# EDGAR Filing Document

**Accession Number:** 0001645194
**File Stem:** 0000940400-26-008679
**Filing Date:** 2026-2
**Character Count:** 171753
**Document Hash:** 0d5490a897f4a8dd99e8480239a7cac1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008679.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008679

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Legg Mason ETF Investment Trust
- **CENTRAL INDEX KEY:** 0001645194

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23096
- **FILM NUMBER:** 26687482

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Legg Mason ETF InvestmentTrust
- **DATE OF NAME CHANGE:** 20170221

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Legg Mason ETF Equity Trust
- **DATE OF NAME CHANGE:** 20150615

## Series and Classes Contracts Data

### Franklin International Low Volatility High Dividend Index ETF (Series ID: S000054583)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000171451 | Franklin International Low Volatility High Dividend Index ETF | LVHI            |

## Nport-Ex

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin International Low Volatility High Dividend Index 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 — 6.0%** | **Communication Services — 6.0%** | **Communication Services — 6.0%** |
| *Diversified Telecommunication Services — 3.9%* | *Diversified Telecommunication Services — 3.9%* | *Diversified Telecommunication Services — 3.9%* |
| &nbsp;&nbsp;&nbsp; BCE Inc. | &nbsp;&nbsp; 815713 | &nbsp;&nbsp;&nbsp; $19483089<br>|
| &nbsp;&nbsp;&nbsp; BT Group PLC | &nbsp;&nbsp; 7909742 | &nbsp;&nbsp;&nbsp; 19581084<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | &nbsp;&nbsp; 2180660 | &nbsp;&nbsp;&nbsp; 10182843<br>|
| &nbsp;&nbsp;&nbsp; NTT Inc. | &nbsp;&nbsp; 45895658 | &nbsp;&nbsp;&nbsp; 46175286<br>|
| &nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | &nbsp;&nbsp; 6023600 | &nbsp;&nbsp;&nbsp; 21312115<br>|
| &nbsp;&nbsp;&nbsp; Swisscom AG, Registered Shares | &nbsp;&nbsp; 13937 | &nbsp;&nbsp;&nbsp; 10124006<br>|
| &nbsp;&nbsp;&nbsp; Telstra Group Ltd. | &nbsp;&nbsp; 6745860 | &nbsp;&nbsp;&nbsp; 21907583<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *148766006* |
| *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* |
| &nbsp;&nbsp;&nbsp; ITV PLC | &nbsp;&nbsp; 3404359 | &nbsp;&nbsp;&nbsp; 3770835<br>|
| &nbsp;&nbsp;&nbsp; Publicis Groupe SA | &nbsp;&nbsp; 143542 | &nbsp;&nbsp;&nbsp; 14939824<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *18710659* |
| *Wireless Telecommunication Services — 1.6%* | *Wireless Telecommunication Services — 1.6%* | *Wireless Telecommunication Services — 1.6%* |
| &nbsp;&nbsp;&nbsp; Freenet AG | &nbsp;&nbsp; 104543 | &nbsp;&nbsp;&nbsp; 3602382<br>|
| &nbsp;&nbsp;&nbsp; Millicom International Cellular SA | &nbsp;&nbsp; 205228 | &nbsp;&nbsp;&nbsp; 11377841<br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Class B Shares | &nbsp;&nbsp; 654701 | &nbsp;&nbsp;&nbsp; 24745620<br>|
| &nbsp;&nbsp;&nbsp; SoftBank Corp. | &nbsp;&nbsp; 15576630 | &nbsp;&nbsp;&nbsp; 21345881<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *61071724* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **228548389** |
| **Consumer Discretionary — 5.8%** | **Consumer Discretionary — 5.8%** | **Consumer Discretionary — 5.8%** |
| *Automobile Components — 1.2%* | *Automobile Components — 1.2%* | *Automobile Components — 1.2%* |
| &nbsp;&nbsp;&nbsp; Bridgestone Corp. | &nbsp;&nbsp; 1085800 | &nbsp;&nbsp;&nbsp; 24342092<br>|
| &nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 356757 | &nbsp;&nbsp;&nbsp; 11861705<br>|
| &nbsp;&nbsp;&nbsp; Toyo Tire Corp. | &nbsp;&nbsp; 267700 | &nbsp;&nbsp;&nbsp; 7403614<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *43607411* |
| *Automobiles — 2.1%* | *Automobiles — 2.1%* | *Automobiles — 2.1%* |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | &nbsp;&nbsp; 281257 | &nbsp;&nbsp;&nbsp; 30766231<br>|
| &nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | &nbsp;&nbsp; 589700 | &nbsp;&nbsp;&nbsp; 9177793<br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | &nbsp;&nbsp; 556596 | &nbsp;&nbsp;&nbsp; 39267427<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *79211451* |
| *Broadline Retail — 0.3%* | *Broadline Retail — 0.3%* | *Broadline Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; B&M European Value Retail SA | &nbsp;&nbsp; 1354637 | &nbsp;&nbsp;&nbsp; 3075629<br>|
| &nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., Class A Shares | &nbsp;&nbsp; 75162 | &nbsp;&nbsp;&nbsp; 9537610<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *12613239* |
| *Hotels, Restaurants & Leisure — 0.7%* | *Hotels, Restaurants & Leisure — 0.7%* | *Hotels, Restaurants & Leisure — 0.7%* |
| &nbsp;&nbsp;&nbsp; Evolution AB | &nbsp;&nbsp; 147513 | &nbsp;&nbsp;&nbsp; 10077633<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 2237000 | &nbsp;&nbsp;&nbsp; 11013277<br>|
| &nbsp;&nbsp;&nbsp; Genting Singapore Ltd. | &nbsp;&nbsp; 11518400 | &nbsp;&nbsp;&nbsp; 6493655<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *27584565* |
| *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* |
| &nbsp;&nbsp;&nbsp; Haseko Corp.  | &nbsp;&nbsp; 212471 | &nbsp;&nbsp;&nbsp; 4212956<br>|
| &nbsp;&nbsp;&nbsp; Sekisui House Ltd. | &nbsp;&nbsp; 562800 | &nbsp;&nbsp;&nbsp; 12559727<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *16772683* |
| *Specialty Retail — 1.1%* | *Specialty Retail — 1.1%* | *Specialty Retail — 1.1%* |
| &nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB, Class B Shares | &nbsp;&nbsp; 573078 | &nbsp;&nbsp;&nbsp; 11556298<br>|

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* |
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | &nbsp;&nbsp; 333842 | &nbsp;&nbsp;&nbsp; $22089839<br>|
| &nbsp;&nbsp;&nbsp; Kingfisher PLC | &nbsp;&nbsp; 1699394 | &nbsp;&nbsp;&nbsp; 7147605<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *40793742* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **220583091** |
| **Consumer Staples — 9.5%** | **Consumer Staples — 9.5%** | **Consumer Staples — 9.5%** |
| *Beverages — 1.6%* | *Beverages — 1.6%* | *Beverages — 1.6%* |
| &nbsp;&nbsp;&nbsp; Diageo PLC | &nbsp;&nbsp; 1677066 | &nbsp;&nbsp;&nbsp; 36170767<br>|
| &nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 775657 | &nbsp;&nbsp;&nbsp; 11619143<br>|
| &nbsp;&nbsp;&nbsp; Pernod Ricard SA | &nbsp;&nbsp; 98072 | &nbsp;&nbsp;&nbsp; 8419710<br>|
| &nbsp;&nbsp;&nbsp; Treasury Wine Estates Ltd. | &nbsp;&nbsp; 1223476 | &nbsp;&nbsp;&nbsp; 4275185<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *60484805* |
| *Consumer Staples Distribution & Retail — 1.5%* | *Consumer Staples Distribution & Retail — 1.5%* | *Consumer Staples Distribution & Retail — 1.5%* |
| &nbsp;&nbsp;&nbsp; Endeavour Group Ltd. | &nbsp;&nbsp; 1066125 | &nbsp;&nbsp;&nbsp; 2602061<br>|
| &nbsp;&nbsp;&nbsp; J Sainsbury PLC | &nbsp;&nbsp; 1977284 | &nbsp;&nbsp;&nbsp; 8643527<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 306777 | &nbsp;&nbsp;&nbsp; 12563466<br>|
| &nbsp;&nbsp;&nbsp; Tesco PLC | &nbsp;&nbsp; 5713377 | &nbsp;&nbsp;&nbsp; 33951361<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *57760415* |
| *Food Products — 2.9%* | *Food Products — 2.9%* | *Food Products — 2.9%* |
| &nbsp;&nbsp;&nbsp; Danone SA | &nbsp;&nbsp; 180059 | &nbsp;&nbsp;&nbsp; 16236696<br>|
| &nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV | &nbsp;&nbsp; 179086 | &nbsp;&nbsp;&nbsp; 2,836,359<br> \*<br>|
| &nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd | &nbsp;&nbsp; 407200 | &nbsp;&nbsp;&nbsp; 9053507<br>|
| &nbsp;&nbsp;&nbsp; Mowi ASA | &nbsp;&nbsp; 184066 | &nbsp;&nbsp;&nbsp; 4437942<br>|
| &nbsp;&nbsp;&nbsp; Nestle SA, Registered Shares | &nbsp;&nbsp; 611177 | &nbsp;&nbsp;&nbsp; 60743549<br>|
| &nbsp;&nbsp;&nbsp; Orkla ASA | &nbsp;&nbsp; 222217 | &nbsp;&nbsp;&nbsp; 2478416<br>|
| &nbsp;&nbsp;&nbsp; WH Group Ltd. | &nbsp;&nbsp; 7333565 | &nbsp;&nbsp;&nbsp; 8168820<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wilmar International Ltd. | &nbsp;&nbsp; 1481600 | &nbsp;&nbsp;&nbsp; 3548467<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *107503756* |
| *Household Products — 1.4%* | *Household Products — 1.4%* | *Household Products — 1.4%* |
| &nbsp;&nbsp;&nbsp; Essity AB, Class B Shares | &nbsp;&nbsp; 268881 | &nbsp;&nbsp;&nbsp; 7734981<br>|
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | &nbsp;&nbsp; 577894 | &nbsp;&nbsp;&nbsp; 46653343<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *54388324* |
| *Personal Care Products — 1.4%* | *Personal Care Products — 1.4%* | *Personal Care Products — 1.4%* |
| &nbsp;&nbsp;&nbsp; Unilever PLC | &nbsp;&nbsp; 796406 | &nbsp;&nbsp;&nbsp; *52055265*<br>|
| *Tobacco — 0.7%* | *Tobacco — 0.7%* | *Tobacco — 0.7%* |
| &nbsp;&nbsp;&nbsp; Imperial Brands PLC | &nbsp;&nbsp; 644883 | &nbsp;&nbsp;&nbsp; *27054213*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **359246778** |
| **Energy — 14.9%** | **Energy — 14.9%** | **Energy — 14.9%** |
| *Energy Equipment & Services — 0.2%* | *Energy Equipment & Services — 0.2%* | *Energy Equipment & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Tenaris SA | &nbsp;&nbsp; 365947 | &nbsp;&nbsp;&nbsp; *7095777*<br>|
| *Oil, Gas & Consumable Fuels — 14.7%* | *Oil, Gas & Consumable Fuels — 14.7%* | *Oil, Gas & Consumable Fuels — 14.7%* |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | &nbsp;&nbsp; 2904574 | &nbsp;&nbsp;&nbsp; 98510775<br>|
| &nbsp;&nbsp;&nbsp; Equinor ASA | &nbsp;&nbsp; 706669 | &nbsp;&nbsp;&nbsp; 16603851<br>|
| &nbsp;&nbsp;&nbsp; Gaztransport Et Technigaz SA | &nbsp;&nbsp; 16223 | &nbsp;&nbsp;&nbsp; 2983717<br>|
| &nbsp;&nbsp;&nbsp; Inpex Corp. | &nbsp;&nbsp; 1422500 | &nbsp;&nbsp;&nbsp; 28378306<br>|
| &nbsp;&nbsp;&nbsp; Keyera Corp. | &nbsp;&nbsp; 312944 | &nbsp;&nbsp;&nbsp; 10045257<br>|
| &nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. | &nbsp;&nbsp; 989840 | &nbsp;&nbsp;&nbsp; 37759426<br>|
| &nbsp;&nbsp;&nbsp; Peyto Exploration & Development Corp. | &nbsp;&nbsp; 326953 | &nbsp;&nbsp;&nbsp; 5416818<br>|

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

 **Franklin International Low Volatility High Dividend 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* |
| &nbsp;&nbsp;&nbsp; Repsol SA | &nbsp;&nbsp; 855521 | &nbsp;&nbsp;&nbsp; $16000916<br>|
| &nbsp;&nbsp;&nbsp; Santos Ltd. | &nbsp;&nbsp; 2726405 | &nbsp;&nbsp;&nbsp; 11217697<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC | &nbsp;&nbsp; 2458014 | &nbsp;&nbsp;&nbsp; 90588592<br>|
| &nbsp;&nbsp;&nbsp; Suncor Energy Inc. | &nbsp;&nbsp; 1996457 | &nbsp;&nbsp;&nbsp; 88728186<br>|
| &nbsp;&nbsp;&nbsp; TC Energy Corp. | &nbsp;&nbsp; 971707 | &nbsp;&nbsp;&nbsp; 53577687<br>|
| &nbsp;&nbsp;&nbsp; TotalEnergies SE | &nbsp;&nbsp; 856181 | &nbsp;&nbsp;&nbsp; 55898093<br>|
| &nbsp;&nbsp;&nbsp; Whitecap Resources Inc. | &nbsp;&nbsp; 2532930 | &nbsp;&nbsp;&nbsp; 21250188<br>|
| &nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | &nbsp;&nbsp; 1197715 | &nbsp;&nbsp;&nbsp; 18841246<br>|
| &nbsp;&nbsp;&nbsp; Yancoal Australia Ltd. | &nbsp;&nbsp; 605954 | &nbsp;&nbsp;&nbsp; 2004239<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *557804994* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **564900771** |
| **Financials — 25.3%** | **Financials — 25.3%** | **Financials — 25.3%** |
| *Banks — 18.2%* | *Banks — 18.2%* | *Banks — 18.2%* |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, CVA | &nbsp;&nbsp; 660151 | &nbsp;&nbsp;&nbsp; 23096625<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | &nbsp;&nbsp; 1562433 | &nbsp;&nbsp;&nbsp; 37862956<br>|
| &nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 5546545 | &nbsp;&nbsp;&nbsp; 59474123<br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia | &nbsp;&nbsp; 1066340 | &nbsp;&nbsp;&nbsp; 78749297<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | &nbsp;&nbsp; 592153 | &nbsp;&nbsp;&nbsp; 56185762<br>|
| &nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 2513963 | &nbsp;&nbsp;&nbsp; 12732116<br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 815561 | &nbsp;&nbsp;&nbsp; 74032650<br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA | &nbsp;&nbsp; 1074961 | &nbsp;&nbsp;&nbsp; 22156674<br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S | &nbsp;&nbsp; 52747 | &nbsp;&nbsp;&nbsp; 2642492<br>|
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | &nbsp;&nbsp; 1099470 | &nbsp;&nbsp;&nbsp; 48185170<br>|
| &nbsp;&nbsp;&nbsp; DNB Bank ASA | &nbsp;&nbsp; 335006 | &nbsp;&nbsp;&nbsp; 9349221<br>|
| &nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. | &nbsp;&nbsp; 452340 | &nbsp;&nbsp;&nbsp; 8920690<br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | &nbsp;&nbsp; 13320250 | &nbsp;&nbsp;&nbsp; 92627974<br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | &nbsp;&nbsp; 1295756 | &nbsp;&nbsp;&nbsp; 36559011<br>|
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp | &nbsp;&nbsp; 1041542 | &nbsp;&nbsp;&nbsp; 19675808<br>|
| &nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 1271652 | &nbsp;&nbsp;&nbsp; 19539536<br>|
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Class A Shares | &nbsp;&nbsp; 562916 | &nbsp;&nbsp;&nbsp; 11913146<br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A Shares | &nbsp;&nbsp; 849680 | &nbsp;&nbsp;&nbsp; 12382795<br>|
| &nbsp;&nbsp;&nbsp; Swedbank AB, Class A Shares | &nbsp;&nbsp; 363540 | &nbsp;&nbsp;&nbsp; 12662461<br>|
| &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | &nbsp;&nbsp; 829715 | &nbsp;&nbsp;&nbsp; 22620379<br>|
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. | &nbsp;&nbsp; 1173415 | &nbsp;&nbsp;&nbsp; 30204185<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *691573071* |
| *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Poste Italiane SpA | &nbsp;&nbsp; 441628 | &nbsp;&nbsp;&nbsp;&nbsp; *11141037*<br> <sup>(a)</sup><br>|
| *Insurance — 6.8%* | *Insurance — 6.8%* | *Insurance — 6.8%* |
| &nbsp;&nbsp;&nbsp; Ageas SA | &nbsp;&nbsp; 47559 | &nbsp;&nbsp;&nbsp; 3340171<br>|
| &nbsp;&nbsp;&nbsp; Allianz SE, Registered Shares | &nbsp;&nbsp; 149678 | &nbsp;&nbsp;&nbsp; 68645763<br>|
| &nbsp;&nbsp;&nbsp; ASR Nederland NV | &nbsp;&nbsp; 98995 | &nbsp;&nbsp;&nbsp; 7047968<br>|
| &nbsp;&nbsp;&nbsp; AXA SA | &nbsp;&nbsp; 1003080 | &nbsp;&nbsp;&nbsp; 48253659<br>|
| &nbsp;&nbsp;&nbsp; Generali | &nbsp;&nbsp; 647541 | &nbsp;&nbsp;&nbsp; 27188049<br>|
| &nbsp;&nbsp;&nbsp; NN Group NV | &nbsp;&nbsp; 130769 | &nbsp;&nbsp;&nbsp; 10096462<br>|
| &nbsp;&nbsp;&nbsp; Power Corp. of Canada | &nbsp;&nbsp; 604733 | &nbsp;&nbsp;&nbsp; 32183310<br>|
| &nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | &nbsp;&nbsp; 554379 | &nbsp;&nbsp;&nbsp; 6524987<br>|
| &nbsp;&nbsp;&nbsp; Swiss Life Holding AG, Registered Shares | &nbsp;&nbsp; 13035 | &nbsp;&nbsp;&nbsp; 15084239<br>|

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | &nbsp;&nbsp; 50207 | &nbsp;&nbsp;&nbsp; $38137675<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *256502283* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **959216391** |
| **Health Care — 7.6%** | **Health Care — 7.6%** | **Health Care — 7.6%** |
| *Pharmaceuticals — 7.6%* | *Pharmaceuticals — 7.6%* | *Pharmaceuticals — 7.6%* |
| &nbsp;&nbsp;&nbsp; GSK PLC | &nbsp;&nbsp; 2995129 | &nbsp;&nbsp;&nbsp; 73501804<br>|
| &nbsp;&nbsp;&nbsp; Novartis AG, Registered Shares | &nbsp;&nbsp; 608449 | &nbsp;&nbsp;&nbsp; 84172938<br>|
| &nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 646200 | &nbsp;&nbsp;&nbsp; 8956391<br>|
| &nbsp;&nbsp;&nbsp; Roche Holding AG, Vienna Stock Exchange | &nbsp;&nbsp; 188846 | &nbsp;&nbsp;&nbsp; 78231944<br>|
| &nbsp;&nbsp;&nbsp; Sanofi SA | &nbsp;&nbsp; 433431 | &nbsp;&nbsp;&nbsp; 42108059<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **286971136** |
| **Industrials — 12.1%** | **Industrials — 12.1%** | **Industrials — 12.1%** |
| *Air Freight & Logistics — 0.8%* | *Air Freight & Logistics — 0.8%* | *Air Freight & Logistics — 0.8%* |
| &nbsp;&nbsp;&nbsp; Deutsche Post AG, Registered Shares | &nbsp;&nbsp; 464240 | &nbsp;&nbsp;&nbsp; 25478454<br>|
| &nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | &nbsp;&nbsp; 442000 | &nbsp;&nbsp;&nbsp; 4042279<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *29520733* |
| *Construction & Engineering — 1.4%* | *Construction & Engineering — 1.4%* | *Construction & Engineering — 1.4%* |
| &nbsp;&nbsp;&nbsp; Bouygues SA | &nbsp;&nbsp; 199892 | &nbsp;&nbsp;&nbsp; 10411751<br>|
| &nbsp;&nbsp;&nbsp; COMSYS Holdings Corp. | &nbsp;&nbsp; 114100 | &nbsp;&nbsp;&nbsp; 3315011<br>|
| &nbsp;&nbsp;&nbsp; Obayashi Corp. | &nbsp;&nbsp; 526300 | &nbsp;&nbsp;&nbsp; 10976265<br>|
| &nbsp;&nbsp;&nbsp; Skanska AB, Class B Shares  | &nbsp;&nbsp; 165755 | &nbsp;&nbsp;&nbsp; 4536381<br>|
| &nbsp;&nbsp;&nbsp; Vinci SA | &nbsp;&nbsp; 180071 | &nbsp;&nbsp;&nbsp; 25388712<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *54628120* |
| *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Signify NV | &nbsp;&nbsp; 117881 | &nbsp;&nbsp;&nbsp;&nbsp; *2901816*<br> <sup>(a)</sup><br>|
| *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* |
| &nbsp;&nbsp;&nbsp; Aurizon Holdings Ltd. | &nbsp;&nbsp; 1481740 | &nbsp;&nbsp;&nbsp; 3606559<br>|
| &nbsp;&nbsp;&nbsp; ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 2782900 | &nbsp;&nbsp;&nbsp; 3202715<br>|
| &nbsp;&nbsp;&nbsp; MTR Corp. Ltd. | &nbsp;&nbsp; 1332087 | &nbsp;&nbsp;&nbsp; 5100044<br>|
| &nbsp;&nbsp;&nbsp; West Japan Railway Co. | &nbsp;&nbsp; 416600 | &nbsp;&nbsp;&nbsp; 8308346<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *20217664* |
| *Industrial Conglomerates — 0.7%* | *Industrial Conglomerates — 0.7%* | *Industrial Conglomerates — 0.7%* |
| &nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 1483446 | &nbsp;&nbsp;&nbsp; 10091664<br>|
| &nbsp;&nbsp;&nbsp; Keppel Ltd. | &nbsp;&nbsp; 911620 | &nbsp;&nbsp;&nbsp; 7336910<br>|
| &nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 431400 | &nbsp;&nbsp;&nbsp; 7252155<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *24680729* |
| *Machinery — 2.2%* | *Machinery — 2.2%* | *Machinery — 2.2%* |
| &nbsp;&nbsp;&nbsp; Amada Co. Ltd. | &nbsp;&nbsp; 304700 | &nbsp;&nbsp;&nbsp; 3600143<br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | &nbsp;&nbsp; 281766 | &nbsp;&nbsp;&nbsp; 12349943<br>|
| &nbsp;&nbsp;&nbsp; Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 215100 | &nbsp;&nbsp;&nbsp; 6353715<br>|
| &nbsp;&nbsp;&nbsp; Komatsu Ltd. | &nbsp;&nbsp; 654400 | &nbsp;&nbsp;&nbsp; 20874669<br>|
| &nbsp;&nbsp;&nbsp; SKF AB, Class B Shares | &nbsp;&nbsp; 317936 | &nbsp;&nbsp;&nbsp; 8477098<br>|
| &nbsp;&nbsp;&nbsp; Volvo AB, Class B Shares | &nbsp;&nbsp; 685441 | &nbsp;&nbsp;&nbsp; 22000910<br>|
| &nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 3101300 | &nbsp;&nbsp;&nbsp; 8392320<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *82048798* |
| *Marine Transportation — 0.3%* | *Marine Transportation — 0.3%* | *Marine Transportation — 0.3%* |
| &nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG, Registered Shares | &nbsp;&nbsp; 43325 | &nbsp;&nbsp;&nbsp; 9364981<br>|

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

 **Franklin International Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Marine Transportation — continued* | *Marine Transportation — continued* | *Marine Transportation — continued* |
| &nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 1038468 | &nbsp;&nbsp;&nbsp; $3717058<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *13082039* |
| *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* |
| &nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | &nbsp;&nbsp; 496100 | &nbsp;&nbsp;&nbsp; 9194364<br>|
| &nbsp;&nbsp;&nbsp; Qantas Airways Ltd. | &nbsp;&nbsp; 1593272 | &nbsp;&nbsp;&nbsp; 11028475<br>|
| &nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. | &nbsp;&nbsp; 1356213 | &nbsp;&nbsp;&nbsp; 6749427<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *26972266* |
| *Professional Services — 0.2%* | *Professional Services — 0.2%* | *Professional Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Persol Holdings Co. Ltd. | &nbsp;&nbsp; 1559800 | &nbsp;&nbsp;&nbsp; 2891817<br>|
| &nbsp;&nbsp;&nbsp; SGS SA, Registered Shares | &nbsp;&nbsp; 56375 | &nbsp;&nbsp;&nbsp; 6465424<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *9357241* |
| *Trading Companies & Distributors — 5.2%* | *Trading Companies & Distributors — 5.2%* | *Trading Companies & Distributors — 5.2%* |
| &nbsp;&nbsp;&nbsp; Marubeni Corp. | &nbsp;&nbsp; 1301900 | &nbsp;&nbsp;&nbsp; 36155352<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Corp. | &nbsp;&nbsp; 2965100 | &nbsp;&nbsp;&nbsp; 67835329<br>|
| &nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | &nbsp;&nbsp; 1778400 | &nbsp;&nbsp;&nbsp; 52678626<br>|
| &nbsp;&nbsp;&nbsp; Sojitz Corp. | &nbsp;&nbsp; 343000 | &nbsp;&nbsp;&nbsp; 10650298<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Corp. | &nbsp;&nbsp; 811400 | &nbsp;&nbsp;&nbsp; 28015546<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *195335151* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **458744557** |
| **Materials — 6.2%** | **Materials — 6.2%** | **Materials — 6.2%** |
| *Chemicals — 0.8%* | *Chemicals — 0.8%* | *Chemicals — 0.8%* |
| &nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | &nbsp;&nbsp; 1166900 | &nbsp;&nbsp;&nbsp; 10340515<br>|
| &nbsp;&nbsp;&nbsp; DSM-Firmenich AG | &nbsp;&nbsp; 111015 | &nbsp;&nbsp;&nbsp; 8965041<br>|
| &nbsp;&nbsp;&nbsp; Nissan Chemical Corp. | &nbsp;&nbsp; 124300 | &nbsp;&nbsp;&nbsp; 4252900<br>|
| &nbsp;&nbsp;&nbsp; Tosoh Corp. | &nbsp;&nbsp; 357737 | &nbsp;&nbsp;&nbsp; 5367938<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *28926394* |
| *Metals & Mining — 5.4%* | *Metals & Mining — 5.4%* | *Metals & Mining — 5.4%* |
| &nbsp;&nbsp;&nbsp; BHP Group Ltd. | &nbsp;&nbsp; 2236829 | &nbsp;&nbsp;&nbsp; 67854228<br>|
| &nbsp;&nbsp;&nbsp; Fortescue Ltd. | &nbsp;&nbsp; 1931066 | &nbsp;&nbsp;&nbsp; 28342970<br>|
| &nbsp;&nbsp;&nbsp; JFE Holdings Inc. | &nbsp;&nbsp; 1097000 | &nbsp;&nbsp;&nbsp; 13979760<br>|
| &nbsp;&nbsp;&nbsp; Kobe Steel Ltd. | &nbsp;&nbsp; 606600 | &nbsp;&nbsp;&nbsp; 8014728<br>|
| &nbsp;&nbsp;&nbsp; Norsk Hydro ASA | &nbsp;&nbsp; 947412 | &nbsp;&nbsp;&nbsp; 7344971<br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto PLC | &nbsp;&nbsp; 941451 | &nbsp;&nbsp;&nbsp; 75901971<br>|
| &nbsp;&nbsp;&nbsp; Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 48500 | &nbsp;&nbsp;&nbsp; 3307697<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *204746325* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **233672719** |
| **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** |
| *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 6020200 | &nbsp;&nbsp;&nbsp; *11188397*<br>|
| *Hotel & Resort REITs — 0.0%††* | *Hotel & Resort REITs — 0.0%††* | *Hotel & Resort REITs — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Invincible Investment Corp. | &nbsp;&nbsp; 6415 | &nbsp;&nbsp;&nbsp; *2635657*<br>|
| *Industrial REITs — 0.4%* | *Industrial REITs — 0.4%* | *Industrial REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | &nbsp;&nbsp; 3292266 | &nbsp;&nbsp;&nbsp; 7245033<br>|
| &nbsp;&nbsp;&nbsp; Mapletree Industrial Trust | &nbsp;&nbsp; 2251656 | &nbsp;&nbsp;&nbsp; 3641870<br>|
| &nbsp;&nbsp;&nbsp; Mapletree Logistics Trust | &nbsp;&nbsp; 4488300 | &nbsp;&nbsp;&nbsp; 4606964<br>|
| *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *15493867* |

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Office REITs — 0.2%* | *Office REITs — 0.2%* | *Office REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | &nbsp;&nbsp; 3713 | &nbsp;&nbsp;&nbsp; $3100779<br>|
| &nbsp;&nbsp;&nbsp; Nippon Building Fund Inc. | &nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp; 4467192<br>|
| *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *7567971* |
| *Real Estate Management & Development — 0.8%* | *Real Estate Management & Development — 0.8%* | *Real Estate Management & Development — 0.8%* |
| &nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 284500 | &nbsp;&nbsp;&nbsp; 5419739<br>|
| &nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 398700 | &nbsp;&nbsp;&nbsp; 13221746<br>|
| &nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 928009 | &nbsp;&nbsp;&nbsp; 11290866<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *29932351* |
| *Retail REITs — 0.3%* | *Retail REITs — 0.3%* | *Retail REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest | &nbsp;&nbsp; 3650 | &nbsp;&nbsp;&nbsp; 2889821<br>|
| &nbsp;&nbsp;&nbsp; Klepierre SA | &nbsp;&nbsp; 115037 | &nbsp;&nbsp;&nbsp; 4558451<br>|
| &nbsp;&nbsp;&nbsp; RioCan Real Estate Investment Trust | &nbsp;&nbsp; 255969 | &nbsp;&nbsp;&nbsp; 3491972<br>|
| *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *10940244* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **77758487** |
| **Utilities — 9.4%** | **Utilities — 9.4%** | **Utilities — 9.4%** |
| *Electric Utilities — 5.8%* | *Electric Utilities — 5.8%* | *Electric Utilities — 5.8%* |
| &nbsp;&nbsp;&nbsp; Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 553000 | &nbsp;&nbsp;&nbsp; 8509592<br>|
| &nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | &nbsp;&nbsp; 979322 | &nbsp;&nbsp;&nbsp; 8757090<br>|
| &nbsp;&nbsp;&nbsp; EDP SA | &nbsp;&nbsp; 2334885 | &nbsp;&nbsp;&nbsp; 10735740<br>|
| &nbsp;&nbsp;&nbsp; Emera Inc. | &nbsp;&nbsp; 405030 | &nbsp;&nbsp;&nbsp; 19986306<br>|
| &nbsp;&nbsp;&nbsp; Endesa SA | &nbsp;&nbsp; 124770 | &nbsp;&nbsp;&nbsp; 4488404<br>|
| &nbsp;&nbsp;&nbsp; Enel SpA | &nbsp;&nbsp; 4622381 | &nbsp;&nbsp;&nbsp; 48191083<br>|
| &nbsp;&nbsp;&nbsp; Fortis Inc. | &nbsp;&nbsp; 590477 | &nbsp;&nbsp;&nbsp; 30739696<br>|
| &nbsp;&nbsp;&nbsp; Iberdrola SA | &nbsp;&nbsp; 1147116 | &nbsp;&nbsp;&nbsp; 24876620<br>|
| &nbsp;&nbsp;&nbsp; Origin Energy Ltd. | &nbsp;&nbsp; 819847 | &nbsp;&nbsp;&nbsp; 6281756<br>|
| &nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. | &nbsp;&nbsp; 693742 | &nbsp;&nbsp;&nbsp; 4915510<br>|
| &nbsp;&nbsp;&nbsp; Redeia Corp. SA | &nbsp;&nbsp; 308441 | &nbsp;&nbsp;&nbsp; 5495313<br>|
| &nbsp;&nbsp;&nbsp; SSE PLC | &nbsp;&nbsp; 1220459 | &nbsp;&nbsp;&nbsp; 35770007<br>|
| &nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 891421 | &nbsp;&nbsp;&nbsp; 9478903<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *218226020* |
| *Gas Utilities — 0.4%* | *Gas Utilities — 0.4%* | *Gas Utilities — 0.4%* |
| &nbsp;&nbsp;&nbsp; Italgas SpA | &nbsp;&nbsp; 657353 | &nbsp;&nbsp;&nbsp; 7345852<br>|
| &nbsp;&nbsp;&nbsp; Snam SpA | &nbsp;&nbsp; 1423042 | &nbsp;&nbsp;&nbsp; 9452830<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *16798682* |
| *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* |
| &nbsp;&nbsp;&nbsp; Electric Power Development Co. Ltd. | &nbsp;&nbsp; 206200 | &nbsp;&nbsp;&nbsp; *4160966*<br>|
| *Multi-Utilities — 2.9%* | *Multi-Utilities — 2.9%* | *Multi-Utilities — 2.9%* |
| &nbsp;&nbsp;&nbsp; A2A SpA | &nbsp;&nbsp; 1483825 | &nbsp;&nbsp;&nbsp; 4025589<br>|
| &nbsp;&nbsp;&nbsp; E.ON SE | &nbsp;&nbsp; 1223992 | &nbsp;&nbsp;&nbsp; 23179979<br>|
| &nbsp;&nbsp;&nbsp; Engie SA | &nbsp;&nbsp; 1030126 | &nbsp;&nbsp;&nbsp; 27112336<br>|
| &nbsp;&nbsp;&nbsp; National Grid PLC | &nbsp;&nbsp; 2385672 | &nbsp;&nbsp;&nbsp; 36629015<br>|
| &nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. | &nbsp;&nbsp; 1102000 | &nbsp;&nbsp;&nbsp; 5158662<br>|
| &nbsp;&nbsp;&nbsp; Veolia Environnement SA | &nbsp;&nbsp; 380531 | &nbsp;&nbsp;&nbsp; 13282309<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *109387890* |

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

 **Franklin International Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Water Utilities — 0.2%* | *Water Utilities — 0.2%* | *Water Utilities — 0.2%* | *Water Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; United Utilities Group PLC | &nbsp;&nbsp;&nbsp; United Utilities Group PLC | &nbsp;&nbsp; 457041 | &nbsp;&nbsp;&nbsp; $*7340034*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **355913592** |
| **Total Common Stocks (Cost — $3,102,676,353)** | **Total Common Stocks (Cost — $3,102,676,353)** | **Total Common Stocks (Cost — $3,102,676,353)** | &nbsp;&nbsp;&nbsp; **3745555911**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.9%** | **Preferred Stocks — 0.9%** | **Preferred Stocks — 0.9%** | **Preferred Stocks — 0.9%** |
| **Consumer Discretionary — 0.9%** | **Consumer Discretionary — 0.9%** | **Consumer Discretionary — 0.9%** | **Consumer Discretionary — 0.9%** |
| *Automobiles — 0.9%* | *Automobiles — 0.9%* | *Automobiles — 0.9%* | *Automobiles — 0.9%* |
| &nbsp;&nbsp;&nbsp; Volkswagen AG (Cost — $29,180,407) | &nbsp;&nbsp; 6.142% | &nbsp;&nbsp; 279470 | &nbsp;&nbsp;&nbsp;&nbsp; **33987563**<br> <sup>(b)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $3,131,856,760)** | **Total Investments before Short-Term Investments (Cost — $3,131,856,760)** | **Total Investments before Short-Term Investments (Cost — $3,131,856,760)** | &nbsp;&nbsp; **3779543474** |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional Class (Cost — $15,306,326)  | &nbsp;&nbsp; 3.658% | &nbsp;&nbsp; 15306326<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15306326**<br> <sup>(c)</sup><br>|
| **Total Investments — 100.1% (Cost — $3,147,163,086)** | **Total Investments — 100.1% (Cost — $3,147,163,086)** | **Total Investments — 100.1% (Cost — $3,147,163,086)** | &nbsp;&nbsp; **3794849800** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; (4935414)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$3789914386** |

---

&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 December 31, 2025. |
| <sup>(c)</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:** |
| CVA |  | Certificaaten van aandelen (Share Certificates) |
| REIT |  | Real Estate Investment Trust |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $12273598 | &nbsp;&nbsp;&nbsp;&nbsp; $12333925 | &nbsp;&nbsp;&nbsp; **$60327** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1054491 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834825 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp; $(785) |
| USD | &nbsp;&nbsp;&nbsp; 1370865 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102041 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22191) |
| USD | &nbsp;&nbsp;&nbsp; 1386856 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100190 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3861) |
| USD | &nbsp;&nbsp;&nbsp; 1399789 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1103770 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4547 |
| USD | &nbsp;&nbsp;&nbsp; 1572417 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1238491 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6879 |
| USD | &nbsp;&nbsp; 284965435 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp; 227297550 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp; (2354449) |
| USD | &nbsp;&nbsp;&nbsp; 3657576 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3113172 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1018) |
| USD | &nbsp;&nbsp;&nbsp; 4787501 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4109609 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42102) |
| USD | &nbsp;&nbsp;&nbsp; 4822867 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4102567 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1539 |
| USD | &nbsp;&nbsp;&nbsp; 4850450 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4116184 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13119 |
| USD | &nbsp;&nbsp;&nbsp; 5444202 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4618897 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16084 |
| USD | &nbsp;&nbsp; 990830391 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 847197392 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp; (4794182) |

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Low Volatility High Dividend Index 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;&nbsp; 2010646 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1494883 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp; $(12) |
| USD | &nbsp;&nbsp;&nbsp; 2624003 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1973421 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30302) |
| USD | &nbsp;&nbsp;&nbsp; 2630757 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1970100 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19080) |
| USD | &nbsp;&nbsp;&nbsp; 2664933 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1976480 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6514 |
| USD | &nbsp;&nbsp;&nbsp; 2995598 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2217851 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12529 |
| USD | &nbsp;&nbsp; 543040224 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 406078784 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp; (3146704) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 139782 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1409967 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 183190 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1857997 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1020) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 183407 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1861098 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1110) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 185239 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1864319 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 209349 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2091961 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1943 |
| USD | &nbsp;&nbsp; 38137649 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp; 384557055 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11030 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 352203 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3245726 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 458645 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4285673 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6572) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 461376 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4278037 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3011) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 467728 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4291379 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1892 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 525761 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4814822 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3105 |
| USD | &nbsp;&nbsp; 94519141 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp; 886239257 | State Street Global Markets, LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp; (1683458) |
| USD | &nbsp;&nbsp;&nbsp; 1016484 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1524248 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41) |
| USD | &nbsp;&nbsp;&nbsp; 1334865 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2008774 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4793) |
| USD | &nbsp;&nbsp;&nbsp; 1337088 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2012238 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4880) |
| USD | &nbsp;&nbsp;&nbsp; 1348766 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2015421 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4676 |
| USD | &nbsp;&nbsp;&nbsp; 1517961 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2261378 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9842 |
| USD | &nbsp;&nbsp; 274368437 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 414408135 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp; (2001573) |
| USD | &nbsp;&nbsp;&nbsp; 2188533 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998524 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (303) |
| USD | &nbsp;&nbsp;&nbsp; 2865171 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3959091 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24850) |
| USD | &nbsp;&nbsp;&nbsp; 2871700 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3952054 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13184) |
| USD | &nbsp;&nbsp;&nbsp; 2894763 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3964980 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 |
| USD | &nbsp;&nbsp;&nbsp; 3257142 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4448794 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9652 |
| USD | &nbsp;&nbsp; 587570045 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 817185955 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp; (8951952) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9321 | &nbsp;&nbsp; DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59251 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12204 | &nbsp;&nbsp; DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78216 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (105) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12292 | &nbsp;&nbsp; DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78082 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12361 | &nbsp;&nbsp; DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78342 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13874 | &nbsp;&nbsp; DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87909 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| USD | &nbsp;&nbsp;&nbsp; 2525579 | &nbsp;&nbsp; DKK | &nbsp;&nbsp;&nbsp;&nbsp; 16123334 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11718) |
| USD | &nbsp;&nbsp;&nbsp; 1902773 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 298078279 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1176) |
| USD | &nbsp;&nbsp;&nbsp; 2516598 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 393484462 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3251 |
| USD | &nbsp;&nbsp;&nbsp; 2524648 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 394149252 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7054 |
| USD | &nbsp;&nbsp;&nbsp; 2527140 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 392841081 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17902 |
| USD | &nbsp;&nbsp;&nbsp; 2843892 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 442309069 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18682 |
| USD | &nbsp;&nbsp; 525309432 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 80946243592 | UBS Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8272424 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 308021 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2397120 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (105) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 406128 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3158932 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 406927 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3164229 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 407546 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3169577 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 457402 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3556732 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 |
| USD | &nbsp;&nbsp; 83909123 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp; 652480616 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39171 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 635908 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817359 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (246) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 833793 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1078968 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5972) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 835610 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1077160 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2748) |

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

 **Franklin International Low Volatility High Dividend Index 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;&nbsp;&nbsp; 841546 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1080760 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp; $386 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 945603 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1212742 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1722 |
| USD | &nbsp;&nbsp; 172540441 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp; 222781802 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; (851511) |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(15519664)** |

---

&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 |
| CHF |  | Swiss Franc |
| DKK |  | Danish Krone |
| EUR |  | Euro |
| GBP |  | British Pound |
| HKD |  | Hong Kong Dollar |
| JPY |  | Japanese Yen |
| NOK |  | Norwegian Krone |
| SEK |  | Swedish Krona |
| SGD |  | Singapore Dollar |
| USD |  | United States Dollar |

---

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

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin U.S. Low Volatility High Dividend 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 — 3.6%** | **Communication Services — 3.6%** | **Communication Services — 3.6%** |
| *Diversified Telecommunication Services — 2.7%* | *Diversified Telecommunication Services — 2.7%* | *Diversified Telecommunication Services — 2.7%* |
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc. | &nbsp;&nbsp; 370970 | &nbsp;&nbsp;&nbsp; $*15109608*<br>|
| *Media — 0.9%* | *Media — 0.9%* | *Media — 0.9%* |
| &nbsp;&nbsp;&nbsp; Omnicom Group Inc. | &nbsp;&nbsp; 64785 | &nbsp;&nbsp;&nbsp; *5231389*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **20340997** |
| **Consumer Discretionary — 6.3%** | **Consumer Discretionary — 6.3%** | **Consumer Discretionary — 6.3%** |
| *Hotels, Restaurants & Leisure — 4.2%* | *Hotels, Restaurants & Leisure — 4.2%* | *Hotels, Restaurants & Leisure — 4.2%* |
| &nbsp;&nbsp;&nbsp; Darden Restaurants Inc. | &nbsp;&nbsp; 47921 | &nbsp;&nbsp;&nbsp; 8818423<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp; 49210 | &nbsp;&nbsp;&nbsp; 15040052<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *23858475* |
| *Specialty Retail — 2.1%* | *Specialty Retail — 2.1%* | *Specialty Retail — 2.1%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc. | &nbsp;&nbsp; 34098 | &nbsp;&nbsp;&nbsp; *11733122*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **35591597** |
| **Consumer Staples — 19.5%** | **Consumer Staples — 19.5%** | **Consumer Staples — 19.5%** |
| *Beverages — 4.6%* | *Beverages — 4.6%* | *Beverages — 4.6%* |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | &nbsp;&nbsp; 212124 | &nbsp;&nbsp;&nbsp; 14829589<br>|
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper Inc. | &nbsp;&nbsp; 399782 | &nbsp;&nbsp;&nbsp; 11197894<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *26027483* |
| *Consumer Staples Distribution & Retail — 1.6%* | *Consumer Staples Distribution & Retail — 1.6%* | *Consumer Staples Distribution & Retail — 1.6%* |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | &nbsp;&nbsp; 120974 | &nbsp;&nbsp;&nbsp; *8914574*<br>|
| *Food Products — 6.6%* | *Food Products — 6.6%* | *Food Products — 6.6%* |
| &nbsp;&nbsp;&nbsp; Flowers Foods Inc. | &nbsp;&nbsp; 105643 | &nbsp;&nbsp;&nbsp; 1149396<br>|
| &nbsp;&nbsp;&nbsp; General Mills Inc. | &nbsp;&nbsp; 230916 | &nbsp;&nbsp;&nbsp; 10737594<br>|
| &nbsp;&nbsp;&nbsp; Hershey Co. | &nbsp;&nbsp; 61956 | &nbsp;&nbsp;&nbsp; 11274753<br>|
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. | &nbsp;&nbsp; 130289 | &nbsp;&nbsp;&nbsp; 3087849<br>|
| &nbsp;&nbsp;&nbsp; Mondelez International Inc., Class A Shares | &nbsp;&nbsp; 211387 | &nbsp;&nbsp;&nbsp; 11378962<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *37628554* |
| *Household Products — 4.2%* | *Household Products — 4.2%* | *Household Products — 4.2%* |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp; 89625 | &nbsp;&nbsp;&nbsp; 9042266<br>|
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | &nbsp;&nbsp; 97009 | &nbsp;&nbsp;&nbsp; 13902360<br>|
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products Inc. | &nbsp;&nbsp; 29581 | &nbsp;&nbsp;&nbsp; 677996<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *23622622* |
| *Tobacco — 2.5%* | *Tobacco — 2.5%* | *Tobacco — 2.5%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc. | &nbsp;&nbsp; 245449 | &nbsp;&nbsp;&nbsp; 14152589<br>|
| &nbsp;&nbsp;&nbsp; Universal Corp. | &nbsp;&nbsp; 6746 | &nbsp;&nbsp;&nbsp; 355852<br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *14508441* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **110701674** |
| **Energy — 6.0%** | **Energy — 6.0%** | **Energy — 6.0%** |
| *Oil, Gas & Consumable Fuels — 6.0%* | *Oil, Gas & Consumable Fuels — 6.0%* | *Oil, Gas & Consumable Fuels — 6.0%* |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 104208 | &nbsp;&nbsp;&nbsp; 15882341<br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc. | &nbsp;&nbsp; 36308 | &nbsp;&nbsp;&nbsp; 5458182<br>|
| &nbsp;&nbsp;&nbsp; DT Midstream Inc. | &nbsp;&nbsp; 24697 | &nbsp;&nbsp;&nbsp; 2955737<br>|
| &nbsp;&nbsp;&nbsp; International Seaways Inc. | &nbsp;&nbsp; 21878 | &nbsp;&nbsp;&nbsp; 1062177<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc. | &nbsp;&nbsp; 117931 | &nbsp;&nbsp;&nbsp; 8667928<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **34026365** |

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

 **Franklin U.S. Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Financials — 9.4%** | **Financials — 9.4%** | **Financials — 9.4%** |
| *Banks — 6.3%* | *Banks — 6.3%* | *Banks — 6.3%* |
| &nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | &nbsp;&nbsp; 11879 | &nbsp;&nbsp;&nbsp; $812167<br>|
| &nbsp;&nbsp;&nbsp; Community Financial System Inc. | &nbsp;&nbsp; 10292 | &nbsp;&nbsp;&nbsp; 591173<br>|
| &nbsp;&nbsp;&nbsp; CVB Financial Corp. | &nbsp;&nbsp; 32634 | &nbsp;&nbsp;&nbsp; 606992<br>|
| &nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | &nbsp;&nbsp; 20011 | &nbsp;&nbsp;&nbsp; 337386<br>|
| &nbsp;&nbsp;&nbsp; First Financial Bancorp | &nbsp;&nbsp; 13969 | &nbsp;&nbsp;&nbsp; 349504<br>|
| &nbsp;&nbsp;&nbsp; First Hawaiian Inc. | &nbsp;&nbsp; 29051 | &nbsp;&nbsp;&nbsp; 734990<br>|
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem Inc., Class A Shares | &nbsp;&nbsp; 28979 | &nbsp;&nbsp;&nbsp; 1002673<br>|
| &nbsp;&nbsp;&nbsp; First Merchants Corp. | &nbsp;&nbsp; 10153 | &nbsp;&nbsp;&nbsp; 380535<br>|
| &nbsp;&nbsp;&nbsp; Fulton Financial Corp. | &nbsp;&nbsp; 48449 | &nbsp;&nbsp;&nbsp; 936519<br>|
| &nbsp;&nbsp;&nbsp; NBT Bancorp Inc. | &nbsp;&nbsp; 8021 | &nbsp;&nbsp;&nbsp; 333032<br>|
| &nbsp;&nbsp;&nbsp; Northwest Bancshares Inc. | &nbsp;&nbsp; 31625 | &nbsp;&nbsp;&nbsp; 379500<br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc. | &nbsp;&nbsp; 56268 | &nbsp;&nbsp;&nbsp; 11744820<br>|
| &nbsp;&nbsp;&nbsp; Preferred Bank | &nbsp;&nbsp; 3460 | &nbsp;&nbsp;&nbsp; 326728<br>|
| &nbsp;&nbsp;&nbsp; Provident Financial Services Inc. | &nbsp;&nbsp; 26628 | &nbsp;&nbsp;&nbsp; 525903<br>|
| &nbsp;&nbsp;&nbsp; United Bankshares Inc. | &nbsp;&nbsp; 22385 | &nbsp;&nbsp;&nbsp; 859584<br>|
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp; 299403 | &nbsp;&nbsp;&nbsp; 15976144<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *35897650* |
| *Capital Markets — 1.5%* | *Capital Markets — 1.5%* | *Capital Markets — 1.5%* |
| &nbsp;&nbsp;&nbsp; Federated Hermes Inc. | &nbsp;&nbsp; 21978 | &nbsp;&nbsp;&nbsp; 1144395<br>|
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group Inc. | &nbsp;&nbsp; 74630 | &nbsp;&nbsp;&nbsp; 7640619<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *8785014* |
| *Financial Services — 0.6%* | *Financial Services — 0.6%* | *Financial Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Western Union Co. | &nbsp;&nbsp; 373027 | &nbsp;&nbsp;&nbsp; *3472881*<br>|
| *Insurance — 0.9%* | *Insurance — 0.9%* | *Insurance — 0.9%* |
| &nbsp;&nbsp;&nbsp; American Financial Group Inc. | &nbsp;&nbsp; 12797 | &nbsp;&nbsp;&nbsp; 1749094<br>|
| &nbsp;&nbsp;&nbsp; CNA Financial Corp. | &nbsp;&nbsp; 16926 | &nbsp;&nbsp;&nbsp; 808047<br>|
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life Inc. | &nbsp;&nbsp; 2839 | &nbsp;&nbsp;&nbsp; 87583<br>|
| &nbsp;&nbsp;&nbsp; Fidelity National Financial Inc. | &nbsp;&nbsp; 47344 | &nbsp;&nbsp;&nbsp; 2584509<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *5229233* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ladder Capital Corp. | &nbsp;&nbsp; 29819 | &nbsp;&nbsp;&nbsp; *327711*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **53712489** |
| **Health Care — 5.4%** | **Health Care — 5.4%** | **Health Care — 5.4%** |
| *Health Care Equipment & Supplies — 2.6%* | *Health Care Equipment & Supplies — 2.6%* | *Health Care Equipment & Supplies — 2.6%* |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp; *14793240*<br>|
| *Pharmaceuticals — 2.8%* | *Pharmaceuticals — 2.8%* | *Pharmaceuticals — 2.8%* |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp; 76526 | &nbsp;&nbsp;&nbsp; *15837056*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **30630296** |
| **Industrials — 7.1%** | **Industrials — 7.1%** | **Industrials — 7.1%** |
| *Aerospace & Defense — 2.6%* | *Aerospace & Defense — 2.6%* | *Aerospace & Defense — 2.6%* |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | &nbsp;&nbsp; 30726 | &nbsp;&nbsp;&nbsp; *14861244*<br>|
| *Machinery — 2.4%* | *Machinery — 2.4%* | *Machinery — 2.4%* |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works Inc. | &nbsp;&nbsp; 33465 | &nbsp;&nbsp;&nbsp; 8242429<br>|
| &nbsp;&nbsp;&nbsp; Snap-on Inc. | &nbsp;&nbsp; 14905 | &nbsp;&nbsp;&nbsp; 5136263<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *13378692* |

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin U.S. Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Global Ship Lease Inc., Class A Shares | &nbsp;&nbsp; 14993 | &nbsp;&nbsp;&nbsp; $*525355*<br>|
| *Professional Services — 1.7%* | *Professional Services — 1.7%* | *Professional Services — 1.7%* |
| &nbsp;&nbsp;&nbsp; Paychex Inc. | &nbsp;&nbsp; 88003 | &nbsp;&nbsp;&nbsp; *9872177*<br>|
| *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co. Inc., Class A Shares | &nbsp;&nbsp; 18809 | &nbsp;&nbsp;&nbsp; *1581837*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **40219305** |
| **Information Technology — 3.1%** | **Information Technology — 3.1%** | **Information Technology — 3.1%** |
| *Communications Equipment — 3.1%* | *Communications Equipment — 3.1%* | *Communications Equipment — 3.1%* |
| &nbsp;&nbsp;&nbsp; Cisco Systems Inc. | &nbsp;&nbsp; 226911 | &nbsp;&nbsp;&nbsp; **17478954**<br>|
| **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** |
| *Containers & Packaging — 0.9%* | *Containers & Packaging — 0.9%* | *Containers & Packaging — 0.9%* |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | &nbsp;&nbsp; 26253 | &nbsp;&nbsp;&nbsp; **5414156**<br>|
| **Real Estate — 13.8%** | **Real Estate — 13.8%** | **Real Estate — 13.8%** |
| *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* |
| &nbsp;&nbsp;&nbsp; Alexander & Baldwin Inc. | &nbsp;&nbsp; 18992 | &nbsp;&nbsp;&nbsp; 391995<br>|
| &nbsp;&nbsp;&nbsp; American Assets Trust Inc. | &nbsp;&nbsp; 15802 | &nbsp;&nbsp;&nbsp; 299132<br>|
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease Inc. | &nbsp;&nbsp; 54268 | &nbsp;&nbsp;&nbsp; 942635<br>|
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust Inc. | &nbsp;&nbsp; 77013 | &nbsp;&nbsp;&nbsp; 2284206<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *3917968* |
| *Health Care REITs — 1.7%* | *Health Care REITs — 1.7%* | *Health Care REITs — 1.7%* |
| &nbsp;&nbsp;&nbsp; CareTrust REIT Inc. | &nbsp;&nbsp; 69813 | &nbsp;&nbsp;&nbsp; 2524438<br>|
| &nbsp;&nbsp;&nbsp; Healthpeak Properties Inc. | &nbsp;&nbsp; 212055 | &nbsp;&nbsp;&nbsp; 3409844<br>|
| &nbsp;&nbsp;&nbsp; LTC Properties Inc. | &nbsp;&nbsp; 13833 | &nbsp;&nbsp;&nbsp; 475579<br>|
| &nbsp;&nbsp;&nbsp; National Health Investors Inc. | &nbsp;&nbsp; 9742 | &nbsp;&nbsp;&nbsp; 743997<br>|
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors Inc. | &nbsp;&nbsp; 58122 | &nbsp;&nbsp;&nbsp; 2577129<br>|
| *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *9730987* |
| *Hotel & Resort REITs — 1.4%* | *Hotel & Resort REITs — 1.4%* | *Hotel & Resort REITs — 1.4%* |
| &nbsp;&nbsp;&nbsp; Apple Hospitality REIT Inc. | &nbsp;&nbsp; 120804 | &nbsp;&nbsp;&nbsp; 1431527<br>|
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts Inc. | &nbsp;&nbsp; 274772 | &nbsp;&nbsp;&nbsp; 4871708<br>|
| &nbsp;&nbsp;&nbsp; Park Hotels & Resorts Inc. | &nbsp;&nbsp; 142341 | &nbsp;&nbsp;&nbsp; 1488887<br>|
| *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | &nbsp;&nbsp; *7792122* |
| *Industrial REITs — 1.0%* | *Industrial REITs — 1.0%* | *Industrial REITs — 1.0%* |
| &nbsp;&nbsp;&nbsp; EastGroup Properties Inc. | &nbsp;&nbsp; 14792 | &nbsp;&nbsp;&nbsp; 2635047<br>|
| &nbsp;&nbsp;&nbsp; LXP Industrial Trust | &nbsp;&nbsp; 15514 | &nbsp;&nbsp;&nbsp; 769184<br>|
| &nbsp;&nbsp;&nbsp; STAG Industrial Inc.  | &nbsp;&nbsp; 63330 | &nbsp;&nbsp;&nbsp; 2328011<br>|
| *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *5732242* |
| *Office REITs — 0.4%* | *Office REITs — 0.4%* | *Office REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties | &nbsp;&nbsp; 31152 | &nbsp;&nbsp;&nbsp; 866026<br>|
| &nbsp;&nbsp;&nbsp; Easterly Government Properties Inc. | &nbsp;&nbsp; 22053 | &nbsp;&nbsp;&nbsp; 467303<br>|
| &nbsp;&nbsp;&nbsp; Highwoods Properties Inc. | &nbsp;&nbsp; 33970 | &nbsp;&nbsp;&nbsp; 877105<br>|
| *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *2210434* |
| *Residential REITs — 2.4%* | *Residential REITs — 2.4%* | *Residential REITs — 2.4%* |
| &nbsp;&nbsp;&nbsp; Equity Residential | &nbsp;&nbsp; 71981 | &nbsp;&nbsp;&nbsp; 4537682<br>|
| &nbsp;&nbsp;&nbsp; Essex Property Trust Inc. | &nbsp;&nbsp; 15988 | &nbsp;&nbsp;&nbsp; 4183740<br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 36577 | &nbsp;&nbsp;&nbsp; 5080911<br>|
| *Total Residential REITs* | *Total Residential REITs* | &nbsp;&nbsp; *13802333* |

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

 **Franklin U.S. Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Retail REITs — 3.3%* | *Retail REITs — 3.3%* | *Retail REITs — 3.3%* |
| &nbsp;&nbsp;&nbsp; Agree Realty Corp. | &nbsp;&nbsp; 45393 | &nbsp;&nbsp;&nbsp; $3269658<br>|
| &nbsp;&nbsp;&nbsp; Brixmor Property Group Inc. | &nbsp;&nbsp; 92751 | &nbsp;&nbsp;&nbsp; 2431931<br>|
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | &nbsp;&nbsp; 21737 | &nbsp;&nbsp;&nbsp; 2191090<br>|
| &nbsp;&nbsp;&nbsp; Getty Realty Corp. | &nbsp;&nbsp; 15267 | &nbsp;&nbsp;&nbsp; 417858<br>|
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp; 185038 | &nbsp;&nbsp;&nbsp; 3750720<br>|
| &nbsp;&nbsp;&nbsp; NNN REIT Inc. | &nbsp;&nbsp; 44966 | &nbsp;&nbsp;&nbsp; 1782002<br>|
| &nbsp;&nbsp;&nbsp; Phillips Edison & Co. Inc. | &nbsp;&nbsp; 29663 | &nbsp;&nbsp;&nbsp; 1055113<br>|
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. | &nbsp;&nbsp; 42252 | &nbsp;&nbsp;&nbsp; 2916655<br>|
| &nbsp;&nbsp;&nbsp; Tanger Inc. | &nbsp;&nbsp; 36375 | &nbsp;&nbsp;&nbsp; 1213834<br>|
| *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *19028861* |
| *Specialized REITs — 2.9%* | *Specialized REITs — 2.9%* | *Specialized REITs — 2.9%* |
| &nbsp;&nbsp;&nbsp; CubeSmart | &nbsp;&nbsp; 68330 | &nbsp;&nbsp;&nbsp; 2463297<br>|
| &nbsp;&nbsp;&nbsp; EPR Properties | &nbsp;&nbsp; 30803 | &nbsp;&nbsp;&nbsp; 1537070<br>|
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust Inc. | &nbsp;&nbsp; 26050 | &nbsp;&nbsp;&nbsp; 600713<br>|
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 74335 | &nbsp;&nbsp;&nbsp; 3322031<br>|
| &nbsp;&nbsp;&nbsp; VICI Properties Inc. | &nbsp;&nbsp; 295769 | &nbsp;&nbsp;&nbsp; 8317024<br>|
| *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *16240135* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **78455082** |
| **Utilities — 24.2%** | **Utilities — 24.2%** | **Utilities — 24.2%** |
| *Electric Utilities — 16.3%* | *Electric Utilities — 16.3%* | *Electric Utilities — 16.3%* |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | &nbsp;&nbsp; 70305 | &nbsp;&nbsp;&nbsp; 4570528<br>|
| &nbsp;&nbsp;&nbsp; American Electric Power Co. Inc. | &nbsp;&nbsp; 127426 | &nbsp;&nbsp;&nbsp; 14693492<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp; 117309 | &nbsp;&nbsp;&nbsp; 13749788<br>|
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp; 114285 | &nbsp;&nbsp;&nbsp; 10563362<br>|
| &nbsp;&nbsp;&nbsp; Evergy Inc. | &nbsp;&nbsp; 93232 | &nbsp;&nbsp;&nbsp; 6758388<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp. | &nbsp;&nbsp; 247842 | &nbsp;&nbsp;&nbsp; 10803433<br>|
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. | &nbsp;&nbsp; 47074 | &nbsp;&nbsp;&nbsp; 2010060<br>|
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | &nbsp;&nbsp; 43964 | &nbsp;&nbsp;&nbsp; 3899607<br>|
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | &nbsp;&nbsp; 48497 | &nbsp;&nbsp;&nbsp; 2327371<br>|
| &nbsp;&nbsp;&nbsp; Southern Co. | &nbsp;&nbsp; 156296 | &nbsp;&nbsp;&nbsp; 13629011<br>|
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc. | &nbsp;&nbsp; 127192 | &nbsp;&nbsp;&nbsp; 9394401<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *92399441* |
| *Gas Utilities — 0.7%* | *Gas Utilities — 0.7%* | *Gas Utilities — 0.7%* |
| &nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | &nbsp;&nbsp; 23958 | &nbsp;&nbsp;&nbsp; 1104943<br>|
| &nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | &nbsp;&nbsp; 10568 | &nbsp;&nbsp;&nbsp; 493948<br>|
| &nbsp;&nbsp;&nbsp; ONE Gas Inc. | &nbsp;&nbsp; 14813 | &nbsp;&nbsp;&nbsp; 1144304<br>|
| &nbsp;&nbsp;&nbsp; Spire Inc. | &nbsp;&nbsp; 16635 | &nbsp;&nbsp;&nbsp; 1375715<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *4118910* |
| *Multi-Utilities — 6.7%* | *Multi-Utilities — 6.7%* | *Multi-Utilities — 6.7%* |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp; 61652 | &nbsp;&nbsp;&nbsp; 6156569<br>|
| &nbsp;&nbsp;&nbsp; Avista Corp. | &nbsp;&nbsp; 21347 | &nbsp;&nbsp;&nbsp; 822713<br>|
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | &nbsp;&nbsp; 21812 | &nbsp;&nbsp;&nbsp; 1514189<br>|
| &nbsp;&nbsp;&nbsp; Consolidated Edison Inc. | &nbsp;&nbsp; 76387 | &nbsp;&nbsp;&nbsp; 7586757<br>|
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | &nbsp;&nbsp; 45506 | &nbsp;&nbsp;&nbsp; 5869364<br>|
| &nbsp;&nbsp;&nbsp; NiSource Inc. | &nbsp;&nbsp; 150817 | &nbsp;&nbsp;&nbsp; 6298118<br>|
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group Inc. | &nbsp;&nbsp; 15694 | &nbsp;&nbsp;&nbsp; 1012891<br>|

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin U.S. Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Multi-Utilities — continued* | *Multi-Utilities — continued* | *Multi-Utilities — continued* | *Multi-Utilities — continued* |
| &nbsp;&nbsp;&nbsp; WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp; WEC Energy Group Inc. | &nbsp;&nbsp; 86262 | &nbsp;&nbsp;&nbsp; $9097190<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *38357791* |
| *Water Utilities — 0.5%* | *Water Utilities — 0.5%* | *Water Utilities — 0.5%* | *Water Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; Essential Utilities Inc. | &nbsp;&nbsp;&nbsp; Essential Utilities Inc. | &nbsp;&nbsp; 67387 | &nbsp;&nbsp;&nbsp; *2584965*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **137461107** |
| **Total Investments before Short-Term Investments (Cost — $528,744,274)** | **Total Investments before Short-Term Investments (Cost — $528,744,274)** | **Total Investments before Short-Term Investments (Cost — $528,744,274)** | &nbsp;&nbsp; **564032022** |
|  | Rate |  |  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional Class (Cost — $7,350,301)  | &nbsp;&nbsp; 3.658% | &nbsp;&nbsp; 7350301<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7350301**<br> <sup>(a)</sup><br>|
| **Total Investments — 100.6% (Cost — $536,094,575)** | **Total Investments — 100.6% (Cost — $536,094,575)** | **Total Investments — 100.6% (Cost — $536,094,575)** | &nbsp;&nbsp; **571382323** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.6)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.6)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.6)% | &nbsp;&nbsp;&nbsp; (3412987)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$567969336** |

---

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

<sup>(a)</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:** |
| REIT |  | Real Estate Investment Trust |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $2064212 | &nbsp;&nbsp;&nbsp;&nbsp; $2067750 | &nbsp;&nbsp;&nbsp; **$3538** |

---

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

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Notes to Schedules of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin International Low Volatility High Dividend Index ETF ("International Low Volatility High Dividend Index ETF") and Franklin U.S. Low Volatility High Dividend Index ETF ("U.S. Low Volatility High Dividend Index ETF") (the "Funds") are separate diversified investment series of Legg Mason ETF Investment 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.

The Funds are exchange-traded funds ("ETFs"). ETFs are funds that trade like other publicly-traded securities. The Funds are designed to track an index. Similar to shares of an index mutual fund, each share of the Funds represents an ownership interest in an underlying portfolio of securities intended to track an index. 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 the Cboe BZX Exchange, Inc. for International Low Volatility High Dividend Index ETF and NASDAQ for U.S. Low Volatility High Dividend Index ETF. 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 issued and redeemed generally in-kind for a basket of securities and/or 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.

International Low Volatility High Dividend Index ETF and U.S. Low Volatility High Dividend Index ETF seek to track the investment results of the Franklin International Low Volatility High Dividend Hedged Index and Franklin Low Volatility High Dividend Index, respectively (together, the "Indices"). The Franklin International Low Volatility High Dividend Hedged Index seeks to provide more stable income through investments in stocks of profitable companies in developed markets outside of the United States with relatively high dividend yields or anticipated dividend yields and lower price and earnings volatility while mitigating exposure to exchange-rate fluctuations between the U.S. dollar and other international currencies. The Franklin Low Volatility High Dividend Index seeks to provide more stable income through investments in stocks of profitable U.S. companies with relatively high dividend yields and lower price and earnings volatility. The Indices are based on a proprietary methodology created and sponsored by Franklin Advisers, Inc., the Funds' subadviser.

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

**(a) Investment valuation.** 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 Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Notes to Schedules of Investments (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 and liabilities carried at fair value:

**International Low Volatility High Dividend Index ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $3745555911 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $3745555911 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 33987563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33987563 |
| Total Long-Term Investments | &nbsp;&nbsp; 3779543474 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3779543474 |
| Short-Term Investments† | &nbsp;&nbsp; 15306326 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15306326 |
| **Total Investments** | &nbsp;&nbsp; **$3794849800** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$3794849800** |

---

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | &nbsp;&nbsp; Quoted Prices<br> (Level 1)<br>| &nbsp;&nbsp; Other Significant<br> Observable Inputs<br> (Level 2)<br>| &nbsp;&nbsp; Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $60327 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $60327 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $8465486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8465486 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$60327** | &nbsp;&nbsp; **$8465486** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$8525813** |
| **Total** | &nbsp;&nbsp; **$3794910127** | &nbsp;&nbsp; **$8465486** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$3803375613** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $23985150 | &nbsp;&nbsp; — | &nbsp;&nbsp; $23985150 |

---

&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. Low Volatility High Dividend Index ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $564032022 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $564032022 |
| Short-Term Investments† | &nbsp;&nbsp; 7350301 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7350301 |
| **Total Investments** | &nbsp;&nbsp; **$571382323** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$571382323** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $3538 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $3538 |
| **Total** | &nbsp;&nbsp; **$571385861** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$571385861** |

---

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

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

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Legg Mason ETF Investment Trust

- **b. Investment Company Act file number:** 811-23096

- **c. CIK number of Registrant:** 0001645194

- **d. LEI of Registrant:** 549300D7ZZ1A7JJ9G964

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

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-877-721-1926

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

- **a. Name of Series:** Franklin International Low Volatility High Dividend Index ETF

- **b. EDGAR series identifier (if any):** S000054583

- **c. LEI of Series:** 549300U5VMZRL3H15M55

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3803579307.76

**Total Liabilities:** $26920690.37

**Net Assets:** $3776658617.39

**Cash Not Reported:** $1108997.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000171451 | 2.17%                | 3.98%                | 2.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-73949.17               | $1861069.91                                |
| Month 2  | $62.99                   | $132888904.75                              |
| Month 3  | $16477545.53             | $93232522.30                               |

### Schedule of Portfolio Investments

| Name                                   | Title                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $32.36        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-8951951.77  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa House Industry Co Ltd            | Daiwa House Industry Co Ltd                  | CUSIP: 000000000<br>LEI: 353800K9WXR9XRZJZI46 | Long             | EC               | CORP              | JP        |    397500 | NS      | $13181951.58  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Asahi Kasei Corp                       | Asahi Kasei Corp                             | CUSIP: 000000000<br>LEI: 353800GPI4Z3MGDGN142 | Long             | EC               | CORP              | JP        |   1162700 | NS      | $10303297.07  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                            | Equinor ASA                                  | CUSIP: 000000000<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |    704197 | NS      | $16545768.90  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd                            | Komatsu Ltd                                  | CUSIP: 000000000<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |    652000 | NS      | $20798111.58  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Hang Seng Bank Ltd                     | Hang Seng Bank Ltd                           | CUSIP: 000000000<br>LEI: 5493009Z5F07LWZYMK62 | Long             | EC               | CORP              | HK        |    452340 | NS      | $8920689.92   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurich Insurance Group AG              | Zurich Insurance Group AG                    | CUSIP: 000000000<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |     50033 | NS      | $38005502.56  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                        | Norsk Hydro ASA                              | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    944094 | NS      | $7319247.42   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                               | Vinci SA                                     | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |    179441 | NS      | $25299886.61  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE Inc                                | BCE Inc                                      | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |    812857 | NS      | $19414873.74  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Agricole SA                     | Credit Agricole SA                           | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EC               | CORP              | FR        |   1071199 | NS      | $22079132.66  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC            | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | US        |         1 | NC      | $39171.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CLP Holdings Ltd                       | CLP Holdings Ltd                             | CUSIP: 000000000<br>LEI: 25490002BUTSMP94GO68 | Long             | EC               | CORP              | HK        |    979322 | NS      | $8757090.15   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ComfortDelGro Corp Ltd                 | ComfortDelGro Corp Ltd                       | CUSIP: 000000000<br>LEI: 2549005O5PVA2JCH6Q33 | Long             | EC               | CORP              | SG        |   2773300 | NS      | $3191667.19   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                              | Danone SA                                    | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |    179429 | NS      | $16179886.62  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ASR Nederland NV                       | ASR Nederland NV                             | CUSIP: 000000000<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |     98647 | NS      | $7023192.04   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgestone Corp                       | Bridgestone Corp                             | CUSIP: 000000000<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |   1082200 | NS      | $24261385.05  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                              | Sanofi SA                                    | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    431913 | NS      | $41960584.69  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                          | BHP Group Ltd                                | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |   2228999 | NS      | $67616704.27  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp                            | Keyera Corp                                  | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |    311846 | NS      | $10010012.04  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CIBC                                   | Canadian Imperial Bank of Commerce           | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |    812705 | NS      | $73773396.43  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Corp                          | Sumitomo Corp                                | CUSIP: 000000000<br>LEI: V82KK8NH1P0JS71FJC05 | Long             | EC               | CORP              | JP        |    808400 | NS      | $27911964.02  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $16083.59     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| A2A SpA                                | A2A SpA                                      | CUSIP: 000000000<br>LEI: 81560076E3944316DB24 | Long             | EC               | CORP              | IT        |   1478629 | NS      | $4011491.99   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Redeia Corp SA                         | Redeia Corp SA                               | CUSIP: 000000000<br>LEI: 5493009HMD0C90GUV498 | Long             | EC               | CORP              | ES        |    307361 | NS      | $5476071.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                       | TotalEnergies SE                             | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    853181 | NS      | $55702229.57  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT Inc                                | NTT Inc                                      | CUSIP: 000000000<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |  45734858 | NS      | $46013506.70  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui Chemical Co Ltd                | Sekisui Chemical Co Ltd                      | CUSIP: 000000000<br>LEI: 529900KQIVT7NWFNMI70 | Long             | EC               | CORP              | JP        |    429600 | NS      | $7221895.44   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortis Inc/Canada                      | Fortis Inc/Canada                            | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | CA        |    588407 | NS      | $30631933.99  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG            | Bayerische Motoren Werke AG                  | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |    280273 | NS      | $30658593.36  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Italgas SpA                            | Italgas SpA                                  | CUSIP: 000000000<br>LEI: 815600F25FF44EF1FA76 | Long             | EC               | CORP              | IT        |    655049 | NS      | $7320105.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN NV                     | Koninklijke KPN NV                           | CUSIP: 000000000<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |   2173028 | NS      | $10147204.84  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DSM-Firmenich AG                       | DSM-Firmenich AG                             | CUSIP: 000000000<br>LEI: 506700G44V67MPM4BI12 | Long             | EC               | CORP              | CH        |    110625 | NS      | $8933546.07   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2001573.13  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Tosoh Corp                             | Tosoh Corp                                   | CUSIP: 000000000<br>LEI: 529900YSLFVJF2MDBX02 | Long             | EC               | CORP              | JP        |    356537 | NS      | $5349931.57   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Handelsbanken AB               | Svenska Handelsbanken AB                     | CUSIP: 000000000<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |    846704 | NS      | $12339424.05  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd                     | Qantas Airways Ltd                           | CUSIP: 000000000<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |   1587692 | NS      | $10989850.85  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                               | Engie SA                                     | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |   1026520 | NS      | $27017427.91  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co         | SITC International Holdings Co Ltd           | CUSIP: 000000000<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | HK        |   1038468 | NS      | $3717057.68   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NN Group NV                            | NN Group NV                                  | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |    130313 | NS      | $10061255.37  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurizon Holdings Ltd                   | Aurizon Holdings Ltd                         | CUSIP: 000000000<br>LEI: 5299005PC1O6NOWL3H48 | Long             | EC               | CORP              | AU        |   1476550 | NS      | $3593926.66   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd         | Canadian Natural Resources Ltd               | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |   2894404 | NS      | $98165852.24  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SG Holdings Co Ltd                     | SG Holdings Co Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    440200 | NS      | $4025817.09   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Amada Co Ltd                           | Amada Co Ltd                                 | CUSIP: 000000000<br>LEI: 529900QF5O6TQGCPDX85 | Long             | EC               | CORP              | JP        |    303500 | NS      | $3585964.46   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-4792.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                 | DBS Group Holdings Ltd                       | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |   1095870 | NS      | $48027397.51  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Telstra Group Ltd                      | Telstra Group Ltd                            | CUSIP: 000000000<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |   6722244 | NS      | $21830889.01  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                             | Allianz SE                                   | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |    149156 | NS      | $68406362.23  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp                             | Inpex Corp                                   | CUSIP: 000000000<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |   1417700 | NS      | $28282547.45  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Skanska AB                             | Skanska AB                                   | CUSIP: 000000000<br>LEI: 549300UINV5RINHGMG07 | Long             | EC               | CORP              | SE        |    165173 | NS      | $4520452.54   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                              | Nestle SA                                    | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    609035 | NS      | $60530660.65  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ITV PLC                                | ITV PLC                                      | CUSIP: 000000000<br>LEI: ZLECI7ED2QMWFGYCXZ59 | Long             | EC               | CORP              | GB        |   3392437 | NS      | $3757629.79   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC             | United Utilities Group PLC                   | CUSIP: 000000000<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |    455439 | NS      | $7314306.24   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Obayashi Corp                          | Obayashi Corp                                | CUSIP: 000000000<br>LEI: 529900YT4O5S0LCXWD54 | Long             | EC               | CORP              | JP        |    524500 | NS      | $10938725.32  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Monte dei Paschi di Sien         | Banca Monte dei Paschi di Siena SpA          | CUSIP: 000000000<br>LEI: J4CP7MHCXR8DAQMKIL78 | Long             | EC               | CORP              | IT        |   5527123 | NS      | $59265866.23  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC            | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2747.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Pembina Pipeline Corp                  | Pembina Pipeline Corp                        | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |    986372 | NS      | $37627132.50  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Persol Holdings Co Ltd                 | Persol Holdings Co Ltd                       | CUSIP: 000000000<br>LEI: 3538000H6OI725NB2008 | Long             | EC               | CORP              | JP        |   1554400 | NS      | $2881805.74   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitecap Resources Inc                 | Whitecap Resources Inc                       | CUSIP: 96467A200<br>LEI: 894500UA4G4BTB67II45 | Long             | EC               | CORP              | CA        |   2524062 | NS      | $21175789.17  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Essity AB                              | Essity AB                                    | CUSIP: 000000000<br>LEI: 549300G8E6YUVJ1DA153 | Long             | EC               | CORP              | SE        |    267939 | NS      | $7707882.02   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaztransport Et Technigaz SA           | Gaztransport Et Technigaz SA                 | CUSIP: 000000000<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |     16169 | NS      | $2973785.56   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SingTel                                | Singapore Telecommunications Ltd             | CUSIP: 000000000<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |   6002600 | NS      | $21237814.93  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyo Tire Corp                         | Toyo Tire Corp                               | CUSIP: 000000000<br>LEI: 529900Y41RD7VQM9RF75 | Long             | EC               | CORP              | JP        |    266500 | NS      | $7370426.49   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                       | Roche Holding AG                             | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    188186 | NS      | $77958529.76  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Life Holding AG                  | Swiss Life Holding AG                        | CUSIP: 000000000<br>LEI: 5493000KUC3Z24U77V93 | Long             | EC               | CORP              | CH        |     12987 | NS      | $15028692.46  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Hutchison Holdings Ltd              | CK Hutchison Holdings Ltd                    | CUSIP: 000000000<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | HK        |   1483446 | NS      | $10091663.87  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3250.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| West Japan Railway Co                  | West Japan Railway Co                        | CUSIP: 000000000<br>LEI: 353800QGUXHZ7EBCR121 | Long             | EC               | CORP              | JP        |    415400 | NS      | $8284413.54   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                               | Cie Generale des Etablissements Michelin SCA | CUSIP: 000000000<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |    355509 | NS      | $11820210.17  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Building Fund Inc               | Nippon Building Fund Inc                     | CUSIP: 000000000<br>LEI: 52990053R8NL2MB32172 | Long             | EC               | CORP              | JP        |      4882 | NS      | $4450781.84   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| B&M European Value Retail SA           | B&M European Value Retail SA                 | CUSIP: 000000000<br>LEI: 213800UK7ZRLY2K1X530 | Long             | EC               | CORP              | GB        |   1349897 | NS      | $3064867.27   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Corp of Canada                   | Power Corp of Canada                         | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |    602615 | NS      | $32070592.19  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Repsol SA                              | Repsol SA                                    | CUSIP: 000000000<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |    852527 | NS      | $15944918.83  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd                             | Santos Ltd                                   | CUSIP: 000000000<br>LEI: 5299000RK70B5O2M7077 | Long             | EC               | CORP              | AU        |   2716859 | NS      | $11178420.75  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Emera Inc                              | Emera Inc                                    | CUSIP: 290876101<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | EC               | CORP              | CA        |    403614 | NS      | $19916433.31  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Veolia Environnement SA                | Veolia Environnement SA                      | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |    379199 | NS      | $13235815.90  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA                     | Publicis Groupe SA                           | CUSIP: 000000000<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |    143038 | NS      | $14887367.33  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo Bank, National Association | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: KB1H1DSPRFMYMCUFXT09 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-851510.90   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken          | Skandinaviska Enskilda Banken AB             | CUSIP: 000000000<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |    560948 | NS      | $11871496.81  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                | GSK PLC                                      | CUSIP: 000000000<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |   2984641 | NS      | $73244423.32  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                               | Enel SpA                                     | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |   4606199 | NS      | $48022376.24  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                         | BNP Paribas SA                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |    590077 | NS      | $55988782.62  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BOC Hong Kong Holdings Ltd             | BOC Hong Kong Holdings Ltd                   | CUSIP: 000000000<br>LEI: 254900JB98W77JDJMW15 | Long             | EC               | CORP              | HK        |   2513963 | NS      | $12732115.56  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Bouygues SA                            | Bouygues SA                                  | CUSIP: 000000000<br>LEI: 969500MOCLNQFNZN0D63 | Long             | EC               | CORP              | FR        |    199190 | NS      | $10375185.86  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC                      | National Grid PLC                            | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |   2377320 | NS      | $36500780.87  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SKF AB                                 | SKF AB                                       | CUSIP: 000000000<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |    316820 | NS      | $8447341.95   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Yangzijiang Shipbuilding Holdi         | Yangzijiang Shipbuilding Holdings Ltd        | CUSIP: 000000000<br>LEI: 254900Z3JEM14YIGLM66 | Long             | EC               | CORP              | CN        |   3090500 | NS      | $8363094.87   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncorp Group Ltd                      | Suncorp Group Ltd                            | CUSIP: 000000000<br>LEI: 549300BVOKRTHDIWVT46 | Long             | EC               | CORP              | AU        |    552441 | NS      | $6502177.20   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC            | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | US        |         1 | NC      | $127.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Endeavour Group Ltd/Australia          | Endeavour Group Ltd/Australia                | CUSIP: 000000000<br>LEI: 254900JAN9FOLMWAD533 | Long             | EC               | CORP              | AU        |   1062393 | NS      | $2592951.98   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sembcorp Industries Ltd                | Sembcorp Industries Ltd                      | CUSIP: 000000000<br>LEI: 254900J0FF14U6TPQM96 | Long             | EC               | CORP              | SG        |   1098400 | NS      | $5141810.26   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                            | Novartis AG                                  | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    606319 | NS      | $83878273.78  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Daito Trust Cons                       | Daito Trust Construction Co Ltd              | CUSIP: 000000000<br>LEI: 353800QQ4DRI3KXS3038 | Long             | EC               | CORP              | JP        |    283300 | NS      | $5396879.01   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JFE Holdings Inc                       | JFE Holdings Inc                             | CUSIP: 000000000<br>LEI: 3538002Y11Y03NA9B530 | Long             | EC               | CORP              | JP        |   1093400 | NS      | $13933883.06  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| J Sainsbury PLC                        | J Sainsbury PLC                              | CUSIP: 000000000<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |   1970360 | NS      | $8613259.64   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Tire Corp Ltd                 | Canadian Tire Corp Ltd                       | CUSIP: 136681202<br>LEI: 549300RLHDA7VQYMUB14 | Long             | EC               | CORP              | CA        |     74898 | NS      | $9504109.52   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                | E.ON SE                                      | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |   1219708 | NS      | $23098848.22  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Real Estate Investment C         | Japan Real Estate Investment Corp            | CUSIP: 000000000<br>LEI: 3538003YAIR3CBGJJ928 | Long             | EC               | CORP              | JP        |      3701 | NS      | $3090758.24   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd         | Galaxy Entertainment Group Ltd               | CUSIP: 000000000<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |   2237000 | NS      | $11013276.80  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC            | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | US        |         1 | NC      | $196.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Electric Power Development Co          | Electric Power Development Co Ltd            | CUSIP: 000000000<br>LEI: 549300KMHPUAQI8VEH90 | Long             | EC               | CORP              | JP        |    205600 | NS      | $4148858.34   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mapletree Industrial Trust             | Mapletree Industrial Trust                   | CUSIP: 000000000<br>LEI: 549300R7WZFHXNKDJF41 | Long             | EC               | CORP              | SG        |   2243856 | NS      | $3629253.87   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuehne + Nagel International A         | Kuehne + Nagel International AG              | CUSIP: 000000000<br>LEI: 529900Q0YED3805QXQ66 | Long             | EC               | CORP              | CH        |     43175 | NS      | $9332557.59   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo SpA                    | Intesa Sanpaolo SpA                          | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |  13273612 | NS      | $92303657.30  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                           | Iberdrola SA                                 | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |   1143102 | NS      | $24789571.85  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Peyto Exploration & Developmen         | Peyto Exploration & Development Corp         | CUSIP: 717046106<br>LEI: 98450004AE67F646C503 | Long             | EC               | CORP              | CA        |    325807 | NS      | $5397831.09   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Construction Machinery         | Hitachi Construction Machinery Co Ltd        | CUSIP: 000000000<br>LEI: 5493009B7C53PDH8W826 | Long             | EC               | CORP              | JP        |    214500 | NS      | $6335991.58   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mapletree Logistics Trust              | Mapletree Logistics Trust                    | CUSIP: 000000000<br>LEI: 549300M9EBZIYH387075 | Long             | EC               | CORP              | SG        |   4472700 | NS      | $4590951.79   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Yamato Kogyo Co Ltd                    | Yamato Kogyo Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     48500 | NS      | $3307697.22   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Hung Kai Properties Ltd            | Sun Hung Kai Properties Ltd                  | CUSIP: 000000000<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |    928009 | NS      | $11290865.59  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3146704.44  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1683457.69  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Kobe Steel Ltd                         | Kobe Steel Ltd                               | CUSIP: 000000000<br>LEI: 549300ZDCYYUPHEE5K87 | Long             | EC               | CORP              | JP        |    604200 | NS      | $7983018.28   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Ltd                          | Fortescue Ltd                                | CUSIP: 000000000<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |   1924304 | NS      | $28243721.05  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SGS SA                                 | SGS SA                                       | CUSIP: 000000000<br>LEI: 2138007JNS19JHNA2336 | Long             | EC               | CORP              | CH        |     56177 | NS      | $6442716.59   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Endesa SA                              | Endesa SA                                    | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |    124332 | NS      | $4472647.23   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BT Group PLC                           | BT Group PLC                                 | CUSIP: 000000000<br>LEI: 213800LRO7NS5CYQMN21 | Long             | EC               | CORP              | GB        |   7882046 | NS      | $19512520.95  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Volvo AB                               | Volvo AB                                     | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |    683041 | NS      | $21923876.42  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WH Group Ltd                           | WH Group Ltd                                 | CUSIP: 000000000<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | HK        |   7333565 | NS      | $8168819.75   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                      | Suncor Energy Inc                            | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |   1989467 | NS      | $88417530.29  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Ascendas REIT               | CapitaLand Ascendas REIT                     | CUSIP: 000000000<br>LEI: 549300ILIBAEMQZK3L20 | Long             | EC               | CORP              | SG        |   3280866 | NS      | $7219946.17   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SSE PLC                                | SSE PLC                                      | CUSIP: 000000000<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |   1216187 | NS      | $35644800.04  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-24849.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Isuzu Motors Ltd                       | Isuzu Motors Ltd                             | CUSIP: 000000000<br>LEI: 529900C0QSXVCC7AR494 | Long             | EC               | CORP              | JP        |    587900 | NS      | $9149778.62   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Invincible Investment Corp             | Invincible Investment Corp                   | CUSIP: 000000000<br>LEI: 353800JY6M2692VAV685 | Long             | EC               | CORP              | JP        |      6391 | NS      | $2625796.04   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RioCan REIT                            | RioCan Real Estate Investment Trust          | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               | CORP              | CA        |    255075 | NS      | $3479775.67   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| H & M Hennes & Mauritz AB              | H & M Hennes & Mauritz AB                    | CUSIP: 000000000<br>LEI: 529900O5RR7R39FRDM42 | Long             | EC               | CORP              | SE        |    571074 | NS      | $11515886.73  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                 | AXA SA                                       | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |    999570 | NS      | $48084808.48  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP SA                                 | EDP SA                                       | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |   2326713 | NS      | $10698165.51  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ANZ Group Holdings Ltd                 | ANZ Group Holdings Ltd                       | CUSIP: 000000000<br>LEI: 9845005D9C6BAA10BK72 | Long             | EC               | CORP              | AU        |   1556961 | NS      | $37730351.01  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Generali                               | Generali                                     | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |    645273 | NS      | $27092823.58  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                 | Mercedes-Benz Group AG                       | CUSIP: 000000000<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |    554646 | NS      | $39129855.73  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Swisscom AG                            | Swisscom AG                                  | CUSIP: 000000000<br>LEI: 5493005SL9HHOXS3B739 | Long             | EC               | CORP              | CH        |     13889 | NS      | $10089137.90  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $39.70        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Airlines Ltd                 | Singapore Airlines Ltd                       | CUSIP: 000000000<br>LEI: 549300ZG62N2599PWR15 | Long             | EC               | CORP              | SG        |   1351413 | NS      | $6725539.04   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Yancoal Australia Ltd                  | Yancoal Australia Ltd                        | CUSIP: 000000000<br>LEI: 3003003IC6G39HKQAD13 | Long             | EC               | CORP              | AU        |    603830 | NS      | $1997213.77   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Freenet AG                             | Freenet AG                                   | CUSIP: 000000000<br>LEI: 5299003GLDODCVP8DO20 | Long             | EC               | CORP              | DE        |    104177 | NS      | $3589770.51   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Daimler Truck Holding AG               | Daimler Truck Holding AG                     | CUSIP: 000000000<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |    280782 | NS      | $12306813.74  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Treasury Wine Estates Ltd              | Treasury Wine Estates Ltd                    | CUSIP: 000000000<br>LEI: 529900LVOPJGAX6ILK66 | Long             | EC               | CORP              | AU        |   1219192 | NS      | $4260215.61   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV          | Koninklijke Ahold Delhaize NV                | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |    305703 | NS      | $12519482.50  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc              | Rogers Communications Inc                    | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |    652409 | NS      | $24658989.82  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp                          | Marubeni Corp                                | CUSIP: 000000000<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |   1297100 | NS      | $36022050.46  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Corp                        | Mitsubishi Corp                              | CUSIP: 000000000<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               | CORP              | JP        |   2954900 | NS      | $67601973.91  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd               | United Overseas Bank Ltd                     | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    826715 | NS      | $22538590.90  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1538.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria de Diseno Textil SA          | Industria de Diseno Textil SA                | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |    332672 | NS      | $22012421.55  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaris SA                             | Tenaris SA                                   | CUSIP: 000000000<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |    364663 | NS      | $7070880.59   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ageas SA/NV                            | Ageas SA/NV                                  | CUSIP: 000000000<br>LEI: 5493005DJBML6LY3RV36 | Long             | EC               | CORP              | BE        |     47391 | NS      | $3328371.44   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                             | Diageo PLC                                   | CUSIP: 000000000<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |   1671192 | NS      | $36044076.93  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution AB                           | Evolution AB                                 | CUSIP: 000000000<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |    146997 | NS      | $10042381.94  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia/The                | Bank of Nova Scotia/The                      | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |   1062608 | NS      | $78473688.01  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| COMSYS Holdings Corp                   | COMSYS Holdings Corp                         | CUSIP: 000000000<br>LEI: 529900BXEDA1UA6QX260 | Long             | EC               | CORP              | JP        |    113500 | NS      | $3297578.87   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| National Australia Bank Ltd            | National Australia Bank Ltd                  | CUSIP: 000000000<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | EC               | CORP              | AU        |   1291220 | NS      | $36431030.67  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd              | Woodside Energy Group Ltd                    | CUSIP: 000000000<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |   1193521 | NS      | $18775270.13  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Metropolitan Fund Invest         | Japan Metropolitan Fund Invest               | CUSIP: 000000000<br>LEI: 353800QDHNIP60E1LQ93 | Long             | EC               | CORP              | JP        |      3638 | NS      | $2880320.27   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $13118.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                              | Shell PLC                                    | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |   2449410 | NS      | $90271497.10  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ono Pharmaceutical Co Ltd              | Ono Pharmaceutical Co Ltd                    | CUSIP: 000000000<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |    643800 | NS      | $8923126.73   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Danske Bank A/S                        | Danske Bank A/S                              | CUSIP: 000000000<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |     52561 | NS      | $2633174.19   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC            | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1721.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-6571.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC            | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | US        |         1 | NC      | $385.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $8272423.94   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-22191.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC            | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5971.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-13184.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1020.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $17901.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-19080.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $402.04       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1109.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1943.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES U.S., INC.                 | MSCI EAFE                                    | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |        85 | NC      | $60327.35     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $4.81         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC            | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | US        |         1 | NC      | $78.46        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $7053.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $6514.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-4794181.98  | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3860.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $442.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-4879.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $18681.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $9841.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC            | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | US        |         1 | NC      | $219.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3105.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2354448.76  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-30301.88    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $12528.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $9652.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-104.78      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1892.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-11717.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $6878.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $4547.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MTR Corp Ltd                           | MTR Corp Ltd                                 | CUSIP: 000000000<br>LEI: 254900IH4U9NHH9AQM97 | Long             | EC               | CORP              | HK        |   1332087 | NS      | $5100044.02   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Orkla ASA                              | Orkla ASA                                    | CUSIP: 000000000<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |    221437 | NS      | $2469716.76   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DNB Bank ASA                           | DNB Bank ASA                                 | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |    333836 | NS      | $9316569.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $11030.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Keppel Ltd                             | Keppel Ltd                                   | CUSIP: 000000000<br>LEI: 254900SQ7IPDOY6IDW33 | Long             | EC               | CORP              | SG        |    908620 | NS      | $7312765.94   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DHL GROUP                              | DHL GROUP                                    | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |    462614 | NS      | $25389215.51  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                         | TC Energy Corp                               | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    968305 | NS      | $53390108.99  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                           | Unilever PLC                                 | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    793616 | NS      | $51872903.14  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnum Ice Cream Co NV/The             | Magnum Ice Cream Co NV/The                   | CUSIP: 000000000<br>LEI: 25490052LLF3XH6G9847 | Long             | EC               | CORP              | NL        |    178456 | NS      | $2826380.74   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui & Co Ltd                        | Mitsui & Co Ltd                              | CUSIP: 000000000<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |   1772400 | NS      | $52500897.64  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesco PLC                              | Tesco PLC                                    | CUSIP: 000000000<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |   5693373 | NS      | $33832488.63  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Poste Italiane SpA                     | Poste Italiane SpA                           | CUSIP: 000000000<br>LEI: 815600354DEDBD0BA991 | Long             | EC               | CORP              | IT        |    440080 | NS      | $11101985.06  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ABN AMRO Bank NV                       | ABN AMRO Bank NV                             | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |    657841 | NS      | $23015805.04  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                               | Mowi ASA                                     | CUSIP: 000000000<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |    183424 | NS      | $4422462.59   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                     | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $4675.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Origin Energy Ltd                      | Origin Energy Ltd                            | CUSIP: 000000000<br>LEI: ZSN2LWNPYW6ISMRUC664 | Long             | EC               | CORP              | AU        |    816979 | NS      | $6259780.58   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC            | Reckitt Benckiser Group PLC                  | CUSIP: 000000000<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |    575872 | NS      | $46490107.41  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingfisher PLC                         | Kingfisher PLC                               | CUSIP: 000000000<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |   1693442 | NS      | $7122571.27   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Integrated Commerci         | CapitaLand Integrated Commercial Trust       | CUSIP: 000000000<br>LEI: 54930031292WUTXF0L29 | Long             | EC               | CORP              | SG        |   5999200 | NS      | $11149368.58  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands PLC                    | Imperial Brands PLC                          | CUSIP: 000000000<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |    642627 | NS      | $26959568.63  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Millicom International Cellula         | Millicom International Cellular SA           | CUSIP: 000000000<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |    204508 | NS      | $11337923.52  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd               | Wilmar International Ltd                     | CUSIP: 000000000<br>LEI: 549300H2EAI4YRLWBB20 | Long             | EC               | CORP              | SG        |   1476200 | NS      | $3535533.44   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Airlines Co Ltd                  | Japan Airlines Co Ltd                        | CUSIP: 000000000<br>LEI: 3538002MH5L1QZZ93477 | Long             | EC               | CORP              | JP        |    494300 | NS      | $9161003.54   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubu Electric Power Co Inc            | Chubu Electric Power Co Inc                  | CUSIP: 000000000<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |    551200 | NS      | $8481893.52   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui House Ltd                      | Sekisui House Ltd                            | CUSIP: 000000000<br>LEI: 529900GMNDOYQSAJAE76 | Long             | EC               | CORP              | JP        |    561000 | NS      | $12519557.24  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-42102.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Westpac Banking Corp                   | Westpac Banking Corp                         | CUSIP: 000000000<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | EC               | CORP              | AU        |   1169305 | NS      | $30098392.39  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Corp                          | SoftBank Corp                                | CUSIP: 000000000<br>LEI: 353800M1YCTS9JRBJ535 | Long             | EC               | CORP              | JP        |  15522030 | NS      | $21271058.37  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Haseko Corp                            | Haseko Corp                                  | CUSIP: 000000000<br>LEI: 529900EH7TSG348O4045 | Long             | EC               | CORP              | JP        |    211871 | NS      | $4201059.48   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MEIJI Holdings Co Ltd                  | MEIJI Holdings Co Ltd                        | CUSIP: 000000000<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |    406000 | NS      | $9026827.01   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Terna - Rete Elettrica Naziona         | Terna - Rete Elettrica Nazionale             | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |    888301 | NS      | $9445726.59   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Signify NV                             | Signify NV                                   | CUSIP: 000000000<br>LEI: 549300072P3J1X8NZO35 | Long             | EC               | CORP              | NL        |    117467 | NS      | $2891624.43   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirin Holdings Co Ltd                  | Kirin Holdings Co Ltd                        | CUSIP: 497350108<br>LEI: 353800GBVL72LLMTYM96 | Long             | EC               | CORP              | JP        |    772657 | NS      | $11574204.19  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA                       | Pernod Ricard SA                             | CUSIP: 000000000<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     97730 | NS      | $8390348.60   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Klepierre SA                           | Klepierre SA                                 | CUSIP: 000000000<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |    114635 | NS      | $4542522.04   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Oversea-Chinese Banking Corp L         | Oversea-Chinese Banking Corp Ltd             | CUSIP: 000000000<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |   1267452 | NS      | $19475001.18  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company    | CURRENCY CONTRACT - USD                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3011.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sojitz Corp                            | Sojitz Corp                                  | CUSIP: 000000000<br>LEI: 5493004SE33MRLPB1W98 | Long             | EC               | CORP              | JP        |    341800 | NS      | $10613037.74  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Assets Holdings Ltd              | Power Assets Holdings Ltd                    | CUSIP: 000000000<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |    693742 | NS      | $4915509.90   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordea Bank Abp                        | Nordea Bank Abp                              | CUSIP: 000000000<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |   1037894 | NS      | $19606893.78  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Nissan Chemical Corp                   | Nissan Chemical Corp                         | CUSIP: 000000000<br>LEI: 3538002E4L1CUGJFFU25 | Long             | EC               | CORP              | JP        |    123700 | NS      | $4232371.69   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio             | Invesco Treasury Portfolio                   | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  15306326 | NS      | $15306326.32  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen AG                          | Volkswagen AG                                | CUSIP: 000000000<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |    278492 | NS      | $33868624.32  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedbank AB                            | Swedbank AB                                  | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |    362268 | NS      | $12618155.81  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                          | Rio Tinto PLC                                | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    938157 | NS      | $75636401.34  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Genting Singapore Ltd                  | Genting Singapore Ltd                        | CUSIP: 000000000<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |  11478200 | NS      | $6470991.45   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Snam SpA                               | Snam SpA                                     | CUSIP: 000000000<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |   1418062 | NS      | $9419749.41   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Legg Mason ETF Investment Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer