided in response to a detailed set of requests for information submitted to each Manager by Independent Trustee counsel on behalf of the Independent Trustees in connection with the annual contract renewal process. In addition, prior to the Meeting, the Independent Trustees held a virtual contract renewal meeting at which the Independent Trustees first conferred amongst themselves and Independent Trustee counsel about contract renewal matters, and then met with management to request additional information that the Independent Trustees also considered prior to and at the Meeting. The Board further considered all of the factors it deemed relevant in approving the continuance of each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by each Manager; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by each Manager and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale are realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund investors.

In approving the continuance of each Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of each Management Agreement are fair and reasonable and that the continuance of each Management Agreement is in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services**

The Board reviewed the information it received regarding the nature, extent and quality of investment management services provided by each Manager and its affiliates to the Fund and its shareholders. This information included, among other things, the qualifications,

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ClearBridge Sustainable Infrastructure ETF

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background and experience of the senior management and investment personnel of each Manager, as well as information on succession planning where appropriate; the structure of investment personnel compensation; oversight of third-party service providers; investment performance reports and related financial information for the Fund; reports on expenses and shareholder services; legal and compliance matters; risk controls; pricing and other services provided by each Manager and its affiliates; and management fees charged by each Manager and its affiliates to US funds and other accounts, including management's explanation of differences among accounts where relevant. The Board acknowledged the ongoing integration of acquired third-party fund families into the Franklin Templeton (FT) family of funds and management's continued development of strategies to address evolving changes in domestic policy and continuing geopolitical concerns.

The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the FT family of funds. The Board noted the financial position of Franklin Resources, Inc. (FRI), the Managers' parent, and its commitment to the registered fund business as evidenced by its continued introduction of new funds, reassessment of the fund offerings in response to FT acquisitions and the market environment, as well as its evaluation of ways to incorporate private assets into more traditional investment vehicles. The Board specifically noted FT's commitment to technological innovation and advancement, including its continued focus on developing potential use cases for tokenization and the blockchain and the use of artificial intelligence tools to help streamline day-to-day tasks.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by each Manager and its affiliates to the Fund and its shareholders.

**Fund Performance**

The Board reviewed and considered the performance results of the Fund for the one-year period ended December 31, 2024. The Board considered the performance returns for the Fund in comparison to the performance returns of registered funds deemed comparable to the Fund included in a universe (Performance Universe) selected by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the registered funds included in a Performance Universe. The Board also reviewed and considered Fund performance reports provided and discussions that occurred with portfolio managers at Board meetings throughout the year. The Board referenced earlier discussions with management on matters related to, among other things, the expansion and rationalization of the overall product line, including investments in novel asset classes, as well as the growth in assets from internal and external clients. In addition, the Board acknowledged information provided regarding management's strategy to grow market share through the

ClearBridge Sustainable Infrastructure ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

use of innovative data and technology and investments in marketing and distribution. The Board noted management's high level of client engagement and the strength of its internal audit and compliance program. A summary of the Fund's performance results is below.

The Performance Universe for the Fund included the Fund and all retail and institutional industrials funds and exchange-traded funds. The Fund commenced operations on December 14, 2022, and thus has been in operation for less than three years. The Board noted that the Fund's annualized total return for the one-year period was below the median and in the fifth quintile (worst) of its Performance Universe. The Board also noted the Fund's short operating history. The Board concluded that the Fund's Management Agreements should be continued for an additional one-year period, while management's efforts continue to be closely monitored.

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding the Fund's actual total expense ratio, noting that the Fund pays a Unified Fee (as defined below). The Board considered the actual total expense ratio and, separately, the contractual management fee rate, without the effect of fee waivers, if any (Management Rate), of the Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-traded funds deemed comparable to and with a similar expense structure to the Fund selected by Broadridge (Expense Group). Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report, which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in an Expense Group.

The Expense Group for the Fund was comprised of exchange-traded funds, which included the Fund, three other industrials funds, five global infrastructure funds, and one specialty and miscellaneous fund. The Board noted that the Management Rate and actual total expense ratio for the Fund were above the medians of its Expense Group. The Board further noted that the Fund has a unified management fee (Unified Fee). The Board also noted that pursuant to the Unified Fee arrangement FAI reimburses the Fund for all of its acquired fund fees and expenses (if any) and pays all of the ordinary operating expenses of the Fund, except for (i) the Fund's Unified Fee, (ii) future Rule 12b-1 fees (if any), (iii) brokerage expenses, (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers

------

ClearBridge Sustainable Infrastructure ETF

------

with respect thereto), and (vii) other non-routine or extraordinary expenses. The Board discussed the above median Management Rate and actual total expense ratio with management and management explained that many of the Fund's Expense Group peers are passively managed whereas the Fund is actively managed and that passively managed funds have historically been priced lower than actively managed funds. Management further explained that each peer fund that had a Management Rate below the median of the Expense Group was a passively managed fund. The Board also noted that the Sub-Adviser is paid by FAI out of the Unified Fee FAI receives from the Fund and that the allocation of the fee between FAI and the Sub-Adviser reflected the services provided by each Manager to the Fund. The Board concluded that the Management Rate charged to the Fund and the sub-advisory fee paid to the Sub-Adviser are reasonable.

**Profitability**

The Board reviewed and considered information regarding the profits realized by each Manager and its affiliates in connection with the operation of the Fund. In this respect, the Board considered the Fund profitability analysis that addresses the overall profitability of FT's US fund business, as well as its profits in providing investment management and other services to each of the individual Funds during the 12-month period ended September 30, 2024 (the most recent fiscal year-end for FRI). The Board noted that although management continually makes refinements to its methodologies used in calculating profitability in response to organizational and product-related changes, the overall methodology has remained consistent with that used in the Fund's profitability report presentations from prior years. The Board also noted that an independent registered public accounting firm has been engaged to periodically review and assess the allocation methodologies to be used solely by the Fund's Board with respect to the profitability analysis.

The Board noted management's belief that costs incurred in establishing the infrastructure necessary for the type of fund operations conducted by each Manager and its affiliates may not be fully reflected in the expenses allocated to the Fund in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. As part of this evaluation, the Board considered management's outsourcing of certain operations, which effort has required considerable up-front expenditures by each Manager, but over the long run, is expected to result in greater efficiencies. The Board also noted management's expenditures in improving shareholder services provided to the Fund, as well as the need to implement systems and meet additional regulatory and compliance requirements resulting from recent US Securities and Exchange Commission and other regulatory requirements.

The Board also considered the extent to which each Manager and its affiliates might derive ancillary benefits from fund operations, including potential benefits resulting from personnel and systems enhancements necessitated by fund growth, as well as increased

ClearBridge Sustainable Infrastructure ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

leverage with service providers and counterparties. Based upon its consideration of all these factors, the Board concluded that the level of profits realized by each Manager and its affiliates from providing services to the Fund was not excessive in view of the nature, extent and quality of services provided to the Fund.

**Economies of Scale**

The Board reviewed and considered the extent to which each Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's management fee structure reflects any economies of scale for the benefit of shareholders. The Board considered that the Fund would likely experience benefits from the Unified Fee at the Fund's projected asset levels because of FAI's contractual requirement to bear most of the Fund's ordinary operating expenses. The Board noted that, under the Unified Fee, it is not anticipated that the Fund will generate significant, if any, profit for FAI and/or its affiliates for some time. The Board considered management's view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments each Manager incurs across the FT family of funds as a whole. The Board also noted that as of December 31, 2024, the Fund did not have an asset size that would likely enable it to achieve economies of scale. The Board also noted management's representation that for the fiscal year ended September 30, 2024, the Fund did not experience a profit. The Board recognized that there would not likely be any economies of scale for the Fund until its assets grow.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the continuance of each Management Agreement for an additional one-year period.

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ClearBridge Sustainable Infrastructure ETF

------

ClearBridge

Sustainable Infrastructure ETF

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisers, Inc.

**Subadviser**

ClearBridge Investments (North America) Pty Limited

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**ClearBridge Sustainable Infrastructure ETF**

The Fund is a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

ClearBridge Sustainable Infrastructure ETF

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at (800) DIAL BEN/342-5236.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of ClearBridge Sustainable Infrastructure ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

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![](img96efebdf3.jpg)

**35640-SFSOI 11/25**© 2025 Franklin Templeton. All rights reserved.

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![](imga57cf2741.gif)

**Western Asset**

**Bond ETF**

**Financial Statements and Other Important Information**

**Semi-Annual** \| September 30, 2025

![](imgac20f5b62.gif)

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**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_e0a3c3f1-2c71-40c0-9cad-dfdba4ceb95b_SOI-Header-SOI-5042_1) | **1** |
| [Statement of Assets and Liabilities](#xx_e0a3c3f1-2c71-40c0-9cad-dfdba4ceb95b_SAL-Header-SAL-5042_1) | **22** |
| [Statement of Operations](#xx_e0a3c3f1-2c71-40c0-9cad-dfdba4ceb95b_SOP-Header-SOP-5042_1) | **23** |
| [Statements of Changes in Net Assets](#xx_e0a3c3f1-2c71-40c0-9cad-dfdba4ceb95b_SOC-Header-SOC-5042_1) | **24** |
| [Financial Highlights](#xx_e0a3c3f1-2c71-40c0-9cad-dfdba4ceb95b_FH-Header-Financialhighlights-5042_1) | **25** |
| [Notes to Financial Statements](#xx_e0a3c3f1-2c71-40c0-9cad-dfdba4ceb95b_NTF-Header-Notestofinancialstatements-5042_1) | **26** |
| [Changes in and Disagreements with Accountants](#xx_e0a3c3f1-2c71-40c0-9cad-dfdba4ceb95b_TSR-TOCTSRDisclosures-5042_1) | **43** |
| [Results of Meeting(s) of Shareholders](#xx_e0a3c3f1-2c71-40c0-9cad-dfdba4ceb95b_TSR-TOCTSRDisclosures-5042_1) | **43** |
| [Remuneration Paid to Directors, Officers and Others](#xx_e0a3c3f1-2c71-40c0-9cad-dfdba4ceb95b_TSR-TOCTSRDisclosures-5042_1) | **43** |
| [Board Approval of Management and Subadvisory](#xx_e0a3c3f1-2c71-40c0-9cad-dfdba4ceb95b_BAMSA-TOC-Mgmtandsubadvisoryagreements-5042_1) [Agreements](#xx_e0a3c3f1-2c71-40c0-9cad-dfdba4ceb95b_BAMSA-TOC-Mgmtandsubadvisoryagreements-5042_1) | **44** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

September 30, 2025

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 36.1%** | **Corporate Bonds & Notes — 36.1%** | **Corporate Bonds & Notes — 36.1%** | **Corporate Bonds & Notes — 36.1%** | **Corporate Bonds & Notes — 36.1%** |
| **Communication Services — 3.9%** | **Communication Services — 3.9%** | **Communication Services — 3.9%** | **Communication Services — 3.9%** | **Communication Services — 3.9%** |
| Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $10024<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17038<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30910<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10072<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6922<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.355% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 35089<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49205<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.862% | &nbsp;&nbsp; 8/21/46 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18209<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 177469 |
| Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† |
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 4000<br>| &nbsp;&nbsp; 3948<br>|
| 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% |
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 1.100% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8762<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 13677<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10029<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 32468 |
| Media — 1.9% | Media — 1.9% | Media — 1.9% | Media — 1.9% | Media — 1.9% |
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 80072<br> <sup>(a)</sup><br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., <br> Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10661<br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., <br> Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8648<br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., <br> Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8274<br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., <br> Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/63 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8386<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20063<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20042<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20756<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 3/1/38 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17616<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.999% | &nbsp;&nbsp; 11/1/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7718<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6997<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18767<br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Bond 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 |
| DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; $30000<br>| &nbsp;&nbsp; $28785<br> <sup>(a)</sup><br>|
| Fox Corp., Senior Notes | &nbsp;&nbsp; 5.476% | &nbsp;&nbsp; 1/25/39 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10043<br>|
| Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41627<br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 308455 |
| Wireless Telecommunication Services — 0.7% | Wireless Telecommunication Services — 0.7% | Wireless Telecommunication Services — 0.7% | Wireless Telecommunication Services — 0.7% | Wireless Telecommunication Services — 0.7% |
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10148<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19423<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 68662<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20466<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 118699 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **641039** |
| **Consumer Discretionary — 3.0%** | **Consumer Discretionary — 3.0%** | **Consumer Discretionary — 3.0%** | **Consumer Discretionary — 3.0%** | **Consumer Discretionary — 3.0%** |
| Automobiles — 0.3% | Automobiles — 0.3% | Automobiles — 0.3% | Automobiles — 0.3% | Automobiles — 0.3% |
| Ford Motor Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/12/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8752<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/2/43 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10175<br>|
| PM General Purchaser LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 26025<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 44952 |
| Broadline Retail — 1.4% | Broadline Retail — 1.4% | Broadline Retail — 1.4% | Broadline Retail — 1.4% | Broadline Retail — 1.4% |
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 4/13/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29014<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 12/5/44 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19802<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/12/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6964<br>|
| Prosus NV, Senior Notes | &nbsp;&nbsp; 3.061% | &nbsp;&nbsp; 7/13/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 181662<br> <sup>(b)</sup><br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 237442 |
| 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% |
| Caesars Entertainment Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10292<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20513<br> <sup>(a)</sup><br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10226<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10420<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9941<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9769<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8229<br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10653<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30612<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10020<br> <sup>(a)(c)</sup><br>|
| VOC Escrow Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9980<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 140655 |

---

See Notes to Financial Statements.

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Western Asset Bond ETF 2025 Semi-Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| Lennar Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/29/27 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $10097<br>|
| Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% |
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9807<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9422<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16162<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10135<br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 45526 |
| 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% |
| NIKE Inc., Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 3/27/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9848<br>|
| NIKE Inc., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/27/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9501<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 19349 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **498021** |
| **Consumer Staples — 1.7%** | **Consumer Staples — 1.7%** | **Consumer Staples — 1.7%** | **Consumer Staples — 1.7%** | **Consumer Staples — 1.7%** |
| Beverages — 0.3% | Beverages — 0.3% | Beverages — 0.3% | Beverages — 0.3% | Beverages — 0.3% |
| Anheuser-Busch Cos. LLC/Anheuser-Busch <br> InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 35000<br>| &nbsp;&nbsp; 32814<br>|
| Anheuser-Busch InBev Worldwide Inc., Senior <br> Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9740<br>|
| Constellation Brands Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10033<br>|
| Total Beverages | Total Beverages | Total Beverages | Total Beverages | &nbsp;&nbsp; 52587 |
| 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% |
| Costco Wholesale Corp., Senior Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19219<br>|
| Costco Wholesale Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 4/20/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9020<br>|
| Walmart Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 9/22/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18744<br>|
| Walmart Inc., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 9/22/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8828<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 55811 |
| Food Products — 0.3% | Food Products — 0.3% | Food Products — 0.3% | Food Products — 0.3% | Food Products — 0.3% |
| JBS USA Holding Lux Sarl/JBS USA Food Co./<br> JBS Lux Co. Sarl, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10563<br>|
| Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 7/15/45 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18491<br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20470<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 49524 |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Procter & Gamble Co., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/25/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9601<br>|
| Tobacco — 0.7% | Tobacco — 0.7% | Tobacco — 0.7% | Tobacco — 0.7% | Tobacco — 0.7% |
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 33919<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 2/14/39 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20751<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/16/46 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7677<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9900<br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Tobacco — continued | Tobacco — continued | Tobacco — continued | Tobacco — continued | Tobacco — continued |
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.540% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; $30000<br>| &nbsp;&nbsp; $25173<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18235<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 115655 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **283178** |
| **Energy — 7.9%** | **Energy — 7.9%** | **Energy — 7.9%** | **Energy — 7.9%** | **Energy — 7.9%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Halliburton Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9856<br>|
| Oil, Gas & Consumable Fuels — 7.8% | Oil, Gas & Consumable Fuels — 7.8% | Oil, Gas & Consumable Fuels — 7.8% | Oil, Gas & Consumable Fuels — 7.8% | Oil, Gas & Consumable Fuels — 7.8% |
| BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 3.588% | &nbsp;&nbsp; 4/14/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9951<br>|
| BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 1.749% | &nbsp;&nbsp; 8/10/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8913<br>|
| BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 2.772% | &nbsp;&nbsp; 11/10/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 12579<br>|
| Cameron LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 2.902% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9138<br> <sup>(a)</sup><br>|
| Cameron LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 3.302% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8688<br> <sup>(a)</sup><br>|
| Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19943<br>|
| Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/31/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18228<br>|
| Chevron Corp., Senior Notes | &nbsp;&nbsp; 1.995% | &nbsp;&nbsp; 5/11/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9724<br>|
| Chevron Corp., Senior Notes | &nbsp;&nbsp; 3.078% | &nbsp;&nbsp; 5/11/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6946<br>|
| Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9937<br> <sup>(a)</sup><br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9753<br> <sup>(a)</sup><br>|
| Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19878<br>|
| Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19966<br>|
| Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 1/13/33 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 140999<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19426<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20529<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/49 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20200<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10029<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18905<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10091<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 11367<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 1/31/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7465<br>|
| Enterprise Products Operating LLC, Senior <br> Notes (5.375% to 2/15/28 then 3 mo. Term <br> SOFR + 2.832%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/78 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9945<br> <sup>(d)</sup><br>|
| EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10059<br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

 **Western Asset Bond 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 |
| EQT Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; $15000<br>| &nbsp;&nbsp; $14907<br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10145<br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20339<br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19664<br>|
| Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 3.482% | &nbsp;&nbsp; 3/19/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9772<br>|
| Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10377<br> <sup>(a)</sup><br>|
| Gulfstream Natural Gas System LLC, Senior <br> Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20503<br> <sup>(a)</sup><br>|
| KazMunayGas National Co. JSC, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/14/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 180668<br> <sup>(b)</sup><br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20294<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9050<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19792<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 32165<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 11238<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10635<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 3/15/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7380<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 21083<br>|
| Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/3/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 124599<br>|
| Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9910<br>|
| Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8996<br>|
| Range Resources Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19578<br> <sup>(a)</sup><br>|
| Schlumberger Holdings Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9958<br> <sup>(a)</sup><br>|
| Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9448<br>|
| Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/11/45 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8745<br>|
| Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/10/46 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8239<br>|
| Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/6/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 14213<br>|
| Shell International Finance BV, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 12/15/38 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 11320<br>|
| Southern Natural Gas Co. LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 11632<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/15/52 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8569<br>|
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10012<br>|
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10187<br>|
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10032<br>|
| Tennessee Gas Pipeline Co. LLC, Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18738<br> <sup>(a)</sup><br>|
| Venture Global Calcasieu Pass LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 45087<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Bond 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 |
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $10628<br> <sup>(a)</sup><br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10173<br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39057<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19123<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10157<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/24/44 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10126<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1299198 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1309054** |
| **Financials — 9.1%** | **Financials — 9.1%** | **Financials — 9.1%** | **Financials — 9.1%** | **Financials — 9.1%** |
| Banks — 6.0% | Banks — 6.0% | Banks — 6.0% | Banks — 6.0% | Banks — 6.0% |
| Bank of America Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/21/44 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9785<br>|
| Bank of America Corp., Senior Notes (3.970% <br> to 3/5/28 then 3 mo. Term SOFR + 1.332%) | &nbsp;&nbsp; 3.970% | &nbsp;&nbsp; 3/5/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 69670<br> <sup>(d)</sup><br>|
| Bank of America Corp., Senior Notes (4.083% <br> to 3/20/50 then 3 mo. Term SOFR + 3.412%) | &nbsp;&nbsp; 4.083% | &nbsp;&nbsp; 3/20/51 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 32576<br> <sup>(d)</sup><br>|
| Bank of America Corp., Senior Notes (4.571% <br> to 4/27/32 then SOFR + 1.830%) | &nbsp;&nbsp; 4.571% | &nbsp;&nbsp; 4/27/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 80012<br> <sup>(d)</sup><br>|
| Bank of Nova Scotia, Subordinated Notes <br> (4.588% to 5/4/32 then 5 year Treasury <br> Constant Maturity Rate + 2.050%) | &nbsp;&nbsp; 4.588% | &nbsp;&nbsp; 5/4/37 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9682<br> <sup>(d)</sup><br>|
| Citigroup Inc., Senior Notes (3.980% to 3/20/29 <br> then 3 mo. Term SOFR + 1.600%) | &nbsp;&nbsp; 3.980% | &nbsp;&nbsp; 3/20/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29643<br> <sup>(d)</sup><br>|
| Citigroup Inc., Senior Notes (4.412% to 3/31/30 <br> then SOFR + 3.914%) | &nbsp;&nbsp; 4.412% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 79885<br> <sup>(d)</sup><br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 11/20/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30055<br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/29/27 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30130<br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/18/46 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8892<br>|
| HSBC Holdings PLC, Subordinated Notes <br> (4.762% to 3/29/32 then SOFR + 2.530%) | &nbsp;&nbsp; 4.762% | &nbsp;&nbsp; 3/29/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199129<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (2.545% <br> to 11/8/31 then SOFR + 1.180%) | &nbsp;&nbsp; 2.545% | &nbsp;&nbsp; 11/8/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 44860<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (3.109% <br> to 4/22/40 then 3 mo. Term SOFR + 2.460%) | &nbsp;&nbsp; 3.109% | &nbsp;&nbsp; 4/22/41 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 15727<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (3.109% <br> to 4/22/50 then SOFR + 2.440%) | &nbsp;&nbsp; 3.109% | &nbsp;&nbsp; 4/22/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6920<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (3.509% <br> to 1/23/28 then 3 mo. Term SOFR + 1.207%) | &nbsp;&nbsp; 3.509% | &nbsp;&nbsp; 1/23/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49347<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (5.294% <br> to 7/22/34 then SOFR + 1.460%) | &nbsp;&nbsp; 5.294% | &nbsp;&nbsp; 7/22/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10332<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

 **Western Asset 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 |
| JPMorgan Chase & Co., Subordinated Notes <br> (5.576% to 7/23/35 then SOFR + 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; $20000<br>| &nbsp;&nbsp; $20748<br> <sup>(d)</sup><br>|
| PNC Financial Services Group Inc., Senior <br> Notes (5.582% to 6/12/28 then SOFR + <br> 1.841%) | &nbsp;&nbsp; 5.582% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10364<br> <sup>(d)</sup><br>|
| Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/4/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9709<br>|
| Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10424<br>|
| Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 6/8/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9997<br>|
| Truist Financial Corp., Senior Notes (6.047% to <br> 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20235<br> <sup>(d)</sup><br>|
| US Bancorp, Senior Notes (5.775% to 6/12/28 <br> then SOFR + 2.020%) | &nbsp;&nbsp; 5.775% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10409<br> <sup>(d)</sup><br>|
| US Bancorp, Senior Notes (5.836% to 6/10/33 <br> then SOFR + 2.260%) | &nbsp;&nbsp; 5.836% | &nbsp;&nbsp; 6/12/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10659<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (2.393% to <br> 6/2/27 then SOFR + 2.100%) | &nbsp;&nbsp; 2.393% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29169<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (3.350% to <br> 3/2/32 then SOFR + 1.500%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9311<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (3.584% to <br> 5/22/27 then 3 mo. Term SOFR + 1.572%) | &nbsp;&nbsp; 3.584% | &nbsp;&nbsp; 5/22/28 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49558<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (4.478% to <br> 4/4/30 then 3 mo. Term SOFR + 4.032%) | &nbsp;&nbsp; 4.478% | &nbsp;&nbsp; 4/4/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20116<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.013% to <br> 4/4/50 then 3 mo. Term SOFR + 4.502%) | &nbsp;&nbsp; 5.013% | &nbsp;&nbsp; 4/4/51 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 65414<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/7/46 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17761<br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 1000519 |
| Capital Markets — 1.7% | Capital Markets — 1.7% | Capital Markets — 1.7% | Capital Markets — 1.7% | Capital Markets — 1.7% |
| Charles Schwab Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/24/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20300<br>|
| Charles Schwab Corp., Senior Notes (6.136% <br> to 8/24/33 then SOFR + 2.010%) | &nbsp;&nbsp; 6.136% | &nbsp;&nbsp; 8/24/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10898<br> <sup>(d)</sup><br>|
| CI Financial Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 21323<br> <sup>(a)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 2/7/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18738<br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/21/45 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18284<br>|
| Goldman Sachs Group Inc., Senior Notes <br> (1.093% to 12/9/25 then SOFR + 0.789%) | &nbsp;&nbsp; 1.093% | &nbsp;&nbsp; 12/9/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29814<br> <sup>(d)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (2.615% to 4/22/31 then SOFR + 1.281%) | &nbsp;&nbsp; 2.615% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18150<br> <sup>(d)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (3.691% to 6/5/27 then 3 mo. Term SOFR + <br> 1.772%) | &nbsp;&nbsp; 3.691% | &nbsp;&nbsp; 6/5/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19858<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset 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 |
| Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/21/25 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $9994<br>|
| Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 11209<br>|
| Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/22/45 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18885<br>|
| Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10073<br>|
| Morgan Stanley, Senior Notes (2.511% to <br> 10/20/31 then SOFR + 1.200%) | &nbsp;&nbsp; 2.511% | &nbsp;&nbsp; 10/20/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 26772<br> <sup>(d)</sup><br>|
| Morgan Stanley, Senior Notes (5.320% to <br> 7/19/34 then SOFR + 1.555%) | &nbsp;&nbsp; 5.320% | &nbsp;&nbsp; 7/19/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41288<br> <sup>(d)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 275586 |
| Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% |
| American Express Co., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10021<br>|
| American Express Co., Senior Notes (4.731% to <br> 4/25/28 then SOFR + 1.260%) | &nbsp;&nbsp; 4.731% | &nbsp;&nbsp; 4/25/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20323<br> <sup>(d)</sup><br>|
| American Express Co., Senior Notes (5.016% to <br> 4/25/30 then SOFR + 1.440%) | &nbsp;&nbsp; 5.016% | &nbsp;&nbsp; 4/25/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41140<br> <sup>(d)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 71484 |
| Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% |
| Berkshire Hathaway Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8580<br>|
| Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10247<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 83974<br> <sup>(a)</sup><br>|
| Visa Inc., Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18403<br>|
| Visa Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 12/14/45 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8836<br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 130040 |
| Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% |
| Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20843<br>|
| MetLife Inc., Junior Subordinated Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10535<br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 31378 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1509007** |
| **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** |
| Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10229<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/21/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19301<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10339<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10294<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/21/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8431<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 4.663% | &nbsp;&nbsp; 6/15/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8741<br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

 **Western Asset Bond 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 |
| Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $9196<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 76531 |
| Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% |
| Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/30/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10096<br>|
| Medline Borrower LP/Medline Co-Issuer Inc., <br> Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 71866<br> <sup>(a)</sup><br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 4000<br>| &nbsp;&nbsp; 4129<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10432<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20560<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 117083 |
| Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% |
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10054<br>|
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9547<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10008<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17365<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/25/48 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17811<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9931<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10414<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9555<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9545<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9970<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19721<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10163<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/59 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 14700<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 158784 |
| Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% |
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10402<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/22/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10374<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/9/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10115<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/9/64 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9465<br>|
| Johnson & Johnson, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/3/37 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18174<br>|
| Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 1.450% | &nbsp;&nbsp; 6/24/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17727<br>|
| Pfizer Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 5/28/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17945<br>|
| Pfizer Inc., Senior Notes | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 3/15/39 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 12015<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 106217 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **458615** |
| **Industrials — 3.3%** | **Industrials — 3.3%** | **Industrials — 3.3%** | **Industrials — 3.3%** | **Industrials — 3.3%** |
| Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19600<br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Bond 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 |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $10265<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8683<br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10448<br> <sup>(a)</sup><br>|
| General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9150<br>|
| L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.854% | &nbsp;&nbsp; 4/27/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9995<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9793<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 24405<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19673<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9640<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18326<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10800<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18096<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 178874 |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20732<br> <sup>(a)</sup><br>|
| 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% |
| GFL Environmental Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9773<br> <sup>(a)</sup><br>|
| GFL Environmental Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 31430<br> <sup>(a)</sup><br>|
| Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10216<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 51419 |
| Electrical Equipment — 0.0%†† | Electrical Equipment — 0.0%†† | Electrical Equipment — 0.0%†† | Electrical Equipment — 0.0%†† | Electrical Equipment — 0.0%†† |
| Eaton Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/2/42 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8846<br>|
| Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% |
| Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6422<br>|
| Canadian Pacific Railway Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 12/2/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 13560<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.891% | &nbsp;&nbsp; 4/6/36 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16851<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.839% | &nbsp;&nbsp; 3/20/60 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 14839<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/5/70 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 13938<br>|
| Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 65610 |
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| Honeywell International Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10171<br>|
| Machinery — 0.1% | Machinery — 0.1% | Machinery — 0.1% | Machinery — 0.1% | Machinery — 0.1% |
| Deere & Co., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 15828<br>|
| Passenger Airlines — 0.9% | Passenger Airlines — 0.9% | Passenger Airlines — 0.9% | Passenger Airlines — 0.9% | Passenger Airlines — 0.9% |
| American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62628<br> <sup>(a)</sup><br>|
| Delta Air Lines Inc., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40194<br>|
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior <br> Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 2223<br>| &nbsp;&nbsp; 2220<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Passenger Airlines — continued | Passenger Airlines — continued | Passenger Airlines — continued | Passenger Airlines — continued | Passenger Airlines — continued |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman <br> Ltd., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; $25586<br>| &nbsp;&nbsp; $10,890<br> \*<sup>(a)(e)</sup><br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29563<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 145495 |
| Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% |
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10184<br>|
| QXO Building Products Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10379<br> <sup>(a)</sup><br>|
| United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9468<br>|
| United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20821<br> <sup>(a)</sup><br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 50852 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **547827** |
| **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** |
| Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% |
| EquipmentShare.com Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10697<br> <sup>(a)</sup><br>|
| IT Services — 0.0%†† | IT Services — 0.0%†† | IT Services — 0.0%†† | IT Services — 0.0%†† | IT Services — 0.0%†† |
| Mastercard Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/26/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8022<br>|
| Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9973<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29933<br> <sup>(a)</sup><br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 8/12/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18656<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10293<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8477<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10351<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10690<br>|
| QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10214<br>|
| Texas Instruments Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 5/4/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9033<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 117620 |
| Software — 0.6% | Software — 0.6% | Software — 0.6% | Software — 0.6% | Software — 0.6% |
| Microsoft Corp., Senior Notes | &nbsp;&nbsp; 2.921% | &nbsp;&nbsp; 3/17/52 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6789<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18369<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/26/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10015<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/26/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10059<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7045<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/26/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9976<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10189<br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Bond 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 |
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $10222<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10100<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 92764 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **229103** |
| **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** |
| Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% |
| OCP SA, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/23/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 188028<br> <sup>(b)</sup><br>|
| Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% |
| Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/7/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10226<br> <sup>(a)</sup><br>|
| Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% |
| ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 11240<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19275<br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 10/27/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9929<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20798<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 6.141% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10464<br> <sup>(a)</sup><br>|
| Yamana Gold Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10017<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 81723 |
| Paper & Forest Products — 0.4% | Paper & Forest Products — 0.4% | Paper & Forest Products — 0.4% | Paper & Forest Products — 0.4% | Paper & Forest Products — 0.4% |
| Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10265<br> <sup>(a)</sup><br>|
| Suzano Austria GmbH, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 56838<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 67103 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **347080** |
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| Specialized REITs — 0.0%†† | Specialized REITs — 0.0%†† | Specialized REITs — 0.0%†† | Specialized REITs — 0.0%†† | Specialized REITs — 0.0%†† |
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; **10178**<br> <sup>(a)</sup><br>|
| **Utilities — 0.9%** | **Utilities — 0.9%** | **Utilities — 0.9%** | **Utilities — 0.9%** | **Utilities — 0.9%** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% |
| Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10442<br>|
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9941<br>|
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 7/15/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8865<br>|
| Florida Power & Light Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10378<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10255<br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20015<br> <sup>(a)(c)</sup><br>|
| NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 5.407% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10040<br> <sup>(a)(c)</sup><br>|
| Oglethorpe Power Corp., First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10130<br>|
| Oncor Electric Delivery Co. LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10349<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $9615<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8913<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6833<br>|
| Progress Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10610<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 136386 |
| Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% |
| Consolidated Edison Co. of New York Inc., <br> Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9689<br>|
| Consolidated Edison Co. of New York Inc., <br> Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7983<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 17672 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **154058** |
| **Total Corporate Bonds & Notes (Cost — $5,703,438)** | **Total Corporate Bonds & Notes (Cost — $5,703,438)** | **Total Corporate Bonds & Notes (Cost — $5,703,438)** | **Total Corporate Bonds & Notes (Cost — $5,703,438)** | &nbsp;&nbsp; **5987160** |
| **Mortgage-Backed Securities — 33.5%** | **Mortgage-Backed Securities — 33.5%** | **Mortgage-Backed Securities — 33.5%** | **Mortgage-Backed Securities — 33.5%** | **Mortgage-Backed Securities — 33.5%** |
| FHLMC — 5.7% | FHLMC — 5.7% | FHLMC — 5.7% | FHLMC — 5.7% | FHLMC — 5.7% |
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 89780<br>| &nbsp;&nbsp; 83764<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | 3/1/41- <br>3/1/52<br>| &nbsp;&nbsp; 521935 | &nbsp;&nbsp; 449221<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 161720<br>| &nbsp;&nbsp; 157678<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/53 | &nbsp;&nbsp; 241676<br>| &nbsp;&nbsp; 248096<br>|
| Total FHLMC | Total FHLMC | Total FHLMC | Total FHLMC | &nbsp;&nbsp; 938759 |
| FNMA — 19.8% | FNMA — 19.8% | FNMA — 19.8% | FNMA — 19.8% | FNMA — 19.8% |
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | 10/1/40- <br>10/1/55<br>| &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 301280<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 1.500% | 11/1/41- <br>2/1/42<br>| &nbsp;&nbsp; 162956 | &nbsp;&nbsp; 137712<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | 11/1/41- <br>2/1/52<br>| &nbsp;&nbsp; 676566 | &nbsp;&nbsp; 583171<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 163787<br>| &nbsp;&nbsp; 152711<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/1/52 | &nbsp;&nbsp; 172355<br>| &nbsp;&nbsp; 141491<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/52 | &nbsp;&nbsp; 80753<br>| &nbsp;&nbsp; 76943<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 242401<br>| &nbsp;&nbsp; 246055<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 80623<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 168531<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 527108<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 91376<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 377039<br> <sup>(f)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| FNMA — continued | FNMA — continued | FNMA — continued | FNMA — continued | FNMA — continued |
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; $100000<br>| &nbsp;&nbsp; $97009<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100839<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/61 | &nbsp;&nbsp; 227615<br>| &nbsp;&nbsp; 195548<br>|
| Total FNMA | Total FNMA | Total FNMA | Total FNMA | &nbsp;&nbsp; 3277436 |
| GNMA — 8.0% | GNMA — 8.0% | GNMA — 8.0% | GNMA — 8.0% | GNMA — 8.0% |
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/20/51 | &nbsp;&nbsp; 65439<br>| &nbsp;&nbsp; 57818<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/20/53 | &nbsp;&nbsp; 75238<br>| &nbsp;&nbsp; 76258<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/20/53 | &nbsp;&nbsp; 79747<br>| &nbsp;&nbsp; 79844<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/20/53 | &nbsp;&nbsp; 89939<br>| &nbsp;&nbsp; 92613<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/15/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 82686<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/15/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 86109<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 89289<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 94041<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 182386<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 290974<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 198971<br> <sup>(f)</sup><br>|
| Total GNMA | Total GNMA | Total GNMA | Total GNMA | &nbsp;&nbsp; 1330989 |
| **Total Mortgage-Backed Securities (Cost — $5,459,834)** | **Total Mortgage-Backed Securities (Cost — $5,459,834)** | **Total Mortgage-Backed Securities (Cost — $5,459,834)** | **Total Mortgage-Backed Securities (Cost — $5,459,834)** | &nbsp;&nbsp; **5547184** |
| **Asset-Backed Securities — 12.4%** | **Asset-Backed Securities — 12.4%** | **Asset-Backed Securities — 12.4%** | **Asset-Backed Securities — 12.4%** | **Asset-Backed Securities — 12.4%** |
| Accredited Mortgage Loan Trust, 2004-4 A2D (1 <br> mo. Term SOFR + 0.814%) | &nbsp;&nbsp; 4.637% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 88115<br>| &nbsp;&nbsp; 87207<br> <sup>(d)</sup><br>|
| Antares CLO Ltd., 2018-1A A1R (3 mo. Term <br> SOFR + 1.370%) | &nbsp;&nbsp; 5.695% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 249877<br> <sup>(a)(d)</sup><br>|
| Bayview Opportunity Master Fund LLC, 2024-<br> EDU1 A (30 Day Average SOFR + 1.450%) | &nbsp;&nbsp; 5.806% | &nbsp;&nbsp; 6/25/47 | &nbsp;&nbsp; 63782<br>| &nbsp;&nbsp; 64073<br> <sup>(a)(d)</sup><br>|
| Black Diamond CLO Ltd., 2024-1A A1 (3 mo. <br> Term SOFR + 1.650%) | &nbsp;&nbsp; 5.968% | &nbsp;&nbsp; 10/25/37 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 110495<br> <sup>(a)(d)</sup><br>|
| Capital One Prime Auto Receivables Trust, <br> 2022-2 A3 | &nbsp;&nbsp; 3.660% | &nbsp;&nbsp; 5/17/27 | &nbsp;&nbsp; 25395<br>| &nbsp;&nbsp; 25363<br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| College Ave Student Loans LLC, 2023-A C | &nbsp;&nbsp; 6.060% | &nbsp;&nbsp; 5/25/55 | &nbsp;&nbsp; $90231<br>| &nbsp;&nbsp; $91459<br> <sup>(a)</sup><br>|
| Ent Auto Receivables Trust, 2023-1A A4 | &nbsp;&nbsp; 6.260% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 102672<br> <sup>(a)</sup><br>|
| Enterprise Fleet Financing LLC, 2023-1 A2 | &nbsp;&nbsp; 5.510% | &nbsp;&nbsp; 1/22/29 | &nbsp;&nbsp; 25520<br>| &nbsp;&nbsp; 25593<br> <sup>(a)</sup><br>|
| Enterprise Fleet Financing LLC, 2025-2 A2 | &nbsp;&nbsp; 4.510% | &nbsp;&nbsp; 2/22/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100555<br> <sup>(a)</sup><br>|
| Fifth Third Auto Trust, 2023-1 A3 | &nbsp;&nbsp; 5.530% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 59987<br>| &nbsp;&nbsp; 60546<br>|
| Ford Credit Floorplan Master Owner Trust, <br> 2023-1 A1 | &nbsp;&nbsp; 4.920% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 80398<br> <sup>(a)</sup><br>|
| Gilead Aviation LLC, 2025-1A A | &nbsp;&nbsp; 5.789% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 97534<br>| &nbsp;&nbsp; 99775<br> <sup>(a)</sup><br>|
| Nelnet Student Loan Trust, 2021-CA AFL (1 mo. <br> Term SOFR + 0.854%) | &nbsp;&nbsp; 4.990% | &nbsp;&nbsp; 4/20/62 | &nbsp;&nbsp; 84292<br>| &nbsp;&nbsp; 84122<br> <sup>(a)(d)</sup><br>|
| New Century Home Equity Loan Trust, 2004-2 <br> M2 (1 mo. Term SOFR + 1.044%) | &nbsp;&nbsp; 5.202% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 28796<br>| &nbsp;&nbsp; 38778<br> <sup>(d)</sup><br>|
| Palmer Square CLO Ltd., 2021-1A A1AR (3 mo. <br> Term SOFR + 1.150%) | &nbsp;&nbsp; 5.475% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100203<br> <sup>(a)(d)</sup><br>|
| PFS Financing Corp., 2023-A A | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100709<br> <sup>(a)</sup><br>|
| PFS Financing Corp., 2023-B B | &nbsp;&nbsp; 5.710% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100693<br> <sup>(a)</sup><br>|
| Point Au Roche Park CLO Ltd., 2021-1A A (3 mo. <br> Term SOFR + 1.342%) | &nbsp;&nbsp; 5.667% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100150<br> <sup>(a)(d)</sup><br>|
| Sapphire Aviation Finance Ltd., 2020-1A A | &nbsp;&nbsp; 3.228% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 123046<br>| &nbsp;&nbsp; 117640<br> <sup>(a)</sup><br>|
| Sycamore Tree CLO Ltd., 2025-6A A1 (3 mo. <br> Term SOFR + 1.200%) | &nbsp;&nbsp; 5.525% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100150<br> <sup>(a)(d)</sup><br>|
| Trestles CLO Ltd., 2024-7A A1 (3 mo. Term <br> SOFR + 1.380%) | &nbsp;&nbsp; 5.698% | &nbsp;&nbsp; 10/25/37 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 120456<br> <sup>(a)(d)</sup><br>|
| Voya CLO Ltd., 2018-2A A1 (3 mo. Term SOFR + <br> 1.262%) | &nbsp;&nbsp; 5.579% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 92960<br>| &nbsp;&nbsp; 93118<br> <sup>(a)(d)</sup><br>|
| **Total Asset-Backed Securities (Cost — $2,016,078)** | **Total Asset-Backed Securities (Cost — $2,016,078)** | **Total Asset-Backed Securities (Cost — $2,016,078)** | **Total Asset-Backed Securities (Cost — $2,016,078)** | &nbsp;&nbsp; **2054032** |
| **U.S. Government & Agency Obligations — 12.3%** | **U.S. Government & Agency Obligations — 12.3%** | **U.S. Government & Agency Obligations — 12.3%** | **U.S. Government & Agency Obligations — 12.3%** | **U.S. Government & Agency Obligations — 12.3%** |
| U.S. Government Obligations — 12.3% | U.S. Government Obligations — 12.3% | U.S. Government Obligations — 12.3% | U.S. Government Obligations — 12.3% | U.S. Government Obligations — 12.3% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 246281<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 120539<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 78662<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80275<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/31/27 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10035<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/31/27 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10358<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/28/29 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20384<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10321<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp; 799165<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10119<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 392407<br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| U.S. Government Obligations — continued | U.S. Government Obligations — continued | U.S. Government Obligations — continued | U.S. Government Obligations — continued | U.S. Government Obligations — continued |
| U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; $130000 | &nbsp;&nbsp; $133692<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 8/31/31 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9957<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 29928<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 29546<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20230<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10094<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10082<br>|
| **Total U.S. Government & Agency Obligations (Cost — $2,004,574)** | **Total U.S. Government & Agency Obligations (Cost — $2,004,574)** | **Total U.S. Government & Agency Obligations (Cost — $2,004,574)** | **Total U.S. Government & Agency Obligations (Cost — $2,004,574)** | &nbsp;&nbsp; **2032075** |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 11.0%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 11.0%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 11.0%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 11.0%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 11.0%** |
| Angel Oak Mortgage Trust, 2022-3 A3 | &nbsp;&nbsp; 4.116% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 89584<br>| &nbsp;&nbsp; 84027<br> <sup>(a)(d)</sup><br>|
| BANK, 2017-BNK7 A5 | &nbsp;&nbsp; 3.435% | &nbsp;&nbsp; 9/15/60 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 98429<br>|
| Benchmark Mortgage Trust, 2023-B39 A5 | &nbsp;&nbsp; 5.754% | &nbsp;&nbsp; 7/15/56 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 159519<br>|
| BX Commercial Mortgage Trust, 2021-VOLT A (1 <br> mo. Term SOFR + 0.814%) | &nbsp;&nbsp; 4.965% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 106571<br>| &nbsp;&nbsp; 106268<br> <sup>(a)(d)</sup><br>|
| BX Trust, 2019-OC11 A | &nbsp;&nbsp; 3.202% | &nbsp;&nbsp; 12/9/41 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 122965<br> <sup>(a)</sup><br>|
| BX Trust, 2021-BXMF A (1 mo. Term SOFR + <br> 0.750%) | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 88883<br>| &nbsp;&nbsp; 88792<br> <sup>(a)(d)</sup><br>|
| Deephaven Residential Mortgage Trust, 2024-1 <br> A1 | &nbsp;&nbsp; 5.735% | &nbsp;&nbsp; 7/25/69 | &nbsp;&nbsp; 93803<br>| &nbsp;&nbsp; 94829<br> <sup>(a)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5154 QI, IO, PAC | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/51 | &nbsp;&nbsp; 937753<br>| &nbsp;&nbsp; 102229<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5274 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/25/51 | &nbsp;&nbsp; 586289<br>| &nbsp;&nbsp; 99530<br>|
| FS Commercial Mortgage Trust, 2023-4SZN B | &nbsp;&nbsp; 7.795% | &nbsp;&nbsp; 11/10/39 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 102533<br> <sup>(a)(d)</sup><br>|
| GCAT Trust, 2024-INV1 1A2 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/25/54 | &nbsp;&nbsp; 79975<br>| &nbsp;&nbsp; 80413<br> <sup>(a)(d)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2025-159 GS, IO (-1.000 x 30 Day <br> Average SOFR + 6.570%) | &nbsp;&nbsp; 2.230% | &nbsp;&nbsp; 9/20/55 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 93779<br> <sup>(d)(h)</sup><br>|
| GS Mortgage Securities Trust, 2018-GS10 A5 | &nbsp;&nbsp; 4.155% | &nbsp;&nbsp; 7/10/51 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 108313<br> <sup>(d)</sup><br>|
| MIC Trust, 2023-MIC A | &nbsp;&nbsp; 8.732% | &nbsp;&nbsp; 12/5/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 108456<br> <sup>(a)(d)</sup><br>|
| PFP Ltd., 2024-11 A (1 mo. Term SOFR + <br> 1.832%) | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 9/17/39 | &nbsp;&nbsp; 67793<br>| &nbsp;&nbsp; 67927<br> <sup>(a)(d)</sup><br>|
| UBS Commercial Mortgage Trust, 2017-C4 A3 | &nbsp;&nbsp; 3.301% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 118434<br>| &nbsp;&nbsp; 116624<br>|
| Verus Securitization Trust, 2023-4 A1 | &nbsp;&nbsp; 5.811% | &nbsp;&nbsp; 5/25/68 | &nbsp;&nbsp; 54055<br>| &nbsp;&nbsp; 54253<br> <sup>(a)</sup><br>|
| Verus Securitization Trust, 2024-3 A3 | &nbsp;&nbsp; 6.845% | &nbsp;&nbsp; 4/25/69 | &nbsp;&nbsp; 61852<br>| &nbsp;&nbsp; 62746<br> <sup>(a)</sup><br>|
| Verus Securitization Trust, 2024-4 A3 | &nbsp;&nbsp; 6.674% | &nbsp;&nbsp; 6/25/69 | &nbsp;&nbsp; 72102<br>| &nbsp;&nbsp; 73067<br> <sup>(a)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $1,766,270)** | **Total Collateralized Mortgage Obligations (Cost — $1,766,270)** | **Total Collateralized Mortgage Obligations (Cost — $1,766,270)** | **Total Collateralized Mortgage Obligations (Cost — $1,766,270)** | &nbsp;&nbsp; **1824699** |

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Sovereign Bonds — 1.2%** | **Sovereign Bonds — 1.2%** | **Sovereign Bonds — 1.2%** | **Sovereign Bonds — 1.2%** | **Sovereign Bonds — 1.2%** |
| Mexico — 1.2% | Mexico — 1.2% | Mexico — 1.2% | Mexico — 1.2% | Mexico — 1.2% |
| Mexico Government International Bond, Senior <br> Notes <br>(Cost — $187,208) | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/19/33 | &nbsp;&nbsp; $200000<br>| &nbsp;&nbsp; **$193986**<br>|
| **Senior Loans — 0.3%** | **Senior Loans — 0.3%** | **Senior Loans — 0.3%** | **Senior Loans — 0.3%** | **Senior Loans — 0.3%** |
| **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% |
| Jane Street Group LLC, Extended Term Loan (3 <br> mo. Term SOFR + 2.000%)  | 6.199% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 19895<br>| &nbsp;&nbsp; 19778<br> <sup>(d)(i)(j)</sup><br>|
| Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% |
| AmWINS Group Inc., Initial Term Loan (3 mo. <br> Term SOFR + 2.250%)  | 6.252% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 9950<br>| &nbsp;&nbsp; 9956<br> <sup>(d)(i)(j)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **29734** |
| **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 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% | Health Care Equipment & Supplies — 0.1% |
| Medline Borrower LP, 2028 Refinancing Term <br> Loan (1 mo. Term SOFR + 2.000%)  | 6.163% | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 13444<br>| &nbsp;&nbsp; 13457<br> <sup>(d)(i)(j)</sup><br>|
| Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† |
| Sotera Health Holdings LLC, 2025 Term Loan (1 <br> mo. Term SOFR + 2.500%)  | 6.663% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 13140<br>| &nbsp;&nbsp; 13176<br> <sup>(d)(i)(j)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **26633** |
| **Total Senior Loans (Cost — $56,294)** | **Total Senior Loans (Cost — $56,294)** | **Total Senior Loans (Cost — $56,294)** | **Total Senior Loans (Cost — $56,294)** | &nbsp;&nbsp; **56367** |
|  | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>|  |
| **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** |
| **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** |
| 3-Month SOFR Futures, Call @ $96.375 | 12/12/25 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $10000 | &nbsp;&nbsp; 550<br>|
| 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 8800<br>|
| 3-Month SOFR Futures, Put @ $96.250 | 12/12/25 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 575<br>|
| SOFR 1-Year Mid-Curve Futures, Put @ $96.813 | 10/13/25 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 17500 | &nbsp;&nbsp; 394<br>|
| SOFR 1-Year Mid-Curve Futures, Put @ $96.750 | 12/12/25 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 17500 | &nbsp;&nbsp; 1487<br>|
| U.S. Treasury 5-Year Notes Futures, Call @ <br> $109.500 | 10/24/25 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 3047<br>|
| U.S. Treasury 5-Year Notes Futures, Call @ <br> $109.750 | 10/24/25 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 820<br>|
| U.S. Treasury 5-Year Notes Futures, Call @ <br> $110.250 | 10/24/25 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 391<br>|
| U.S. Treasury 5-Year Notes Futures, Put @ <br> $108.500 | 10/24/25 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 1055<br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Expiration<br> Date<br>| Contracts | Notional<br> Amount<br>| Value |
| **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** |
| U.S. Treasury 5-Year Notes Futures, Put @ <br> $108.750 | 10/24/25 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $6000 | &nbsp;&nbsp; $1078<br>|
| **Total Purchased Options (Cost — $31,378)** | **Total Purchased Options (Cost — $31,378)** | **Total Purchased Options (Cost — $31,378)** | **Total Purchased Options (Cost — $31,378)** | &nbsp;&nbsp; **18197** |
|  |  |  | Shares |  |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† |
| Spirit Aviation Holdings Inc. (Cost — $5,792) | Spirit Aviation Holdings Inc. (Cost — $5,792) |  | &nbsp;&nbsp; 351 | &nbsp;&nbsp; **133**<br> \*<br>|
| **Total Investments before Short-Term Investments (Cost — $17,230,866)** | **Total Investments before Short-Term Investments (Cost — $17,230,866)** | **Total Investments before Short-Term Investments (Cost — $17,230,866)** | **Total Investments before Short-Term Investments (Cost — $17,230,866)** | &nbsp;&nbsp; **17713833** |
|  | Rate |  |  |  |
| **Short-Term Investments — 25.5%** | **Short-Term Investments — 25.5%** | **Short-Term Investments — 25.5%** | **Short-Term Investments — 25.5%** | **Short-Term Investments — 25.5%** |
| **Overnight Deposits — 9.9%** | **Overnight Deposits — 9.9%** | **Overnight Deposits — 9.9%** | **Overnight Deposits — 9.9%** | **Overnight Deposits — 9.9%** |
| BNY Mellon Cash Reserve Fund <br>(Cost — $1,640,079) | &nbsp;&nbsp; 0.800% |  | &nbsp;&nbsp; 1640079<br>| &nbsp;&nbsp; **1640079**<br>|
| **Money Market Funds — 7.9%** | **Money Market Funds — 7.9%** | **Money Market Funds — 7.9%** | **Money Market Funds — 7.9%** | **Money Market Funds — 7.9%** |
| Dreyfus Government Cash Management, <br> Institutional Shares (Cost — $1,316,198)  | &nbsp;&nbsp; 4.057% |  | &nbsp;&nbsp; 1316198<br>| &nbsp;&nbsp; **1316198**<br>|
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **U.S. Treasury Bills — 7.7%** | **U.S. Treasury Bills — 7.7%** |  |  |  |
| U.S. Treasury Bills | &nbsp;&nbsp; 3.927% | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; $1160000 | &nbsp;&nbsp; 1158043<br> <sup>(k)</sup><br>|
| U.S. Treasury Bills | &nbsp;&nbsp; 3.985% | &nbsp;&nbsp; 10/21/25 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 109753<br> <sup>(k)</sup><br>|
| **Total U.S. Treasury Bills (Cost — $1,267,785)** | **Total U.S. Treasury Bills (Cost — $1,267,785)** | **Total U.S. Treasury Bills (Cost — $1,267,785)** | **Total U.S. Treasury Bills (Cost — $1,267,785)** | &nbsp;&nbsp; **1267796** |
| **Total Short-Term Investments (Cost — $4,224,062)** | **Total Short-Term Investments (Cost — $4,224,062)** | **Total Short-Term Investments (Cost — $4,224,062)** | **Total Short-Term Investments (Cost — $4,224,062)** | &nbsp;&nbsp; **4224073** |
| **Total Investments — 132.4% (Cost — $21,454,928)** | **Total Investments — 132.4% (Cost — $21,454,928)** | **Total Investments — 132.4% (Cost — $21,454,928)** | **Total Investments — 132.4% (Cost — $21,454,928)** | &nbsp;&nbsp; **21937906** |
| Liabilities in Excess of Other Assets — (32.4)% | Liabilities in Excess of Other Assets — (32.4)% | Liabilities in Excess of Other Assets — (32.4)% | Liabilities in Excess of Other Assets — (32.4)% | &nbsp;&nbsp; (5369650)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$16568256** |

---

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

See Notes to Financial Statements.

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

 **Western Asset Bond 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 <br> transactions that are exempt from registration, normally to qualified institutional buyers. This security has been <br> deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to <br> securities offerings that are made outside of the United States and do not involve direct selling efforts in the <br> United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(c)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(d)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate <br> securities are not based on a published reference rate and spread but are determined by the issuer or agent and <br> are based on current market conditions. These securities do not indicate a reference rate and spread in their <br> description above.<br>|
| <sup>(e)</sup> | The coupon payment on this security is currently in default as of September 30, 2025. |
| <sup>(f)</sup> | This security is traded on a to-be-announced ("TBA") basis. At September 30, 2025, the Fund held TBA securities <br> with a total cost of $2,783,582.<br>|
| <sup>(g)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through <br> certificates that are structured to direct payments on underlying collateral to different series or classes of the <br> obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial <br> indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(h)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(i)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to <br> multiple contracts under the same loan.<br>|
| <sup>(j)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval <br> from the agent bank and/or borrower prior to the disposition of a senior loan. <br>|
| <sup>(k)</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:** |
| CLO |  | Collateralized Loan Obligation |
| IO | —  | Interest Only |
| JSC | —  | Joint Stock Company |
| PAC | —  | Planned Amortization Class |
| REMIC | —  | Real Estate Mortgage Investment Conduit |
| SOFR | —  | Secured Overnight Financing Rate |

---

At September 30, 2025, the Fund had the following open written options contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | Expiration <br>Date<br>| Strike <br>Price<br>| Contracts | Notional <br>Amount<br>| Value |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp; $96.875 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $10000 | &nbsp;&nbsp; $(100)<br>|
| 3-Month SOFR Futures, Put | &nbsp;&nbsp; 12/11/26 | 96.500 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; (1294)<br>|
| SOFR 1-Year Mid-Curve Futures, Put | &nbsp;&nbsp; 12/12/25 | 96.250 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; (125)<br>|
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp; 11/21/25 | 109.000 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (1969)<br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Bond ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | Expiration<br> Date<br>| Strike<br> Price<br>| Contracts | Notional<br> Amount<br>| Value |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp; $110.750 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $8000 | &nbsp;&nbsp; $(1062)<br>|
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp; 10/24/25 | 109.500 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (1617)<br>|
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp; 11/21/25 | 109.000 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (1383)<br>|
| **Total Exchange-Traded Written Options (Premiums received — $12,226)** | **Total Exchange-Traded Written Options (Premiums received — $12,226)** | **Total Exchange-Traded Written Options (Premiums received — $12,226)** | **Total Exchange-Traded Written Options (Premiums received — $12,226)** | **Total Exchange-Traded Written Options (Premiums received — $12,226)** | &nbsp;&nbsp; **$(7550)**<br>|

---

&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:** |
| SOFR |  | Secured Overnight Financing Rate |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of <br>Contracts<br>| Expiration <br>Date<br>| Notional <br>Amount<br>| Market <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3/27 | &nbsp;&nbsp; $726531 | &nbsp;&nbsp; $726787 | &nbsp;&nbsp; $256 |
| 3-Month SOFR | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 1685244 | &nbsp;&nbsp; 1685513 | &nbsp;&nbsp; 269 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 12/25 | &nbsp;&nbsp; 3931475 | &nbsp;&nbsp; 3931031 | &nbsp;&nbsp; (444)<br>|
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12/25 | &nbsp;&nbsp; 1484913 | &nbsp;&nbsp; 1515719 | &nbsp;&nbsp; 30806 |
|  |  |  |  |  | &nbsp;&nbsp; 30887 |
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12/25 | &nbsp;&nbsp; 2499454 | &nbsp;&nbsp; 2500781 | &nbsp;&nbsp; (1327)<br>|
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 12/25 | &nbsp;&nbsp; 1905533 | &nbsp;&nbsp; 1912500 | &nbsp;&nbsp; (6967)<br>|
|  |  |  |  |  | &nbsp;&nbsp; (8294)<br>|
| **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; **$22593** |

---

&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 |

---

At September 30, 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**  |
| Notional <br>Amount<br>| Termination <br>Date<br>| Payments <br>Made by <br>the Fund<sup>†</sup> <br>| Payments <br>Received by <br>the Fund<sup>†</sup> <br>| Market <br>Value<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| $1973000 | 4/28/28 | Daily SOFR <br>Compound <br>annually<br>| 3.300% <br>annually<br>| $3634 | $(526) | $4160 |

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2025 Semi-Annual Report

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 **Western Asset Bond ETF**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  |
|  | Notional<br> Amount<br>| Termination<br> Date<br>| Payments<br> Made by<br> the Fund<sup>†</sup><br>| Payments<br> Received by<br> the Fund<sup>†</sup><br>| Market<br> Value<br>| Upfront<br> Premiums<br> Paid<br> (Received)<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
|  | $1532000 | 5/31/32 | 3.490% <br>annually<br>| Daily SOFR <br>Compound <br>annually<br>| $(2171) | $7407 | $(9578) |
|  | 463000 | 4/28/36 | 3.850% <br>annually<br>| Daily SOFR <br>Compound <br>annually<br>| (6674) |  | (6674) |
| **Total** | **$3968000** |  |  |  | **$(5211)** | **$6881** | **$(12092)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| Market <br>Value<sup>3</sup> <br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Depreciation<br>|
| Markit CDX.NA.IG.45 Index | $1514000 | 12/20/30 | 1.000% quarterly | **$34418** | **$34646** | **$(228)** |

---

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

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap <br> agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the <br> swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) <br> pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a <br> buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and <br> credit indices serve as an indicator of the current status of the payment/performance risk and represent the <br> likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement <br> been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy <br> protection), when compared to the notional amount of the swap, represent a deterioration of the referenced <br> entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under <br> the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |

---

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

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| Daily SOFR Compound | 4.240% |

---

&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 |

---

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

September 30, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost — $21,454,928) | &nbsp;&nbsp; $21937906 |
| Cash | &nbsp;&nbsp; 196 |
| Receivable for sales of TBA securities  | &nbsp;&nbsp; 476797 |
| Deposits with brokers for centrally cleared swap contracts | &nbsp;&nbsp; 172766 |
| Interest receivable | &nbsp;&nbsp; 125195 |
| Receivable for securities sold  | &nbsp;&nbsp; 51518 |
| Receivable from brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 22593 |
| **Total Assets** | &nbsp;&nbsp; **22786971** |
| **Liabilities:** |  |
| Payable for purchases of TBA securities  | &nbsp;&nbsp; 3259777 |
| Payable for securities purchased | &nbsp;&nbsp; 2900443 |
| Deposits from brokers for open futures contracts and exchange-traded options | &nbsp;&nbsp; 41750 |
| Written options, at value (premiums received — $12,226) | &nbsp;&nbsp; 7550 |
| Investment management fee payable | &nbsp;&nbsp; 4759 |
| Payable to brokers — net variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 4436 |
| **Total Liabilities** | &nbsp;&nbsp; **6218715** |
| **Total Net Assets** | &nbsp;&nbsp; **$16568256** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $16015262 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 552994 |
| **Total Net Assets** | &nbsp;&nbsp; **$16568256** |
| **Shares Outstanding** | &nbsp;&nbsp; 650000 |
| **Net Asset Value** | &nbsp;&nbsp; $25.49 |

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended September 30, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $466849 |
| Dividends | &nbsp;&nbsp; 11749 |
| **Total Investment Income** | &nbsp;&nbsp; **478598** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 28958 |
| **Total Expenses** | &nbsp;&nbsp; **28958** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (337)<br>|
| **Net Expenses** | &nbsp;&nbsp; **28621** |
| **Net Investment Income** | &nbsp;&nbsp; **449977** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options and Swap** <br> **Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options and Swap** <br> **Contracts (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions | &nbsp;&nbsp; 115169 |
| Futures contracts | &nbsp;&nbsp; (27855)<br>|
| Written options | &nbsp;&nbsp; 8272 |
| Swap contracts | &nbsp;&nbsp; (20920)<br>|
| **Net Realized Gain**  | &nbsp;&nbsp; **74666** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments | &nbsp;&nbsp; 26414 |
| Futures contracts | &nbsp;&nbsp; 5591 |
| Written options | &nbsp;&nbsp; 2751 |
| Swap contracts | &nbsp;&nbsp; 2956 |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **37712** |
| **Net Gain on Investments, Futures Contracts, Written Options and Swap Contracts**  | &nbsp;&nbsp; **112378** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$562355** |

---

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $449977 | $1988302 |
| Net realized gain  | &nbsp;&nbsp; 74666 | 74516 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 37712 | (404083)<br>|
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **562355** | **1658735** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (484055)<br>| (2475214)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(484055)**<br>| **(2475214)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Cost of shares repurchased (100,000 and 850,000 shares repurchased, <br> respectively) <br>| &nbsp;&nbsp; (2471596)<br>| (21398916)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(2471596)**<br>| **(21398916)**<br>|
| **Decrease in Net Assets** | &nbsp;&nbsp; **(2393296)**<br>| **(22215395)**<br>|
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 18961552 | 41176947 |
| **End of period** | &nbsp;&nbsp; **$16568256** | **$18961552** |

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>13</sup> <br>|
| **Net asset value, beginning of period** | $25.28 | &nbsp;&nbsp; $25.74 | &nbsp;&nbsp; $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |
| Net investment income | 0.68 | 1.31 | 0.70 |
| Net realized and unrealized gain (loss) | 0.26 | &nbsp;&nbsp; (0.12)<br>| 0.61 |
| **Total income from operations** | **0.94** | **1.19** | **1.31** |
| **Less distributions from:** |  |  |  |
| Net investment income | (0.73)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.57)<br>|
| Net realized gains |  | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — |
| **Total distributions**  | **(0.73)**<br>| &nbsp;&nbsp; **(1.65)**<br>| &nbsp;&nbsp; **(0.57)**<br>|
| **Net asset value, end of period** | $25.49 | &nbsp;&nbsp; $25.28 | &nbsp;&nbsp; $25.74 |
| **Total return, based on NAV**<sup>4</sup> <br>| **3.79%**<br>| **4.77%**<br>| **5.29%**<br>|
| **Net assets, end of period (000s)** | $16568 | &nbsp;&nbsp; $18962 | &nbsp;&nbsp; $41177 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |
| Gross expenses | 0.35 %<sup>5</sup><br>| 0.35<br> %<br>| 0.35 %<sup>5</sup><br>|
| Net expenses | 0.35 <br><sup>56</sup><br>| 0.35 <br><sup>6</sup><br>| 0.35 <br><sup>5</sup><br>|
| Net investment income | 5.44 <br><sup>5</sup><br>| 5.14 | 5.25 <br><sup>5</sup><br>|
| **Portfolio turnover rate** | **167%** <br><sup>7</sup><br>| &nbsp;&nbsp; **67%**<br>| &nbsp;&nbsp; **69%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> For the period September 19, 2023 (inception date) to March 31, 2024.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rate would have been 109%. 

See Notes to Financial Statements.

Western Asset Bond ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset Bond ETF (the "Fund") is a separate diversified investment series of Franklin Templeton ETF Trust (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 Fund is an actively managed exchange-traded fund ("ETF"). 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 Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NASDAQ. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems 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 Fund 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 Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund seeks to maximize total return consistent with prudent investment management and liquidity needs.

The Fund follows 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 Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(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

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

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 Fund holds securities or other assets that are denominated in a foreign currency, the Fund 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 which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's 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 Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, 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

Western Asset Bond ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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 Fund uses 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 Fund's 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.

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Western Asset Bond ETF 2025 Semi-Annual Report

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $5987160 | &nbsp;&nbsp; — | &nbsp;&nbsp; $5987160 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 5547184 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5547184 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2054032 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2054032 |
| U.S. Government & Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2032075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2032075 |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1824699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1824699 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 193986 | &nbsp;&nbsp; — | &nbsp;&nbsp; 193986 |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 56367 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56367 |
| Purchased Options | &nbsp;&nbsp; $18197 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18197 |
| Common Stocks | &nbsp;&nbsp; 133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 133 |
| Total Long-Term Investments | &nbsp;&nbsp; 18330 | &nbsp;&nbsp; 17695503 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17713833 |
| Short-Term Investments†: |  |  |  |  |
| Overnight Deposits | &nbsp;&nbsp; 1640079 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1640079 |
| Money Market Funds | &nbsp;&nbsp; 1316198 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1316198 |
| U.S. Treasury Bills | &nbsp;&nbsp; — | &nbsp;&nbsp; 1267796 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1267796 |
| Total Short-Term Investments | &nbsp;&nbsp; 2956277 | &nbsp;&nbsp; 1267796 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4224073 |
| **Total Investments** | &nbsp;&nbsp; **$2974607** | &nbsp;&nbsp; **$18963299** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$21937906** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $31331 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $31331 |
| Centrally Cleared Interest Rate <br> Swaps††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $4160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4160 |
| **Total Other Financial** <br> **Instruments**<br>| &nbsp;&nbsp; **$31331** | &nbsp;&nbsp; **$4160** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$35491** |
| **Total** | &nbsp;&nbsp; **$3005938** | &nbsp;&nbsp; **$18967459** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$21973397** |

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Notes to Financial Statements (unaudited) (cont'd)

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| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Written Options | &nbsp;&nbsp; $7550 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $7550 |
| Futures Contracts†† | &nbsp;&nbsp; 8738 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8738 |
| Centrally Cleared Interest Rate <br> Swaps††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $16252 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16252 |
| Centrally Cleared Credit Default <br> Swaps on Credit Indices — <br> Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 228 | &nbsp;&nbsp; — | &nbsp;&nbsp; 228 |
| **Total** | &nbsp;&nbsp; **$16288** | &nbsp;&nbsp; **$16480** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$32768** |

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

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

**(b) Purchased options.** The Fund may purchase option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities, the value of which is marked-to-market to reflect the current market value of the option purchased. If the purchased option expires, the Fund realizes a loss equal to the amount of premium paid. When an instrument is purchased or sold through the exercise of an option, the related premium paid is added to the basis of the instrument acquired or deducted from the proceeds of the instrument sold. The risk associated with purchasing put and call options is limited to the premium paid.

**(c) Written options.** The Fund may write option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the premium received is recorded as a realized gain. When a written call option is exercised, the difference between the premium received plus the option exercise price and the Fund's basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is recognized as a realized gain or loss. When a written put option is exercised, the amount of the premium received is subtracted from the cost of the security purchased by the Fund from the exercise of the written put option to form the Fund's basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a

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closing transaction. The cost of a closing transaction is deducted from the original premium received resulting in a realized gain or loss to the Fund.

The risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Fund is exposed to the risk of loss if the market price of the underlying security increases. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

**(d) Futures contracts.** The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

**(e) Swap agreements.** The Fund invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract ("OTC Swaps") or centrally cleared ("Centrally Cleared Swaps"). Unlike Centrally Cleared Swaps, the Fund has credit exposure to the counterparties of OTC Swaps.

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the "CCP") and the CCP becomes the ultimate counterparty of the swap agreement. The Fund is required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities.

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Notes to Financial Statements (unaudited) (cont'd)

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund's custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statement of Assets and Liabilities. Risks may exceed amounts recorded in the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms, and the possible lack of liquidity with respect to the swap agreements.

OTC Swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statement of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Fund are recognized as a realized gain or loss in the Statement of Operations.

The Fund's maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of September 30, 2025, the total notional value of all credit default swaps to sell protection was $1,514,000. This amount would be offset by the value of the swap's reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Fund bought protection for the same referenced security/entity.

For average notional amounts of swaps held during the six months ended September 30, 2025, see Note 4.

**<u>Credit default swaps</u>**

The Fund enters into credit default swap ("CDS") contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Fund has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default. As a seller of protection, the Fund generally receives an upfront payment or a stream of payments throughout the term of the swap, provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Fund could be required to

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make under a CDS agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Fund effectively adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Credit spreads utilized in determining the period end market value of CDS agreements on corporate or sovereign issues are disclosed in the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.

The Fund's maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty). As the protection seller, the Fund's maximum risk is the notional amount of the contract. CDS are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.

**<u>Interest rate swaps</u>**

The Fund enters into interest rate swap contracts to manage its exposure to interest rate risk. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Fund may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount.

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Notes to Financial Statements (unaudited) (cont'd)

Interest rate swaps are marked-to-market daily based upon quotations from market makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation in the Statement of Operations. When a swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the original cost and the settlement amount of the closing transaction.

The risks of interest rate swaps include changes in market conditions that will affect the value of the contract or changes in the present value of the future cash flow streams and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

**(f) Loan participations.** The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of offset against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower.

**(g) Securities traded on a when-issued and delayed delivery basis.** The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**(h) Securities traded on a to-be-announced basis.** The Fund may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on

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the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**(i) Mortgage dollar rolls.** The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month, realizing a gain or loss, and simultaneously entering into contracts to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specified future date.

The Fund executes its mortgage dollar rolls entirely in the TBA market, whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by a sale of the security with a simultaneous agreement to repurchase at a future date. The Fund accounts for mortgage dollar rolls as purchases and sales.

The risk of entering into mortgage dollar rolls is that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund's use of the proceeds of the mortgage dollar roll may be restricted pending a determination by the counterparty, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities.

**(j) Credit and market risk.** The Fund invests in high-yield instruments that are subject to certain credit and market risks. The yields of high-yield obligations reflect, among other things, perceived credit and market risks. The Fund's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

**(k) Foreign investment risks.** The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions,

Western Asset Bond ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(l) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund's subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and

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financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of September 30, 2025, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.

**(m) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(n) Distributions to shareholders.** Distributions from net investment income and distributions of net realized gains, if any, are declared at least monthly. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(o) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal

Western Asset Bond ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

**(p) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**(q) Guarantees and indemnifications.** Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Fund, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisers, Inc. ("Advisers") is the Fund's investment manager. Western Asset Management Company, LLC ("Western Asset"), Western Asset Management Company Pte. Ltd. ("Western Asset Singapore"), Western Asset Management Company Ltd ("Western Asset Japan") and Western Asset Management Company Limited ("Western Asset London") are the Fund's sub-subadvisers. Advisers, Western Asset, Western Asset Singapore, Western Asset Japan and Western Asset London are wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with Advisers, Franklin Templeton Services, LLC ("Franklin Templeton Services") provides administrative services to the Fund. The fee is paid by Advisers based on the Fund's average daily net assets, and is not an additional expense of the Fund.

The Fund pay Advisers a unified management fee for managing the Fund's assets and Advisers pays Western Asset for its services as approved by the Board. Pursuant to the investment management agreement with the Trust on behalf of the Fund, Advisers reimburses the Fund for all acquired fund fees and expenses (such as those associated with the Fund's investment in a Franklin Templeton money fund) and pays all of the ordinary operating expenses of the Fund, except for (i) the Fund's management fee, (ii) payments under the Fund's Rule 12b-1 plan (if any), (iii) brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses. The Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.35% of the Fund's average daily net assets.

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The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver").

During the six months ended September 30, 2025, fees waived and/or expenses reimbursed amounted to $337.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

As of September 30, 2025, Franklin Resources and its affiliates owned 61% of the Fund.

**3. Investments**

During the six months ended September 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:

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| | | |
|:---|:---|:---|
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $1901621 | &nbsp;&nbsp; $27159660 |
| Sales | &nbsp;&nbsp; 4818097 | &nbsp;&nbsp; 27474507 |

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At September 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost/Premiums <br>Paid (Received)<br>| Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $21481487 | &nbsp;&nbsp; $554287 | &nbsp;&nbsp; $(97868) | &nbsp;&nbsp; $456419 |
| Written options | &nbsp;&nbsp; (12226) | &nbsp;&nbsp; 5292 | (616) | &nbsp;&nbsp; 4676 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 31331 | &nbsp;&nbsp; (8738) | &nbsp;&nbsp; 22593 |
| Swap contracts | &nbsp;&nbsp; 41527 | &nbsp;&nbsp; 4160 | &nbsp;&nbsp; (16480) | &nbsp;&nbsp; (12320) |

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Western Asset Bond ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

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

**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Purchased options<sup>2</sup> <br>| &nbsp;&nbsp; $18197 |
| Futures contracts<sup>3</sup> <br>| &nbsp;&nbsp; 31331 |
| Centrally cleared swap contracts<sup>4</sup> <br>| &nbsp;&nbsp; 4160 |
| **Total** | &nbsp;&nbsp; **$53688** |

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| | | | |
|:---|:---|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Written options | &nbsp;&nbsp; $7550 | &nbsp;&nbsp; — | &nbsp;&nbsp; $7550 |
| Futures contracts<sup>3</sup> <br>| &nbsp;&nbsp; 8738 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8738 |
| Centrally cleared swap contracts<sup>4</sup> <br>| &nbsp;&nbsp; 16252 | &nbsp;&nbsp; $228 | &nbsp;&nbsp; 16480 |
| **Total** | &nbsp;&nbsp; **$32540** | &nbsp;&nbsp; **$228** | &nbsp;&nbsp; **$32768** |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Market value of purchased options is reported in Investments at value in the Statement of Assets and Liabilities. 

<sup>3</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

<sup>4</sup> Includes cumulative unrealized appreciation (depreciation) of centrally cleared swap contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Purchased options<sup>1</sup> <br>| &nbsp;&nbsp; $(7269)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(7269)<br>|
| Futures contracts | &nbsp;&nbsp; (27855)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (27855)<br>|
| Written options | &nbsp;&nbsp; 8272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8272 |
| Swap contracts | &nbsp;&nbsp; (22506)<br>| &nbsp;&nbsp; $1586 | &nbsp;&nbsp; (20920)<br>|
| **Total** | &nbsp;&nbsp; **$(49358)**<br>| &nbsp;&nbsp; **$1586** | &nbsp;&nbsp; **$(47772)**<br>|

---

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

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

<sup>1</sup> Net realized gain (loss) from purchased options is reported in Net Realized Gain (Loss) From Investment transactions in the Statement of Operations.

---

| | | | |
|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Purchased options<sup>1</sup> <br>| &nbsp;&nbsp; $(14181)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(14181)<br>|
| Futures contracts | &nbsp;&nbsp; 5591 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5591 |
| Written options | &nbsp;&nbsp; 2751 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2751 |
| Swap contracts | &nbsp;&nbsp; 1027 | &nbsp;&nbsp; $1929 | &nbsp;&nbsp; 2956 |
| **Total** | &nbsp;&nbsp; **$(4812)**<br>| &nbsp;&nbsp; **$1929** | &nbsp;&nbsp; **$(2883)**<br>|

---

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

<sup>1</sup> The change in net unrealized appreciation (depreciation) from purchased options is reported in the Change in Net Unrealized Appreciation (Depreciation) From Investments in the Statement of Operations.

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Purchased options | &nbsp;&nbsp; $20155 |
| Written options | &nbsp;&nbsp; 3600 |
| Futures contracts (to buy) | &nbsp;&nbsp; 9109915 |
| Futures contracts (to sell) | &nbsp;&nbsp; 4042386 |
|  | Average Notional <br>Balance\*\*<br>|
| Interest rate swap contracts | &nbsp;&nbsp; $4130571 |
| Credit default swap contracts (sell protection) | &nbsp;&nbsp; 1581143 |

---

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

\* Based on the average of the market values at each month-end during the period.

\*\* Based on the average of the notional amounts at each month-end during the period.

**5. Fund share transactions**

At September 30, 2025, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Fund's Statements of Changes in Net Assets. Creations and redemptions for cash

Western Asset Bond ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

(when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Redemption facility**

The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 30, 2026.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended September 30, 2025.

**7. Deferred capital losses**

As of March 31, 2025, the Fund had deferred capital losses of $93,577, which have no expiration date, that will be available to offset future taxable capital gains. At March 31, 2025, there were no capital loss carryforwards.

**8. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

------

Western Asset Bond ETF 2025 Semi-Annual Report

------

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

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

---

Western Asset Bond ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting held on May 21, 2025 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the continuance of (i) the investment management agreement between Franklin Advisers, Inc. (FAV) and the Trust, on behalf of the Fund; (ii) the investment sub-advisory agreement between FAV and Western Asset Management Company, LLC (Western Asset); and (iii) the sub-subadvisory agreements between Western Asset and Western Asset Management Company Limited in London (Western Asset London), Western Asset Management Company Pte. Ltd. in Singapore (Western Asset Singapore), and Western Asset Management Company Ltd in Japan (Western Asset Japan) on behalf of the Fund (each a Management Agreement) for an additional one-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the renewal of each Management Agreement. FAV, Western Asset, Western Asset London, Western Asset Singapore and Western Asset Japan are each referred to herein as a Manager.

In considering the continuance of each Management Agreement, the Board reviewed and considered information provided by each Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information provided in response to a detailed set of requests for information submitted to each Manager by Independent Trustee counsel on behalf of the Independent Trustees in connection with the annual contract renewal process. In addition, prior to the Meeting, the Independent Trustees held a virtual contract renewal meeting at which the Independent Trustees first conferred amongst themselves and Independent Trustee counsel about contract renewal matters, and then met with management to request additional information that the Independent Trustees also considered prior to and at the Meeting. The Board further considered all of the factors it deemed relevant in approving the continuance of each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by each Manager; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by each Manager and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale are realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund investors.

In approving the continuance of each Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of each Management Agreement are fair and reasonable and that the continuance of each Management Agreement is in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

------

Western Asset Bond ETF

------

**Nature, Extent and Quality of Services**

The Board reviewed the information it received regarding the nature, extent and quality of investment management services provided by each Manager and its affiliates to the Fund and its shareholders. This information included, among other things, the qualifications, background and experience of the senior management and investment personnel of each Manager, as well as information on succession planning where appropriate; the structure of investment personnel compensation; oversight of third-party service providers; investment performance reports and related financial information for the Fund; reports on expenses and shareholder services; legal and compliance matters; risk controls; pricing and other services provided by each Manager and its affiliates; and management fees charged by each Manager and its affiliates to US funds and other accounts, including management's explanation of differences among accounts where relevant. The Board acknowledged the ongoing integration of acquired third-party fund families into the Franklin Templeton (FT) family of funds and management's continued development of strategies to address evolving changes in domestic policy and continuing geopolitical concerns.

The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the FT family of funds. The Board noted the financial position of Franklin Resources, Inc. (FRI), the Managers' parent, and its commitment to the registered fund business as evidenced by its continued introduction of new funds, reassessment of the fund offerings in response to FT acquisitions and the market environment, as well as its evaluation of ways to incorporate private assets into more traditional investment vehicles. The Board specifically noted FT's commitment to technological innovation and advancement, including its continued focus on developing potential use cases for tokenization and the blockchain and the use of artificial intelligence tools to help streamline day-to-day tasks.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by each Manager and its affiliates to the Fund and its shareholders.

**Fund Performance**

The Board reviewed and considered the performance results of the Fund for the one-year period ended December 31, 2024, noting the Fund commenced operations on September 19, 2023. The Board considered the performance returns for the Fund in comparison to the performance returns of registered funds deemed comparable to the Fund included in a universe (Performance Universe) selected by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the registered funds included in a Performance Universe. The Board also reviewed and considered Fund performance reports provided and discussions that occurred with portfolio managers at Board meetings

Western Asset Bond ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

throughout the year. The Board referenced earlier discussions with management on matters related to, among other things, the expansion and rationalization of the overall product line, including investments in novel asset classes, as well as the growth in assets from internal and external clients. In addition, the Board acknowledged information provided regarding management's strategy to grow market share through the use of innovative data and technology and investments in marketing and distribution. The Board noted management's high level of client engagement and the strength of its internal audit and compliance program. A summary of the Fund's performance results is below.

The Performance Universe for the Fund included the Fund and all retail and institutional core plus bond funds and exchange-traded funds. The Fund commenced operations on September 19, 2023, and thus had been in operation for less than three years as of the period ended December 31, 2024. The Board noted that the Fund's annualized total return for the one-year period was below the median of its Performance Universe. The Board noted the Fund's short operating history. The Board concluded that the Fund's Management Agreements should be continued to an additional one-year period, while management's efforts continue to be closely monitored.

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding the Fund's actual total expense ratio, noting that the Fund pays a Unified Fee (as defined below). The Board considered the actual total expense ratio and, separately, the contractual Unified Fee, without the effect of fee waivers, if any (Management Rate) of the Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-traded funds deemed comparable to and with a similar expense structure to the Fund (Expense Group) selected by Broadridge. Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report, which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in an Expense Group.

The Expense Group for the Fund was comprised of actively managed exchange-traded funds, which included the Fund and ten other core plus bond funds. The Board noted that the Management Rate for the Fund was above the median of its Expense Group and the estimated total expense ratio for the Fund was equal to the median of its Expense Group. The Board further noted that the Fund has implemented a unified management fee (Unified Fee) and that pursuant to the Unified Fee arrangement FAV would reimburse the Fund for all

------

Western Asset Bond ETF

------

of its acquired fund fees and expenses (if any) and pays all of the ordinary operating expenses of the Fund, except for (i) the Fund's Unified Fee, (ii) payments under the Fund's Rule 12b-1 plan (if any), (iii) brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses. The Board discussed the above median Management Rate with management and management explained that the Management Rate was only 0.2 basis points above the median. Management further explained that the Fund's Management Rate was more than 15 basis points below the average fee across all active core plus bond ETFs and is lower than comparable active mutual fund strategies. The Board also noted that Western Asset is paid by FAV out of the Unified Fee FAV receives from the Fund and that the allocation of the fee between FAV and Western Asset reflected the services provided by Western Asset to the Fund. The Board also noted that Western Asset London, Western Asset Singapore and Western Asset Japan are paid by Western Asset from the fee FAV pays to Western Asset and this fee reflects the services provided by the sub-subadvisers to the Fund. After consideration of the above, the Board concluded that the Management Rate charged to the Fund, the sub-advisory fee paid to Western Asset and the sub-subadvisory fees paid to Western Asset London, Western Asset Singapore and Western Asset Japan are reasonable.

**Profitability**

The Board reviewed and considered information regarding the profits realized by each Manager and its affiliates in connection with the operation of the Fund. In this respect, the Board considered the Fund profitability analysis that addresses the overall profitability of FT's US fund business, as well as its profits in providing investment management and other services to each of the individual Funds during the 12-month period ended September 30, 2024 (the most recent fiscal year-end for FRI). The Board noted that although management continually makes refinements to its methodologies used in calculating profitability in response to organizational and product-related changes, the overall methodology has remained consistent with that used in the Fund's profitability report presentations from prior years. The Board also noted that an independent registered public accounting firm has been engaged to periodically review and assess the allocation methodologies to be used solely by the Fund's Board with respect to the profitability analysis.

The Board noted management's belief that costs incurred in establishing the infrastructure necessary for the type of fund operations conducted by each Manager and its affiliates may not be fully reflected in the expenses allocated to the Fund in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. As part of this evaluation, the Board

Western Asset Bond ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

considered management's outsourcing of certain operations, which effort has required considerable up-front expenditures by each Manager, but over the long run, is expected to result in greater efficiencies. The Board also noted management's expenditures in improving shareholder services provided to the Fund, as well as the need to implement systems and meet additional regulatory and compliance requirements resulting from recent US Securities and Exchange Commission and other regulatory requirements.

The Board also considered the extent to which each Manager and its affiliates might derive ancillary benefits from fund operations, including potential benefits resulting from personnel and systems enhancements necessitated by fund growth, as well as increased leverage with service providers and counterparties. Based upon its consideration of all these factors, the Board concluded that the level of profits realized by each Manager and its affiliates from providing services to the Fund was not excessive in view of the nature, extent and quality of services provided to the Fund.

**Economies of Scale**

The Board reviewed and considered the extent to which each Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's management fee structure reflects any economies of scale for the benefit of shareholders. The Board considered that the Fund would likely experience benefits from the Unified Fee as the Fund's projected asset levels because of the FAV's contractual requirement to bear most of the Fund's ordinary operating expenses. The Board noted that, under the Unified Fee, it is not anticipated that the Fund will generate significant, if any, profit for FAV and/or its affiliates for some time. The Board also considered management's view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments each Manager incurs across the FT family of funds as a whole. The Board noted that, as of December 31, 2024, the Fund's net assets were approximately $39.9 million. The Board also noted management's representation that for the fiscal year ended September 30, 2024, the Fund did not experience a profit. The Board recognized that there would not likely be any economies of scale for the Fund until its assets grow.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the continuance of each Management Agreement for an additional one-year period.

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Western Asset Bond ETF

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Western Asset

Bond ETF

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisers, Inc.

**Subadvisers**

Western Asset Management Company, LLC

Western Asset Management Company Limited

Western Asset Management Company Ltd.

Western Asset Management Company Pte. Ltd.

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Western Asset Bond ETF**

The Fund is a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Western Asset Bond ETF

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at (800) DIAL BEN/342-5236.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Western Asset Bond ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img76b075023.jpg)

**36353-SFSOI 11/25**© 2025 Franklin Templeton. All rights reserved.

------

![](imgde5da9d51.gif)

**Franklin**

**Sustainable International Equity ETF**

**Financial Statements and Other Important Information**

**Semi-Annual** \| September 30, 2025

![](imgd10c0ed82.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_ce421b1d-525e-4b35-9037-a104c4cdcee4_SOI-Header-SOI-5041_1) | **1** |
| [Statement of Assets and Liabilities](#xx_ce421b1d-525e-4b35-9037-a104c4cdcee4_SAL-Header-SAL-5041_1) | **4** |
| [Statement of Operations](#xx_ce421b1d-525e-4b35-9037-a104c4cdcee4_SOP-Header-SOP-5041_1) | **5** |
| [Statements of Changes in Net Assets](#xx_ce421b1d-525e-4b35-9037-a104c4cdcee4_SOC-Header-SOC-5041_1) | **6** |
| [Financial Highlights](#xx_ce421b1d-525e-4b35-9037-a104c4cdcee4_FH-Header-Financialhighlights-5041_1) | **7** |
| [Notes to Financial Statements](#xx_ce421b1d-525e-4b35-9037-a104c4cdcee4_NTF-Header-Notestofinancialstatements-5041_1) | **9** |
| [Changes in and Disagreements with Accountants](#xx_ce421b1d-525e-4b35-9037-a104c4cdcee4_TSR-TOCTSRDisclosures-5041_1) | **18** |
| [Results of Meeting(s) of Shareholders](#xx_ce421b1d-525e-4b35-9037-a104c4cdcee4_TSR-TOCTSRDisclosures-5041_1) | **18** |
| [Remuneration Paid to Directors, Officers and Others](#xx_ce421b1d-525e-4b35-9037-a104c4cdcee4_TSR-TOCTSRDisclosures-5041_1) | **18** |
| [Board Approval of Management and Subadvisory](#xx_ce421b1d-525e-4b35-9037-a104c4cdcee4_BAMSA-TOC-Mgmtandsubadvisoryagreements-5041_1) [Agreements](#xx_ce421b1d-525e-4b35-9037-a104c4cdcee4_BAMSA-TOC-Mgmtandsubadvisoryagreements-5041_1) | **19** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

September 30, 2025

 **Franklin Sustainable International Equity 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 — 3.2%** | **Communication Services — 3.2%** | **Communication Services — 3.2%** |
| Interactive Media & Services — 3.2% | Interactive Media & Services — 3.2% | Interactive Media & Services — 3.2% |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 11475 | &nbsp;&nbsp; **$977832**<br>|
| **Consumer Discretionary — 14.6%** | **Consumer Discretionary — 14.6%** | **Consumer Discretionary — 14.6%** |
| Automobiles — 8.6% | Automobiles — 8.6% | Automobiles — 8.6% |
| Ferrari NV | &nbsp;&nbsp; 5532 | &nbsp;&nbsp; 2675441<br>|
| Broadline Retail — 1.3% | Broadline Retail — 1.3% | Broadline Retail — 1.3% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 409490<br>|
| Textiles, Apparel & Luxury Goods — 4.7% | Textiles, Apparel & Luxury Goods — 4.7% | Textiles, Apparel & Luxury Goods — 4.7% |
| Moncler SpA | &nbsp;&nbsp; 24851 | &nbsp;&nbsp; 1456200<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **4541131** |
| **Consumer Staples — 4.8%** | **Consumer Staples — 4.8%** | **Consumer Staples — 4.8%** |
| Personal Care Products — 4.8% | Personal Care Products — 4.8% | Personal Care Products — 4.8% |
| L'Oreal SA | &nbsp;&nbsp; 3401 | &nbsp;&nbsp; **1472590**<br>|
| **Financials — 6.7%** | **Financials — 6.7%** | **Financials — 6.7%** |
| Capital Markets — 2.4% | Capital Markets — 2.4% | Capital Markets — 2.4% |
| Partners Group Holding AG | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 763776<br>|
| Financial Services — 4.3% | Financial Services — 4.3% | Financial Services — 4.3% |
| Adyen NV | &nbsp;&nbsp; 827 | &nbsp;&nbsp; 1,326,404<br> \*<sup>(a)</sup><br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **2090180** |
| **Health Care — 20.3%** | **Health Care — 20.3%** | **Health Care — 20.3%** |
| Health Care Equipment & Supplies — 7.2% | Health Care Equipment & Supplies — 7.2% | Health Care Equipment & Supplies — 7.2% |
| ResMed Inc., CDI | &nbsp;&nbsp; 81842 | &nbsp;&nbsp; 2225499<br>|
| Life Sciences Tools & Services — 9.6% | Life Sciences Tools & Services — 9.6% | Life Sciences Tools & Services — 9.6% |
| Mettler-Toledo International Inc. | &nbsp;&nbsp; 1194 | &nbsp;&nbsp; 1,465,766<br> \*<br>|
| Oxford Nanopore Technologies PLC | &nbsp;&nbsp; 138479 | &nbsp;&nbsp; 283,929<br> \*<br>|
| Sartorius Stedim Biotech | &nbsp;&nbsp; 6135 | &nbsp;&nbsp; 1240244<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 2989939 |
| Pharmaceuticals — 3.5% | Pharmaceuticals — 3.5% | Pharmaceuticals — 3.5% |
| AstraZeneca PLC | &nbsp;&nbsp; 1893 | &nbsp;&nbsp; 284968<br>|
| Novo Nordisk A/S, Class B Shares | &nbsp;&nbsp; 14872 | &nbsp;&nbsp; 806831<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 1091799 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **6307237** |
| **Industrials — 18.5%** | **Industrials — 18.5%** | **Industrials — 18.5%** |
| Building Products — 8.3% | Building Products — 8.3% | Building Products — 8.3% |
| Assa Abloy AB, Class B Shares | &nbsp;&nbsp; 32656 | &nbsp;&nbsp; 1134007<br>|
| Kingspan Group PLC | &nbsp;&nbsp; 17377 | &nbsp;&nbsp; 1445592<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 2579599 |

---

See Notes to Financial Statements.

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin Sustainable International Equity ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| Electrical Equipment — 4.4% | Electrical Equipment — 4.4% | Electrical Equipment — 4.4% | Electrical Equipment — 4.4% | Electrical Equipment — 4.4% |
| Schneider Electric SE | Schneider Electric SE |  | &nbsp;&nbsp; 4881 | &nbsp;&nbsp; $1362677<br>|
| Machinery — 5.8% | Machinery — 5.8% | Machinery — 5.8% | Machinery — 5.8% | Machinery — 5.8% |
| Atlas Copco AB, Class A Shares | Atlas Copco AB, Class A Shares |  | &nbsp;&nbsp; 106560 | &nbsp;&nbsp; 1800341<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **5742617** |
| **Information Technology — 24.8%** | **Information Technology — 24.8%** | **Information Technology — 24.8%** | **Information Technology — 24.8%** | **Information Technology — 24.8%** |
| Semiconductors & Semiconductor Equipment — 13.3% | Semiconductors & Semiconductor Equipment — 13.3% | Semiconductors & Semiconductor Equipment — 13.3% | Semiconductors & Semiconductor Equipment — 13.3% | Semiconductors & Semiconductor Equipment — 13.3% |
| ASML Holding NV | ASML Holding NV |  | &nbsp;&nbsp; 1578 | &nbsp;&nbsp; 1535421<br>|
| BE Semiconductor Industries NV | BE Semiconductor Industries NV |  | &nbsp;&nbsp; 7036 | &nbsp;&nbsp; 1048707<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 1541440<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 4125568 |
| Software — 11.5% | Software — 11.5% | Software — 11.5% | Software — 11.5% | Software — 11.5% |
| Constellation Software Inc. | Constellation Software Inc. |  | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 686955<br>|
| Dassault Systemes SE | Dassault Systemes SE |  | &nbsp;&nbsp; 24670 | &nbsp;&nbsp; 826426<br>|
| Nemetschek SE | Nemetschek SE |  | &nbsp;&nbsp; 7716 | &nbsp;&nbsp; 1004546<br>|
| SAP SE | SAP SE |  | &nbsp;&nbsp; 3864 | &nbsp;&nbsp; 1034711<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 3552638 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **7678206** |
| **Materials — 5.6%** | **Materials — 5.6%** | **Materials — 5.6%** | **Materials — 5.6%** | **Materials — 5.6%** |
| Chemicals — 5.6% | Chemicals — 5.6% | Chemicals — 5.6% | Chemicals — 5.6% | Chemicals — 5.6% |
| Linde PLC | Linde PLC |  | &nbsp;&nbsp; 3633 | &nbsp;&nbsp; **1725675**<br>|
| **Total Investments before Short-Term Investments (Cost — $27,991,993)** | **Total Investments before Short-Term Investments (Cost — $27,991,993)** | **Total Investments before Short-Term Investments (Cost — $27,991,993)** | **Total Investments before Short-Term Investments (Cost — $27,991,993)** | &nbsp;&nbsp; **30535468** |
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| Royal Bank of Canada (Cost — $300,000) | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; $300000<br>| &nbsp;&nbsp; **300000**<br>|
| **Total Investments — 99.5% (Cost — $28,291,993)** | **Total Investments — 99.5% (Cost — $28,291,993)** | **Total Investments — 99.5% (Cost — $28,291,993)** | **Total Investments — 99.5% (Cost — $28,291,993)** | &nbsp;&nbsp; **30835468** |
| Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp; 164907 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$31000375** |

---

&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:** |
| CDI |  | Clearing House Electronic Subregister System Depositary Interest |

---

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

See Notes to Financial Statements.

------

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

 **Franklin Sustainable International Equity ETF**

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup>  | **Summary of Investments by Country**<sup>#</sup>  |
| United States | 22.0<br> %<br>|
| Italy | 13.4 |
| Netherlands | 12.7 |
| France | 11.5 |
| Sweden | 9.5 |
| Germany | 6.6 |
| Taiwan | 5.0 |
| Ireland | 4.7 |
| China | 4.5 |
| Denmark | 2.6 |
| Switzerland | 2.5 |
| Canada | 2.2 |
| United Kingdom | 1.8 |
| Short-Term Investments | 1.0 |
|  | **100.0%**<br>|

---

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

# As a percentage of total investments. Please note that the Fund holdings are as of September 30, 2025, and are subject to change. 

See Notes to Financial Statements.

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

September 30, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost — $28,291,993) | &nbsp;&nbsp; $30835468 |
| Foreign currency, at value (Cost — $16,221) | &nbsp;&nbsp; 16342 |
| Cash | &nbsp;&nbsp; 71076 |
| Dividends and interest receivable | &nbsp;&nbsp; 55023 |
| European Union tax reclaims receivable (Note 1) | &nbsp;&nbsp; 49823 |
| **Total Assets** | &nbsp;&nbsp; **31027732** |
| **Liabilities:** |  |
| Investment management fee payable | &nbsp;&nbsp; 14901 |
| European Union tax reclaim contingent fees payable (Note 1) | &nbsp;&nbsp; 12456 |
| **Total Liabilities** | &nbsp;&nbsp; **27357** |
| **Total Net Assets** | &nbsp;&nbsp; **$31000375** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $37769100 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (6768725)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$31000375** |
| **Shares Outstanding** | &nbsp;&nbsp; 2166807 |
| **Net Asset Value** | &nbsp;&nbsp; $14.31 |

---

See Notes to Financial Statements.

------

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended September 30, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends | &nbsp;&nbsp; $285392 |
| Interest | &nbsp;&nbsp; 909 |
| European Union tax reclaims (Note 1) | &nbsp;&nbsp; 530 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (36386)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **250445** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 89146 |
| European Union tax reclaim contingent fees (Note 1) | &nbsp;&nbsp; 132 |
| **Total Expenses** | &nbsp;&nbsp; **89278** |
| **Net Investment Income** | &nbsp;&nbsp; **161167** |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1** <br> **and 3):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1** <br> **and 3):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions | &nbsp;&nbsp; (1081526)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 3510 |
| **Net Realized Loss**  | &nbsp;&nbsp; **(1078016)**<br>|
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments | &nbsp;&nbsp; 3546249 |
| Foreign currencies | &nbsp;&nbsp; 6283 |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **3552532** |
| **Net Gain on Investments and Foreign Currency Transactions**  | &nbsp;&nbsp; **2474516** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$2635683** |

---

See Notes to Financial Statements.

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $161167 | $177916 |
| Net realized loss  | &nbsp;&nbsp; (1078016)<br>| (1798398)<br>|
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 3552532 | (3653295)<br>|
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **2635683** | **(5273777)**<br>|
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; — | (162010)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **—** | **(162010)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (100,000 and 100,000 shares issued, <br> respectively) <br>| &nbsp;&nbsp; 1296950 | 1312689 |
| Cost of shares repurchased (0 and 200,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (2795765)<br>|
| **Increase (Decrease) in Net Assets From Fund Share** <br> **Transactions**<br>| &nbsp;&nbsp; **1296950** | **(1483076)**<br>|
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **3932633** | **(6918863)**<br>|
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 27067742 | 33986605 |
| **End of period** | &nbsp;&nbsp; **$31000375** | **$27067742** |

---

See Notes to Financial Statements.

------

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

Financial Highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>\*,13</sup> <br>| 2022<sup>14</sup> <br>| 2021<sup>14</sup> <br>| 2020<sup>14</sup> <br>|
| **Net asset value, beginning** <br> **of period**<br>| $13.10 | &nbsp;&nbsp; $15.69 | &nbsp;&nbsp; $14.41 | &nbsp;&nbsp; $13.88 | &nbsp;&nbsp; $18.93 | &nbsp;&nbsp; $12.72 | &nbsp;&nbsp; $11.58 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |  |
| Net investment income | 0.07 | 0.08 | 0.09 | 0.00 <br><sup>5</sup><br>| 0.10 | 0.04 | 0.02 |
| Net realized and unrealized <br> gain (loss)<br>| 1.14 | &nbsp;&nbsp; (2.59)<br>| 1.27 | 0.59 | &nbsp;&nbsp; (4.10)<br>| 6.19 | 1.17 |
| **Total income (loss)** <br> **from operations**<br>| **1.21** | &nbsp;&nbsp; **(2.51)** | **1.36** | **0.59** | &nbsp;&nbsp; **(4.00)** | **6.23** | **1.19** |
| **Less distributions from:** |  |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>5</sup><br>| &nbsp;&nbsp; (0.05)<br>|
| Net realized gains |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — |
| **Total distributions**  | **—** | &nbsp;&nbsp; **(0.08)**<br>| &nbsp;&nbsp; **(0.08)**<br>| &nbsp;&nbsp; **(0.06)**<br>| &nbsp;&nbsp; **(1.05)**<br>| &nbsp;&nbsp; **(0.02)**<br>| &nbsp;&nbsp; **(0.05)**<br>|
| **Net asset value, end of** <br> **period**<br>| $14.31 | &nbsp;&nbsp; $13.10 | &nbsp;&nbsp; $15.69 | &nbsp;&nbsp; $14.41 | &nbsp;&nbsp; $13.88 | &nbsp;&nbsp; $18.93 | &nbsp;&nbsp; $12.72 |
| **Total return, based on NAV**<sup>6</sup> <br>| **9.24%**<br>| &nbsp;&nbsp; **(15.93)%**<br>| **9.44%**<br>| **4.30%** <br><sup>7</sup><br>| &nbsp;&nbsp; **(22.38)%**<br>| **49.06%**<br>| **10.26%**<br>|
| **Net assets, end of period** <br> **(000s)**<br>| $31000 | &nbsp;&nbsp; $27068 | &nbsp;&nbsp; $33987 | &nbsp;&nbsp; $19700 | &nbsp;&nbsp; $40848 | &nbsp;&nbsp; $20966 | &nbsp;&nbsp; $4783 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |  |
| Gross expenses | 0.59 %<sup>8,9</sup><br>| 0.59 %<sup>8</sup><br>| 0.61 %<sup>8</sup><br>| 1.07 %<sup>8,9</sup><br>| 1.50<br> %<br>| 1.89<br> %<br>| 4.61 %<sup>10</sup><br>|
| Net expenses | 0.59 <br><sup>89</sup><br>| 0.59 <br><sup>8</sup><br>| 0.61 <br><sup>8</sup><br>| 0.73 <br><sup>89</sup><br>| 0.75 | 0.75 | 0.75 <br><sup>10</sup><br>|
| Net investment income | 1.07 <br><sup>9</sup><br>| 0.58 | 0.60 | 0.03 <br><sup>9</sup><br>| 0.57 | 0.22 | 0.14 |
| **Portfolio turnover rate** | **14%**<br>| &nbsp;&nbsp; **18%** <br><sup>11</sup><br>| &nbsp;&nbsp; **21%** <br><sup>11</sup><br>| &nbsp;&nbsp; **26%** <br><sup>11</sup><br>| &nbsp;&nbsp; **0%**<br>| &nbsp;&nbsp; **0%**<br>| &nbsp;&nbsp; **0%**<br>|

---

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

See Notes to Financial Statements.

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

Financial Highlights (cont'd)

\* Effective after the market close on October 28, 2022, the Fund's predecessor mutual fund, Martin Currie International Sustainable Equity Fund, reorganized into this Fund (the "Reorganization"). See Note 1 in the Notes to Financial Statements for additional information about the Reorganization. 

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> For the period June 1, 2022 through March 31, 2023.

<sup>4</sup> For the year ended May 31.

<sup>5</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>6</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>7</sup> The Fund adopted the performance of the predecessor mutual fund as the result of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to October 28, 2022, are those of the predecessor mutual fund. The predecessor mutual fund's performance is represented by the performance of the predecessor mutual fund's Class IS Shares. Had the predecessor mutual fund been structured as an ETF, its performance may have differed. 

<sup>8</sup> Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would not have changed for the six months ended September 30, 2025, and the year ended March 31, 2025, would have been 0.59% and 0.59%, respectively, for the year ended March 31, 2024, and 1.06% and 0.73%, respectively, for the period ended March 31, 2023. 

<sup>9</sup> Annualized.

<sup>10</sup> Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.

<sup>11</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. 

See Notes to Financial Statements.

------

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin Sustainable International Equity ETF (formerly Martin Currie Sustainable International Equity ETF) (the "Fund") is a separate non-diversified investment series of Franklin Templeton ETF Trust (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 Martin Currie Sustainable International Equity ETF adopted the performance of the Martin Currie International Sustainable Equity Fund (the "predecessor mutual fund") as the result of a reorganization of the predecessor mutual fund into the Fund (the "Reorganization") that was effective after the market close on October 28, 2022. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ended on or prior to October 28, 2022 are those of the predecessor mutual fund.

Prior to the Fund's listing on October 31, 2022, the net asset value (NAV) performance of the Class IS Shares of the predecessor mutual fund is used as a proxy for the Fund's market price returns. Had the predecessor mutual fund been structured as an ETF, its performance may have differed.

The Fund is an actively managed exchange-traded fund ("ETF"). 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 Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NASDAQ. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems 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 Fund 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 Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund seeks long-term capital appreciation.

The Fund follows 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 Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities 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. 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. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund 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 which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's 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 Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, 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

------

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

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 Fund uses 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 Fund's 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.

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

The following is a summary of the inputs used in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $30535468 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $30535468 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; $300000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 300000 |
| **Total Investments** | &nbsp;&nbsp; **$30535468** | &nbsp;&nbsp; **$300000** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$30835468** |

---

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

† See
 Schedule of Investments for additional detailed categorizations.

**(b) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

**(c) Foreign investment risks.** The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign

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Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(d) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(e) Distributions to shareholders.** Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(f) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

As a result of several court cases, in certain countries across the European Union, the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("EU reclaims"). Income recognized, if any, for EU reclaims is reflected as European Union tax reclaims in the Statement of Operations and any related receivable is

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected as European Union tax reclaim contingent fees in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns.

**(g) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**(h) Guarantees and indemnifications.** Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisers, Inc. ("FAV") is the Fund's investment manager and Franklin Templeton Investment Management Limited ("FTIML") is the Fund's subadvisor. Prior to July 12, 2025, Martin Currie, Inc. was the sub-advisor to the Fund. FAV and FTIML are, respectively, direct and indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

The Fund pays a unified management fee to FAV whereby FAV has agreed to reimburse the Fund's acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Fund, including custody, transfer agency, and Trustee fees and expenses, among others, but excluding payments under the Fund's Rule 12b-1 plan (if any), brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), taxes, interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), litigation expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), and other non-routine or extraordinary expenses. FAV pays FTIML for its services. The fee is calculated daily and paid monthly according to the terms of the management agreement. For the six months ended September 30, 2025, the Fund paid effective investment management fees of 0.59% on the average daily net assets of the Fund.

The subadvisory fee is paid by FAV based on the Fund's average daily net assets, and is not an additional expense of the Fund.

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Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

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FAV provides administrative and certain oversight services to the Fund. FAV delegates to the subadviser the day-to-day portfolio management of the Fund. The Fund is responsible for paying interest expenses, taxes, brokerage expenses, future 12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee payable to FAV under the investment management agreement.

Under the investment management agreement and subject to the general supervision of the Fund's Board, FAV provides or causes to be furnished all investment management, supervisory, administrative and other services reasonably necessary for the operation of the Fund, including certain distribution services (provided pursuant to a separate distribution agreement) and investment advisory services (provided pursuant to separate subadvisory agreements) under a unitary fee structure.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the six months ended September 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $5451874 |
| Sales | &nbsp;&nbsp; 4221242 |

---

At September 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $28482888 | &nbsp;&nbsp; $4978281 | &nbsp;&nbsp; $(2625701) | &nbsp;&nbsp; $2352580 |

---

**4. Derivative instruments and hedging activities**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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

**5. Fund share transactions**

At September 30, 2025, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Fund's Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Capital loss carryforward**

As of March 31, 2025, the Fund had capital loss carryforwards remaining, which have no expiration date, of $8,245,342, that will be available to offset future taxable capital gains.

**7. Recent accounting pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

**8. Plan of Liquidation**

On September 4, 2025, the Board of Trustees of Franklin Templeton ETF Trust approved a proposal to liquidate and dissolve the Fund. The Fund is scheduled to liquidate on or about January 16, 2026.

**9. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

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Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

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For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

Franklin Sustainable International Equity ETF 2025 Semi-Annual Report

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

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

---

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Franklin Sustainable International Equity ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting held on May 21, 2025 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved a new investment sub-advisory agreement between Franklin Advisers, Inc. (Manager), the Fund's investment manager, and Franklin Templeton Investment Management Limited (New Sub-Adviser), an affiliate of the Manager, on behalf of the Fund, for an initial two-year period, effective July 12, 2025 (Sub-Advisory Agreement). The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the approval of the Sub-Advisory Agreement. The Board noted that the New Sub-Adviser was proposed to replace the Fund's prior sub-adviser, Martin Currie Inc. (Prior Sub-Adviser).

The Board reviewed and considered information provided by the Manager at the Meeting with respect to the Sub-Advisory Agreement. The Board also reviewed and considered the factors it deemed relevant in approving the Sub-Advisory Agreement, including, but not limited to: (i) the nature, extent, and quality of the services to be provided by the New Sub-Adviser; and (ii) the costs of the services to be provided by the New Sub-Adviser. The Board further reviewed and considered information provided by management showing the expected impact of hiring the New Sub-Adviser on the Manager's profitability consistent with the Order (as defined below), noting that because the sub-advisory fees payable by the Manager to the New Sub-Adviser will be the same as the current fees the Manager pays to the Fund's Prior Sub-Adviser, there will be no change to the Manager's profitability as a result of this change. The Board also considered that management proposed that the Board approve the Sub-Advisory Agreement to enable the Fund's portfolio management team to remain unchanged following a transition in their employment from the Prior Sub-Adviser to the New Sub-Adviser in light of a realignment of their investment team and the anticipated retiring of the Martin Currie brand. The Board reviewed and further considered the form of Sub-Advisory Agreement and the terms of the Sub-Advisory Agreement, which were discussed at the Meeting, noting that the terms and conditions of the Sub-Advisory Agreement were substantially similar to the terms and conditions of the existing sub-advisory agreement with Martin Currie Inc. (Existing Sub-Advisory Agreement) and sub-advisory agreements for other Franklin Templeton (FT) exchange-traded funds sub-advised by FT sub-advisers.

In approving the Sub-Advisory Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the hiring of the New Sub-Adviser is in the best interests of the Fund and its shareholders and does not involve a conflict of interest from which the Manager or New Sub-Adviser derives an inappropriate advantage. The Board also determined, through the exercise of its business judgment, that the terms of the Sub-Advisory Agreement are fair and reasonable.

Franklin Sustainable International Equity ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services**

The Board reviewed and considered the information it received regarding the nature, extent and quality of investment management services to be provided by the New Sub-Adviser and currently being provided by the Manager and their affiliates to the Fund and its shareholders. In doing so, the Board noted that the Fund employs a "manager of managers" structure pursuant to an exemptive order (Order) granted to the Manager by the U.S. Securities and Exchange Commission, whereby the Manager and the Fund may, without shareholder approval, enter into, replace and amend sub-advisory agreements with sub-advisers that are indirect or direct wholly owned subsidiaries of Franklin Resources, Inc. (FRI). In particular, with respect to the New Sub-Adviser, the Board took into account that the current portfolio management team will become employees of the New Sub-Adviser upon the realignment of their team. The Board reviewed and considered information regarding the nature, quality and extent of investment sub-advisory services to be provided by the New Sub-Adviser to the Fund and its shareholders under the Sub-Advisory Agreement; the New Sub-Adviser's experience as a manager of other funds and accounts, including those within the FT organization; the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of the New Sub-Adviser and the New Sub-Adviser's capabilities, as demonstrated by, among other things, its policies and procedures reasonably designed to prevent violations of the federal securities laws.

The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the FT family of funds. The Board noted the financial position of FRI, the parent of the Manager and the New Sub-Adviser, and its commitment to the registered fund business as evidenced by its continued introduction of new funds, reassessment of fund offerings in response to FT acquisitions and the market environment, as well as its evaluation of ways to incorporate private assets into more traditional investment vehicles. The Board specifically noted FT's commitment to technological innovation and advancement, including its continued focus on developing potential use cases for tokenization and the blockchain and the use of artificial intelligence tools to help streamline day-to-day tasks.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services to be provided by the New Sub-Adviser to the Fund and its shareholders.

**Fund Performance**

The Board noted its review and consideration of and conclusions made regarding the performance results of the Fund in connection with the May 2025 annual contract renewal

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Franklin Sustainable International Equity ETF

------

(Annual Contract Renewal) of the Fund's investment management agreement and at regular Board meetings throughout the year. The Board further noted that there was no performance of the New Sub-Adviser to evaluate with respect to the Fund as the New Sub-Adviser had not yet provided any services to the Fund.

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding the investment sub-advisory fee to be charged by the New Sub-Adviser. The Board noted that the investment sub-advisory fees to be paid to the New Sub-Adviser will have no impact on the amount of management fees that are currently paid by the Fund as the New Sub-Adviser will be paid by the Manager out of the unitary management fee that the Manager receives from the Fund. The Board further noted that the allocation of the fees between the Manager and the New Sub-Adviser reflected the services to be provided by the New Sub-Adviser and that the sub-advisory fees to be paid to the New Sub-Adviser are the same as the current fees paid to the Prior Sub-Adviser under the Existing Sub-Advisory Agreement. The Board concluded that the proposed investment sub-advisory fees to be paid to the New Sub-Adviser are reasonable.

**Management Profitability and Economies of Scale**

The Board noted management's representation that the Manager's profitability is not expected to change as a result of the addition of the new services to be provided by the New Sub-Adviser pursuant to the Sub-Advisory Agreement. The Board determined that its conclusions regarding profitability and economies of scale reached in connection with the Annual Contract Renewal of the investment management agreement with the Manager had not changed as a result of the proposal to approve the Sub-Advisory Agreement.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the Sub-Advisory Agreement for an initial two-year period effective July 12, 2025.

Franklin Sustainable International Equity ETF

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Franklin

Sustainable International Equity ETF

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisers, Inc.

**Subadviser**

Franklin Templeton Investment Management Limited†

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

† Formerly Martin Currie, Inc.

**Franklin Sustainable International Equity ETF**

The Fund is a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin Sustainable International Equity ETF

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at (800) DIAL BEN/342-5236.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin Sustainable International Equity ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider each Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img64cd85803.jpg)

**33320-SFSOI 11/25**© 2025 Franklin Templeton. All rights reserved.

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![](imga90d41881.gif)

**Franklin**

**U.S. Equity Index ETF**

**Financial Statements and Other Important Information**

**Semi-Annual** \| September 30, 2025

![](img898de60d2.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_628cce95-fc31-4e67-8c8d-10ac36dab939_SOI-Header-SOI-5039_1) | **1** |
| [Statement of Assets and Liabilities](#xx_628cce95-fc31-4e67-8c8d-10ac36dab939_SAL-Header-SAL-5039_1) | **19** |
| [Statement of Operations](#xx_628cce95-fc31-4e67-8c8d-10ac36dab939_SOP-Header-SOP-5039_1) | **20** |
| [Statements of Changes in Net Assets](#xx_628cce95-fc31-4e67-8c8d-10ac36dab939_SOC-Header-SOC-5039_1) | **21** |
| [Financial Highlights](#xx_628cce95-fc31-4e67-8c8d-10ac36dab939_FH-Header-Financialhighlights-5039_1) | **22** |
| [Notes to Financial Statements](#xx_628cce95-fc31-4e67-8c8d-10ac36dab939_NTF-Header-Notestofinancialstatements-5039_1) | **23** |
| [Changes in and Disagreements with Accountants](#xx_628cce95-fc31-4e67-8c8d-10ac36dab939_TSR-TOCTSRDisclosures-5039_1) | **35** |
| [Results of Meeting(s) of Shareholders](#xx_628cce95-fc31-4e67-8c8d-10ac36dab939_TSR-TOCTSRDisclosures-5039_1) | **35** |
| [Remuneration Paid to Directors, Officers and Others](#xx_628cce95-fc31-4e67-8c8d-10ac36dab939_TSR-TOCTSRDisclosures-5039_1) | **35** |
| [Board Approval of Management and Subadvisory](#xx_628cce95-fc31-4e67-8c8d-10ac36dab939_BAMSA-TOC-Mgmtandsubadvisoryagreements-5039_1) [Agreements](#xx_628cce95-fc31-4e67-8c8d-10ac36dab939_BAMSA-TOC-Mgmtandsubadvisoryagreements-5039_1) | **36** |

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**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

September 30, 2025

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 10.3%** | **Communication Services — 10.3%** | **Communication Services — 10.3%** |
| Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% |
| AT&T Inc. | &nbsp;&nbsp; 184258 | &nbsp;&nbsp; $5203446<br>|
| Verizon Communications Inc. | &nbsp;&nbsp; 108417 | &nbsp;&nbsp; 4764927<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 9968373 |
| Entertainment — 1.7% | Entertainment — 1.7% | Entertainment — 1.7% |
| Electronic Arts Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 1129318<br>|
| Liberty Media Corp.-Liberty Formula One, Class A Shares | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 48,467<br> \*<br>|
| Liberty Media Corp.-Liberty Formula One, Class C Shares | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 584,816<br> \*<br>|
| Live Nation Entertainment Inc. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 582,194<br> \*<br>|
| Netflix Inc. | &nbsp;&nbsp; 10927 | &nbsp;&nbsp; 13,100,599<br> \*<br>|
| ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 15779 | &nbsp;&nbsp; 2,185,707<br> \*<br>|
| Take-Two Interactive Software Inc. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 1,052,042<br> \*<br>|
| Walt Disney Co. | &nbsp;&nbsp; 46319 | &nbsp;&nbsp; 5303525<br>|
| Warner Bros. Discovery Inc. | &nbsp;&nbsp; 58535 | &nbsp;&nbsp; 1,143,189<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 25129857 |
| Interactive Media & Services — 7.4% | Interactive Media & Services — 7.4% | Interactive Media & Services — 7.4% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 149646 | &nbsp;&nbsp; 36378943<br>|
| Alphabet Inc., Class C Shares | &nbsp;&nbsp; 130304 | &nbsp;&nbsp; 31735539<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 55990 | &nbsp;&nbsp; 41117936<br>|
| Pinterest Inc., Class A Shares | &nbsp;&nbsp; 15270 | &nbsp;&nbsp; 491,236<br> \*<br>|
| Snap Inc., Class A Shares | &nbsp;&nbsp; 27486 | &nbsp;&nbsp; 211,917<br> \*<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 109935571 |
| Media — 0.4% | Media — 0.4% | Media — 0.4% |
| Charter Communications Inc., Class A Shares | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 700,142<br> \*<br>|
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 95692 | &nbsp;&nbsp; 3006643<br>|
| Fox Corp., Class A Shares | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 353073<br>|
| Fox Corp., Class B Shares | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 204124<br>|
| News Corp., Class A Shares | &nbsp;&nbsp; 9671 | &nbsp;&nbsp; 296996<br>|
| News Corp., Class B Shares | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 87930<br>|
| Omnicom Group Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 414988<br>|
| Trade Desk Inc., Class A Shares | &nbsp;&nbsp; 11707 | &nbsp;&nbsp; 573,760<br> \*<br>|
| Total Media | Total Media | &nbsp;&nbsp; 5637656 |
| Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% |
| T-Mobile US Inc. | &nbsp;&nbsp; 10689 | &nbsp;&nbsp; 2558733<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **153230190** |
| **Consumer Discretionary — 10.6%** | **Consumer Discretionary — 10.6%** | **Consumer Discretionary — 10.6%** |
| Automobile Components — 0.0%†† | Automobile Components — 0.0%†† | Automobile Components — 0.0%†† |
| Aptiv PLC | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 482,746<br> \*<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobiles — 2.3% | Automobiles — 2.3% | Automobiles — 2.3% |
| Ford Motor Co. | &nbsp;&nbsp; 100782 | &nbsp;&nbsp; $1205353<br>|
| General Motors Co. | &nbsp;&nbsp; 24432 | &nbsp;&nbsp; 1489619<br>|
| Tesla Inc. | &nbsp;&nbsp; 72278 | &nbsp;&nbsp; 32,143,472<br> \*<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 34838444 |
| Broadline Retail — 4.0% | Broadline Retail — 4.0% | Broadline Retail — 4.0% |
| Amazon.com Inc. | &nbsp;&nbsp; 250937 | &nbsp;&nbsp; 55,098,237<br> \*<br>|
| Coupang Inc. | &nbsp;&nbsp; 31558 | &nbsp;&nbsp; 1,016,168<br> \*<br>|
| eBay Inc. | &nbsp;&nbsp; 12216 | &nbsp;&nbsp; 1111045<br>|
| MercadoLibre Inc. | &nbsp;&nbsp; 1197 | &nbsp;&nbsp; 2,797,317<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 60022767 |
| Distributors — 0.1% | Distributors — 0.1% | Distributors — 0.1% |
| Genuine Parts Co. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 493832<br>|
| Pool Corp. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 315651<br>|
| Total Distributors | Total Distributors | &nbsp;&nbsp; 809483 |
| Hotels, Restaurants & Leisure — 1.9% | Hotels, Restaurants & Leisure — 1.9% | Hotels, Restaurants & Leisure — 1.9% |
| Airbnb Inc., Class A Shares | &nbsp;&nbsp; 10689 | &nbsp;&nbsp; 1,297,858<br> \*<br>|
| Booking Holdings Inc. | &nbsp;&nbsp; 838 | &nbsp;&nbsp; 4524588<br>|
| Carnival Corp. | &nbsp;&nbsp; 27995 | &nbsp;&nbsp; 809,335<br> \*<br>|
| Chipotle Mexican Grill Inc. | &nbsp;&nbsp; 34612 | &nbsp;&nbsp; 1,356,444<br> \*<br>|
| Darden Restaurants Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 581359<br>|
| Domino's Pizza Inc. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 439481<br>|
| DoorDash Inc., Class A Shares | &nbsp;&nbsp; 9162 | &nbsp;&nbsp; 2,491,972<br> \*<br>|
| Expedia Group Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 652793<br>|
| Flutter Entertainment PLC | &nbsp;&nbsp; 4070 | &nbsp;&nbsp; 1,033,780<br> \*<br>|
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 1452605<br>|
| Las Vegas Sands Corp. | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; 438066<br>|
| Marriott International Inc., Class A Shares | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 1590768<br>|
| McDonald's Corp. | &nbsp;&nbsp; 18324 | &nbsp;&nbsp; 5568480<br>|
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 2141129<br>|
| Starbucks Corp. | &nbsp;&nbsp; 29013 | &nbsp;&nbsp; 2454500<br>|
| Yum! Brands Inc. | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; 1083152<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 27916310 |
| Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% |
| DR Horton Inc. | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; 1207643<br>|
| Garmin Ltd. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 1002608<br>|
| Lennar Corp., Class A Shares | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 705698<br>|
| NVR Inc. | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 546,357<br> \*<br>|
| PulteGroup Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 672542<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 4134848 |

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialty Retail — 1.8% | Specialty Retail — 1.8% | Specialty Retail — 1.8% |
| AutoZone Inc. | &nbsp;&nbsp; 434 | &nbsp;&nbsp; $1,861,964<br> \*<br>|
| Best Buy Co. Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 384906<br>|
| Burlington Stores Inc. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 388,622<br> \*<br>|
| Carvana Co. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 1,344,106<br> \*<br>|
| Home Depot Inc. | &nbsp;&nbsp; 25450 | &nbsp;&nbsp; 10312085<br>|
| Lowe's Cos. Inc. | &nbsp;&nbsp; 14252 | &nbsp;&nbsp; 3581670<br>|
| O'Reilly Automotive Inc. | &nbsp;&nbsp; 21887 | &nbsp;&nbsp; 2,359,637<br> \*<br>|
| Ross Stores Inc. | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; 1241064<br>|
| TJX Cos. Inc. | &nbsp;&nbsp; 28504 | &nbsp;&nbsp; 4119968<br>|
| Tractor Supply Co. | &nbsp;&nbsp; 13234 | &nbsp;&nbsp; 752618<br>|
| Ulta Beauty Inc. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 556,592<br> \*<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 26903232 |
| Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% |
| Deckers Outdoor Corp. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 412,779<br> \*<br>|
| Lululemon Athletica Inc. | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 452,832<br> \*<br>|
| NIKE Inc., Class B Shares | &nbsp;&nbsp; 29013 | &nbsp;&nbsp; 2023076<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2888687 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **157996517** |
| **Consumer Staples — 4.8%** | **Consumer Staples — 4.8%** | **Consumer Staples — 4.8%** |
| Beverages — 1.0% | Beverages — 1.0% | Beverages — 1.0% |
| Brown-Forman Corp., Class A Shares | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 27395<br>|
| Brown-Forman Corp., Class B Shares | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 206756<br>|
| Coca-Cola Co. | &nbsp;&nbsp; 100273 | &nbsp;&nbsp; 6650105<br>|
| Constellation Brands Inc., Class A Shares | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 548376<br>|
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 31049 | &nbsp;&nbsp; 792060<br>|
| Molson Coors Beverage Co., Class B Shares | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; 207290<br>|
| Monster Beverage Corp. | &nbsp;&nbsp; 17815 | &nbsp;&nbsp; 1,199,128<br> \*<br>|
| PepsiCo Inc. | &nbsp;&nbsp; 35121 | &nbsp;&nbsp; 4932393<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 14563503 |
| Consumer Staples Distribution & Retail — 1.7% | Consumer Staples Distribution & Retail — 1.7% | Consumer Staples Distribution & Retail — 1.7% |
| Costco Wholesale Corp. | &nbsp;&nbsp; 11198 | &nbsp;&nbsp; 10365205<br>|
| Dollar General Corp. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 578657<br>|
| Dollar Tree Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 480,343<br> \*<br>|
| Kroger Co. | &nbsp;&nbsp; 15779 | &nbsp;&nbsp; 1063662<br>|
| Sysco Corp. | &nbsp;&nbsp; 12216 | &nbsp;&nbsp; 1005865<br>|
| Target Corp. | &nbsp;&nbsp; 11707 | &nbsp;&nbsp; 1050118<br>|
| Walmart Inc. | &nbsp;&nbsp; 110962 | &nbsp;&nbsp; 11435744<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 25979594 |
| Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 11707 | &nbsp;&nbsp; 699376<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Food Products — continued | Food Products — continued | Food Products — continued |
| Campbell's Co. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; $160742<br>|
| Conagra Brands Inc. | &nbsp;&nbsp; 12216 | &nbsp;&nbsp; 223675<br>|
| General Mills Inc. | &nbsp;&nbsp; 14252 | &nbsp;&nbsp; 718586<br>|
| Hershey Co. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 761668<br>|
| Hormel Foods Corp. | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 188890<br>|
| JM Smucker Co. | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 276387<br>|
| Kellanova | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; 584474<br>|
| Kraft Heinz Co. | &nbsp;&nbsp; 22396 | &nbsp;&nbsp; 583192<br>|
| McCormick & Co. Inc., Non Voting Shares | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 442743<br>|
| Mondelez International Inc., Class A Shares | &nbsp;&nbsp; 33085 | &nbsp;&nbsp; 2066820<br>|
| Tyson Foods Inc., Class A Shares | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; 386942<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 7093495 |
| Household Products — 0.9% | Household Products — 0.9% | Household Products — 0.9% |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 535244<br>|
| Clorox Co. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 376559<br>|
| Colgate-Palmolive Co. | &nbsp;&nbsp; 20869 | &nbsp;&nbsp; 1668268<br>|
| Kimberly-Clark Corp. | &nbsp;&nbsp; 8653 | &nbsp;&nbsp; 1075914<br>|
| Procter & Gamble Co. | &nbsp;&nbsp; 60571 | &nbsp;&nbsp; 9306734<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 12962719 |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Estee Lauder Cos. Inc., Class A Shares | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 538237<br>|
| Kenvue Inc. | &nbsp;&nbsp; 44283 | &nbsp;&nbsp; 718713<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 1256950 |
| Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% |
| Altria Group Inc. | &nbsp;&nbsp; 43265 | &nbsp;&nbsp; 2858086<br>|
| Philip Morris International Inc. | &nbsp;&nbsp; 40211 | &nbsp;&nbsp; 6522224<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 9380310 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **71236571** |
| **Energy — 2.9%** | **Energy — 2.9%** | **Energy — 2.9%** |
| Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% |
| Baker Hughes Co. | &nbsp;&nbsp; 25450 | &nbsp;&nbsp; 1239924<br>|
| Halliburton Co. | &nbsp;&nbsp; 22396 | &nbsp;&nbsp; 550941<br>|
| Schlumberger NV | &nbsp;&nbsp; 38175 | &nbsp;&nbsp; 1312075<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 3102940 |
| Oil, Gas & Consumable Fuels — 2.7% | Oil, Gas & Consumable Fuels — 2.7% | Oil, Gas & Consumable Fuels — 2.7% |
| Cheniere Energy Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 1315653<br>|
| Chevron Corp. | &nbsp;&nbsp; 49026 | &nbsp;&nbsp; 7613248<br>|
| ConocoPhillips | &nbsp;&nbsp; 32067 | &nbsp;&nbsp; 3033218<br>|
| Coterra Energy Inc. | &nbsp;&nbsp; 19342 | &nbsp;&nbsp; 457438<br>|
| Devon Energy Corp. | &nbsp;&nbsp; 15779 | &nbsp;&nbsp; 553212<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Diamondback Energy Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; $728379<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 14252 | &nbsp;&nbsp; 1597934<br>|
| EQT Corp. | &nbsp;&nbsp; 15270 | &nbsp;&nbsp; 831146<br>|
| Expand Energy Corp. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 594838<br>|
| Exxon Mobil Corp. | &nbsp;&nbsp; 109435 | &nbsp;&nbsp; 12338796<br>|
| Gazprom PJSC | &nbsp;&nbsp; 15428 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Kinder Morgan Inc. | &nbsp;&nbsp; 50900 | &nbsp;&nbsp; 1440979<br>|
| LUKOIL PJSC | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Marathon Petroleum Corp. | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 1471570<br>|
| Occidental Petroleum Corp. | &nbsp;&nbsp; 16797 | &nbsp;&nbsp; 793658<br>|
| ONEOK Inc. | &nbsp;&nbsp; 15779 | &nbsp;&nbsp; 1151394<br>|
| Phillips 66 | &nbsp;&nbsp; 10689 | &nbsp;&nbsp; 1453918<br>|
| Rosneft Oil Co. PJSC | &nbsp;&nbsp; 1154 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Surgutneftegas PAO | &nbsp;&nbsp; 8286 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Targa Resources Corp. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 938056<br>|
| Tatneft PJSC | &nbsp;&nbsp; 1974 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Texas Pacific Land Corp. | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 475223<br>|
| Valero Energy Corp. | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; 1386597<br>|
| Williams Cos. Inc. | &nbsp;&nbsp; 31049 | &nbsp;&nbsp; 1966954<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 40142211 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **43245151** |
| **Financials — 13.4%** | **Financials — 13.4%** | **Financials — 13.4%** |
| Banks — 3.6% | Banks — 3.6% | Banks — 3.6% |
| Bank of America Corp. | &nbsp;&nbsp; 175096 | &nbsp;&nbsp; 9033203<br>|
| Citigroup Inc. | &nbsp;&nbsp; 47337 | &nbsp;&nbsp; 4804705<br>|
| Citizens Financial Group Inc. | &nbsp;&nbsp; 11198 | &nbsp;&nbsp; 595286<br>|
| East-West Bancorp Inc. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 379281<br>|
| Fifth Third Bancorp | &nbsp;&nbsp; 17306 | &nbsp;&nbsp; 770982<br>|
| First Citizens BancShares Inc., Class A Shares | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 432977<br>|
| Huntington Bancshares Inc. | &nbsp;&nbsp; 36648 | &nbsp;&nbsp; 632911<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 70751 | &nbsp;&nbsp; 22316988<br>|
| KeyCorp | &nbsp;&nbsp; 24941 | &nbsp;&nbsp; 466147<br>|
| M&T Bank Corp. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 804709<br>|
| PNC Financial Services Group Inc. | &nbsp;&nbsp; 10180 | &nbsp;&nbsp; 2045467<br>|
| Regions Financial Corp. | &nbsp;&nbsp; 21887 | &nbsp;&nbsp; 577160<br>|
| Truist Financial Corp. | &nbsp;&nbsp; 33085 | &nbsp;&nbsp; 1512646<br>|
| US Bancorp | &nbsp;&nbsp; 39702 | &nbsp;&nbsp; 1918798<br>|
| Wells Fargo & Co. | &nbsp;&nbsp; 82967 | &nbsp;&nbsp; 6954294<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 53245554 |

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — 3.4% | Capital Markets — 3.4% | Capital Markets — 3.4% |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; $1250231<br>|
| Ares Management Corp., Class A Shares | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 813840<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; 17306 | &nbsp;&nbsp; 1885662<br>|
| Blackrock Inc. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 4153995<br>|
| Blackstone Inc. | &nbsp;&nbsp; 18833 | &nbsp;&nbsp; 3217618<br>|
| Carlyle Group Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 351057<br>|
| Charles Schwab Corp. | &nbsp;&nbsp; 43774 | &nbsp;&nbsp; 4179104<br>|
| CME Group Inc. | &nbsp;&nbsp; 9162 | &nbsp;&nbsp; 2475481<br>|
| Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 1,717,824<br> \*<br>|
| FactSet Research Systems Inc. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 291647<br>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; 6485474<br>|
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 14761 | &nbsp;&nbsp; 2486933<br>|
| KKR & Co. Inc. | &nbsp;&nbsp; 17306 | &nbsp;&nbsp; 2248915<br>|
| LPL Financial Holdings Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 677357<br>|
| Moody's Corp. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 1940226<br>|
| Morgan Stanley | &nbsp;&nbsp; 31558 | &nbsp;&nbsp; 5016460<br>|
| MSCI Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 1155247<br>|
| Nasdaq Inc. | &nbsp;&nbsp; 10180 | &nbsp;&nbsp; 900421<br>|
| Northern Trust Corp. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 685114<br>|
| Raymond James Financial Inc. | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; 790681<br>|
| Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 18833 | &nbsp;&nbsp; 2,696,509<br> \*<br>|
| S&P Global Inc. | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 3716031<br>|
| State Street Corp. | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 885736<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 574681<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 50596244 |
| Consumer Finance — 0.6% | Consumer Finance — 0.6% | Consumer Finance — 0.6% |
| American Express Co. | &nbsp;&nbsp; 14252 | &nbsp;&nbsp; 4733944<br>|
| Capital One Financial Corp. | &nbsp;&nbsp; 16409 | &nbsp;&nbsp; 3488225<br>|
| Synchrony Financial | &nbsp;&nbsp; 9671 | &nbsp;&nbsp; 687125<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 8909294 |
| Financial Services — 4.0% | Financial Services — 4.0% | Financial Services — 4.0% |
| Apollo Global Management Inc. | &nbsp;&nbsp; 11707 | &nbsp;&nbsp; 1560192<br>|
| Berkshire Hathaway Inc., Class B Shares | &nbsp;&nbsp; 47337 | &nbsp;&nbsp; 23,798,203<br> \*<br>|
| Block Inc. | &nbsp;&nbsp; 14252 | &nbsp;&nbsp; 1,029,992<br> \*<br>|
| Corebridge Financial Inc. | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 195761<br>|
| Corpay Inc. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 439,868<br> \*<br>|
| Equitable Holdings Inc. | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; 413552<br>|
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 13743 | &nbsp;&nbsp; 906214<br>|
| Fiserv Inc. | &nbsp;&nbsp; 13743 | &nbsp;&nbsp; 1,771,885<br> \*<br>|
| Global Payments Inc. | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 507453<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Financial Services — continued | Financial Services — continued | Financial Services — continued |
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; $303222<br>|
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 21378 | &nbsp;&nbsp; 12160020<br>|
| PayPal Holdings Inc. | &nbsp;&nbsp; 24432 | &nbsp;&nbsp; 1,638,410<br> \*<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 43774 | &nbsp;&nbsp; 14943568<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 59668340 |
| Insurance — 1.8% | Insurance — 1.8% | Insurance — 1.8% |
| Aflac Inc. | &nbsp;&nbsp; 12725 | &nbsp;&nbsp; 1421382<br>|
| Allstate Corp. | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 1420339<br>|
| American International Group Inc. | &nbsp;&nbsp; 13743 | &nbsp;&nbsp; 1079375<br>|
| Aon PLC, Class A Shares | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 1996491<br>|
| Arch Capital Group Ltd. | &nbsp;&nbsp; 9671 | &nbsp;&nbsp; 877450<br>|
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 2049550<br>|
| Brown & Brown Inc. | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; 668348<br>|
| Chubb Ltd. | &nbsp;&nbsp; 9671 | &nbsp;&nbsp; 2729640<br>|
| Cincinnati Financial Corp. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 643783<br>|
| Everest Group Ltd. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 356534<br>|
| Fidelity National Financial Inc. | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 400262<br>|
| Hartford Insurance Group Inc. | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; 950537<br>|
| Loews Corp. | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; 459887<br>|
| Markel Group Inc. | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 540,915<br> \*<br>|
| Marsh & McLennan Cos. Inc. | &nbsp;&nbsp; 12725 | &nbsp;&nbsp; 2564469<br>|
| MetLife Inc. | &nbsp;&nbsp; 14252 | &nbsp;&nbsp; 1173937<br>|
| Principal Financial Group Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 464213<br>|
| Progressive Corp. | &nbsp;&nbsp; 14761 | &nbsp;&nbsp; 3645229<br>|
| Prudential Financial Inc. | &nbsp;&nbsp; 9162 | &nbsp;&nbsp; 950466<br>|
| Reinsurance Group of America Inc. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 293383<br>|
| Travelers Cos. Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 1563353<br>|
| Willis Towers Watson PLC | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 879170<br>|
| WR Berkley Corp. | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; 545994<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 27674707 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.0%†† | Mortgage Real Estate Investment Trusts (REITs) — 0.0%†† | Mortgage Real Estate Investment Trusts (REITs) — 0.0%†† |
| Annaly Capital Management Inc. | &nbsp;&nbsp; 15270 | &nbsp;&nbsp; 308607<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **200402746** |
| **Health Care — 8.9%** | **Health Care — 8.9%** | **Health Care — 8.9%** |
| Biotechnology — 1.7% | Biotechnology — 1.7% | Biotechnology — 1.7% |
| AbbVie Inc. | &nbsp;&nbsp; 45301 | &nbsp;&nbsp; 10488994<br>|
| Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 1,392,624<br> \*<br>|
| Amgen Inc. | &nbsp;&nbsp; 13743 | &nbsp;&nbsp; 3878275<br>|
| Biogen Inc. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 499,105<br> \*<br>|
| BioMarin Pharmaceutical Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 275,674<br> \*<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Biotechnology — continued | Biotechnology — continued | Biotechnology — continued |
| Gilead Sciences Inc. | &nbsp;&nbsp; 32067 | &nbsp;&nbsp; $3559437<br>|
| Incyte Corp. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 345,346<br> \*<br>|
| Moderna Inc. | &nbsp;&nbsp; 8653 | &nbsp;&nbsp; 223,507<br> \*<br>|
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 1430977<br>|
| Vertex Pharmaceuticals Inc. | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 2,591,482<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 24685421 |
| Health Care Equipment & Supplies — 2.0% | Health Care Equipment & Supplies — 2.0% | Health Care Equipment & Supplies — 2.0% |
| Abbott Laboratories | &nbsp;&nbsp; 44792 | &nbsp;&nbsp; 5999440<br>|
| Align Technology Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 254,948<br> \*<br>|
| Baxter International Inc. | &nbsp;&nbsp; 13234 | &nbsp;&nbsp; 301338<br>|
| Becton Dickinson & Co. | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 1429043<br>|
| Boston Scientific Corp. | &nbsp;&nbsp; 38175 | &nbsp;&nbsp; 3,727,025<br> \*<br>|
| Cooper Cos. Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 348,970<br> \*<br>|
| Dexcom Inc. | &nbsp;&nbsp; 10180 | &nbsp;&nbsp; 685,012<br> \*<br>|
| Edwards Lifesciences Corp. | &nbsp;&nbsp; 15270 | &nbsp;&nbsp; 1,187,548<br> \*<br>|
| GE HealthCare Technologies Inc. | &nbsp;&nbsp; 11707 | &nbsp;&nbsp; 879196<br>|
| Hologic Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 377,877<br> \*<br>|
| IDEXX Laboratories Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 1,300,780<br> \*<br>|
| Insulet Corp. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 628,574<br> \*<br>|
| Intuitive Surgical Inc. | &nbsp;&nbsp; 9162 | &nbsp;&nbsp; 4,097,521<br> \*<br>|
| Medtronic PLC | &nbsp;&nbsp; 33085 | &nbsp;&nbsp; 3151015<br>|
| ResMed Inc. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 1114629<br>|
| STERIS PLC | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 629735<br>|
| Stryker Corp. | &nbsp;&nbsp; 9162 | &nbsp;&nbsp; 3386917<br>|
| Zimmer Biomet Holdings Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 501365<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 30000933 |
| Health Care Providers & Services — 1.6% | Health Care Providers & Services — 1.6% | Health Care Providers & Services — 1.6% |
| Cardinal Health Inc. | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 958712<br>|
| Cencora Inc. | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; 1431700<br>|
| Centene Corp. | &nbsp;&nbsp; 12216 | &nbsp;&nbsp; 435,867<br> \*<br>|
| Cigna Group | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 1907350<br>|
| CVS Health Corp. | &nbsp;&nbsp; 32576 | &nbsp;&nbsp; 2455905<br>|
| Elevance Health Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 1809149<br>|
| HCA Healthcare Inc. | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; 1952422<br>|
| Humana Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 794559<br>|
| Labcorp Holdings Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 584454<br>|
| McKesson Corp. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 2359337<br>|
| Molina Healthcare Inc. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 292,207<br> \*<br>|
| Quest Diagnostics Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 582031<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 23414 | &nbsp;&nbsp; $8084854<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 23648547 |
| Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% |
| Veeva Systems Inc., Class A Shares | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 1,213,090<br> \*<br>|
| Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% |
| Agilent Technologies Inc. | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; 914622<br>|
| Danaher Corp. | &nbsp;&nbsp; 16797 | &nbsp;&nbsp; 3330173<br>|
| Illumina Inc. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 386,718<br> \*<br>|
| IQVIA Holdings Inc. | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; 870,115<br> \*<br>|
| Mettler-Toledo International Inc. | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 624,854<br> \*<br>|
| Revvity Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 267683<br>|
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 9671 | &nbsp;&nbsp; 4690628<br>|
| Waters Corp. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 457,810<br> \*<br>|
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 534104<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 12076707 |
| Pharmaceuticals — 2.7% | Pharmaceuticals — 2.7% | Pharmaceuticals — 2.7% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 52427 | &nbsp;&nbsp; 2364458<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 20360 | &nbsp;&nbsp; 15534680<br>|
| Johnson & Johnson | &nbsp;&nbsp; 62098 | &nbsp;&nbsp; 11514211<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 62607 | &nbsp;&nbsp; 5254606<br>|
| Pfizer Inc. | &nbsp;&nbsp; 145574 | &nbsp;&nbsp; 3709226<br>|
| Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 9162 | &nbsp;&nbsp; 323235<br>|
| Zoetis Inc. | &nbsp;&nbsp; 11707 | &nbsp;&nbsp; 1712968<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 40413384 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **132038082** |
| **Industrials — 8.3%** | **Industrials — 8.3%** | **Industrials — 8.3%** |
| Aerospace & Defense — 2.2% | Aerospace & Defense — 2.2% | Aerospace & Defense — 2.2% |
| Axon Enterprise Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 1,461,115<br> \*<br>|
| Boeing Co. | &nbsp;&nbsp; 19342 | &nbsp;&nbsp; 4,174,584<br> \*<br>|
| General Dynamics Corp. | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 2082828<br>|
| General Electric Co. | &nbsp;&nbsp; 26977 | &nbsp;&nbsp; 8115221<br>|
| HEICO Corp. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 328631<br>|
| HEICO Corp., Class A Shares | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 517327<br>|
| Howmet Aerospace Inc. | &nbsp;&nbsp; 10180 | &nbsp;&nbsp; 1997621<br>|
| L3Harris Technologies Inc. | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; 1399083<br>|
| Lockheed Martin Corp. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 2540979<br>|
| Northrop Grumman Corp. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 2171007<br>|
| RTX Corp. | &nbsp;&nbsp; 34612 | &nbsp;&nbsp; 5791626<br>|
| Textron Inc. | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; 387049<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued |
| TransDigm Group Inc. | &nbsp;&nbsp; 1342 | &nbsp;&nbsp; $1768783<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 32735854 |
| Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% |
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 436788<br>|
| FedEx Corp. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 1320300<br>|
| United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 18833 | &nbsp;&nbsp; 1573121<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 3330209 |
| Building Products — 0.5% | Building Products — 0.5% | Building Products — 0.5% |
| Allegion PLC | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 361085<br>|
| Builders FirstSource Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 370,297<br> \*<br>|
| Carrier Global Corp. | &nbsp;&nbsp; 20360 | &nbsp;&nbsp; 1215492<br>|
| Johnson Controls International PLC | &nbsp;&nbsp; 16797 | &nbsp;&nbsp; 1846830<br>|
| Lennox International Inc. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 538888<br>|
| Masco Corp. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 394114<br>|
| Owens Corning | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 288013<br>|
| Trane Technologies PLC | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 2362554<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 7377273 |
| Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% |
| Cintas Corp. | &nbsp;&nbsp; 8653 | &nbsp;&nbsp; 1776115<br>|
| Copart Inc. | &nbsp;&nbsp; 21378 | &nbsp;&nbsp; 961,368<br> \*<br>|
| Republic Services Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 1168053<br>|
| Rollins Inc. | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 448480<br>|
| Veralto Corp. | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 651174<br>|
| Waste Management Inc. | &nbsp;&nbsp; 9671 | &nbsp;&nbsp; 2135647<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 7140837 |
| Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% |
| Quanta Services Inc. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 1476579<br>|
| Electrical Equipment — 0.9% | Electrical Equipment — 0.9% | Electrical Equipment — 0.9% |
| AMETEK Inc. | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 1148304<br>|
| Eaton Corp. PLC | &nbsp;&nbsp; 10180 | &nbsp;&nbsp; 3809865<br>|
| Emerson Electric Co. | &nbsp;&nbsp; 14252 | &nbsp;&nbsp; 1869577<br>|
| GE Vernova Inc. | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; 4381778<br>|
| Hubbell Inc. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 657083<br>|
| Rockwell Automation Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 1067465<br>|
| Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 9671 | &nbsp;&nbsp; 1458967<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 14393039 |
| Ground Transportation — 0.9% | Ground Transportation — 0.9% | Ground Transportation — 0.9% |
| CSX Corp. | &nbsp;&nbsp; 48355 | &nbsp;&nbsp; 1717086<br>|
| J.B. Hunt Transport Services Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 273170<br>|
| Norfolk Southern Corp. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 1681996<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Ground Transportation — continued | Ground Transportation — continued | Ground Transportation — continued |
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; $644913<br>|
| Uber Technologies Inc. | &nbsp;&nbsp; 51918 | &nbsp;&nbsp; 5,086,406<br> \*<br>|
| Union Pacific Corp. | &nbsp;&nbsp; 15270 | &nbsp;&nbsp; 3609370<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 13012941 |
| Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% |
| 3M Co. | &nbsp;&nbsp; 13743 | &nbsp;&nbsp; 2132639<br>|
| Honeywell International Inc. | &nbsp;&nbsp; 16288 | &nbsp;&nbsp; 3428624<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 5561263 |
| Machinery — 1.5% | Machinery — 1.5% | Machinery — 1.5% |
| Caterpillar Inc. | &nbsp;&nbsp; 12216 | &nbsp;&nbsp; 5828864<br>|
| CNH Industrial NV | &nbsp;&nbsp; 22905 | &nbsp;&nbsp; 248519<br>|
| Cummins Inc. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 1504904<br>|
| Deere & Co. | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 3025690<br>|
| Dover Corp. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 594415<br>|
| Fortive Corp. | &nbsp;&nbsp; 8653 | &nbsp;&nbsp; 423911<br>|
| IDEX Corp. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 331379<br>|
| Illinois Tool Works Inc. | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 1990903<br>|
| Ingersoll Rand Inc. | &nbsp;&nbsp; 10180 | &nbsp;&nbsp; 841072<br>|
| Otis Worldwide Corp. | &nbsp;&nbsp; 10180 | &nbsp;&nbsp; 930757<br>|
| PACCAR Inc. | &nbsp;&nbsp; 13234 | &nbsp;&nbsp; 1301167<br>|
| Parker-Hannifin Corp. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 2315390<br>|
| Pentair PLC | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 451015<br>|
| Snap-on Inc. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 529151<br>|
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; 918353<br>|
| Xylem Inc. | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 900930<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 22136420 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| Delta Air Lines Inc. | &nbsp;&nbsp; 16797 | &nbsp;&nbsp; 953230<br>|
| Southwest Airlines Co. | &nbsp;&nbsp; 11707 | &nbsp;&nbsp; 373570<br>|
| United Airlines Holdings Inc. | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; 785,896<br> \*<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 2112696 |
| Professional Services — 0.6% | Professional Services — 0.6% | Professional Services — 0.6% |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 10180 | &nbsp;&nbsp; 2987830<br>|
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 305247<br>|
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 727371<br>|
| Equifax Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 783443<br>|
| Jacobs Solutions Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 457672<br>|
| Leidos Holdings Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 577084<br>|
| Paychex Inc. | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; 1032334<br>|
| Paycom Software Inc. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 317830<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Professional Services — continued | Professional Services — continued | Professional Services — continued |
| SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; $496967<br>|
| TransUnion | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 426440<br>|
| Verisk Analytics Inc. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 896130<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 9008348 |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Fastenal Co. | &nbsp;&nbsp; 29522 | &nbsp;&nbsp; 1447759<br>|
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 1143112<br>|
| United Rentals Inc. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 1457766<br>|
| W.W. Grainger Inc. | &nbsp;&nbsp; 1153 | &nbsp;&nbsp; 1098763<br>|
| Watsco Inc. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 411577<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 5558977 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **123844436** |
| **Information Technology — 34.6%** | **Information Technology — 34.6%** | **Information Technology — 34.6%** |
| Communications Equipment — 0.9% | Communications Equipment — 0.9% | Communications Equipment — 0.9% |
| Arista Networks Inc. | &nbsp;&nbsp; 26468 | &nbsp;&nbsp; 3,856,652<br> \*<br>|
| Cisco Systems Inc. | &nbsp;&nbsp; 101800 | &nbsp;&nbsp; 6965156<br>|
| F5 Inc. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 493,511<br> \*<br>|
| Motorola Solutions Inc. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 1862085<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 13177404 |
| Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% |
| Amphenol Corp., Class A Shares | &nbsp;&nbsp; 31558 | &nbsp;&nbsp; 3905302<br>|
| CDW Corp. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 567515<br>|
| Corning Inc. | &nbsp;&nbsp; 19342 | &nbsp;&nbsp; 1586624<br>|
| Flex Ltd. | &nbsp;&nbsp; 9162 | &nbsp;&nbsp; 531,121<br> \*<br>|
| Keysight Technologies Inc. | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; 801,309<br> \*<br>|
| TE Connectivity PLC | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 1676112<br>|
| Teledyne Technologies Inc. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 596,589<br> \*<br>|
| Trimble Inc. | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 498,718<br> \*<br>|
| Zebra Technologies Corp., Class A Shares | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 453,763<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 10617053 |
| IT Services — 1.2% | IT Services — 1.2% | IT Services — 1.2% |
| Accenture PLC, Class A Shares | &nbsp;&nbsp; 15779 | &nbsp;&nbsp; 3891101<br>|
| Akamai Technologies Inc. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 269,933<br> \*<br>|
| Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 1,638,395<br> \*<br>|
| Cognizant Technology Solutions Corp., Class A Shares | &nbsp;&nbsp; 12725 | &nbsp;&nbsp; 853466<br>|
| Gartner Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 535,203<br> \*<br>|
| GoDaddy Inc., Class A Shares | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 487,525<br> \*<br>|
| International Business Machines Corp. | &nbsp;&nbsp; 23923 | &nbsp;&nbsp; 6750114<br>|
| MongoDB Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 631,934<br> \*<br>|
| Okta Inc. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 373,402<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| IT Services — continued | IT Services — continued | IT Services — continued |
| Snowflake Inc., Class A Shares | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; $1,836,879<br> \*<br>|
| Twilio Inc., Class A Shares | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 356,621<br> \*<br>|
| VeriSign Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 569204<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 18193777 |
| Semiconductors & Semiconductor Equipment — 13.4% | Semiconductors & Semiconductor Equipment — 13.4% | Semiconductors & Semiconductor Equipment — 13.4% |
| Advanced Micro Devices Inc. | &nbsp;&nbsp; 41738 | &nbsp;&nbsp; 6,752,791<br> \*<br>|
| Analog Devices Inc. | &nbsp;&nbsp; 12725 | &nbsp;&nbsp; 3126533<br>|
| Applied Materials Inc. | &nbsp;&nbsp; 20869 | &nbsp;&nbsp; 4272719<br>|
| Broadcom Inc. | &nbsp;&nbsp; 118597 | &nbsp;&nbsp; 39126336<br>|
| Entegris Inc. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 376497<br>|
| First Solar Inc. | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 561,249<br> \*<br>|
| Intel Corp. | &nbsp;&nbsp; 111980 | &nbsp;&nbsp; 3756929<br>|
| KLA Corp. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 3843052<br>|
| Lam Research Corp. | &nbsp;&nbsp; 32488 | &nbsp;&nbsp; 4350143<br>|
| Marvell Technology Inc. | &nbsp;&nbsp; 21887 | &nbsp;&nbsp; 1840040<br>|
| Microchip Technology Inc. | &nbsp;&nbsp; 13743 | &nbsp;&nbsp; 882575<br>|
| Micron Technology Inc. | &nbsp;&nbsp; 29013 | &nbsp;&nbsp; 4854455<br>|
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 937212<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 605201 | &nbsp;&nbsp; 112918403<br>|
| NXP Semiconductors NV | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 1390975<br>|
| ON Semiconductor Corp. | &nbsp;&nbsp; 10689 | &nbsp;&nbsp; 527,075<br> \*<br>|
| QUALCOMM Inc. | &nbsp;&nbsp; 27995 | &nbsp;&nbsp; 4657248<br>|
| Teradyne Inc. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 560470<br>|
| Texas Instruments Inc. | &nbsp;&nbsp; 23414 | &nbsp;&nbsp; 4301854<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 199036556 |
| Software — 11.5% | Software — 11.5% | Software — 11.5% |
| Adobe Inc. | &nbsp;&nbsp; 11198 | &nbsp;&nbsp; 3,950,094<br> \*<br>|
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 4,023,105<br> \*<br>|
| Atlassian Corp., Class A Shares | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 650,298<br> \*<br>|
| Autodesk Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 1,778,634<br> \*<br>|
| Bentley Systems Inc., Class B Shares | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 183423<br>|
| Cadence Design Systems Inc. | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; 2,503,079<br> \*<br>|
| CrowdStrike Holdings Inc., Class A Shares | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 2,995,241<br> \*<br>|
| Datadog Inc., Class A Shares | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 1,087,224<br> \*<br>|
| DocuSign Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 366,938<br> \*<br>|
| Dynatrace Inc. | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 369,916<br> \*<br>|
| Fair Isaac Corp. | &nbsp;&nbsp; 606 | &nbsp;&nbsp; 906,897<br> \*<br>|
| Fortinet Inc. | &nbsp;&nbsp; 16797 | &nbsp;&nbsp; 1,412,292<br> \*<br>|
| Gen Digital Inc. | &nbsp;&nbsp; 14761 | &nbsp;&nbsp; 419065<br>|
| HubSpot Inc. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 714,331<br> \*<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Software — continued | Software — continued | Software — continued |
| Intuit Inc. | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; $4866417<br>|
| Microsoft Corp. | &nbsp;&nbsp; 191384 | &nbsp;&nbsp; 99127343<br>|
| Oracle Corp. | &nbsp;&nbsp; 41738 | &nbsp;&nbsp; 11738395<br>|
| Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 55990 | &nbsp;&nbsp; 10,213,696<br> \*<br>|
| Palo Alto Networks Inc. | &nbsp;&nbsp; 17306 | &nbsp;&nbsp; 3,523,848<br> \*<br>|
| PTC Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 620,023<br> \*<br>|
| Roper Technologies Inc. | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 1269166<br>|
| Salesforce Inc. | &nbsp;&nbsp; 23923 | &nbsp;&nbsp; 5669751<br>|
| ServiceNow Inc. | &nbsp;&nbsp; 5272 | &nbsp;&nbsp; 4,851,716<br> \*<br>|
| Strategy Inc. | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 2,132,063<br> \*<br>|
| Synopsys Inc. | &nbsp;&nbsp; 4748 | &nbsp;&nbsp; 2,342,616<br> \*<br>|
| Tyler Technologies Inc. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 532,577<br> \*<br>|
| Workday Inc., Class A Shares | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 1,347,847<br> \*<br>|
| Zoom Communications Inc., Class A Shares | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 503,910<br> \*<br>|
| Zscaler Inc. | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 762,635<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 170862540 |
| Technology Hardware, Storage & Peripherals — 6.9% | Technology Hardware, Storage & Peripherals — 6.9% | Technology Hardware, Storage & Peripherals — 6.9% |
| Apple Inc. | &nbsp;&nbsp; 381750 | &nbsp;&nbsp; 97205003<br>|
| Dell Technologies Inc., Class C Shares | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; 1154575<br>|
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 33594 | &nbsp;&nbsp; 825069<br>|
| HP Inc. | &nbsp;&nbsp; 24432 | &nbsp;&nbsp; 665283<br>|
| NetApp Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 602961<br>|
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 1201545<br>|
| Super Micro Computer Inc. | &nbsp;&nbsp; 13743 | &nbsp;&nbsp; 658,840<br> \*<br>|
| Western Digital Corp. | &nbsp;&nbsp; 8653 | &nbsp;&nbsp; 1038879<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 103352155 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **515239485** |
| **Materials — 1.9%** | **Materials — 1.9%** | **Materials — 1.9%** |
| Chemicals — 1.0% | Chemicals — 1.0% | Chemicals — 1.0% |
| Air Products & Chemicals Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 1526959<br>|
| CF Industries Holdings Inc. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 365258<br>|
| Corteva Inc. | &nbsp;&nbsp; 17815 | &nbsp;&nbsp; 1204829<br>|
| Dow Inc. | &nbsp;&nbsp; 17815 | &nbsp;&nbsp; 408498<br>|
| DuPont de Nemours Inc. | &nbsp;&nbsp; 10689 | &nbsp;&nbsp; 832673<br>|
| Ecolab Inc. | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 1812132<br>|
| International Flavors & Fragrances Inc. | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 407210<br>|
| Linde PLC | &nbsp;&nbsp; 12216 | &nbsp;&nbsp; 5802600<br>|
| LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 324498<br>|
| PhosAgro PJSC, GDR | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| PhosAgro PJSC, Russian Stock Exchange | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| PPG Industries Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; $588511<br>|
| Sherwin-Williams Co. | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 2114956<br>|
| Westlake Corp. | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 78447<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 15466571 |
| Construction Materials — 0.3% | Construction Materials — 0.3% | Construction Materials — 0.3% |
| Amrize Ltd. | &nbsp;&nbsp; 12725 | &nbsp;&nbsp; 617,544<br> \*<br>|
| CRH PLC | &nbsp;&nbsp; 17303 | &nbsp;&nbsp; 2074630<br>|
| Martin Marietta Materials Inc. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 962437<br>|
| Vulcan Materials Co. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 1096050<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 4750661 |
| Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% |
| Amcor PLC | &nbsp;&nbsp; 58535 | &nbsp;&nbsp; 478816<br>|
| Avery Dennison Corp. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 330178<br>|
| Ball Corp. | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 333629<br>|
| Crown Holdings Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 294986<br>|
| International Paper Co. | &nbsp;&nbsp; 13234 | &nbsp;&nbsp; 614058<br>|
| Packaging Corp. of America | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 443706<br>|
| Smurfit WestRock PLC | &nbsp;&nbsp; 13234 | &nbsp;&nbsp; 563371<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 3058744 |
| Metals & Mining — 0.4% | Metals & Mining — 0.4% | Metals & Mining — 0.4% |
| Alrosa PJSC | &nbsp;&nbsp; 3584 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 36139 | &nbsp;&nbsp; 1417372<br>|
| GMK Norilskiy Nickel PAO | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Newmont Corp. | &nbsp;&nbsp; 27995 | &nbsp;&nbsp; 2360259<br>|
| Novolipetsk Steel PJSC | &nbsp;&nbsp; 2272 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Nucor Corp. | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 827206<br>|
| Polyus PJSC | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Severstal PAO | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Southern Copper Corp. | &nbsp;&nbsp; 2564 | &nbsp;&nbsp; 311167<br>|
| Steel Dynamics Inc. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 496789<br>|
| United Co. RUSAL International PJSC | &nbsp;&nbsp; 1714 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 5412793 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **28688769** |
| **Real Estate — 1.9%** | **Real Estate — 1.9%** | **Real Estate — 1.9%** |
| Diversified REITs — 0.0%†† | Diversified REITs — 0.0%†† | Diversified REITs — 0.0%†† |
| WP Carey Inc. | &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 378324<br>|
| Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% |
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 339360<br>|
| Healthpeak Properties Inc. | &nbsp;&nbsp; 18324 | &nbsp;&nbsp; 350905<br>|
| Ventas Inc. | &nbsp;&nbsp; 11198 | &nbsp;&nbsp; 783748<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care REITs — continued | Health Care REITs — continued | Health Care REITs — continued |
| Welltower Inc. | &nbsp;&nbsp; 17306 | &nbsp;&nbsp; $3082891<br>|
| Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 4556904 |
| Industrial REITs — 0.2% | Industrial REITs — 0.2% | Industrial REITs — 0.2% |
| Lineage Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 78671<br>|
| Prologis Inc. | &nbsp;&nbsp; 23923 | &nbsp;&nbsp; 2739662<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 2818333 |
| Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% |
| CBRE Group Inc., Class A Shares | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 1,202,970<br> \*<br>|
| CoStar Group Inc. | &nbsp;&nbsp; 10180 | &nbsp;&nbsp; 858,887<br> \*<br>|
| Zillow Group Inc., Class A Shares | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 113,670<br> \*<br>|
| Zillow Group Inc., Class C Shares | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; 352,966<br> \*<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 2528493 |
| Residential REITs — 0.2% | Residential REITs — 0.2% | Residential REITs — 0.2% |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 688265<br>|
| Camden Property Trust | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 271755<br>|
| Equity LifeStyle Properties Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 308963<br>|
| Equity Residential | &nbsp;&nbsp; 8653 | &nbsp;&nbsp; 560109<br>|
| Essex Property Trust Inc. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 408717<br>|
| Invitation Homes Inc. | &nbsp;&nbsp; 14761 | &nbsp;&nbsp; 432940<br>|
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 426735<br>|
| Sun Communities Inc. | &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 393966<br>|
| UDR Inc. | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 284480<br>|
| Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 3775930 |
| Retail REITs — 0.2% | Retail REITs — 0.2% | Retail REITs — 0.2% |
| Kimco Realty Corp. | &nbsp;&nbsp; 17306 | &nbsp;&nbsp; 378136<br>|
| Realty Income Corp. | &nbsp;&nbsp; 22396 | &nbsp;&nbsp; 1361453<br>|
| Regency Centers Corp. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 296849<br>|
| Simon Property Group Inc. | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; 1528384<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 3564822 |
| Specialized REITs — 0.8% | Specialized REITs — 0.8% | Specialized REITs — 0.8% |
| American Tower Corp. | &nbsp;&nbsp; 12216 | &nbsp;&nbsp; 2349381<br>|
| Crown Castle Inc. | &nbsp;&nbsp; 10689 | &nbsp;&nbsp; 1031382<br>|
| Digital Realty Trust Inc. | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; 1407935<br>|
| Equinix Inc. | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 1993346<br>|
| Extra Space Storage Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 717384<br>|
| Iron Mountain Inc. | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 778312<br>|
| Public Storage | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 1176197<br>|
| SBA Communications Corp. | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 492076<br>|
| VICI Properties Inc. | &nbsp;&nbsp; 26977 | &nbsp;&nbsp; 879720<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialized REITs — continued | Specialized REITs — continued | Specialized REITs — continued |
| Weyerhaeuser Co. | &nbsp;&nbsp; 17815 | &nbsp;&nbsp; $441634<br>|
| Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 11267367 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **28890173** |
| **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** |
| Electric Utilities — 1.5% | Electric Utilities — 1.5% | Electric Utilities — 1.5% |
| Alliant Energy Corp. | &nbsp;&nbsp; 6617 | &nbsp;&nbsp; 446052<br>|
| American Electric Power Co. Inc. | &nbsp;&nbsp; 13234 | &nbsp;&nbsp; 1488825<br>|
| Constellation Energy Corp. | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; 2679946<br>|
| Duke Energy Corp. | &nbsp;&nbsp; 19851 | &nbsp;&nbsp; 2456561<br>|
| Edison International | &nbsp;&nbsp; 9671 | &nbsp;&nbsp; 534613<br>|
| Entergy Corp. | &nbsp;&nbsp; 11707 | &nbsp;&nbsp; 1090975<br>|
| Evergy Inc. | &nbsp;&nbsp; 6108 | &nbsp;&nbsp; 464330<br>|
| Eversource Energy | &nbsp;&nbsp; 9162 | &nbsp;&nbsp; 651785<br>|
| Exelon Corp. | &nbsp;&nbsp; 25959 | &nbsp;&nbsp; 1168415<br>|
| FirstEnergy Corp. | &nbsp;&nbsp; 13234 | &nbsp;&nbsp; 606382<br>|
| Inter RAO UES PJSC | &nbsp;&nbsp; 53546 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| NextEra Energy Inc. | &nbsp;&nbsp; 52936 | &nbsp;&nbsp; 3996139<br>|
| NRG Energy Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 824325<br>|
| PG&E Corp. | &nbsp;&nbsp; 55481 | &nbsp;&nbsp; 836653<br>|
| PPL Corp. | &nbsp;&nbsp; 17815 | &nbsp;&nbsp; 662005<br>|
| Southern Co. | &nbsp;&nbsp; 28504 | &nbsp;&nbsp; 2701324<br>|
| Xcel Energy Inc. | &nbsp;&nbsp; 14761 | &nbsp;&nbsp; 1190475<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 21798805 |
| Gas Utilities — 0.0%†† | Gas Utilities — 0.0%†† | Gas Utilities — 0.0%†† |
| Atmos Energy Corp. | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 695294<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% |
| Vistra Corp. | &nbsp;&nbsp; 8653 | &nbsp;&nbsp; 1695296<br>|
| Multi-Utilities — 0.6% | Multi-Utilities — 0.6% | Multi-Utilities — 0.6% |
| Ameren Corp. | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; 743812<br>|
| CenterPoint Energy Inc. | &nbsp;&nbsp; 16797 | &nbsp;&nbsp; 651724<br>|
| CMS Energy Corp. | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 559340<br>|
| Consolidated Edison Inc. | &nbsp;&nbsp; 9162 | &nbsp;&nbsp; 920964<br>|
| Dominion Energy Inc. | &nbsp;&nbsp; 21887 | &nbsp;&nbsp; 1338828<br>|
| DTE Energy Co. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; 719879<br>|
| NiSource Inc. | &nbsp;&nbsp; 11707 | &nbsp;&nbsp; 506913<br>|
| Public Service Enterprise Group Inc. | &nbsp;&nbsp; 12725 | &nbsp;&nbsp; 1062028<br>|
| Sempra | &nbsp;&nbsp; 16797 | &nbsp;&nbsp; 1511394<br>|
| WEC Energy Group Inc. | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; 933221<br>|
| Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 8948103 |

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Water Utilities — 0.1% | Water Utilities — 0.1% | Water Utilities — 0.1% | Water Utilities — 0.1% |
| American Water Works Co. Inc. | American Water Works Co. Inc. | &nbsp;&nbsp; 5090 | &nbsp;&nbsp; $708477<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **33845975** |
| **Total Common Stocks (Cost — $1,107,170,830)** | **Total Common Stocks (Cost — $1,107,170,830)** | **Total Common Stocks (Cost — $1,107,170,830)** | &nbsp;&nbsp; **1488658095**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 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%†† |
| Surgutneftegas PAO (Cost — $6,128) | —  | &nbsp;&nbsp; 10688 | &nbsp;&nbsp; **0**<br> \*<sup>(a)(b)(c)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $1,107,176,958)** | **Total Investments before Short-Term Investments (Cost — $1,107,176,958)** | **Total Investments before Short-Term Investments (Cost — $1,107,176,958)** | &nbsp;&nbsp; **1488658095** |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, <br> Class A Shares (Cost — $927,177)  | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 927177<br>| &nbsp;&nbsp; **927177**<br> <sup>(d)(e)(f)</sup><br>|
| **Total Investments — 99.9% (Cost — $1,108,104,135)** | **Total Investments — 99.9% (Cost — $1,108,104,135)** | **Total Investments — 99.9% (Cost — $1,108,104,135)** | &nbsp;&nbsp; **1489585272** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 778777 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1490364049** |

---

&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. |
| <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 <br> ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common <br> ownership or control with the Fund. At September 30, 2025, the total market value of investments in Affiliated <br> Companies was $927,177 and the cost was $927,177 (Note 6).<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:** |
| GDR |  | Global Depositary Receipts |
| PJSC | —  | Private Joint Stock Company |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of <br>Contracts<br>| Expiration <br>Date<br>| Notional <br>Amount<br>| Market <br>Value<br>| Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| E-mini S&P 500 Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 12/25 | &nbsp;&nbsp; $1000214 | &nbsp;&nbsp; $1010813 | &nbsp;&nbsp; **$10599** |

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

September 30, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $1,107,176,958) | &nbsp;&nbsp; $1488658095 |
| Investments in affiliated securities, at value (Cost — $927,177) | &nbsp;&nbsp; 927177 |
| Foreign currency, at value (Cost — $130) | &nbsp;&nbsp; 93 |
| Cash | &nbsp;&nbsp; 134988 |
| Dividends receivable from unaffiliated investments | &nbsp;&nbsp; 606144 |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 62782 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 5686 |
| Receivable from brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 3808 |
| **Total Assets** | &nbsp;&nbsp; **1490398773** |
| **Liabilities:** |  |
| Investment management fee payable | &nbsp;&nbsp; 34724 |
| **Total Liabilities** | &nbsp;&nbsp; **34724** |
| **Total Net Assets** | &nbsp;&nbsp; **$1490364049** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $1037046046 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 453318003 |
| **Total Net Assets** | &nbsp;&nbsp; **$1490364049** |
| **Shares Outstanding** | &nbsp;&nbsp; 25450000 |
| **Net Asset Value** | &nbsp;&nbsp; $58.56 |

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended September 30, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $8052261 |
| Dividends from affiliated investments | &nbsp;&nbsp; 27126 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (1784)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **8077603** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 189793 |
| **Total Expenses** | &nbsp;&nbsp; **189793** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (452)<br>|
| **Net Expenses** | &nbsp;&nbsp; **189341** |
| **Net Investment Income** | &nbsp;&nbsp; **7888262** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 80840656 |
| Futures contracts | &nbsp;&nbsp; 148347 |
| Foreign currency transactions | &nbsp;&nbsp; 426 |
| **Net Realized Gain**  | &nbsp;&nbsp; **80989429** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 139587887 |
| Futures contracts | &nbsp;&nbsp; (8077)<br>|
| Foreign currencies | &nbsp;&nbsp; 381 |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **139580191** |
| **Net Gain on Investments, Futures Contracts and Foreign Currency Transactions**  | &nbsp;&nbsp; **220569620** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$228457882** |

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $7888262 | $14917216 |
| Net realized gain  | &nbsp;&nbsp; 80989429 | 54772611 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 139580191 | 13414002 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **228457882** | **83103829** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (7655278)<br>| (15125452)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(7655278)**<br>| **(15125452)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (6,050,000 and 4,450,000 shares <br> issued, respectively) <br>| &nbsp;&nbsp; 313550825 | 224011018 |
| Cost of shares repurchased (5,650,000 and 3,400,000 shares <br> repurchased, respectively) <br>| &nbsp;&nbsp; (270379062)<br>| (166766131)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **43171763** | **57244887** |
| **Increase in Net Assets** | &nbsp;&nbsp; **263974367** | **125223264** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1226389682 | 1101166418 |
| **End of period** | &nbsp;&nbsp; **$1490364049** | **$1226389682** |

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

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Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning** <br> **of period**<br>| $48.96 | &nbsp;&nbsp; $45.88 | &nbsp;&nbsp; $35.70 | &nbsp;&nbsp; $40.04 | &nbsp;&nbsp; $37.65 | &nbsp;&nbsp; $26.77 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.33 | 0.63 | 0.60 | 0.59 | 1.05 | 0.81 |
| Net realized and unrealized <br> gain (loss)<br>| 9.59 | 3.09 | 10.15 | &nbsp;&nbsp; (4.10)<br>| 2.34 | 10.97 |
| **Total income (loss)** <br> **from operations**<br>| **9.92** | **3.72** | **10.75** | &nbsp;&nbsp; **(3.51)** | **3.39** | **11.78** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.32)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.90)<br>|
| **Total distributions**  | **(0.32)**<br>| &nbsp;&nbsp; **(0.64)**<br>| &nbsp;&nbsp; **(0.57)**<br>| &nbsp;&nbsp; **(0.83)**<br>| &nbsp;&nbsp; **(1.00)**<br>| &nbsp;&nbsp; **(0.90)**<br>|
| **Net asset value, end of** <br> **period**<br>| $58.56 | &nbsp;&nbsp; $48.96 | &nbsp;&nbsp; $45.88 | &nbsp;&nbsp; $35.70 | &nbsp;&nbsp; $40.04 | &nbsp;&nbsp; $37.65 |
| **Total return, based on NAV**<sup>3</sup> <br>| **20.29%**<br>| **8.10%**<br>| **30.34%**<br>| &nbsp;&nbsp; **(8.63)%**<br>| **9.00%**<br>| **44.55%**<br>|
| **Net assets, end of period** <br> **(000s)**<br>| $1490364 | &nbsp;&nbsp; $1226390 | &nbsp;&nbsp; $1101166 | &nbsp;&nbsp; $681913 | &nbsp;&nbsp; $16014 | &nbsp;&nbsp; $15059 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.03 %<sup>4</sup><br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net expenses | 0.03 <br><sup>45</sup><br>| 0.03 <br><sup>5</sup><br>| 0.03 <br><sup>5</sup><br>| 0.03 <br><sup>5</sup><br>| 0.35 <br><sup>5</sup><br>| 0.34 |
| Net investment income | 1.25 <br><sup>4</sup><br>| 1.29 | 1.51 | 1.73 | 2.63 | 2.45 |
| **Portfolio turnover rate**<sup>6</sup> <br>| **1%**<br>| &nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp; **32%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. 

See Notes to Financial Statements.

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Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin U.S. Equity Index ETF (the "Fund") is a separate diversified investment series of Franklin Templeton ETF Trust (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 Fund is an exchange-traded fund ("ETF"). 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 Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NYSE Arca, Inc. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems 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 Fund 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 Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund follows 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 Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(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

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

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. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund 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 which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's 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 Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, 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

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses 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 Fund's 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 Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Energy | &nbsp;&nbsp; $43245151 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $43245151 |
| Materials | &nbsp;&nbsp; 28688769 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 28688769 |
| Utilities | &nbsp;&nbsp; 33845975 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 33845975 |
| Other Common Stocks | &nbsp;&nbsp; 1382878200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1382878200 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; 1488658095 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1488658095 |
| Short-Term Investments† | &nbsp;&nbsp; 927177 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 927177 |
| **Total Investments** | &nbsp;&nbsp; **$1489585272** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$1489585272** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $10599 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $10599 |
| **Total** | &nbsp;&nbsp; **$1489595871** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$1489595871** |

---

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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

---

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

---

**(b) Futures contracts.** The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

**(c) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

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Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

**(d) Foreign investment risks.** The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(e) Securities lending.** The Fund participates in an agency based securities lending program to earn additional income. The Fund receives cash collateral against the loaned securities in an amount equal to at least 102% of the fair value of the loaned securities. Collateral is maintained over the life of the loan in an amount not less than 100% of the fair value of loaned securities, as determined at the close of Fund business each day; any additional collateral required due to changes in security values is delivered to the Fund on the next business day. The collateral is deposited into a joint cash account with other funds and is used to invest in a money market fund managed by Franklin Advisers, Inc. ("Franklin Advisers"), an affiliate of the Fund. These securities received as collateral are held in segregated accounts with the Fund's custodian. The Fund cannot repledge or resell these securities received as collateral. As such, the non-cash collateral is excluded from the Statement of Assets and Liabilities. The Fund may receive income from the investment of cash collateral, in addition to lending fees paid by the borrower. Income from securities loaned, net of fees paid to the securities lending agent and/or third-party vendor, is reported separately in the Statement of Operations. The Fund bears the market risk with respect to the collateral investment, securities loaned, and the risk that the agent may default on its obligations to the Fund. If the borrower defaults on its obligation to return the securities loaned, the Fund has the right to repurchase the securities in the open market using the collateral received. The securities lending agent has agreed to indemnify the Fund in the event of default by a third party borrower.

**(f) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(g) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Fund's records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

**(h) Distributions to shareholders.** Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(i) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

**(j) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

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

**(k) Guarantees and indemnifications.** Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Fund, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisory Services, LLC ("FASL") is the Fund's investment manager. Franklin Templeton Institutional, LLC ("FT Institutional") is the Fund's subadviser. Franklin Templeton Services, LLC ("Franklin Templeton Services") is the Fund's Administrative manager. FASL, FT Institutional and Franklin Templeton Services are subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with FASL, Franklin Templeton Services provides administrative services to the Fund. The fee is paid by FASL based on the Fund's average daily net assets, and is not an additional expense of the Fund.

Under a subadvisory agreement, FT Institutional provides subadvisory services to the Fund. The subadvisory fee is paid by FASL based on the Fund's average daily net assets and is not an additional expense of the Fund.

The Fund pays a unified management fee to FASL whereby FASL has agreed to reimburse the Fund's acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Fund, including custody, transfer agency, and Trustee fees and expenses, among others, but excluding payments under the Fund's Rule 12b-1 plan (if any), brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), taxes, interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), litigation expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), and other non-routine or extraordinary expenses. The fee is calculated daily and paid monthly according to the terms of the management agreement.

During the six months ended September 30, 2025, fees waived and/or expenses reimbursed amounted to $452, all of which was an affiliated money market fund waiver.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the six months ended September 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $18655743 |
| Sales | &nbsp;&nbsp; 17473809 |

---

During the six months ended September 30, 2025, in-kind transactions (Note 5)) were as follows:

---

| | |
|:---|:---|
| Contributions | &nbsp;&nbsp; $311542682 |
| Redemptions | &nbsp;&nbsp; 268562293 |
| Realized gain (loss)\* | &nbsp;&nbsp; 83247879 |

---

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

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Fund.

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At September 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $1108340453 | &nbsp;&nbsp; $419769189 | &nbsp;&nbsp; $(38524370) | &nbsp;&nbsp; $381244819 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 10599 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10599 |

---

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Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

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

**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at September 30, 2025.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $10599 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended September 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $148347 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(8077)<br>|

---

During the six months ended September 30, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $1002098 |

---

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

\* Based on the average of the market values at each month-end during the period.

**5. Fund share transactions**

At September 30, 2025, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended September 30, 2025. The following transactions were effected in such company for the six months ended September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<sup>(a)</sup> <br>| $1318013 | $12651879 | 12651879 | $13042715 | 13042715 |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<sup>(a)</sup> <br>|  | 820000 | 820000 | 820000 | 820000 |
|  | **$1318013** | **$13471879** |  | **$13862715** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>September 30, <br>2025<br>|
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | $27126 |  | $927177 |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  |  |  |  |
|  | **—** | **$27126** | **—** | **$927177** |

---

&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 U.S. Equity Index ETF 2025 Semi-Annual Report

------

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

**7. Capital loss carryforward**

As of March 31, 2025, the Fund had a capital loss carryforwards of $10,193,118, which have no expiration date, that will be available to offset future taxable capital gains.

**8. Concentration of risk**

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Fund has exposure to Russian investments or investments in countries affected by the invasion, the Fund's ability to price, buy, sell, receive or deliver such investments was impaired. The Fund could determine at any time that certain of the most affected securities have little or no value. In addition, any exposure that the Fund may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Fund's portfolio. The extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict, but could result in significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to Russian issuers or issuers in other countries affected by the invasion. At March 31, 2023, of its net assets invested in securities with significant economic risk or exposure to Russia.

**9. Recent accounting pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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

**10. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

------

Franklin U.S. Equity Index ETF 2025 Semi-Annual Report

------

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

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

---

Franklin U.S. Equity Index ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting held on May 21, 2025 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the continuance of (i) the investment management agreement between Franklin Advisory Services, LLC (FAS) and the Trust, on behalf of the Fund and (ii) the investment sub-advisory agreement between FAS and Franklin Templeton Institutional, LLC (FT Institutional), an affiliate of FAS, on behalf of the Fund (each a Management Agreement) for an additional one-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the renewal of each Management Agreement. FAS and FT Institutional are each referred to herein as a Manager.

In considering the continuance of each Management Agreement, the Board reviewed and considered information provided by each Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information provided in response to a detailed set of requests for information submitted to each Manager by Independent Trustee counsel on behalf of the Independent Trustees in connection with the annual contract renewal process. In addition, prior to the Meeting, the Independent Trustees held a virtual contract renewal meeting at which the Independent Trustees first conferred amongst themselves and Independent Trustee counsel about contract renewal matters, and then met with management to request additional information that the Independent Trustees also considered prior to and at the Meeting. The Board further considered all of the factors it deemed relevant in approving the continuance of each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by each Manager; (ii) the Fund's tracking error against a specified benchmark index as of a recent period; (iii) the costs of the services provided and profits realized by each Manager and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale are realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund investors.

In approving the continuance of each Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of each Management Agreement are fair and reasonable and that the continuance of each Management Agreement is in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services**

The Board reviewed the information it received regarding the nature, extent and quality of investment management services provided by each Manager and its affiliates to the Fund and its shareholders. This information included, among other things, the qualifications,

------

Franklin U.S. Equity Index ETF

------

background and experience of the senior management and investment personnel of each Manager, as well as information on succession planning where appropriate; the structure of investment personnel compensation; oversight of third-party service providers; investment performance reports and related financial information for the Fund; reports on expenses and shareholder services; legal and compliance matters; risk controls; pricing and other services provided by each Manager and its affiliates; and management fees charged by each Manager and its affiliates to US funds and other accounts, including management's explanation of differences among accounts where relevant. The Board acknowledged the ongoing integration of acquired third-party fund families into the Franklin Templeton (FT) family of funds and management's continued development of strategies to address evolving changes in domestic policy and continuing geopolitical concerns.

The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the FT family of funds. The Board noted the financial position of Franklin Resources, Inc. (FRI), each Manager's parent, and its commitment to the registered fund business as evidenced by its continued introduction of new funds, reassessment of the fund offerings in response to FT acquisitions and the market environment, as well as its evaluation of ways to incorporate private assets into more traditional investment vehicles. The Board specifically noted FT's commitment to technological innovation and advancement, including its continued focus on developing potential use cases for tokenization and the blockchain and the use of artificial intelligence tools to help streamline day-to-day tasks.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by each Manager and its affiliates to the Fund and its shareholders.

**Fund Performance**

The Board noted that, in light of the Funds' use of a "passive" or indexing investment approach, management evaluates each Fund based on its tracking error against a specified benchmark. The Board also noted that management did not provide peer fund performance analyses typically prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as the Fund is a pure-index exchange-traded fund as opposed to active or smart beta funds. The Board referenced earlier discussions with management on matters related to, among other things, the expansion and rationalization of the overall product line, including investments in novel asset classes, as well as the growth in assets from internal and external clients. In addition, the Board acknowledged information provided regarding management's strategy to grow market share through the use of innovative data and technology and investments in marketing and distribution. The Board noted management's high level of client engagement and the strength of its internal audit and compliance program.

Franklin U.S. Equity Index ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

The Board then noted that for the one-year period ended December 31, 2024, the Fund's tracking error was within the tolerance anticipated for the Fund. The Board concluded that the Fund's performance was satisfactory.

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding the Fund's actual total expense ratio, noting that the Fund pays a Unified Fee (as defined below). The Board considered the actual total expense ratio and, separately, the contractual management fee rate, without the effect of fee waivers, if any (Management Rate), of the Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-traded funds deemed comparable to and with a similar expense structure to the Fund selected by Broadridge (Expense Group). Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report, which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in an Expense Group.

The Expense Group for the Fund was comprised of pure-index exchange-traded funds, which included the Fund, seven other large-cap core funds, and two multi-cap core funds. The Board noted that the Management Rate and actual total expense ratio for the Fund were equal to the medians of its Expense Group. The Board further noted that the Fund has implemented a unified management fee (Unified Fee) and that pursuant to the Unified Fee arrangement FAS reimburses the Fund for all of its acquired fund fees and expenses (if any) and pays all of the ordinary operating expenses of the Fund, except for (i) the Fund's Unified Fee, (ii) future Rule 12b-1 fees, (iii) brokerage expenses, (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses. The Board noted that FT Institutional is paid by FAS out of the Unified Fee FAS receives from the Fund and that the allocation of the fee between FAS and FT Institutional reflected the services provided by each Manager to the Fund. The Board concluded that the Management Rate charged to the Fund and the sub-advisory fee paid to FT Institutional are reasonable.

**Profitability**

The Board reviewed and considered information regarding the profits realized by each Manager and its affiliates in connection with the operation of the Fund. In this respect, the

------

Franklin U.S. Equity Index ETF

------

Board considered the Fund profitability analysis that addresses the overall profitability of FT's US fund business, as well as its profits in providing investment management and other services to each of the individual Funds during the 12-month period ended September 30, 2024 (the most recent fiscal year-end for FRI). The Board noted that although management continually makes refinements to its methodologies used in calculating profitability in response to organizational and product-related changes, the overall methodology has remained consistent with that used in the Fund's profitability report presentations from prior years. The Board also noted that an independent registered public accounting firm has been engaged to periodically review and assess the allocation methodologies to be used solely by the Fund's Board with respect to the profitability analysis.

The Board noted management's belief that costs incurred in establishing the infrastructure necessary for the type of fund operations conducted by each Manager and its affiliates may not be fully reflected in the expenses allocated to the Fund in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. As part of this evaluation, the Board considered management's outsourcing of certain operations, which effort has required considerable up-front expenditures by each Manager, but over the long run, is expected to result in greater efficiencies. The Board also noted management's expenditures in improving shareholder services provided to the Fund, as well as the need to implement systems and meet additional regulatory and compliance requirements resulting from recent US Securities and Exchange Commission and other regulatory requirements.

The Board also considered the extent to which each Manager and its affiliates might derive ancillary benefits from fund operations, including potential benefits resulting from personnel and systems enhancements necessitated by fund growth, as well as increased leverage with service providers and counterparties. Based upon its consideration of all these factors, the Board concluded that the level of profits realized by each Manager and its affiliates from providing services to the Fund was not excessive in view of the nature, extent and quality of services provided to the Fund.

**Economies of Scale**

The Board reviewed and considered the extent to which each Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's management fee structure reflects any economies of scale for the benefit of shareholders. The Board considered that the Fund would likely experience benefits from the Unified Fee at the Fund's projected asset levels because of FAS's contractual requirement to bear most of the Fund's ordinary operating expenses. The Board noted that, under the Unified Fee, it is not anticipated that the Fund will generate significant, if any, profit for FAS and/or its affiliates for some time. The Board considered management's view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint

Franklin U.S. Equity Index ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

and common costs and investments each Manager incurs across the FT family of funds as a whole. The Board noted that, as of December 31, 2024, the Fund's net assets were approximately $1.23 billion. The Board also noted management's representation that for the fiscal year ended September 30, 2024, the Fund did not experience a profit. The Board concluded that to the extent economies of scale may be realized by each Manager and its affiliates, the Fund's management fee structure provided a sharing of benefits with the Fund and its shareholders as the Fund grows.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the continuance of each Management Agreement for an additional one-year period.

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Franklin U.S. Equity Index ETF

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Franklin

U.S. Equity Index ETF

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisory Services, LLC

**Subadviser**

Franklin Templeton Institutional, LLC

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Franklin U.S. Equity Index ETF**

The Fund is a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin U.S. Equity Index ETF

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at (800) DIAL BEN/342-5236.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin U.S. Equity Index ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img0d703e083.jpg)

**USPX-SFSOI 11/25**© 2025 Franklin Templeton. All rights reserved.

------

![](imgfa1980021.gif)

**Franklin**

**FTSE Russia ETF**

**Financial Statements and Other Important Information**

**Semi-Annual** \| September 30, 2025

![](imgb09cb7de2.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_af955f4d-efd1-4424-ad50-2aeb43e9481b_SOI-Header-SOI-5038_1) | **1** |
| [Statement of Assets and Liabilities](#xx_af955f4d-efd1-4424-ad50-2aeb43e9481b_SAL-Header-SAL-5038_1) | **4** |
| [Statement of Operations](#xx_af955f4d-efd1-4424-ad50-2aeb43e9481b_SOP-Header-SOP-5038_1) | **5** |
| [Statements of Changes in Net Assets](#xx_af955f4d-efd1-4424-ad50-2aeb43e9481b_SOC-Header-SOC-5038_1) | **6** |
| [Statement of Cash Flows](#xx_af955f4d-efd1-4424-ad50-2aeb43e9481b_SOCF-Header-StatementofCashFlows-5038_1) | **7** |
| [Financial Highlights](#xx_af955f4d-efd1-4424-ad50-2aeb43e9481b_FH-Header-Financialhighlights-5038_1) | **8** |
| [Notes to Financial Statements](#xx_af955f4d-efd1-4424-ad50-2aeb43e9481b_NTF-Header-Notestofinancialstatements-5038_1) | **9** |
| [Changes in and Disagreements with Accountants](#xx_af955f4d-efd1-4424-ad50-2aeb43e9481b_TSR-TOCTSRDisclosures-5038_1) | **19** |
| [Results of Meeting(s) of Shareholders](#xx_af955f4d-efd1-4424-ad50-2aeb43e9481b_TSR-TOCTSRDisclosures-5038_1) | **19** |
| [Remuneration Paid to Directors, Officers and Others](#xx_af955f4d-efd1-4424-ad50-2aeb43e9481b_TSR-TOCTSRDisclosures-5038_1) | **19** |
| [Board Approval of Management and Subadvisory](#xx_af955f4d-efd1-4424-ad50-2aeb43e9481b_BAMSA-TOC-Mgmtandsubadvisoryagreements-5038_1) [Agreements](#xx_af955f4d-efd1-4424-ad50-2aeb43e9481b_BAMSA-TOC-Mgmtandsubadvisoryagreements-5038_1) | **20** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

September 30, 2025

 **Franklin FTSE Russia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 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%†† |
| Rostelecom PJSC | &nbsp;&nbsp; 165056 | &nbsp;&nbsp; $0<br> \*<sup>(a)(b)</sup><br>|
| Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† |
| Mobile TeleSystems PJSC | &nbsp;&nbsp; 147584 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Sistema AFK PAO | &nbsp;&nbsp; 499664 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 0 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **0** |
| **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** |
| Specialty Retail — 0.0%†† | Specialty Retail — 0.0%†† | Specialty Retail — 0.0%†† |
| M.Video PJSC | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; **0**<br> \*<sup>(a)(b)</sup><br>|
| **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** |
| Consumer Staples Distribution & Retail — 0.0%†† | Consumer Staples Distribution & Retail — 0.0%†† | Consumer Staples Distribution & Retail — 0.0%†† |
| Magnit PJSC | &nbsp;&nbsp; 8112 | &nbsp;&nbsp; **0**<br> \*<sup>(a)(b)</sup><br>|
| **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%†† |
| Gazprom PJSC | &nbsp;&nbsp; 981872 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| LUKOIL PJSC | &nbsp;&nbsp; 36048 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Novatek PJSC | &nbsp;&nbsp; 47472 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Rosneft Oil Co. PJSC | &nbsp;&nbsp; 92320 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Sovcomflot PJSC | &nbsp;&nbsp; 72128 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Surgutneftegas PAO | &nbsp;&nbsp; 634480 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Tatneft PJSC | &nbsp;&nbsp; 105552 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **0** |
| **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** |
| Banks — 0.0%†† | Banks — 0.0%†† | Banks — 0.0%†† |
| Credit Bank of Moscow PJSC | &nbsp;&nbsp; 2127840 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Sberbank of Russia PJSC | &nbsp;&nbsp; 959968 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| VTB Bank PJSC | &nbsp;&nbsp; 177271 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 0 |
| Capital Markets — 0.0%†† | Capital Markets — 0.0%†† | Capital Markets — 0.0%†† |
| Moscow Exchange MICEX-RTS PJSC | &nbsp;&nbsp; 253248 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **0** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† |
| Aeroflot PJSC | &nbsp;&nbsp; 174496 | &nbsp;&nbsp; **0**<br> \*<sup>(a)(b)</sup><br>|
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† |
| PhosAgro PJSC, Russian Stock Exchange | &nbsp;&nbsp; 6208 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

Franklin FTSE Russia ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin FTSE Russia ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Metals & Mining — 0.0%†† | Metals & Mining — 0.0%†† | Metals & Mining — 0.0%†† | Metals & Mining — 0.0%†† |
| Alrosa PJSC | Alrosa PJSC | &nbsp;&nbsp; 361232 | &nbsp;&nbsp; $0<br> \*<sup>(a)(b)</sup><br>|
| GMK Norilskiy Nickel PAO | GMK Norilskiy Nickel PAO | &nbsp;&nbsp; 288800 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Magnitogorsk Iron & Steel Works PJSC | Magnitogorsk Iron & Steel Works PJSC | &nbsp;&nbsp; 370640 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Novolipetsk Steel PJSC | Novolipetsk Steel PJSC | &nbsp;&nbsp; 200944 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Polyus PJSC | Polyus PJSC | &nbsp;&nbsp; 35040 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Raspadskaya OJSC | Raspadskaya OJSC | &nbsp;&nbsp; 10720 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Severstal PAO | Severstal PAO | &nbsp;&nbsp; 27744 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| United Co. RUSAL International PJSC | United Co. RUSAL International PJSC | &nbsp;&nbsp; 447600 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 0 |
| Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† |
| Segezha Group PJSC | Segezha Group PJSC | &nbsp;&nbsp; 666096 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **0** |
| **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** |
| Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† |
| Federal Grid Co. - Rosseti PJSC | Federal Grid Co. - Rosseti PJSC | &nbsp;&nbsp; 80095477 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Inter RAO UES PJSC | Inter RAO UES PJSC | &nbsp;&nbsp; 6229280 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Mosenergo PJSC | Mosenergo PJSC | &nbsp;&nbsp; 1418704 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| RusHydro PJSC | RusHydro PJSC | &nbsp;&nbsp; 20149712 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 0 |
| Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† |
| Unipro PAO | Unipro PAO | &nbsp;&nbsp; 1811376 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **0** |
| **Total Common Stocks (Cost — $21,363,101)** | **Total Common Stocks (Cost — $21,363,101)** | **Total Common Stocks (Cost — $21,363,101)** | &nbsp;&nbsp; **0**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 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%†† |
| Bashneft PJSC  | —  | &nbsp;&nbsp; 3392 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Surgutneftegas PAO  | —  | &nbsp;&nbsp; 682080 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Tatneft PJSC  | —  | &nbsp;&nbsp; 10416 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Transneft PJSC  | —  | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| **Total Preferred Stocks (Cost — $1,113,686)** | **Total Preferred Stocks (Cost — $1,113,686)** | **Total Preferred Stocks (Cost — $1,113,686)** | &nbsp;&nbsp; **0** |
| **Total Investments — 0.0%†† (Cost — $22,476,787)** | **Total Investments — 0.0%†† (Cost — $22,476,787)** | **Total Investments — 0.0%†† (Cost — $22,476,787)** | &nbsp;&nbsp; **0** |
| Other Assets in Excess of Liabilities — 100.0% | Other Assets in Excess of Liabilities — 100.0% | Other Assets in Excess of Liabilities — 100.0% | &nbsp;&nbsp; 4870 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$4870** |

---

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

See Notes to Financial Statements.

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Franklin FTSE Russia ETF 2025 Semi-Annual Report

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 **Franklin FTSE Russia 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> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in <br> transactions that are exempt from registration, normally to qualified institutional buyers. This security has been <br> deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|

---

&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:** |
| OJSC |  | Open Joint Stock Company |
| PJSC | —  | Private Joint Stock Company |

---

See Notes to Financial Statements.

Franklin FTSE Russia ETF 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

September 30, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost — $22,476,787) | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; $4788 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 82 |
| **Total Assets** | &nbsp;&nbsp; **4870** |
| **Liabilities:** |  |
| **Total Liabilities** | &nbsp;&nbsp; **—** |
| **Total Net Assets** | &nbsp;&nbsp; **$4870** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $23214795 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (23209925)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$4870** |
| **Shares Outstanding** | &nbsp;&nbsp; 800000 |
| **Net Asset Value** | &nbsp;&nbsp; $0.01 <br><sup>1</sup><br>|

---

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

<sup>1</sup> Actual amount less than $0.01 per share. Amount shown reflects effect of rounding.

See Notes to Financial Statements.

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Franklin FTSE Russia ETF 2025 Semi-Annual Report

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Statement of Operations (unaudited)

For the Six Months Ended September 30, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| **Interest** | &nbsp;&nbsp; **$35** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 5 |
| **Total Expenses** | &nbsp;&nbsp; **5** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (5)<br>|
| **Net Expenses** | &nbsp;&nbsp; **—** |
| **Net Investment Income** | &nbsp;&nbsp; **35** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$35** |

---

See Notes to Financial Statements.

Franklin FTSE Russia ETF 2025 Semi-Annual Report

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Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $35 | $72 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **35** | **72** |
| **Increase in Net Assets** | &nbsp;&nbsp; **35** | **72** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 4835 | 4763 |
| **End of period** | &nbsp;&nbsp; **$4870** | **$4835** |

---

See Notes to Financial Statements.

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Franklin FTSE Russia ETF 2025 Semi-Annual Report

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Statement of Cash Flows (unaudited)

For the Six Months Ended September 30, 2025

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

---

| | |
|:---|:---|
| **Increase (Decrease) in Cash:** |  |
| **Cash Flows from Operating Activities:** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $35 |
| **Net Cash Provided in Operating Activities** | &nbsp;&nbsp; **35** |
| **Net Increase in Cash and Restricted Cash** | &nbsp;&nbsp; **35** |
| Cash and restricted cash at beginning of period | &nbsp;&nbsp; 4753 |
| Cash and restricted cash at end of period | &nbsp;&nbsp; $4788 |

---

See Notes to Financial Statements.

Franklin FTSE Russia ETF 2025 Semi-Annual Report

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Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of period** | $0.01 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; $26.98 | &nbsp;&nbsp; $18.91 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; — <br><sup>3</sup><br>| 1.68 | 1.41 |
| Net realized and unrealized gain (loss) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>3</sup><br>| 0.01 <br><sup>4</sup><br>| &nbsp;&nbsp; (27.28)<br>| 8.34 |
| **Total income (loss) from operations** | **0.00** | **0.00** | **0.00** <br><sup>3</sup><br>| **0.01** <br><sup>4</sup><br>| &nbsp;&nbsp; **(25.60)** | **9.75** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.68)<br>|
| **Total distributions**  | **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(1.38)**<br>| &nbsp;&nbsp; **(1.68)**<br>|
| **Net asset value, end of period** | $0.01 <br><sup>4</sup><br>| &nbsp;&nbsp; $0.01 <br><sup>4</sup><br>| &nbsp;&nbsp; $0.01 <br><sup>4</sup><br>| &nbsp;&nbsp; $0.01 <br><sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; $26.98 |
| **Total return, based on NAV**<sup>5</sup> <br>| **0.76%** <br><sup>6</sup><br>| **1.65%** <br><sup>7</sup><br>| **1.52%** <br><sup>8</sup><br>| **73.56%** <br><sup>9</sup><br>| &nbsp;&nbsp; **(100.00)%**<br>| **52.27%**<br>|
| **Net assets, end of period (000s)** | $5 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $10794 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.19 %<sup>10</sup><br>| 0.19<br> %<br>| 0.19<br> %<br>| 0.19<br> %<br>| 0.19<br> %<br>| 0.19<br> %<br>|
| Net expenses | 0.00 <br><sup>1011</sup><br>| 0.00 <br><sup>11</sup><br>| 0.00 <br><sup>11</sup><br>| 0.00 <br><sup>11</sup><br>| 0.19 | 0.19 <br><sup>11</sup><br>|
| Net investment income | 1.42 <br><sup>10</sup><br>| 1.52 | 1.52 | 49.38 <br><sup>12</sup><br>| 6.19 | 6.02 |
| **Portfolio turnover rate**<sup>13</sup> <br>| **0%**<br>| &nbsp;&nbsp; **0%**<br>| &nbsp;&nbsp; **0%**<br>| &nbsp;&nbsp; **0%**<br>| &nbsp;&nbsp; **20%**<br>| &nbsp;&nbsp; **19%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended September 30, 2025 (unaudited).

<sup>3</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>4</sup> Actual amount less than $0.01 per share. Amount shown reflects effect of rounding.

<sup>5</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>6</sup> The amount shown above reflects the Fund's unrounded NAV per share increasing from $0.006044 as of March 31, 2025 to $0.006087 as of September 30, 2025. 

<sup>7</sup> The amount shown above reflects the Fund's unrounded NAV per share increasing from $0.005946 as of March 31, 2024 to $0.006044 as of March 31, 2025. 

<sup>8</sup> The amount shown above reflects the Fund's unrounded NAV per share increasing from $0.005857 as of March 31, 2023 to $0.005946 as of March 31, 2024. 

<sup>9</sup> The amount shown above reflects the Fund's unrounded NAV per share increasing from $0.003378 as of March 31, 2022 to $0.005857 as of March 31, 2023. 

<sup>10</sup> Annualized.

<sup>11</sup> Reflects fee waivers and/or expense reimbursements.

<sup>12</sup> 47.52% of this amount represents income from refunds of foreign tax withheld included in net investment income.

<sup>13</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. 

See Notes to Financial Statements.

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Franklin FTSE Russia ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin FTSE Russia ETF (the "Fund") is a separate non-diversified investment series of Franklin Templeton ETF Trust (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 Fund seeks to provide the investment results that closely correspond, before fees and expenses, to the performance of the Fund's underlying index.

The Fund follows 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 Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities 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. 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. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund 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 which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Franklin FTSE Russia ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's 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 Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, 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 Fund uses 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.

------

Franklin FTSE Russia ETF 2025 Semi-Annual Report

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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 Fund's 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 Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Communication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0  | &nbsp;&nbsp; $0  |
| Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| Consumer Staples | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| Industrials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| Utilities | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$0** <br> **\***<br>|

---

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

† See Schedule of Investments for additional detailed categorizations. <br> \* Includes financial instruments determined to have no value.

**(b) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from

Franklin FTSE Russia ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

**(c) Foreign investment risks.** The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(d) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(e) Distributions to shareholders.** The Fund will not declare any dividends from net investment income during liquidation. The Fund will make one or more liquidating

------

Franklin FTSE Russia ETF 2025 Semi-Annual Report

------

distributions. Upon payment of the final liquidating distribution, it is anticipated that the Fund will be terminated. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(f) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

**(g) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**(h) Guarantees and indemnifications.** Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Fund, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisory Services, LLC (" FASL") is the Fund's investment manager. Franklin Templeton Institutional, LLC ("FT Institutional") is the Fund's subadviser. Franklin Templeton Services, LLC ("Franklin Templeton Services") is the Fund's Administrative manager. FASL, FT Institutional and Franklin Templeton Services are FASL subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with FASL, Franklin Templeton Services provides administrative services to the Fund. The fee is paid by FASL based on the Fund's average daily net assets, and is not an additional expense of the Fund.

Franklin FTSE Russia ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

Under a subadvisory agreement, FT Institutional provides subadvisory services to the Fund. The subadvisory fee is paid by FASL based on the Fund's average daily net assets and is not an additional expense of the Fund.

The Fund pays FASL a unified management fee for managing the Fund's assets, as approved by the Board. Pursuant to the investment management agreement with the Trust on behalf of the Funds, FASL reimburses the Fund for all acquired fund fees and expenses (such as those associated with the Fund's investment in a Franklin Templeton money fund) and pays all of the ordinary operating expenses of the Fund, except for (i) the Fund's management fee, (ii) payments under the Fund's Rule 12b-1 plan (if any), (iii) brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses. The fee is calculated daily and paid monthly according to the terms of the management agreement.

Effective March 1, 2022, FASL implemented a waiver of its management fee for the Fund, which will continue in effect while the Fund liquidates. The Fund's contractual unified management fee is 0.19% per year on the average daily net assets of the Fund. FASL waived its management fee for the period.

FASL pays FT Institutional for its services to the Fund. With respect to the Fund, FASL pays FT Institutional a monthly fee equal to 50% of the net investment advisory fee payable by the Fund to FASL (the "Net Investment Advisory Fee"), calculated daily. The Net Investment Advisory Fee is equal to (i) 96% of an amount equal to the total investment management fees payable to FASL, minus any Fund fees and/or expenses waived or reimbursed by FASL, including as part of the Fund's unitary management fee structure pursuant to the investment management agreement between FASL and the Trust, on behalf of the Fund, minus (ii) any fees payable by FASL to Franklin Templeton Services, LLC for fund administrative services. Investment advisory responsibilities and fees may be reallocated periodically between FT Institutional and FASL.

The Fund's contractual unified management fee is 0.19% per year on the average daily net assets of the Fund. FASL waived its management fee for the period.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

------

Franklin FTSE Russia ETF 2025 Semi-Annual Report

------

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

**3. Investments**

There were no purchases and sales of investments for the six months ended ended September 30, 2025.

At September 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $22661468 | &nbsp;&nbsp; — | &nbsp;&nbsp; $(22661468) | &nbsp;&nbsp; $(22661468) |

---

**4. Derivative instruments and hedging activities**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**5. Fund share transactions**

At September 30, 2025, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of each Fund on the transaction date. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

Effective March 1, 2022, the Fund suspended new creations of its shares in light of ongoing issues related to Russia's invasion of Ukraine. In addition, effective March 4, 2022, NYSE Arca halted trading of the Fund. On December 23, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Fund completes the liquidation of its portfolio and distributes all its assets to remaining shareholders. The Fund was delisted from NYSE Arca effective December 27, 2022.

**6. Capital loss carryforward**

As of March 31, 2025, the Fund had capital loss carryforwards remaining, which have no expiration date, of $548,564, that will be available to offset future taxable capital gains.

Franklin FTSE Russia ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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

**7. Concentration of risk**

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local, regional and global economic, political and social conditions, which may result in greater market volatility. Political and financial uncertainty in many foreign regions may increase market volatility and the economic risk of investing in foreign securities. In addition, certain foreign securities may not be as liquid as U.S. securities.

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict has increased volatility and uncertainty in the financial markets and adversely affected the Fund. The United States and other countries and certain international organizations have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to Russia's invasion of Ukraine. These sanctions froze certain Russian assets and prohibited, among other things, trading in certain Russian securities and doing business with specific Russian corporate entities, large financial institutions, officials and oligarchs. The sanctions also included the removal of some Russian banks from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), the electronic network that connects banks globally, and imposed restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. A number of large corporations and U.S. states also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. In response, the government of Russia imposed capital controls to restrict movements of capital entering and exiting the country. These sanctions and any additional sanctions or other intergovernmental actions that may be undertaken against Russia may result in the devaluation of the Russian currency and a downgrade in the country's credit rating. Ongoing developments related to the war have caused and may continue to cause severe declines in the value and liquidity of Russian securities. As a result, the Fund's ability to price, buy, sell, receive or deliver Russian investments has been severely impaired. For example, the Fund may be prohibited from investing in or acquiring securities issued by companies subject to such sanctions. In addition, the sanctions may require the Fund to freeze its existing investments in companies operating in or having dealings with Russia, which would prevent the Fund from selling or delivering these investments. Further, any exposure that the Fund may have to Russian counterparties could negatively impact the Fund's portfolio. The liquidation of Fund assets during this time may also result in the Fund receiving substantially lower prices for its securities. The extent and duration of Russia's military actions and the repercussions of such actions are impossible to predict, but could result in significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events have adversely affected the value and liquidity of the Fund's holdings and may continue to significantly impact the Fund's performance and the value of an investment in

------

Franklin FTSE Russia ETF 2025 Semi-Annual Report

------

the Fund. These as well as any other consequences to Russia, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on the Russian government, companies or individuals, along with any retaliatory actions or countermeasures that may be taken by Russia (including cyberattacks on other governments, corporations or individuals), may further decrease the value and liquidity of Russian securities. Additionally, due to current and potential future sanctions or market closures impacting the ability to trade or transfer Russian securities, the Fund may experience higher transaction costs. During this time, the Fund will not meet its investment goal and will experience significant tracking error. These circumstances could also have adverse tax, regulatory and/or other consequences to the Fund.

At September 30, 2025, the Franklin FTSE Russia ETF had 100% of its security holdings invested in securities with significant economic risk or exposure to Russia. The Valuation Committee determined that based on their analysis of the market and access to market participants, the Russian financial instruments held by the Fund had no value at September 30, 2025.

**8. Plan of liquidation**

Russia's large-scale invasion of Ukraine on February 24, 2022 has led to economic sanctions on certain Russian individuals and Russian corporate and banking entities, the imposition of capital controls in Russia, and the closure of Russian securities markets. Previously, on March 1, 2022, the Fund suspended new creations of its shares in light of circumstances involving Russia and Ukraine and trading in the Fund was halted by the Fund's listing exchange, NYSE Arca, Inc. ("NYSE Arca"), prior to market open on March 4, 2022. All of the Fund's security holdings had significant economic risk or exposure to Russia. The Fund fair valued all Russian equity securities at $0 as of September 30, 2025, such securities continue to be fair valued at $0. Accordingly, as of September 30, 2025, the Fund's portfolio is comprised of Russian equity securities (currently fair valued at $0 as noted above) and USD cash.

On July 20, 2022, the Board unanimously voted to close and liquidate the Fund, contingent on receiving any necessary relief from the U.S. Securities and Exchange Commission ("SEC"). On December 23, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Fund completes the liquidation of its portfolio and distributes all its assets to remaining shareholders. The Fund was delisted from NYSE Arca effective December 27, 2022.

The Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation. The Fund may make one or more liquidating distributions. It is possible that the liquidation of the Fund will take an extended period of time if circumstances involving Russian securities do not improve. While the Fund is in the process of liquidating

Franklin FTSE Russia ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

its portfolio, the Fund will hold cash and securities that may not be consistent with the Fund's investment goal and strategies. Additionally, the Fund's underlying index was discontinued effective February 28, 2024. Furthermore, because of the delisting of the Fund by NYSE Arca and the liquidation of the Fund, the Fund is no longer an exchange-traded fund. Upon payment of the final liquidating distribution, it is anticipated that the Fund will be terminated.

The Fund may be terminated at any time, at the discretion of the Board, even if not all of the Russian securities have been sold. Due to the uncertainty involved, there can be no assurance that shareholders will receive any liquidating distribution relating to any unsold Russian securities.

**9. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

------

Franklin FTSE Russia ETF 2025 Semi-Annual Report

------

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

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

---

Franklin FTSE Russia ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting held on May 21, 2025 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the continuance of (i) the investment management agreement between Franklin Advisory Services, LLC (FAS) and the Trust, on behalf of the Fund and (ii) the investment sub-advisory agreement between FAS and Franklin Templeton Institutional, LLC (FTIL), an affiliate of FAS, on behalf of the Fund (each a Management Agreement) for an additional one-year period pending the liquidation of the Fund. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the renewal of each Management Agreement. FAS and FTIL are each referred to herein as a Manager.

In considering the continuance of each Management Agreement, the Board reviewed and considered information provided by each Manager with respect to the Managers' ongoing efforts to liquidate the remaining holdings in the Fund's portfolio. The Board also considered, among other things, that (i) the Fund had been delisted by NYSE Arca, Inc. (NYSE Arca) in connection with the pending liquidation of the Fund and that trading in the Fund on NYSE Arca had been halted since March 4, 2022; (ii) the Fund had no tracking error information in light of its pending liquidation and that the Fund's underlying index was discontinued as of February 28, 2024; (iii) the Manager has implemented a voluntary waiver of its unified management fee for the Fund; and (iv) as of December 31, 2024, the Fund had net assets below $5,000 in light of the pending liquidation.

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors, the Board unanimously approved the continuance of each Management Agreement for an additional one-year period in light of the pending liquidation of the Fund.

------

Franklin FTSE Russia ETF

------

Franklin

FTSE Russia ETF

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisory Services, LLC

**Subadviser**

Franklin Templeton Institutional, LLC

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Franklin FTSE Russia ETF**

The Fund is a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin FTSE Russia ETF

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at (800) DIAL BEN/342-5236.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin FTSE Russia ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider each Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img90c863263.jpg)

**FLRU-SFSOI 11/25**© 2025 Franklin Templeton. All rights reserved.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](ftet-efp20038_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](ftet-efp20038_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Franklin Templeton ETF Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | November 28, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | November 28, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Vivek Pai |
|  | Vivek Pai |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | November 28, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Templeton ETF Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: November 28, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Vivek Pai, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Templeton ETF Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

Date: November 28, 2025

---

| |
|:---|
| /s/ Vivek Pai |
| Vivek Pai |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Vivek Pai,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Templeton ETF Trust.** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **September 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Templeton ETF Trust | Franklin Templeton ETF Trust |
| /s/ Christopher Kings | /s/ Vivek Pai |
| Christopher Kings | Vivek Pai |
| Date: November 28, 2025 | Date: November 28, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.