# EDGAR Filing Document

**Accession Number:** 0001645194
**File Stem:** 0001133228-25-005862
**Filing Date:** 2025-6
**Character Count:** 312809
**Document Hash:** 3d762a17a39408fa855482b1279a1d37
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-005862.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001133228-25-005862

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**EFFECTIVENESS DATE**: 20250602

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23096
- **FILM NUMBER:** 251013074

**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

### Western Asset Total Return ETF (Series ID: S000059365)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000194756 | Western Asset Total Return ETF | WBND            |

### WESTERN ASSET SHORT DURATION INCOME ETF (Series ID: S000064209)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000207671 | WESTERN ASSET SHORT DURATION INCOME ETF | WINC            |

?xml version='1.0' encoding='ASCII'? 2025-04-10478358_WesternAssetShortDurationIncomeETF_SingleClass_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-23096**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Legg Mason ETF Investment Trust**

(Exact name of registrant as specified in charter)

**620 Eighth Avenue, 47<sup>th</sup> Floor, New York, NY 10018**

(Address of principal executive offices) (Zip code)

Harris Goldblat

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant's telephone number, including area code: **1-877-721-1926**

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

Date of reporting period: **March 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **Western Asset Short Duration Income ETF**  | ![image](i202405131420813.jpg) |
| WINC \| The Nasdaq Stock Market LLC | ![image](i202405131420813.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](i202405131420813.jpg) |
| ![image](i202407221332340.jpg) | ![image](i202407221332340.jpg) |

---

This annual shareholder report contains important information about Western Asset Short Duration Income ETF for the period April 1, 2024, to March 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Western Asset Short Duration Income ETF | $30 | 0.29% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2025, Western Asset Short Duration Income ETF returned 6.18%. The Fund compares its performance to the Bloomberg U.S. Corporate 1-3 Year Index, which returned 6.15% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection within energy (overweight Enterprise Products Operating) and consumer cyclicals (overweight ZF North America Capital) |
| ↑ | Underweight to consumer non-cyclicals as the sector underperformed |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Rates positioning |
| ↓ | Issue selection within banks (underweight JPMorgan Chase and Wells Fargo) |
| ↓ | Overweight to AAA rated securities |

---

Western Asset Short Duration Income ETF PAGE 1 WINC-ATSR-0525

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Western Asset Short Duration Income ETF** 2/7/2019 — 3/31/2025

![image](ts3684img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/7/2019)** |
| **Western Asset Short Duration Income ETF (NAV)**  | 6.18 | 4.84 | 3.13 |
| **Bloomberg U.S. Aggregate Index**  | 4.88 | -0.40 | 1.37 |
| **Bloomberg U.S. Corporate 1-3 Year Index**  | 6.15 | 2.81 | 2.74 |

---

Total return information is based on net asset values calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund at the end of the period for financial reporting purposes. Accordingly, adjusted total returns have been disclosed in the Financial Highlights and differ from those reported here.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective August 1, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12099588 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 147 |
| **Total Management Fee Paid (based on a unitary fee)** | $34398 |
| **Portfolio Turnover Rate** | 63% |

---

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

Western Asset Short Duration Income ETF PAGE 2 WINC-ATSR-0525

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

![image](ts3684img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective January 3, 2025, Kurt D. Halvorson stepped down as portfolio manager of the Fund.

This is a summary of a change to the Fund since April 1, 2024. For more complete information, you may review the Fund's current prospectus and the Fund's next prospectus, which we expect to be available by August 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](i202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Short Duration Income ETF PAGE 3 WINC-ATSR-0525

1000010177954511314108711074411386120881000010186110961117510711101991037210878100001010510289108441056510603111341181883.63.92.70.50.20.19.0 ------

---

| | |
|:---|:---|
| **Western Asset Total Return ETF**  | ![image](i202405131420813.jpg) |
| WBND \| The Nasdaq Stock Market LLC  | ![image](i202405131420813.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](i202405131420813.jpg) |
| ![image](i202407221332340.jpg) | ![image](i202407221332340.jpg) |

---

This annual shareholder report contains important information about Western Asset Total Return ETF for the period April 1, 2024, to March 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Western Asset Total Return ETF | $66 | 0.65% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2025, Western Asset Total Return ETF returned 4.14%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 4.88% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | High-yield credit positioning |
| ↑ | Structured product positioning |
| ↑ | Yield curve positioning |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Emerging market debt positioning |
| ↓ | Long duration position |
| ↓ | Developed non-U.S. dollar positioning |

---

**Use of derivatives and the impact on performance:**

The Fund utilized U.S. Treasury and SOFR and interest rate futures, options and swaps to manage its overall duration and yield curve exposure. Credit default swaps on investment-grade and high-yield indices and issuers were used as an efficient, low-cost way of adjusting exposures to these sectors. Foreign exchange forwards and options were used to hedge positions as well as to take outright positions in a variety of emerging and developed market currencies. In aggregate, these derivatives contributed to performance.

---

| | | |
|:---|:---|:---|
| Western Asset Total Return ETF | PAGE 1 | WBND-ATSR-0525 |

---

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Western Asset Total Return ETF** 10/3/2018 — 3/31/2025

![image](ts3683img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/3/2018)** |
| **Western Asset Total Return ETF (NAV)**  | 4.14 | -1.08 | 0.72 |
| **Bloomberg U.S. Aggregate Index**  | 4.88 | -0.40 | 1.81 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $15020086 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 340 |
| **Total Management Fee Paid (based on a unitary fee)** | $128709 |
| **Portfolio Turnover Rate** | 105% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

![image](ts3683img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | | |
|:---|:---|:---|
| Western Asset Total Return ETF | PAGE 2 | WBND-ATSR-0525 |

---

------

**HOW HAS THE FUND CHANGED?**

Effective May 1, 2024, John Bellows stepped down as portfolio manager of the Fund and effective August 21, 2024, S. Kenneth Leech stepped down as portfolio manager of the Fund.

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by August 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](i202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

---

| | | |
|:---|:---|:---|
| Western Asset Total Return ETF | PAGE 3 | WBND-ATSR-0525 |

---

100001057011064120651073299491006110478100001046311397114781100210475106531117335.125.618.47.76.32.30.60.20.10.03.7 ------

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

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the registrant has determined that Deborah D. McWhinney, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial expert," and has designated Deborah D. McWhinney as the Audit Committee's financial expert. Deborah D. McWhinney, is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending March 31, 2024 and March 31 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $150,630 in March 31, 2024 and $145,352 in March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in March 31, 2024 and $0 in March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $82,000 in March 31, 2024 and $72,000 in March 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in March 31, 2024 and $0 in March 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

{(1) The Charter for the Audit Committee (the "Committee") of the Board of each registered investment company (the "Fund") advised by the Registrant's investment [manager/adviser] or one of their affiliates (each, an "Adviser") requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund's independent auditors to the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund ("Covered Service Providers") if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and the Covered Service Providers constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.}

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $0 in March 31, 2024 and $1,315,528 in March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) *The independent board members are acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act*. The Audit Committee consists of the following Board members:

Rohit Bhagat

Deborah D. McWhinney

Anantha K. Pradeep

Alison J. Baumann

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

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

![](imgc7bcce3f1.gif)

**Western Asset ETFs**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2025

![](img8b93147f2.gif)

**Western Asset Short Duration Income ETF**

**Western Asset Total Return ETF**

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_9f4fe5f2-3da9-49ed-b749-a8e2909c9eab_SOI-Header-SOI-3314_1) | **1** |
| [Statements of Assets and Liabilities](#xx_9f4fe5f2-3da9-49ed-b749-a8e2909c9eab_SAL-Header-SAL_1) | **23** |
| [Statements of Operations](#xx_9f4fe5f2-3da9-49ed-b749-a8e2909c9eab_SOP-Header-SOP_1) | **24** |
| [Statements of Changes in Net Assets](#xx_9f4fe5f2-3da9-49ed-b749-a8e2909c9eab_SOC-Header-SOC-3314_1) | **25** |
| [Financial Highlights](#xx_9f4fe5f2-3da9-49ed-b749-a8e2909c9eab_FH-Header-Financialhighlights-3314_1) | **27** |
| [Notes to Financial Statements](#xx_9f4fe5f2-3da9-49ed-b749-a8e2909c9eab_NTF-Header-Notestofinancialstatements-3314_1) | **29** |
| [Report of Independent Registered Public Accounting Firm](#xx_9f4fe5f2-3da9-49ed-b749-a8e2909c9eab_RIRPAF-Header-Auditletter-3314_1) | **45** |
| [Important Tax Information](#xx_9f4fe5f2-3da9-49ed-b749-a8e2909c9eab_ITI-Header-Importanttaxinfo-3314_1) | **46** |
| [Changes in and Disagreements with Accountants](#xx_9f4fe5f2-3da9-49ed-b749-a8e2909c9eab_TSR-TOCTSRDisclosures-3314_1) | **47** |
| [Results of Meeting(s) of Shareholders](#xx_9f4fe5f2-3da9-49ed-b749-a8e2909c9eab_TSR-TOCTSRDisclosures-3314_1) | **47** |
| [Remuneration Paid to Directors, Officers and Others](#xx_9f4fe5f2-3da9-49ed-b749-a8e2909c9eab_TSR-TOCTSRDisclosures-3314_1) | **47** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedules of Investments

March 31, 2025

 **Western Asset Short Duration Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 82.5%** | **Corporate Bonds & Notes — 82.5%** | **Corporate Bonds & Notes — 82.5%** | **Corporate Bonds & Notes — 82.5%** | **Corporate Bonds & Notes — 82.5%** |
| **Communication Services — 6.3%** | **Communication Services — 6.3%** | **Communication Services — 6.3%** | **Communication Services — 6.3%** | **Communication Services — 6.3%** |
| Entertainment — 0.5% | Entertainment — 0.5% | Entertainment — 0.5% | Entertainment — 0.5% | Entertainment — 0.5% |
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; $60000<br>| &nbsp;&nbsp; $58541<br>|
| Media — 3.8% | Media — 3.8% | Media — 3.8% | Media — 3.8% | Media — 3.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 149857<br> <sup>(a)</sup><br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.908% | &nbsp;&nbsp; 7/23/25 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 4999<br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 11/10/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 163294<br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 139402<br>|
| Discovery Communications LLC., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 3/11/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10003<br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 467555 |
| Wireless Telecommunication Services — 2.0% | Wireless Telecommunication Services — 2.0% | Wireless Telecommunication Services — 2.0% | Wireless Telecommunication Services — 2.0% | Wireless Telecommunication Services — 2.0% |
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/15/25 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 119939<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 118278<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 238217 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **764313** |
| **Consumer Discretionary — 13.1%** | **Consumer Discretionary — 13.1%** | **Consumer Discretionary — 13.1%** | **Consumer Discretionary — 13.1%** | **Consumer Discretionary — 13.1%** |
| Automobile Components — 2.1% | Automobile Components — 2.1% | Automobile Components — 2.1% | Automobile Components — 2.1% | Automobile Components — 2.1% |
| ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 4/29/25 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 249428<br> <sup>(a)</sup><br>|
| Automobiles — 5.4% | Automobiles — 5.4% | Automobiles — 5.4% | Automobiles — 5.4% | Automobiles — 5.4% |
| Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 4.134% | &nbsp;&nbsp; 8/4/25 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 198866<br>|
| Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 8/10/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 192922<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 94000<br>| &nbsp;&nbsp; 94484<br>|
| Nissan Motor Acceptance Co. LLC, Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 57817<br> <sup>(a)</sup><br>|
| Nissan Motor Acceptance Co. LLC, Senior Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10166<br> <sup>(a)</sup><br>|
| Nissan Motor Acceptance Co. LLC, Senior Notes | &nbsp;&nbsp; 1.850% | &nbsp;&nbsp; 9/16/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 104491<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 658746 |
| Hotels, Restaurants & Leisure — 5.6% | Hotels, Restaurants & Leisure — 5.6% | Hotels, Restaurants & Leisure — 5.6% | Hotels, Restaurants & Leisure — 5.6% | Hotels, Restaurants & Leisure — 5.6% |
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60075<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 84131<br>|
| Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29675<br> <sup>(a)</sup><br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 6/25/25 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99477<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/18/26 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 98129<br>|
| Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/6/25 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 239131<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9965<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10097<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50008<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 680688 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1588862** |
| **Consumer Staples — 2.5%** | **Consumer Staples — 2.5%** | **Consumer Staples — 2.5%** | **Consumer Staples — 2.5%** | **Consumer Staples — 2.5%** |
| Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% |
| Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Senior <br> Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40025<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2025

 **Western Asset Short Duration Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% |
| Mars Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; $120000<br>| &nbsp;&nbsp; $120505<br> <sup>(a)</sup><br>|
| Tobacco — 1.2% | Tobacco — 1.2% | Tobacco — 1.2% | Tobacco — 1.2% | Tobacco — 1.2% |
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 2.259% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 121505<br>|
| BAT International Finance PLC, Senior Notes | &nbsp;&nbsp; 1.668% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19429<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 140934 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **301464** |
| **Energy — 10.8%** | **Energy — 10.8%** | **Energy — 10.8%** | **Energy — 10.8%** | **Energy — 10.8%** |
| Oil, Gas & Consumable Fuels — 10.8% | Oil, Gas & Consumable Fuels — 10.8% | Oil, Gas & Consumable Fuels — 10.8% | Oil, Gas & Consumable Fuels — 10.8% | Oil, Gas & Consumable Fuels — 10.8% |
| BP Capital Markets PLC, Senior Notes (6.125% to 6/18/35 then 5 year Treasury <br> Constant Maturity Rate + 1.924%) | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/18/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9866<br> <sup>(b)(c)</sup><br>|
| BP Capital Markets PLC, Senior Notes (6.450% to 3/1/34 then 5 year Treasury <br> Constant Maturity Rate + 2.153%) | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20456<br> <sup>(b)(c)</sup><br>|
| Columbia Pipelines Holding Co. LLC, Senior Notes | &nbsp;&nbsp; 6.055% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10147<br> <sup>(a)</sup><br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 76725<br> <sup>(a)</sup><br>|
| Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9862<br>|
| Coterra Energy Operating Co., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18810<br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30160<br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30086<br>|
| Devon OEI Operating LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 21201<br>|
| El Paso Natural Gas Co. LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10453<br>|
| Energy Transfer LP, Junior Subordinated Notes (8.000% to 5/15/29 then 5 year <br> Treasury Constant Maturity Rate + 4.020%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 31597<br> <sup>(c)</sup><br>|
| Enterprise Products Operating LLC, Senior Notes (3 mo. Term SOFR + 3.248%) | &nbsp;&nbsp; 7.571% | &nbsp;&nbsp; 8/16/77 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 159517<br> <sup>(c)</sup><br>|
| Enterprise Products Operating LLC, Senior Notes (5.250% to 8/16/27 then 3 mo. <br> Term SOFR + 3.295%) | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/16/77 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9871<br> <sup>(c)</sup><br>|
| Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. <br> Term SOFR + 2.832%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/78 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 78453<br> <sup>(c)</sup><br>|
| EQM Midstream Partners LP, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 132805<br> <sup>(a)</sup><br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 68780<br> <sup>(a)</sup><br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29222<br>|
| Northwest Pipeline LLC, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20292<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60280<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19694<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100412<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41518<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20155<br>|
| Parsley Energy LLC/Parsley Finance Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9817<br> <sup>(a)</sup><br>|
| Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59842<br> <sup>(a)</sup><br>|
| Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59958<br>|
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20458<br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19964<br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 118862<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1299263** |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

 **Western Asset Short Duration Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Financials — 23.4%** | **Financials — 23.4%** | **Financials — 23.4%** | **Financials — 23.4%** | **Financials — 23.4%** |
| Banks — 10.9% | Banks — 10.9% | Banks — 10.9% | Banks — 10.9% | Banks — 10.9% |
| Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury <br> Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 4.175% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; $200000<br>| &nbsp;&nbsp; $198042<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (1.319% to 6/19/25 then SOFR + 1.150%) | &nbsp;&nbsp; 1.319% | &nbsp;&nbsp; 6/19/26 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 258150<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (1.734% to 7/22/26 then SOFR + 0.960%) | &nbsp;&nbsp; 1.734% | &nbsp;&nbsp; 7/22/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 125332<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (4.979% to 1/24/28 then SOFR + 0.830%) | &nbsp;&nbsp; 4.979% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50514<br> <sup>(c)</sup><br>|
| Citigroup Inc., Junior Subordinated Notes (6.950% to 2/15/30 then 5 year <br> Treasury Constant Maturity Rate + 2.726%) | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39985<br> <sup>(b)(c)</sup><br>|
| Citigroup Inc., Senior Notes (3.106% to 4/8/25 then SOFR + 2.842%) | &nbsp;&nbsp; 3.106% | &nbsp;&nbsp; 4/8/26 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 209931<br> <sup>(c)</sup><br>|
| HSBC Holdings PLC, Senior Notes (5.597% to 5/17/27 then SOFR + 1.060%) | &nbsp;&nbsp; 5.597% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 203338<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (1.578% to 4/22/26 then SOFR + 0.885%) | &nbsp;&nbsp; 1.578% | &nbsp;&nbsp; 4/22/27 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29096<br> <sup>(c)</sup><br>|
| M&T Bank Corp., Senior Notes (4.833% to 1/16/28 then SOFR + 0.930%) | &nbsp;&nbsp; 4.833% | &nbsp;&nbsp; 1/16/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 70045<br> <sup>(c)</sup><br>|
| Truist Bank, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 11/3/25 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 69797<br>|
| Wells Fargo & Co., Senior Notes (4.900% to 1/24/27 then SOFR + 0.780%) | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 1/24/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60349<br> <sup>(c)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 1314579 |
| Capital Markets — 8.1% | Capital Markets — 8.1% | Capital Markets — 8.1% | Capital Markets — 8.1% | Capital Markets — 8.1% |
| Charles Schwab Corp., Junior Subordinated Notes (5.375% to 6/1/25 then 5 year <br> Treasury Constant Maturity Rate + 4.971%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 89906<br> <sup>(b)(c)</sup><br>|
| Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 0<br> \*<sup>(d)(e)(f)</sup><br>|
| Goldman Sachs Group Inc., Junior Subordinated Notes (6.850% to 2/10/30 then <br> 5 year Treasury Constant Maturity Rate + 2.461%) | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30450<br> <sup>(b)(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (1.093% to 12/9/25 then SOFR + <br> 0.789%) | &nbsp;&nbsp; 1.093% | &nbsp;&nbsp; 12/9/26 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 224494<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (1.948% to 10/21/26 then SOFR + <br> 0.913%) | &nbsp;&nbsp; 1.948% | &nbsp;&nbsp; 10/21/27 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 76751<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (0.985% to 12/10/25 then SOFR + 0.720%) | &nbsp;&nbsp; 0.985% | &nbsp;&nbsp; 12/10/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 107296<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (1.512% to 7/20/26 then SOFR + 0.858%) | &nbsp;&nbsp; 1.512% | &nbsp;&nbsp; 7/20/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19230<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (1.593% to 5/4/26 then SOFR + 0.879%) | &nbsp;&nbsp; 1.593% | &nbsp;&nbsp; 5/4/27 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 58115<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%) | &nbsp;&nbsp; 2.188% | &nbsp;&nbsp; 4/28/26 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99803<br> <sup>(c)</sup><br>|
| UBS Group AG, Senior Notes (2.193% to 6/5/25 then SOFR + 2.044%) | &nbsp;&nbsp; 2.193% | &nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 278696<br> <sup>(a)(c)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 984741 |
| Financial Services — 3.1% | Financial Services — 3.1% | Financial Services — 3.1% | Financial Services — 3.1% | Financial Services — 3.1% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 144988<br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/20/27 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 111832<br>|
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 115100<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 371920 |
| Insurance — 0.9% | Insurance — 0.9% | Insurance — 0.9% | Insurance — 0.9% | Insurance — 0.9% |
| AmFam Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.805% | &nbsp;&nbsp; 3/11/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 74703<br> <sup>(a)</sup><br>|
| Reliance Standard Life Global Funding II, Secured Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 1/21/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 38394<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 113097 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.4% | Mortgage Real Estate Investment Trusts (REITs) — 0.4% | Mortgage Real Estate Investment Trusts (REITs) — 0.4% | Mortgage Real Estate Investment Trusts (REITs) — 0.4% | Mortgage Real Estate Investment Trusts (REITs) — 0.4% |
| Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 48487<br> <sup>(a)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **2832824** |
| **Health Care — 2.2%** | **Health Care — 2.2%** | **Health Care — 2.2%** | **Health Care — 2.2%** | **Health Care — 2.2%** |
| Health Care Providers & Services — 2.2% | Health Care Providers & Services — 2.2% | Health Care Providers & Services — 2.2% | Health Care Providers & Services — 2.2% | Health Care Providers & Services — 2.2% |
| Centene Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 48829<br>|
| Centene Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 47941<br>|

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2025

 **Western Asset Short Duration Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/20/25 | &nbsp;&nbsp; $130000<br>| &nbsp;&nbsp; $129631<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 7.690% | &nbsp;&nbsp; 6/15/25 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40202<br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **266603** |
| **Industrials — 9.2%** | **Industrials — 9.2%** | **Industrials — 9.2%** | **Industrials — 9.2%** | **Industrials — 9.2%** |
| Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% |
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60687<br> <sup>(a)</sup><br>|
| Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% |
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30215<br> <sup>(a)</sup><br>|
| Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% |
| Element Fleet Management Corp., Senior Notes | &nbsp;&nbsp; 5.643% | &nbsp;&nbsp; 3/13/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40672<br> <sup>(a)</sup><br>|
| Electrical Equipment — 0.5% | Electrical Equipment — 0.5% | Electrical Equipment — 0.5% | Electrical Equipment — 0.5% | Electrical Equipment — 0.5% |
| Regal Rexnord Corp., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60465<br>|
| Passenger Airlines — 5.9% | Passenger Airlines — 5.9% | Passenger Airlines — 5.9% | Passenger Airlines — 5.9% | Passenger Airlines — 5.9% |
| Air Canada Pass-Through Trust | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/15/25 | &nbsp;&nbsp; 38029<br>| &nbsp;&nbsp; 37966<br> <sup>(a)</sup><br>|
| Air Canada Pass-Through Trust | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/25 | &nbsp;&nbsp; 38320<br>| &nbsp;&nbsp; 38160<br> <sup>(a)</sup><br>|
| Air Canada Pass-Through Trust | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 106875<br> <sup>(a)</sup><br>|
| Alaska Airlines Pass-Through Trust | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 6473<br>| &nbsp;&nbsp; 6457<br> <sup>(a)</sup><br>|
| American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/20/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 24951<br> <sup>(a)</sup><br>|
| American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 104938<br>| &nbsp;&nbsp; 101798<br>|
| British Airways Pass-Through Trust | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 95162<br>| &nbsp;&nbsp; 90790<br> <sup>(a)</sup><br>|
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 41250<br>| &nbsp;&nbsp; 41111<br> <sup>(a)</sup><br>|
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19923<br> <sup>(a)</sup><br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 189407<br> <sup>(a)</sup><br>|
| United Airlines Pass-Through Trust | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 23040<br>| &nbsp;&nbsp; 23006<br>|
| US Airways Pass-Through Trust | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 11/15/25 | &nbsp;&nbsp; 31726<br>| &nbsp;&nbsp; 31519<br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 711963 |
| Trading Companies & Distributors — 1.7% | Trading Companies & Distributors — 1.7% | Trading Companies & Distributors — 1.7% | Trading Companies & Distributors — 1.7% | Trading Companies & Distributors — 1.7% |
| Aviation Capital Group LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 209294<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **1113296** |
| **Information Technology — 7.9%** | **Information Technology — 7.9%** | **Information Technology — 7.9%** | **Information Technology — 7.9%** | **Information Technology — 7.9%** |
| Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% |
| Vontier Corp., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 77676<br>|
| IT Services — 1.8% | IT Services — 1.8% | IT Services — 1.8% | IT Services — 1.8% | IT Services — 1.8% |
| Kyndryl Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 57653<br>|
| Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 157273<br> <sup>(a)</sup><br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 214926 |
| Semiconductors & Semiconductor Equipment — 3.7% | Semiconductors & Semiconductor Equipment — 3.7% | Semiconductors & Semiconductor Equipment — 3.7% | Semiconductors & Semiconductor Equipment — 3.7% | Semiconductors & Semiconductor Equipment — 3.7% |
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 207284<br> <sup>(a)</sup><br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 118091<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 122072<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 447447 |
| Software — 1.7% | Software — 1.7% | Software — 1.7% | Software — 1.7% | Software — 1.7% |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 68051<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 140838<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 208889 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **948938** |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

 **Western Asset Short Duration Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** |
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Graphic Packaging International LLC, Senior Secured Notes | &nbsp;&nbsp; 1.512% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $9654<br> <sup>(a)</sup><br>|
| Metals & Mining — 1.6% | Metals & Mining — 1.6% | Metals & Mining — 1.6% | Metals & Mining — 1.6% | Metals & Mining — 1.6% |
| Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9969<br> <sup>(a)</sup><br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 128520<br>|
| Hudbay Minerals Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39432<br> <sup>(a)</sup><br>|
| Yamana Gold Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19857<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 197778 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **207432** |
| **Utilities — 5.4%** | **Utilities — 5.4%** | **Utilities — 5.4%** | **Utilities — 5.4%** | **Utilities — 5.4%** |
| Electric Utilities — 5.4% | Electric Utilities — 5.4% | Electric Utilities — 5.4% | Electric Utilities — 5.4% | Electric Utilities — 5.4% |
| Edison International, Junior Subordinated Notes (5.375% to 3/15/26 then 5 year <br> Treasury Constant Maturity Rate + 4.698%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19191<br> <sup>(b)(c)</sup><br>|
| Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 7.050% | &nbsp;&nbsp; 10/14/25 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201890<br> <sup>(a)</sup><br>|
| FirstEnergy Pennsylvania Electric Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/30/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10056<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 12/2/27 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 75058<br> <sup>(a)</sup><br>|
| Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 159506<br>|
| Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20125<br>|
| Southern Co., Junior Subordinated Notes (4.000% to 1/15/26 then 5 year <br> Treasury Constant Maturity Rate + 3.733%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 34000<br>| &nbsp;&nbsp; 33649<br> <sup>(c)</sup><br>|
| Southern Co., Junior Subordinated Notes (6.375% to 3/15/35 then 5 year <br> Treasury Constant Maturity Rate + 2.069%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20529<br> <sup>(c)</sup><br>|
| Toledo Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 8000<br>| &nbsp;&nbsp; 7476<br> <sup>(a)</sup><br>|
| Trans-Allegheny Interstate Line Co., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49912<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/30/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60233<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **657625** |
| **Total Corporate Bonds & Notes (Cost — $9,940,007)** | **Total Corporate Bonds & Notes (Cost — $9,940,007)** | **Total Corporate Bonds & Notes (Cost — $9,940,007)** | **Total Corporate Bonds & Notes (Cost — $9,940,007)** | &nbsp;&nbsp; **9980620** |
| **Asset-Backed Securities — 3.9%** | **Asset-Backed Securities — 3.9%** | **Asset-Backed Securities — 3.9%** | **Asset-Backed Securities — 3.9%** | **Asset-Backed Securities — 3.9%** |
| CIFC Funding Ltd., 2017-2A BR (3 mo. Term SOFR + 1.762%) | &nbsp;&nbsp; 6.055% | &nbsp;&nbsp; 4/20/30 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250384<br> <sup>(a)(c)</sup><br>|
| Goodgreen Trust, 2023-1A A | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/17/61 | &nbsp;&nbsp; 201530<br>| &nbsp;&nbsp; 200689<br> <sup>(a)</sup><br>|
| Navient Private Education Refi Loan Trust, 2020-DA A | &nbsp;&nbsp; 1.690% | &nbsp;&nbsp; 5/15/69 | &nbsp;&nbsp; 17860<br>| &nbsp;&nbsp; 16857<br> <sup>(a)</sup><br>|
| **Total Asset-Backed Securities (Cost — $467,973)** | **Total Asset-Backed Securities (Cost — $467,973)** | **Total Asset-Backed Securities (Cost — $467,973)** | **Total Asset-Backed Securities (Cost — $467,973)** | &nbsp;&nbsp; **467930** |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 2.7%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 2.7%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 2.7%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 2.7%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 2.7%** |
| BRAVO Residential Funding Trust, 2023-NQM5 A1 | &nbsp;&nbsp; 6.505% | &nbsp;&nbsp; 6/25/63 | &nbsp;&nbsp; 69695<br>| &nbsp;&nbsp; 70251<br> <sup>(a)</sup><br>|
| CRSO Trust, 2023-BRND A | &nbsp;&nbsp; 7.121% | &nbsp;&nbsp; 7/10/40 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 31435<br> <sup>(a)</sup><br>|
| Federal National Mortgage Association (FNMA) — CAS, 2023-R08 1M1 (30 Day <br> Average SOFR + 1.500%) | &nbsp;&nbsp; 5.840% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; 12210<br>| &nbsp;&nbsp; 12225<br> <sup>(a)(c)</sup><br>|
| Federal National Mortgage Association (FNMA) — CAS, 2023-R08 1M2 (30 Day <br> Average SOFR + 2.500%) | &nbsp;&nbsp; 6.840% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20431<br> <sup>(a)(c)</sup><br>|
| GS Mortgage Securities Corp. Trust, 2023-SHIP A | &nbsp;&nbsp; 4.322% | &nbsp;&nbsp; 9/10/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99265<br> <sup>(a)(c)</sup><br>|
| MIC Trust, 2023-MIC A | &nbsp;&nbsp; 8.437% | &nbsp;&nbsp; 12/5/38 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 21785<br> <sup>(a)(c)</sup><br>|
| OBX Trust, 2023-NQM7 A1 | &nbsp;&nbsp; 6.844% | &nbsp;&nbsp; 4/25/63 | &nbsp;&nbsp; 70165<br>| &nbsp;&nbsp; 71011<br> <sup>(a)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $319,603)** | **Total Collateralized Mortgage Obligations (Cost — $319,603)** | **Total Collateralized Mortgage Obligations (Cost — $319,603)** | **Total Collateralized Mortgage Obligations (Cost — $319,603)** | &nbsp;&nbsp; **326403** |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2025

 **Western Asset Short Duration Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** |
| **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** |
| Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% |
| X Corp., Term Loan B1 (3 mo. Term SOFR + 6.650%) | 10.949% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; $29924<br>| &nbsp;&nbsp; $29774<br> <sup>(c)(h)(i)</sup><br>|
| X Corp., Term Loan B3 | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20543<br> <sup>(h)(i)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **50317** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† |
| Delta Air Lines Inc., Initial Term Loan (3 mo. Term SOFR + 3.750%)  | 8.043% | &nbsp;&nbsp; 10/20/27 | &nbsp;&nbsp; 3373<br>| &nbsp;&nbsp; **3411**<br> <sup>(c)(h)(i)</sup><br>|
| **Total Senior Loans (Cost — $52,893)** | **Total Senior Loans (Cost — $52,893)** | **Total Senior Loans (Cost — $52,893)** | **Total Senior Loans (Cost — $52,893)** | &nbsp;&nbsp; **53728** |
| **Sovereign Bonds — 0.2%** | **Sovereign Bonds — 0.2%** | **Sovereign Bonds — 0.2%** | **Sovereign Bonds — 0.2%** | **Sovereign Bonds — 0.2%** |
| Argentina — 0.2% | Argentina — 0.2% | Argentina — 0.2% | Argentina — 0.2% | Argentina — 0.2% |
| Argentine Republic Government International Bond, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 7/9/29 | &nbsp;&nbsp; 4246<br>| &nbsp;&nbsp; 3302<br>|
| Provincia de Buenos Aires/Government Bonds, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 17501<br>| &nbsp;&nbsp; 11266<br> <sup>(a)</sup><br>|
| Provincia de Buenos Aires/Government Bonds, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 9409<br>| &nbsp;&nbsp; 6057<br> <sup>(j)</sup><br>|
| **Total Sovereign Bonds (Cost — $13,856)** | **Total Sovereign Bonds (Cost — $13,856)** | **Total Sovereign Bonds (Cost — $13,856)** | **Total Sovereign Bonds (Cost — $13,856)** | &nbsp;&nbsp; **20625** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** |
| **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** |
| Capital Markets — 0.0%†† | Capital Markets — 0.0%†† | Capital Markets — 0.0%†† | Capital Markets — 0.0%†† | Capital Markets — 0.0%†† |
| Bank of New York Mellon Corp., Non Voting Shares (6.150% to 3/20/30 then 5 <br> year Treasury Constant Maturity Rate + 2.161%) (Cost — $6,900) | &nbsp;&nbsp; 6.150% |  | &nbsp;&nbsp; 276 | &nbsp;&nbsp; **7038**<br> <sup>(c)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $10,801,232)** | **Total Investments before Short-Term Investments (Cost — $10,801,232)** | **Total Investments before Short-Term Investments (Cost — $10,801,232)** | **Total Investments before Short-Term Investments (Cost — $10,801,232)** | &nbsp;&nbsp; **10856344** |
| **Short-Term Investments — 8.9%** | **Short-Term Investments — 8.9%** | **Short-Term Investments — 8.9%** | **Short-Term Investments — 8.9%** | **Short-Term Investments — 8.9%** |
| BNY Mellon Cash Reserve Fund <br>(Cost — $1,075,555) | &nbsp;&nbsp; 1.050% |  | &nbsp;&nbsp; 1075555<br>| &nbsp;&nbsp; **1075555**<br> <sup>(k)</sup><br>|
| **Total Investments — 98.6% (Cost — $11,876,787)** | **Total Investments — 98.6% (Cost — $11,876,787)** | **Total Investments — 98.6% (Cost — $11,876,787)** | **Total Investments — 98.6% (Cost — $11,876,787)** | &nbsp;&nbsp; **11931899** |
| Other Assets in Excess of Liabilities — 1.4% | Other Assets in Excess of Liabilities — 1.4% | Other Assets in Excess of Liabilities — 1.4% | Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp; 167689 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$12099588** |

---

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

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

 **Western Asset Short Duration Income ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(c)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(d)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(e)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(f)</sup> | Value is less than $1. |
| <sup>(g)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(h)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(i)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(j)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Trustees.<br>|
| <sup>(k)</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:** |
| CAS |  | Connecticut Avenue Securities |
| SOFR |  | Secured Overnight Financing Rate |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** <br>|  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 6/25 | &nbsp;&nbsp;&nbsp; $4736753 | &nbsp;&nbsp;&nbsp; $4764953 | &nbsp;&nbsp;&nbsp; $28200 |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 6/25 | &nbsp;&nbsp;&nbsp; 336029 | &nbsp;&nbsp;&nbsp; 342375 | &nbsp;&nbsp;&nbsp; 6346 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 34546 |
| **Contracts to Sell:** <br>|  |  |  |  |  |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 6/25 | &nbsp;&nbsp;&nbsp; 109694 | &nbsp;&nbsp;&nbsp; 111219 | &nbsp;&nbsp;&nbsp; (1525) |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 6/25 | &nbsp;&nbsp;&nbsp; 116100 | &nbsp;&nbsp;&nbsp; 117282 | &nbsp;&nbsp;&nbsp; (1182) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 6/25 | &nbsp;&nbsp;&nbsp; 121170 | &nbsp;&nbsp;&nbsp; 122250 | &nbsp;&nbsp;&nbsp; (1080) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; (3787) |
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$30759** |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2025

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 34.9%** | **Corporate Bonds & Notes — 34.9%** | **Corporate Bonds & Notes — 34.9%** | **Corporate Bonds & Notes — 34.9%** | **Corporate Bonds & Notes — 34.9%** |
| **Communication Services — 3.8%** | **Communication Services — 3.8%** | **Communication Services — 3.8%** | **Communication Services — 3.8%** | **Communication Services — 3.8%** |
| Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; $8202<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9741<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9836<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6824<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 9/15/59 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 13500<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 50752<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/22/41 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 15407<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 114262 |
| Entertainment — 0.3% | Entertainment — 0.3% | Entertainment — 0.3% | Entertainment — 0.3% | Entertainment — 0.3% |
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9757<br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.054% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9421<br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8814<br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8002<br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 35994 |
| Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% |
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19865<br>|
| Media — 1.6% | Media — 1.6% | Media — 1.6% | Media — 1.6% | Media — 1.6% |
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 28000<br>| &nbsp;&nbsp; 24836<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 35564<br> <sup>(a)</sup><br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.908% | &nbsp;&nbsp; 7/23/25 | &nbsp;&nbsp; 21000<br>| &nbsp;&nbsp; 20996<br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39829<br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20585<br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9022<br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 13694<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8207<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.969% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 15456<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.887% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 12207<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.937% | &nbsp;&nbsp; 11/1/56 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 17641<br>|
| Fox Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/13/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 21430<br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 239467 |
| Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% |
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19639<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9857<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 83390<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19179<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10018<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10074<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 152157 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **561745** |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Consumer Discretionary — 5.3%** | **Consumer Discretionary — 5.3%** | **Consumer Discretionary — 5.3%** | **Consumer Discretionary — 5.3%** | **Consumer Discretionary — 5.3%** |
| Automobiles — 1.5% | Automobiles — 1.5% | Automobiles — 1.5% | Automobiles — 1.5% | Automobiles — 1.5% |
| Ford Motor Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/12/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; $16491<br>|
| Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/13/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 179160<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 6000<br>| &nbsp;&nbsp; 6031<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9922<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9168<br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 220772 |
| Broadline Retail — 1.1% | Broadline Retail — 1.1% | Broadline Retail — 1.1% | Broadline Retail — 1.1% | Broadline Retail — 1.1% |
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 8/22/47 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16648<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/12/51 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 20397<br>|
| Prosus NV, Senior Notes | &nbsp;&nbsp; 3.832% | &nbsp;&nbsp; 2/8/51 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 128638<br> <sup>(a)</sup><br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 165683 |
| Hotels, Restaurants & Leisure — 2.5% | Hotels, Restaurants & Leisure — 2.5% | Hotels, Restaurants & Leisure — 2.5% | Hotels, Restaurants & Leisure — 2.5% | Hotels, Restaurants & Leisure — 2.5% |
| Hilton Domestic Operating Co. Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17545<br> <sup>(a)</sup><br>|
| Hilton Domestic Operating Co. Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9911<br> <sup>(a)</sup><br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9414<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10226<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8424<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16092<br>|
| NCL Corp. Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 21051<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30004<br> <sup>(a)</sup><br>|
| Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 189597<br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20080<br> <sup>(a)</sup><br>|
| VOC Escrow Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29284<br> <sup>(a)</sup><br>|
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20710<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 382338 |
| Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% |
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7932<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 14095<br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 22027 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **790820** |
| **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |
| Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/23/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10104<br>|
| Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.439% | &nbsp;&nbsp; 10/6/48 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17099<br>|
| Constellation Brands Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9961<br>|
| Total Beverages | Total Beverages | Total Beverages | Total Beverages | &nbsp;&nbsp; 37164 |
| Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% |
| Kroger Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9776<br>|
| Food Products — 0.4% | Food Products — 0.4% | Food Products — 0.4% | Food Products — 0.4% | Food Products — 0.4% |
| Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8179<br>|
| Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8661<br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18793<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30138<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 65771 |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2025

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Kenvue Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; $10020<br>|
| Tobacco — 0.8% | Tobacco — 0.8% | Tobacco — 0.8% | Tobacco — 0.8% | Tobacco — 0.8% |
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8441<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 22064<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/16/46 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7332<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/14/49 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29646<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 16000<br>| &nbsp;&nbsp; 15616<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 9/25/40 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 15487<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/13/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10107<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10097<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 118790 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **241521** |
| **Energy — 5.5%** | **Energy — 5.5%** | **Energy — 5.5%** | **Energy — 5.5%** | **Energy — 5.5%** |
| Oil, Gas & Consumable Fuels — 5.5% | Oil, Gas & Consumable Fuels — 5.5% | Oil, Gas & Consumable Fuels — 5.5% | Oil, Gas & Consumable Fuels — 5.5% | Oil, Gas & Consumable Fuels — 5.5% |
| BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 3.633% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19090<br>|
| Cameron LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 2.902% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17732<br> <sup>(a)</sup><br>|
| Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19793<br>|
| Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10329<br> <sup>(a)</sup><br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9591<br> <sup>(a)</sup><br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20163<br> <sup>(a)</sup><br>|
| Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19693<br>|
| Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19724<br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 33963<br>|
| Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9463<br>|
| Energy Transfer LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year <br> Treasury Constant Maturity Rate + 5.134%) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/25 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 110400<br> <sup>(b)(c)</sup><br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 5/15/25 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19954<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30363<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9459<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9929<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18484<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 11094<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/16/55 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29160<br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10069<br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9139<br> <sup>(a)</sup><br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 37870<br>|
| Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 3.452% | &nbsp;&nbsp; 4/15/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7159<br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 2/15/46 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17554<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17570<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10407<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10471<br>|
| Parsley Energy LLC/Parsley Finance Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9817<br> <sup>(a)</sup><br>|
| Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17432<br>|
| Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/11/45 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8534<br>|
| Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/6/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 13817<br>|

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; $78350<br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19718<br> <sup>(a)</sup><br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 76386<br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8531<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 22650<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 24065<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **817923** |
| **Financials — 10.7%** | **Financials — 10.7%** | **Financials — 10.7%** | **Financials — 10.7%** | **Financials — 10.7%** |
| Banks — 6.2% | Banks — 6.2% | Banks — 6.2% | Banks — 6.2% | Banks — 6.2% |
| Bank of America Corp., Senior Notes (2.687% to 4/22/31 then SOFR + 1.320%) | &nbsp;&nbsp; 2.687% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 35218<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%) | &nbsp;&nbsp; 2.972% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 122790<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + 1.580%) | &nbsp;&nbsp; 4.376% | &nbsp;&nbsp; 4/27/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99600<br> <sup>(c)</sup><br>|
| Bank of Nova Scotia, Subordinated Notes (4.588% to 5/4/32 then 5 year <br> Treasury Constant Maturity Rate + 2.050%) | &nbsp;&nbsp; 4.588% | &nbsp;&nbsp; 5/4/37 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18483<br> <sup>(c)</sup><br>|
| Citigroup Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 24829<br>|
| Citigroup Inc., Senior Notes (2.520% to 11/3/31 then SOFR + 1.177%) | &nbsp;&nbsp; 2.520% | &nbsp;&nbsp; 11/3/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 34176<br> <sup>(c)</sup><br>|
| Citigroup Inc., Senior Notes (3.980% to 3/20/29 then 3 mo. Term SOFR + <br> 1.600%) | &nbsp;&nbsp; 3.980% | &nbsp;&nbsp; 3/20/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 67881<br> <sup>(c)</sup><br>|
| Citigroup Inc., Senior Notes (4.658% to 5/24/27 then SOFR + 1.887%) | &nbsp;&nbsp; 4.658% | &nbsp;&nbsp; 5/24/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20028<br> <sup>(c)</sup><br>|
| Citigroup Inc., Senior Notes (4.910% to 5/24/32 then SOFR + 2.086%) | &nbsp;&nbsp; 4.910% | &nbsp;&nbsp; 5/24/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 68663<br> <sup>(c)</sup><br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/13/25 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20069<br>|
| JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%) | &nbsp;&nbsp; 2.083% | &nbsp;&nbsp; 4/22/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19968<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (2.545% to 11/8/31 then SOFR + 1.180%) | &nbsp;&nbsp; 2.545% | &nbsp;&nbsp; 11/8/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8652<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (2.739% to 10/15/29 then 3 mo. Term <br> SOFR + 1.510%) | &nbsp;&nbsp; 2.739% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 27538<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (4.452% to 12/5/28 then 3 mo. Term <br> SOFR + 1.592%) | &nbsp;&nbsp; 4.452% | &nbsp;&nbsp; 12/5/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29799<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Subordinated Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/1/45 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 27367<br>|
| PNC Financial Services Group Inc., Senior Notes (5.582% to 6/12/28 then SOFR <br> + 1.841%) | &nbsp;&nbsp; 5.582% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20569<br> <sup>(c)</sup><br>|
| Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 1.150% | &nbsp;&nbsp; 6/10/25 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19869<br>|
| Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20339<br> <sup>(c)</sup><br>|
| US Bancorp, Senior Notes | &nbsp;&nbsp; 1.450% | &nbsp;&nbsp; 5/12/25 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19925<br>|
| US Bancorp, Senior Notes (5.836% to 6/10/33 then SOFR + 2.260%) | &nbsp;&nbsp; 5.836% | &nbsp;&nbsp; 6/12/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10322<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49312<br>|
| Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8975<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (3.584% to 5/22/27 then 3 mo. Term SOFR + <br> 1.572%) | &nbsp;&nbsp; 3.584% | &nbsp;&nbsp; 5/22/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39170<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR + <br> 4.502%) | &nbsp;&nbsp; 5.013% | &nbsp;&nbsp; 4/4/51 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 54049<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.557% to 7/25/33 then SOFR + 1.990%) | &nbsp;&nbsp; 5.557% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50896<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.574% to 7/25/28 then SOFR + 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20548<br> <sup>(c)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 939035 |
| Capital Markets — 2.4% | Capital Markets — 2.4% | Capital Markets — 2.4% | Capital Markets — 2.4% | Capital Markets — 2.4% |
| Charles Schwab Corp., Senior Notes (6.136% to 8/24/33 then SOFR + 2.010%) | &nbsp;&nbsp; 6.136% | &nbsp;&nbsp; 8/24/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10649<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/1/25 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30000<br>|

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2025

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Goldman Sachs Group Inc., Senior Notes (2.650% to 10/21/31 then SOFR + <br> 1.264%) | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 10/21/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; $77811<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + <br> 1.846%) | &nbsp;&nbsp; 3.615% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19636<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. Term <br> SOFR + 1.563%) | &nbsp;&nbsp; 4.223% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59187<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/22/45 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9077<br>|
| Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%) | &nbsp;&nbsp; 2.188% | &nbsp;&nbsp; 4/28/26 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39921<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (2.511% to 10/20/31 then SOFR + 1.200%) | &nbsp;&nbsp; 2.511% | &nbsp;&nbsp; 10/20/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 68691<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (4.431% to 1/23/29 then 3 mo. Term SOFR + <br> 1.890%) | &nbsp;&nbsp; 4.431% | &nbsp;&nbsp; 1/23/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19752<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (5.320% to 7/19/34 then SOFR + 1.555%) | &nbsp;&nbsp; 5.320% | &nbsp;&nbsp; 7/19/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20010<br> <sup>(c)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 354734 |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| American Express Co., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9887<br>|
| Financial Services — 1.7% | Financial Services — 1.7% | Financial Services — 1.7% | Financial Services — 1.7% | Financial Services — 1.7% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 193317<br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41121<br> <sup>(a)</sup><br>|
| Mastercard Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/26/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7926<br>|
| Visa Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 12/14/45 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8726<br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 251090 |
| Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% |
| Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30557<br>|
| Guardian Life Global Funding, Secured Notes | &nbsp;&nbsp; 1.100% | &nbsp;&nbsp; 6/23/25 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19841<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 50398 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1605144** |
| **Health Care — 2.2%** | **Health Care — 2.2%** | **Health Care — 2.2%** | **Health Care — 2.2%** | **Health Care — 2.2%** |
| Biotechnology — 0.4% | Biotechnology — 0.4% | Biotechnology — 0.4% | Biotechnology — 0.4% | Biotechnology — 0.4% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/21/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18899<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20149<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/21/49 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 24874<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 63922 |
| Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% |
| Medline Borrower LP/Medline Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20280<br> <sup>(a)</sup><br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30575<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19797<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 70652 |
| Health Care Providers & Services — 0.9% | Health Care Providers & Services — 0.9% | Health Care Providers & Services — 0.9% | Health Care Providers & Services — 0.9% | Health Care Providers & Services — 0.9% |
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8716<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16677<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/25/48 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17081<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8229<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10230<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9276<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9312<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 38470<br>|

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; $13381<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 131372 |
| Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% |
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10241<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/22/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20356<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/26/49 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16374<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/9/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9896<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/9/64 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9331<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 66198 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **332144** |
| **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** |
| Aerospace & Defense — 0.7% | Aerospace & Defense — 0.7% | Aerospace & Defense — 0.7% | Aerospace & Defense — 0.7% | Aerospace & Defense — 0.7% |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9393<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8240<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 24013<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 28393<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10625<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17602<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 3.030% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 12696<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 110962 |
| Building Products — 0.0%†† | Building Products — 0.0%†† | Building Products — 0.0%†† | Building Products — 0.0%†† | Building Products — 0.0%†† |
| Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 2.722% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9150<br>|
| Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% |
| RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29746<br> <sup>(a)</sup><br>|
| Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9971<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 39717 |
| Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% |
| Canadian Pacific Railway Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 12/2/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6516<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.891% | &nbsp;&nbsp; 4/6/36 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16365<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/5/70 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 13682<br>|
| Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 36563 |
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| Honeywell International Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9966<br>|
| Passenger Airlines — 0.9% | Passenger Airlines — 0.9% | Passenger Airlines — 0.9% | Passenger Airlines — 0.9% | Passenger Airlines — 0.9% |
| American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40633<br> <sup>(a)</sup><br>|
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes <br> (11.000% Cash or 4.000% PIK and 8.000% Cash) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/6/30 | &nbsp;&nbsp; 51711<br>| &nbsp;&nbsp; 46087<br> <sup>(a)(d)</sup><br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 47352<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 134072 |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9968<br>|
| United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 45410<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 55378 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **395808** |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2025

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** |
| IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% |
| Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; $20175<br> <sup>(a)</sup><br>|
| Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.137% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 33169<br> <sup>(a)</sup><br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16127<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 8/12/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 5885<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/9/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20723<br>|
| NXP BV/NXP Funding LLC/NXP USA Inc., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 5/1/25 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19965<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 95869 |
| Software — 0.6% | Software — 0.6% | Software — 0.6% | Software — 0.6% | Software — 0.6% |
| Microsoft Corp., Senior Notes | &nbsp;&nbsp; 2.921% | &nbsp;&nbsp; 3/17/52 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6712<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29165<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17912<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/27/54 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9126<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10068<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10029<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9936<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 92948 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **208992** |
| **Materials — 1.0%** | **Materials — 1.0%** | **Materials — 1.0%** | **Materials — 1.0%** | **Materials — 1.0%** |
| Metals & Mining — 0.7% | Metals & Mining — 0.7% | Metals & Mining — 0.7% | Metals & Mining — 0.7% | Metals & Mining — 0.7% |
| Barrick North America Finance LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10024<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9778<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp; 51618<br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/27/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19735<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10042<br> <sup>(a)(e)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 6.141% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10071<br> <sup>(a)(e)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 111268 |
| Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% |
| Suzano Austria GmbH, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 42614<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **153882** |
| **Utilities — 0.8%** | **Utilities — 0.8%** | **Utilities — 0.8%** | **Utilities — 0.8%** | **Utilities — 0.8%** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% |
| American Transmission Systems Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 85927<br> <sup>(a)</sup><br>|
| Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19442<br>|
| Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10218<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10071<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **125658** |
| **Total Corporate Bonds & Notes (Cost — $5,423,759)** | **Total Corporate Bonds & Notes (Cost — $5,423,759)** | **Total Corporate Bonds & Notes (Cost — $5,423,759)** | **Total Corporate Bonds & Notes (Cost — $5,423,759)** | &nbsp;&nbsp; **5233637** |
| **Mortgage-Backed Securities — 25.4%** | **Mortgage-Backed Securities — 25.4%** | **Mortgage-Backed Securities — 25.4%** | **Mortgage-Backed Securities — 25.4%** | **Mortgage-Backed Securities — 25.4%** |
| FHLMC — 8.0% | FHLMC — 8.0% | FHLMC — 8.0% | FHLMC — 8.0% | FHLMC — 8.0% |
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 25600<br>| &nbsp;&nbsp; 24560<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 7/1/41- <br>10/1/41<br>| &nbsp;&nbsp; 105401 | &nbsp;&nbsp; 87299<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/1/42- <br>3/1/52<br>| &nbsp;&nbsp; 189103 | &nbsp;&nbsp; 156390<br>|

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| FHLMC — continued | FHLMC — continued | FHLMC — continued | FHLMC — continued | FHLMC — continued |
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/47- <br>7/1/49<br>| &nbsp;&nbsp; 60196 | &nbsp;&nbsp; $58623<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/49 | &nbsp;&nbsp; 69080<br>| &nbsp;&nbsp; 68946<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/1/50- <br>12/1/50<br>| &nbsp;&nbsp; 438293 | &nbsp;&nbsp; 371256<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/52 | &nbsp;&nbsp; 159322<br>| &nbsp;&nbsp; 140181<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 83339<br>| &nbsp;&nbsp; 86926<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.620%) | &nbsp;&nbsp; 3.141% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 44736<br>| &nbsp;&nbsp; 45257<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.621%) | &nbsp;&nbsp; 3.108% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 56339<br>| &nbsp;&nbsp; 56038<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.627%) | &nbsp;&nbsp; 3.008% | &nbsp;&nbsp; 11/1/48 | &nbsp;&nbsp; 103312<br>| &nbsp;&nbsp; 100975<br> <sup>(c)</sup><br>|
| Total FHLMC | Total FHLMC | Total FHLMC | Total FHLMC | &nbsp;&nbsp; 1196451 |
| FNMA — 11.1% | FNMA — 11.1% | FNMA — 11.1% | FNMA — 11.1% | FNMA — 11.1% |
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.760% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101368<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/34- <br>1/1/50<br>| &nbsp;&nbsp; 203129 | &nbsp;&nbsp; 188044<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/35- <br>9/1/61<br>| &nbsp;&nbsp; 564073 | &nbsp;&nbsp; 500956<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/1/36- <br>3/1/42<br>| &nbsp;&nbsp; 138857 | &nbsp;&nbsp; 124836<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/1/40- <br>7/1/51<br>| &nbsp;&nbsp; 407450 | &nbsp;&nbsp; 343042<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/48- <br>1/1/59<br>| &nbsp;&nbsp; 53343 | &nbsp;&nbsp; 51343<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 113472<br>| &nbsp;&nbsp; 107180<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 170435<br>| &nbsp;&nbsp; 175185<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 83389<br>| &nbsp;&nbsp; 83197<br>|
| Total FNMA | Total FNMA | Total FNMA | Total FNMA | &nbsp;&nbsp; 1675151 |
| GNMA — 6.3% | GNMA — 6.3% | GNMA — 6.3% | GNMA — 6.3% | GNMA — 6.3% |
| Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 36309<br>| &nbsp;&nbsp; 32984<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/20/46- <br>7/20/49<br>| &nbsp;&nbsp; 156526 | &nbsp;&nbsp; 145141<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/20/48- <br>6/20/48<br>| &nbsp;&nbsp; 42058 | &nbsp;&nbsp; 40942<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/20/50 | &nbsp;&nbsp; 54531<br>| &nbsp;&nbsp; 47639<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/20/50 | &nbsp;&nbsp; 26383<br>| &nbsp;&nbsp; 24817<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/20/51- <br>4/20/51<br>| &nbsp;&nbsp; 143150 | &nbsp;&nbsp; 114255<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 3/20/51 | &nbsp;&nbsp; 118573<br>| &nbsp;&nbsp; 101240<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/20/53 | &nbsp;&nbsp; 88658<br>| &nbsp;&nbsp; 91082<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/20/53 | &nbsp;&nbsp; 86479<br>| &nbsp;&nbsp; 85608<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/20/53- <br>7/20/54<br>| &nbsp;&nbsp; 184657 | &nbsp;&nbsp; 186909<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/20/54 | &nbsp;&nbsp; 74128<br>| &nbsp;&nbsp; 76577<br>|
| Total GNMA | Total GNMA | Total GNMA | Total GNMA | &nbsp;&nbsp; 947194 |
| **Total Mortgage-Backed Securities (Cost — $3,937,114)** | **Total Mortgage-Backed Securities (Cost — $3,937,114)** | **Total Mortgage-Backed Securities (Cost — $3,937,114)** | **Total Mortgage-Backed Securities (Cost — $3,937,114)** | &nbsp;&nbsp; **3818796** |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2025

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 18.2%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 18.2%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 18.2%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 18.2%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 18.2%** |
| BANK, 2023-BNK45 A5 | &nbsp;&nbsp; 5.203% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; $101057<br>|
| BLP Commercial Mortgage Trust, 2023-IND A (1 mo. Term SOFR + 1.692%) | &nbsp;&nbsp; 6.011% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99568<br> <sup>(a)(c)</sup><br>|
| BRAVO Residential Funding Trust, 2023-NQM1 A1 | &nbsp;&nbsp; 5.757% | &nbsp;&nbsp; 1/25/63 | &nbsp;&nbsp; 72818<br>| &nbsp;&nbsp; 72801<br> <sup>(a)</sup><br>|
| BRAVO Residential Funding Trust, 2023-NQM4 A1 | &nbsp;&nbsp; 6.435% | &nbsp;&nbsp; 5/25/63 | &nbsp;&nbsp; 78573<br>| &nbsp;&nbsp; 79107<br> <sup>(a)</sup><br>|
| Citigroup Commercial Mortgage Trust, 2015-P1 C | &nbsp;&nbsp; 4.387% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 96364<br> <sup>(c)</sup><br>|
| DC Commercial Mortgage Trust, 2023-DC A | &nbsp;&nbsp; 6.314% | &nbsp;&nbsp; 9/12/40 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 102554<br> <sup>(a)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K153 X1, IO | &nbsp;&nbsp; 0.441% | &nbsp;&nbsp; 12/25/32 | &nbsp;&nbsp; 3198981<br>| &nbsp;&nbsp; 100319<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 IK, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 60618<br>| &nbsp;&nbsp; 9667<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 JI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 72697<br>| &nbsp;&nbsp; 12254<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/25/50 | &nbsp;&nbsp; 76359<br>| &nbsp;&nbsp; 10494<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5140 NI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/25/49 | &nbsp;&nbsp; 80696<br>| &nbsp;&nbsp; 12169<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2022-DNA2 M1B (30 Day Average SOFR + 2.400%) | &nbsp;&nbsp; 6.740% | &nbsp;&nbsp; 2/25/42 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101808<br> <sup>(a)(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2022-DNA3 M1A (30 Day Average SOFR + 2.000%) | &nbsp;&nbsp; 6.340% | &nbsp;&nbsp; 4/25/42 | &nbsp;&nbsp; 46986<br>| &nbsp;&nbsp; 47347<br> <sup>(a)(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2022-DNA6 M2 (30 Day Average SOFR + 5.750%) | &nbsp;&nbsp; 10.090% | &nbsp;&nbsp; 9/25/42 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 108989<br> <sup>(a)(c)</sup><br>|
| Federal National Mortgage Association (FNMA) — CAS, 2015-C03 1M2 (30 <br> Day Average SOFR + 5.114%) | &nbsp;&nbsp; 9.454% | &nbsp;&nbsp; 7/25/25 | &nbsp;&nbsp; 10622<br>| &nbsp;&nbsp; 10783<br> <sup>(a)(c)</sup><br>|
| Federal National Mortgage Association (FNMA) — CAS, 2022-R07 1M1 (30 <br> Day Average SOFR + 2.950%) | &nbsp;&nbsp; 7.286% | &nbsp;&nbsp; 6/25/42 | &nbsp;&nbsp; 63055<br>| &nbsp;&nbsp; 65064<br> <sup>(a)(c)</sup><br>|
| Federal National Mortgage Association (FNMA) REMIC, 2020-74 EI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/50 | &nbsp;&nbsp; 68659<br>| &nbsp;&nbsp; 11799<br>|
| Federal National Mortgage Association (FNMA) REMIC, 2020-89 DI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/25/50 | &nbsp;&nbsp; 202924<br>| &nbsp;&nbsp; 32530<br>|
| Federal National Mortgage Association (FNMA) REMIC, 2021-1 IG, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/25/51 | &nbsp;&nbsp; 152220<br>| &nbsp;&nbsp; 26024<br>|
| GCAT Trust, 2024-INV1 1A2 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/25/54 | &nbsp;&nbsp; 85239<br>| &nbsp;&nbsp; 84567<br> <sup>(a)(c)</sup><br>|
| Government National Mortgage Association (GNMA), 2013-50 IO, IO | &nbsp;&nbsp; 0.064% | &nbsp;&nbsp; 10/16/48 | &nbsp;&nbsp; 3968380<br>| &nbsp;&nbsp; 6293<br> <sup>(c)</sup><br>|
| Government National Mortgage Association (GNMA), 2014-17 AM | &nbsp;&nbsp; 3.535% | &nbsp;&nbsp; 6/16/48 | &nbsp;&nbsp; 46801<br>| &nbsp;&nbsp; 44857<br> <sup>(c)</sup><br>|
| Government National Mortgage Association (GNMA), 2016-14 H | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/16/57 | &nbsp;&nbsp; 220884<br>| &nbsp;&nbsp; 190153<br>|
| Government National Mortgage Association (GNMA), 2020-123 NI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/20/50 | &nbsp;&nbsp; 67010<br>| &nbsp;&nbsp; 9875<br>|
| Government National Mortgage Association (GNMA), 2020-181 WI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 12/20/50 | &nbsp;&nbsp; 321387<br>| &nbsp;&nbsp; 38237<br>|
| Government National Mortgage Association (GNMA), 2020-H13 FM (1 mo. <br> Term SOFR + 0.514%) | &nbsp;&nbsp; 4.823% | &nbsp;&nbsp; 8/20/70 | &nbsp;&nbsp; 95629<br>| &nbsp;&nbsp; 95329<br> <sup>(c)</sup><br>|
| Government National Mortgage Association (GNMA), 2022-3 IO, IO | &nbsp;&nbsp; 0.640% | &nbsp;&nbsp; 2/16/61 | &nbsp;&nbsp; 94052<br>| &nbsp;&nbsp; 4556<br> <sup>(c)</sup><br>|
| Government National Mortgage Association (GNMA), 2022-63 LM | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/20/50 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 83407<br>|
| MF1 LLC Trust, 2022-FL10 A (1 mo. Term SOFR + 2.635%) | &nbsp;&nbsp; 6.952% | &nbsp;&nbsp; 9/17/37 | &nbsp;&nbsp; 84456<br>| &nbsp;&nbsp; 84511<br> <sup>(a)(c)</sup><br>|
| MIC Trust, 2023-MIC A | &nbsp;&nbsp; 8.437% | &nbsp;&nbsp; 12/5/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 108925<br> <sup>(a)(c)</sup><br>|
| Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C30 A4 | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 9/15/49 | &nbsp;&nbsp; 83119<br>| &nbsp;&nbsp; 80872<br>|
| Morgan Stanley Residential Mortgage Loan Trust, 2024-INV2 A1 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/25/54 | &nbsp;&nbsp; 71288<br>| &nbsp;&nbsp; 72265<br> <sup>(a)(c)</sup><br>|
| Morgan Stanley Residential Mortgage Loan Trust, 2024-INV3 A1 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/25/54 | &nbsp;&nbsp; 87132<br>| &nbsp;&nbsp; 88709<br> <sup>(a)(c)</sup><br>|
| NJ Trust, 2023-GSP A | &nbsp;&nbsp; 6.481% | &nbsp;&nbsp; 1/6/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 104921<br> <sup>(a)(c)</sup><br>|
| OBX Trust, 2023-NQM6 A1 | &nbsp;&nbsp; 6.520% | &nbsp;&nbsp; 7/25/63 | &nbsp;&nbsp; 67817<br>| &nbsp;&nbsp; 68599<br> <sup>(a)</sup><br>|
| OBX Trust, 2023-NQM7 A1 | &nbsp;&nbsp; 6.844% | &nbsp;&nbsp; 4/25/63 | &nbsp;&nbsp; 70166<br>| &nbsp;&nbsp; 71011<br> <sup>(a)</sup><br>|
| ONNI Commerical Mortgage Trust, 2024-APT A | &nbsp;&nbsp; 5.196% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101345<br> <sup>(a)(c)</sup><br>|
| PFP Ltd., 2024-11 A (1 mo. Term SOFR + 1.832%) | &nbsp;&nbsp; 6.154% | &nbsp;&nbsp; 9/17/39 | &nbsp;&nbsp; 97562<br>| &nbsp;&nbsp; 97795<br> <sup>(a)(c)</sup><br>|
| WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2A1A (1 mo. Term <br> SOFR + 0.694%) | &nbsp;&nbsp; 5.015% | &nbsp;&nbsp; 7/25/45 | &nbsp;&nbsp; 37848<br>| &nbsp;&nbsp; 37207<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** |
| Wells Fargo Commercial Mortgage Trust, 2017-C38 A4 | &nbsp;&nbsp; 3.190% | &nbsp;&nbsp; 7/15/50 | &nbsp;&nbsp; 97986<br>| &nbsp;&nbsp; $95421<br>|
| Wells Fargo Commercial Mortgage Trust, 2017-C41 B | &nbsp;&nbsp; 4.188% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 66046<br> <sup>(c)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $2,866,845)** | **Total Collateralized Mortgage Obligations (Cost — $2,866,845)** | **Total Collateralized Mortgage Obligations (Cost — $2,866,845)** | **Total Collateralized Mortgage Obligations (Cost — $2,866,845)** | &nbsp;&nbsp; **2735599** |
| **U.S. Government & Agency Obligations — 7.7%** | **U.S. Government & Agency Obligations — 7.7%** | **U.S. Government & Agency Obligations — 7.7%** | **U.S. Government & Agency Obligations — 7.7%** | **U.S. Government & Agency Obligations — 7.7%** |
| U.S. Government Obligations — 7.7% | U.S. Government Obligations — 7.7% | U.S. Government Obligations — 7.7% | U.S. Government Obligations — 7.7% | U.S. Government Obligations — 7.7% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/43 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9156<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 27393<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 26381<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 18744<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/45 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40738<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 26169<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9425<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9442<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50344<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/28/30 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp; 932252<br>|
| **Total U.S. Government & Agency Obligations (Cost — $1,158,490)** | **Total U.S. Government & Agency Obligations (Cost — $1,158,490)** | **Total U.S. Government & Agency Obligations (Cost — $1,158,490)** | **Total U.S. Government & Agency Obligations (Cost — $1,158,490)** | &nbsp;&nbsp; **1150044** |
| **Sovereign Bonds — 6.2%** | **Sovereign Bonds — 6.2%** | **Sovereign Bonds — 6.2%** | **Sovereign Bonds — 6.2%** | **Sovereign Bonds — 6.2%** |
| Argentina — 0.5% | Argentina — 0.5% | Argentina — 0.5% | Argentina — 0.5% | Argentina — 0.5% |
| Argentine Republic Government International Bond, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 7/9/29 | &nbsp;&nbsp; 3998<br>| &nbsp;&nbsp; 3109<br>|
| Argentine Republic Government International Bond, Senior Notes, Step bond <br> (0.750% to 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 3080<br>| &nbsp;&nbsp; 2256<br>|
| Provincia de Buenos Aires/Government Bonds, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 17501<br>| &nbsp;&nbsp; 11266<br> <sup>(a)</sup><br>|
| Provincia de Buenos Aires/Government Bonds, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 89386<br>| &nbsp;&nbsp; 57542<br> <sup>(g)</sup><br>|
| Total Argentina | Total Argentina | Total Argentina | Total Argentina | &nbsp;&nbsp; 74173 |
| Brazil — 1.9% | Brazil — 1.9% | Brazil — 1.9% | Brazil — 1.9% | Brazil — 1.9% |
| Brazil Letras do Tesouro Nacional | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 369000 <br><sup>BRL</sup><br>| &nbsp;&nbsp; 57973<br>|
| Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 1384000 <br><sup>BRL</sup><br>| &nbsp;&nbsp; 224843<br>|
| Total Brazil | Total Brazil | Total Brazil | Total Brazil | &nbsp;&nbsp; 282816 |
| Colombia — 1.5% | Colombia — 1.5% | Colombia — 1.5% | Colombia — 1.5% | Colombia — 1.5% |
| Colombia Government International Bond, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 222503<br>|
| Mexico — 2.3% | Mexico — 2.3% | Mexico — 2.3% | Mexico — 2.3% | Mexico — 2.3% |
| Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/8/44 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 349875<br>|
| **Total Sovereign Bonds (Cost — $1,135,433)** | **Total Sovereign Bonds (Cost — $1,135,433)** | **Total Sovereign Bonds (Cost — $1,135,433)** | **Total Sovereign Bonds (Cost — $1,135,433)** | &nbsp;&nbsp; **929367** |
| **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** |
| LAD Auto Receivables Trust, 2024-1A C | &nbsp;&nbsp; 5.640% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 121716<br> <sup>(a)</sup><br>|
| Morgan Stanley ABS Capital Inc. Trust, 2004-NC8 M1 (1 mo. Term SOFR + <br> 1.029%) | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 9/25/34 | &nbsp;&nbsp; 121106<br>| &nbsp;&nbsp; 119852<br> <sup>(c)</sup><br>|
| Nelnet Student Loan Trust, 2013-1A A (30 Day Average SOFR + 0.714%) | &nbsp;&nbsp; 5.054% | &nbsp;&nbsp; 6/25/41 | &nbsp;&nbsp; 24581<br>| &nbsp;&nbsp; 24412<br> <sup>(a)(c)</sup><br>|
| SMB Private Education Loan Trust, 2018-C A2B (1 mo. Term SOFR + 0.864%) | &nbsp;&nbsp; 5.184% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 48582<br>| &nbsp;&nbsp; 48501<br> <sup>(a)(c)</sup><br>|
| SMB Private Education Loan Trust, 2019-B A2B (1 mo. Term SOFR + 1.114%) | &nbsp;&nbsp; 5.434% | &nbsp;&nbsp; 6/15/37 | &nbsp;&nbsp; 28223<br>| &nbsp;&nbsp; 28265<br> <sup>(a)(c)</sup><br>|
| **Total Asset-Backed Securities (Cost — $341,350)** | **Total Asset-Backed Securities (Cost — $341,350)** | **Total Asset-Backed Securities (Cost — $341,350)** | **Total Asset-Backed Securities (Cost — $341,350)** | &nbsp;&nbsp; **342746** |
| **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** |
| U.S. Treasury Notes, Inflation Indexed (Cost — $93,270) | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; **91973**<br>|

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2025

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security |  |  |  | Shares | Value |
| **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** |
| **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| Spirit Airlines LLC | Spirit Airlines LLC | Spirit Airlines LLC |  | &nbsp;&nbsp; 2028 | &nbsp;&nbsp; $28,392<br> \*<sup>(h)(i)</sup><br>|
| Spirit Aviation Holdings Inc. | Spirit Aviation Holdings Inc. | Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 168<br> \*<sup>(h)(i)(j)</sup><br>|
| **Total Common Stocks (Cost — $28,489)** | **Total Common Stocks (Cost — $28,489)** | **Total Common Stocks (Cost — $28,489)** | **Total Common Stocks (Cost — $28,489)** | **Total Common Stocks (Cost — $28,489)** | &nbsp;&nbsp; **28560**<br>|
|  |  |  | Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| Spirit Airlines LLC (Cost — $17,530) | Spirit Airlines LLC (Cost — $17,530) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 1440<br>| &nbsp;&nbsp; **20,160**<br> \*<sup>(a)(h)(i)(j)</sup><br>|
|  |  | Expiration <br>Date<br>| Contracts | Notional <br>Amount†<br>|  |
| **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** |
| **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** |
| 3-Month SOFR Futures, Put @ $96.250 (Cost — $2,106) | 3-Month SOFR Futures, Put @ $96.250 (Cost — $2,106) | 12/12/25 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; **1856**<br>|
|  | Counterparty |  |  |  |  |
| **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** |
| Credit default swaption to buy protection on Markit <br> CDX.NA.HY.44 Index, Call @ 106.000<sup>bps</sup>, 500.000<sup>bps</sup> <br> quarterly payments received by the Fund, maturing on <br> 6/20/30 (Cost — $480)<br>| Goldman Sachs <br> Group Inc.<br>| 6/18/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; **480**<br>|
| **Total Purchased Options (Cost — $2,586)** | **Total Purchased Options (Cost — $2,586)** | **Total Purchased Options (Cost — $2,586)** | **Total Purchased Options (Cost — $2,586)** | **Total Purchased Options (Cost — $2,586)** | &nbsp;&nbsp; **2336** |
| **Total Investments before Short-Term Investments (Cost — $15,004,866)** | **Total Investments before Short-Term Investments (Cost — $15,004,866)** | **Total Investments before Short-Term Investments (Cost — $15,004,866)** | **Total Investments before Short-Term Investments (Cost — $15,004,866)** | **Total Investments before Short-Term Investments (Cost — $15,004,866)** | &nbsp;&nbsp; **14353218** |
|  |  | Rate |  | Shares |  |
| **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** |
| BNY Mellon Cash Reserve Fund <br>(Cost — $546,982) | BNY Mellon Cash Reserve Fund <br>(Cost — $546,982) | &nbsp;&nbsp; 1.050% |  | &nbsp;&nbsp; 546982<br>| &nbsp;&nbsp; **546982**<br> <sup>(k)</sup><br>|
| **Total Investments — 99.2% (Cost — $15,551,848)** | **Total Investments — 99.2% (Cost — $15,551,848)** | **Total Investments — 99.2% (Cost — $15,551,848)** | **Total Investments — 99.2% (Cost — $15,551,848)** | **Total Investments — 99.2% (Cost — $15,551,848)** | &nbsp;&nbsp; **14900200** |
| Other Assets in Excess of Liabilities — 0.8% | Other Assets in Excess of Liabilities — 0.8% | Other Assets in Excess of Liabilities — 0.8% | Other Assets in Excess of Liabilities — 0.8% | Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp; 119886 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$15020086** |

---

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

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

 **Western Asset Total Return ETF**

---

| | |
|:---|:---|
| † | Face amount/notional amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(c)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(d)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(e)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(f)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(g)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Trustees.<br>|
| <sup>(h)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(i)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(j)</sup> | Restricted security (Note 6). |
| <sup>(k)</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:** |
| bps | basis points (100 basis points = 1.00%) |
| BRL | Brazilian Real |
| CAS | Connecticut Avenue Securities |
| IBOR | Interbank Offered Rate |
| IO | Interest Only |
| PIK | Payment-In-Kind |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

At March 31, 2025, the Fund had the following open written options contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | &nbsp;&nbsp; Expiration <br>Date<br>| &nbsp;&nbsp; Strike <br>Price<br>| Contracts | &nbsp;&nbsp; Notional <br>Amount<br>| Value |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp; 6/13/25 | &nbsp;&nbsp;&nbsp; $97.500 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; $127500 | &nbsp;&nbsp;&nbsp; $(1275) |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;97.500 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 42500 | &nbsp;&nbsp;&nbsp; (3506) |
| SOFR 1-Year Mid-Curve Futures, Put | &nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;96.250 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp; (1875) |
| **Total Exchange-Traded Written Options (Premiums received — $26,176)** | **Total Exchange-Traded Written Options (Premiums received — $26,176)** | **Total Exchange-Traded Written Options (Premiums received — $26,176)** | **Total Exchange-Traded Written Options (Premiums received — $26,176)** | **Total Exchange-Traded Written Options (Premiums received — $26,176)** | &nbsp;&nbsp;&nbsp; **(6656)** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** |
|  | Counterparty |  |  |  |
| Credit default swaption to sell protection on <br> Markit CDX.NA.HY.44 Index, Put, 500.000<sup>bps</sup> <br> quarterly payments received by the Fund, <br> maturing on 6/20/30 <br>(Premiums received — $600)<br>| Goldman Sachs Group Inc. | &nbsp;&nbsp; 6/18/25<br> 100.000 <br><sup>bps</sup><br>| &nbsp;&nbsp; 100000 | &nbsp;&nbsp; **$(600)**<br>|
| **Total Written Options (Premiums received — $26,776)** | **Total Written Options (Premiums received — $26,776)** | **Total Written Options (Premiums received — $26,776)** | **Total Written Options (Premiums received — $26,776)** | &nbsp;&nbsp; **$(7256)**<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| bps | basis points (100 basis points = 1.00%) |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2025

 **Western Asset Total Return ETF**

SOFR — Secured Overnight Financing Rate

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** <br>|  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 3/27 | &nbsp;&nbsp;&nbsp; $3113040 | &nbsp;&nbsp;&nbsp; $3138363 | &nbsp;&nbsp;&nbsp; $25323 |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp; 2415512 | &nbsp;&nbsp;&nbsp; 2409375 | &nbsp;&nbsp;&nbsp; (6137) |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 6/25 | &nbsp;&nbsp;&nbsp; 205877 | &nbsp;&nbsp;&nbsp; 207172 | &nbsp;&nbsp;&nbsp; 1295 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 6/25 | &nbsp;&nbsp;&nbsp; 4540299 | &nbsp;&nbsp;&nbsp; 4542562 | &nbsp;&nbsp;&nbsp; 2263 |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 6/25 | &nbsp;&nbsp;&nbsp; 234816 | &nbsp;&nbsp;&nbsp; 234563 | &nbsp;&nbsp;&nbsp;&nbsp;(253) |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 6/25 | &nbsp;&nbsp;&nbsp; 784059 | &nbsp;&nbsp;&nbsp; 798875 | &nbsp;&nbsp;&nbsp; 14816 |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6/25 | &nbsp;&nbsp;&nbsp; 725016 | &nbsp;&nbsp;&nbsp; 733500 | &nbsp;&nbsp;&nbsp; 8484 |
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$45791** |

---

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

---

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

---

At March 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>|
| BRL | &nbsp;&nbsp; 1032070 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 179734 | Citibank N.A. | &nbsp;&nbsp; 4/2/25 | &nbsp;&nbsp; $457 |
| USD | &nbsp;&nbsp; 178488 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 1032070 | Citibank N.A. | &nbsp;&nbsp; 4/2/25 | &nbsp;&nbsp; (1703) |
| BRL | &nbsp;&nbsp; 1032070 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 180085 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 4/2/25 | &nbsp;&nbsp; 105 |
| USD | &nbsp;&nbsp; 179734 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 1032070 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 4/2/25 | (457) |
| USD | &nbsp;&nbsp; 18704 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 29822 | Bank of America N.A. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 118 |
| MXN | &nbsp;&nbsp; 408747 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 19921 | BNP Paribas SA | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 15 |
| INR | &nbsp;&nbsp; 12506461 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 143776 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 2333 |
| JPY | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5737 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 158 |
| JPY | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 20682 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 85 |
| JPY | &nbsp;&nbsp; 5280000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 34431 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 941 |
| JPY | &nbsp;&nbsp; 5620000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 36570 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 1080 |
| USD | &nbsp;&nbsp; 3895 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 340000 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | (77) |
| USD | &nbsp;&nbsp; 7220 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 630000 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | (140) |
| USD | &nbsp;&nbsp; 7565 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 660000 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | (146) |
| USD | &nbsp;&nbsp; 14834 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 1291759 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | (257) |
| USD | &nbsp;&nbsp; 22460 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 1960000 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | (438) |
| USD | &nbsp;&nbsp; 22716 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 1990000 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | (533) |
| USD | &nbsp;&nbsp; 40674 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 3550000 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | (800) |
| USD | &nbsp;&nbsp; 41915 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 6210000 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 312 |
| USD | &nbsp;&nbsp; 4787 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 100000 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | (90) |
| USD | &nbsp;&nbsp; 15382 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 320000 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | (225) |
| USD | &nbsp;&nbsp; 38523 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 800000 | Citibank N.A. | &nbsp;&nbsp; 4/16/25 | (496) |
| AUD | &nbsp;&nbsp; 171547 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 105606 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 1308 |
| USD | &nbsp;&nbsp; 183453 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 178448 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; (9473) |
| CNH | &nbsp;&nbsp; 354179 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 48794 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 12 |
| CNH | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 76024 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/25 | (234) |
| MXN | &nbsp;&nbsp; 391204 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 18934 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 146 |
| USD | &nbsp;&nbsp; 307151 | &nbsp;&nbsp; CNH | &nbsp;&nbsp; 2255170 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; (3612) |
| USD | &nbsp;&nbsp; 2638 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 230000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/25 | (49) |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

 **Western Asset Total Return 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; 3551 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 310000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; $(71) |
| USD | &nbsp;&nbsp; 17506 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 1540000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/25 | (485) |
| EUR | &nbsp;&nbsp; 25132 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 26222 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 950 |
| MXN | &nbsp;&nbsp; 491613 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 23736 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 241 |
| MXN | &nbsp;&nbsp; 570971 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 27584 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 265 |
| MXN | &nbsp;&nbsp; 1153207 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 55746 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 500 |
| MXN | &nbsp;&nbsp; 1199982 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 57759 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 769 |
| MXN | &nbsp;&nbsp; 4662001 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 221870 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 5512 |
| MXN | &nbsp;&nbsp; 5902364 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 286466 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; 1414 |
| USD | &nbsp;&nbsp; 617363 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 12984628 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 4/16/25 | &nbsp;&nbsp; (15943) |
| USD | &nbsp;&nbsp; 179082 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 1032070 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 5/5/25 | &nbsp;&nbsp; 114 |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(18394)** |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| AUD |  | Australian Dollar |
| BRL |  | Brazilian Real |
| CNH |  | Chinese Offshore Yuan |
| EUR |  | Euro |
| INR |  | Indian Rupee |
| JPY |  | Japanese Yen |
| MXN |  | Mexican Peso |
| USD |  | United States Dollar |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  |
| Swap Counterparty | Notional <br>Amount\*<br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Bank of America N.A. | 6522000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp; 1/2/26 | BRL-CDI\*\* | 11.035%\*\* | &nbsp;&nbsp;&nbsp; $(31450) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $(31450) |
| JPMorgan Chase & Co. | 1430000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp; 1/2/29 | BRL-CDI\*\* | 10.230%\*\* | &nbsp;&nbsp;&nbsp; (27806) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27806) |
| **Total** |  |  |  |  | &nbsp;&nbsp;&nbsp; **$(59256)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$(59256)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | &nbsp;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
|  | &nbsp;&nbsp;&nbsp; $1134000 | &nbsp;&nbsp;&nbsp; 1/17/28 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 4.100% <br>annually <br>| &nbsp;&nbsp;&nbsp; $12311 | &nbsp;&nbsp;&nbsp; $45 | &nbsp;&nbsp;&nbsp; $12266 |
|  | &nbsp;&nbsp;&nbsp; 3083000 | &nbsp;&nbsp;&nbsp; 11/30/31 | &nbsp;&nbsp;&nbsp; 4.060% <br>annually <br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; (62953) | &nbsp;&nbsp;&nbsp; (2960) | &nbsp;&nbsp;&nbsp; (59993) |
|  | &nbsp;&nbsp;&nbsp; 266000 | &nbsp;&nbsp;&nbsp; 1/17/36 | &nbsp;&nbsp;&nbsp; 4.220% <br>annually <br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; (9232) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9232) |
| **Total** | &nbsp;&nbsp;&nbsp; **$4483000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(59874)** | &nbsp;&nbsp;&nbsp; **$(2915)** | &nbsp;&nbsp;&nbsp; **$(56959)** |

---

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

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2025

 **Western Asset Total Return ETF**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Markit CDX.NA.IG.44 Index | $2874500 | &nbsp;&nbsp;&nbsp; 6/20/30 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$51906** | &nbsp;&nbsp;&nbsp; **$56931** | &nbsp;&nbsp;&nbsp; **$(5025)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  |
| Swap <br>Counterparty<br>| Notional <br>Amount<br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>‡</sup> <br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| JPMorgan Chase & Co. | $75000 | &nbsp;&nbsp;&nbsp; 7/4/25 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound + <br>1.100%\*\*<br>| JPEIFNTR^\*\* | &nbsp;&nbsp;&nbsp; **$(746)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$(746)** |

---

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

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the <br> current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |
| ‡ | Periodic payments made/received by the Fund are based on the total return of the referenced entity. |
| ^ | Custom emerging markets debt basket is comprised of 40 bonds in the Sovereign Frontier sector. |
| \* | Notional amount denominated in U.S. dollars, unless otherwise noted. |
| \*\* | One time payment made at termination date. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| BRL |  | Brazilian Real |
| BRL-CDI |  | Brazilian Cetip InterBank Deposit Rate |
| JPEIFNTR |  | Western Asset Management Emerging Markets Frontier Custom Basket |
| SOFR |  | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| BRL-CDI | 14.150% |
| Daily SOFR Compound | 4.410% |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Statements of Assets and Liabilities

March 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Western Asset <br>Short Duration Income ETF<br>| Western Asset <br>Total Return ETF<br>|
| **Assets:** |  |  |
| Investments, at value (Cost — $11,876,787 and $15,551,848, respectively) | &nbsp;&nbsp; $11931899 | &nbsp;&nbsp; $14900200 |
| Foreign currency, at value (Cost — $0 and $22,969, respectively) | &nbsp;&nbsp; — | &nbsp;&nbsp; 23227 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 1809 |
| Interest receivable | &nbsp;&nbsp; 115763 | &nbsp;&nbsp; 103405 |
| Deposits with brokers for open futures contracts and exchange-traded options | &nbsp;&nbsp; 55437 | &nbsp;&nbsp; 103805 |
| Deposits with brokers for centrally cleared swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 123190 |
| Deposits with brokers for OTC derivatives | &nbsp;&nbsp; — | &nbsp;&nbsp; 60000 |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 448026 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 16835 |
| **Total Assets** | &nbsp;&nbsp; **12103099** | &nbsp;&nbsp; **15780497** |
| **Liabilities:** |  |  |
| Investment management fee payable | &nbsp;&nbsp; 2972 | &nbsp;&nbsp; 5734 |
| Payable to brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 1848 |
| OTC swaps, at value (paid — $0 and 0, respectively) | &nbsp;&nbsp; — | &nbsp;&nbsp; 60002 |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 603904 |
| Payable to brokers — net variation margin on centrally cleared swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 3918 |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 35229 |
| Written options, at value (premiums received — $0 and 26,776, respectively) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7256 |
| Reorganization expenses payable (Note 10) | &nbsp;&nbsp; — | &nbsp;&nbsp; 42520 |
| **Total Liabilities** | &nbsp;&nbsp; **3511** | &nbsp;&nbsp; **760411** |
| **Total Net Assets** | &nbsp;&nbsp; **$12099588** | &nbsp;&nbsp; **$15020086** |
| **Net Assets:** |  |  |
| Par value (Note 5) | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $8 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 15641861 | &nbsp;&nbsp; 45302765 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (3542278) | &nbsp;&nbsp; (30282687) |
| **Total Net Assets** | &nbsp;&nbsp; **$12099588** | &nbsp;&nbsp; **$15020086** |
| **Shares Outstanding** | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 750000 |
| **Net Asset Value** | $24.20 | $20.03 |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Statements of Operations

For the Year Ended March 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Western Asset <br>Short Duration Income ETF<br>| Western Asset <br>Total Return ETF<br>|
| **Investment Income:** |  |  |
| **Interest** | &nbsp;&nbsp; **$614829** | &nbsp;&nbsp; **$1050769** |
| **Expenses:** |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 34398 | &nbsp;&nbsp; 140150 |
| Reorganization expenses (Note 10) | &nbsp;&nbsp; — | &nbsp;&nbsp; 58250 |
| **Total Expenses** | &nbsp;&nbsp; **34398** | &nbsp;&nbsp; **198400** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; — | &nbsp;&nbsp; (11441) |
| **Net Expenses** | &nbsp;&nbsp; **34398** | &nbsp;&nbsp; **186959** |
| **Net Investment Income** | &nbsp;&nbsp; **580431** | &nbsp;&nbsp; **863810** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options, Short Sales, Swap Contracts, Forward** <br> **Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options, Short Sales, Swap Contracts, Forward** <br> **Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options, Short Sales, Swap Contracts, Forward** <br> **Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |
| Investment transactions | &nbsp;&nbsp; 46444 | &nbsp;&nbsp; (1254714)<br>|
| Futures contracts | &nbsp;&nbsp; (38697) | &nbsp;&nbsp; (43314) |
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp; 368646 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 452872 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (9788) |
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp; (5125) |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **7747** | &nbsp;&nbsp; **(491423)** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |
| Investments | &nbsp;&nbsp; 96413 | &nbsp;&nbsp; 1831887 |
| Futures contracts | &nbsp;&nbsp; 39173 | &nbsp;&nbsp; (44142) |
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp; (62034) |
| Securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; 357 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (332487) |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 23366 |
| Foreign currencies | &nbsp;&nbsp; — | &nbsp;&nbsp; (28599) |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **135586** | &nbsp;&nbsp; **1388348** |
| **Net Gain on Investments, Futures Contracts, Written Options, Short Sales, Swap** <br> **Contracts, Forward Foreign Currency Contracts and Foreign Currency** <br> **Transactions** <br>| &nbsp;&nbsp; **143333** | &nbsp;&nbsp; **896925** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$723764** | &nbsp;&nbsp; **$1760735** |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Statements of Changes in Net Assets

Western Asset Short Duration Income ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2025 | 2024 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $580431 | $681626 |
| Net realized gain (loss)  | &nbsp;&nbsp; 7747 | (1181534) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 135586 | 1182614 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **723764** | **682706** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (569000) | (698579) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(569000)** | **(698579)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (100,000 and 150,000 shares issued, respectively)  | &nbsp;&nbsp; 2398018 | 3551481 |
| Cost of shares repurchased (50,000 and 600,000 shares repurchased, respectively)  | &nbsp;&nbsp; (1214894)<br>| (14044474)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **1183124** | **(10492993)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **1337888** | **(10508866)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 10761700 | 21270566 |
| **End of year** | &nbsp;&nbsp; **$12099588** | **$10761700** |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Western Asset Total Return ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2025 | 2024 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $863810 | $1700175 |
| Net realized loss  | &nbsp;&nbsp; (491423) | (1656681) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 1388348 | 696065 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **1760735** | **739559** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1380314) | (1620707) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1380314)** | **(1620707)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (100,000 and 1,150,000 shares issued, respectively)  | &nbsp;&nbsp; 2030938 | 23255365 |
| Cost of shares repurchased (1,250,000 and 500,000 shares repurchased, respectively)  | &nbsp;&nbsp; (25665081)<br>| (10047007)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(23634143)** | **13208358** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **(23253722)** | **12327210** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 38273808 | 25946598 |
| **End of year** | &nbsp;&nbsp; **$15020086** | **$38273808** |

---

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Financial Highlights

Western Asset Short Duration Income ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>12</sup> <br>| 2021<sup>13</sup> <br>| 2020<sup>13</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $23.91 | &nbsp;&nbsp;&nbsp; $23.63 | &nbsp;&nbsp;&nbsp; $24.59 | &nbsp;&nbsp;&nbsp; $26.32 | &nbsp;&nbsp;&nbsp; $25.52 | &nbsp;&nbsp;&nbsp; $25.80 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net realized and unrealized gain (loss) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; (0.10 )<sup>4</sup><br>|
| **Total income (loss) from operations** | **1.45** | &nbsp;&nbsp;&nbsp;&nbsp;**1.37** | &nbsp;&nbsp;&nbsp; **(0.29)** | &nbsp;&nbsp;&nbsp; **(1.45)** | &nbsp;&nbsp;&nbsp;&nbsp;**1.53** | &nbsp;&nbsp;&nbsp;&nbsp;**0.87** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.11)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(1.16)**<br>| &nbsp;&nbsp;&nbsp; **(1.09)**<br>| &nbsp;&nbsp;&nbsp; **(0.67)**<br>| &nbsp;&nbsp;&nbsp; **(0.28)**<br>| &nbsp;&nbsp;&nbsp; **(0.73)**<br>| &nbsp;&nbsp;&nbsp; **(1.15)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $24.20 | &nbsp;&nbsp;&nbsp; $23.91 | &nbsp;&nbsp;&nbsp; $23.63 | &nbsp;&nbsp;&nbsp; $24.59 | &nbsp;&nbsp;&nbsp; $26.32 | &nbsp;&nbsp;&nbsp; $25.52 |
| **Total return, based on NAV**<sup>5</sup> <br>| **6.23%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **5.96%**<br>| &nbsp;&nbsp;&nbsp; **(1.16)%**<br>| &nbsp;&nbsp;&nbsp; **(5.55)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6.06%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3.52%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $12100 | &nbsp;&nbsp;&nbsp; $10762 | &nbsp;&nbsp;&nbsp; $21271 | &nbsp;&nbsp;&nbsp; $35656 | &nbsp;&nbsp;&nbsp; $19743 | &nbsp;&nbsp;&nbsp; $7655 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Net expenses | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net investment income | 4.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69 <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **63%**<br>| &nbsp;&nbsp;&nbsp; **80%**<br>| &nbsp;&nbsp;&nbsp; **53%**<br>| &nbsp;&nbsp;&nbsp; **28%**<br>| &nbsp;&nbsp;&nbsp; **65%**<br>| &nbsp;&nbsp;&nbsp; **72%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the period August 1, 2021 through March 31, 2022.

<sup>3</sup> For the year ended July 31.

<sup>4</sup> Calculation of the net loss per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized loss presented in the Statement of Operations due to the timing of sales and repurchases of Fund Shares in relation to fluctuating market values of the investments of the Fund. 

<sup>5</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>6</sup> Annualized.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Financial Highlights (cont'd)

Western Asset Total Return ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>12</sup> <br>| 2021<sup>13</sup> <br>| 2020<sup>13</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $20.76 | &nbsp;&nbsp;&nbsp; $22.88 | &nbsp;&nbsp;&nbsp; $26.22 | &nbsp;&nbsp;&nbsp; $28.19 | &nbsp;&nbsp;&nbsp; $26.88 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net realized and unrealized gain (loss) | 0.20 | &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| **Total income (loss) from operations** | **0.81** | &nbsp;&nbsp;&nbsp;&nbsp;**0.22** | &nbsp;&nbsp;&nbsp; **(1.67)** | &nbsp;&nbsp;&nbsp; **(3.21)** | &nbsp;&nbsp;&nbsp; **(0.83)** | &nbsp;&nbsp;&nbsp;&nbsp;**2.68** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.92)**<br>| &nbsp;&nbsp;&nbsp; **(0.84)**<br>| &nbsp;&nbsp;&nbsp; **(0.45)**<br>| &nbsp;&nbsp;&nbsp; **(0.13)**<br>| &nbsp;&nbsp;&nbsp; **(1.14)**<br>| &nbsp;&nbsp;&nbsp; **(1.37)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $20.03 | &nbsp;&nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $20.76 | &nbsp;&nbsp;&nbsp; $22.88 | &nbsp;&nbsp;&nbsp; $26.22 | &nbsp;&nbsp;&nbsp; $28.19 |
| **Total return, based on NAV**<sup>4</sup> <br>| **4.14%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.13%**<br>| &nbsp;&nbsp;&nbsp; **(7.31)%**<br>| &nbsp;&nbsp;&nbsp; **(12.28)%**<br>| &nbsp;&nbsp;&nbsp; **(2.98)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.12%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $15020 | &nbsp;&nbsp;&nbsp; $38274 | &nbsp;&nbsp;&nbsp; $25947 | &nbsp;&nbsp;&nbsp; $113276 | &nbsp;&nbsp;&nbsp; $124567 | &nbsp;&nbsp;&nbsp; $140942 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.69 %<sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Net expenses<sup>7,8</sup> <br>| 0.65 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net investment income | 3.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.62 <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| **Portfolio turnover rate**<sup>9</sup> <br>| &nbsp;&nbsp; **105%**<br>| &nbsp;&nbsp;&nbsp; **147%**<br>| &nbsp;&nbsp;&nbsp; **89%**<br>| &nbsp;&nbsp;&nbsp; **16%**<br>| &nbsp;&nbsp;&nbsp; **103%**<br>| &nbsp;&nbsp;&nbsp; **193%**<br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the period January 1, 2022 through March 31, 2022.

<sup>3</sup> For the Year Ended December 31.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Expense ratios are including reorganization expenses that were incurred by the Fund during the year. Without these fees, the gross and net expense ratios would have been 0.49% and 0.45%, respectively, for the year ended March 31, 2025. Refer to Note 10 for further details on reorganization expenses. 

<sup>6</sup> Annualized.

<sup>7</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest expenses, taxes, brokerage expenses, future 12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee payable to FTFA under the investment management agreement, to the average net assets did not exceed 0.45%. This expense limitation arrangement cannot be terminated prior to July 31, 2025 without the Board of Trustees' consent. 

<sup>8</sup> Reflects fee waivers and/or expense reimbursements.

<sup>9</sup> Including mortgage dollar rolls transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/ periods presented would have been 38%, 35%, 46%, 10%, 65% and 115%. 

See Notes to Financial Statements.

------

Western Asset ETFs 2025 Annual Report

------

Notes to Financial Statements

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

**1. Organization and significant accounting policies** 

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

Shares of the Funds are listed and traded at market prices on NASDAQ. The market price for a Fund's shares may be different from a Fund's NAV. The Funds issue and redeem shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Funds at NAV. Creation Units generally are issued and redeemed in cash. However, Creation Units may also be issued and redeemed partially in-kind for a basket of securities and partially in cash. Except when aggregated in Creation Units, shares of the Funds are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the

Funds at NAV.

The Funds follow the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Funds and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

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

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

------

Western Asset ETFs 2025 Annual Report

------

Notes to Financial Statements (cont'd)

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:

**Short Duration Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes: |  |  |  |  |
| Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; $2832824 | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $2832824 |
| Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 7147796 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7147796 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 467930 | &nbsp;&nbsp; — | &nbsp;&nbsp; 467930 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 326403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 326403 |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 53728 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53728 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 20625 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20625 |
| Preferred Stocks | &nbsp;&nbsp; $7038 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7038 |
| Total Long-Term Investments | &nbsp;&nbsp; 7038 | &nbsp;&nbsp; 10849306 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 10856344 |
| Short-Term Investments† | &nbsp;&nbsp; 1075555 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1075555 |
| **Total Investments** | &nbsp;&nbsp; **$1082593** | &nbsp;&nbsp; **$10849306** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$11931899** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $34546 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $34546 |
| **Total** | &nbsp;&nbsp; **$1117139** | &nbsp;&nbsp; **$10849306** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$11966445** |

---

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Western Asset ETFs 2025 Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $3787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $3787 |

---

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

---

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

---

**Total Return ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $5233637 | &nbsp;&nbsp; — | &nbsp;&nbsp; $5233637 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 3818796 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3818796 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2735599 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2735599 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1150044 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1150044 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 929367 | &nbsp;&nbsp; — | &nbsp;&nbsp; 929367 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 342746 | &nbsp;&nbsp; — | &nbsp;&nbsp; 342746 |
| U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 91973 | &nbsp;&nbsp; — | &nbsp;&nbsp; 91973 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $28560 | &nbsp;&nbsp; 28560 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20160 | &nbsp;&nbsp; 20160 |
| Purchased Options: |  |  |  |  |
| Exchange-Traded Purchased Options | &nbsp;&nbsp; $1856 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1856 |
| OTC Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 480 | &nbsp;&nbsp; — | &nbsp;&nbsp; 480 |
| Total Long-Term Investments | &nbsp;&nbsp; 1856 | &nbsp;&nbsp; 14302642 | &nbsp;&nbsp; 48720 | &nbsp;&nbsp; 14353218 |
| Short-Term Investments† | &nbsp;&nbsp; 546982 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 546982 |
| **Total Investments** | &nbsp;&nbsp; **$548838** | &nbsp;&nbsp; **$14302642** | &nbsp;&nbsp; **$48720** | &nbsp;&nbsp; **$14900200** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $52181 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $52181 |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $16835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16835 |
| Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 12266 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12266 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$52181** | &nbsp;&nbsp; **$29101** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$81282** |
| **Total** | &nbsp;&nbsp; **$601019** | &nbsp;&nbsp; **$14331743** | &nbsp;&nbsp; **$48720** | &nbsp;&nbsp; **$14981482** |

---

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Western Asset ETFs 2025 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Written Options: |  |  |  |  |
| Exchange-Traded Written Options | &nbsp;&nbsp; $6656 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $6656 |
| OTC Written Options | &nbsp;&nbsp; — | &nbsp;&nbsp; $600 | &nbsp;&nbsp; — | &nbsp;&nbsp; 600 |
| Futures Contracts†† | &nbsp;&nbsp; 6390 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6390 |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 35229 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35229 |
| OTC Interest Rate Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 59256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59256 |
| Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 69225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69225 |
| Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5025 |
| OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 746 | &nbsp;&nbsp; — | &nbsp;&nbsp; 746 |
| **Total** | &nbsp;&nbsp; **$13046** | &nbsp;&nbsp; **$170081** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$183127** |

---

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

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

**(b) Purchased options.** The Fund may purchase option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Funds purchase an option, an amount equal to the premium paid by the Funds is recorded as an investment on the Statement of Assets and Liabilities, the value of which is marked-to-market to reflect the current market value of the option purchased. If the purchased option expires, the Funds realize a loss equal to the amount of premium paid. When an instrument is purchased or sold through the exercise of an option, the related premium paid is added to the basis of the instrument acquired or deducted from the proceeds of the instrument sold. The risk associated with purchasing put and call options is limited to the premium paid.

**(c) Written options.** The Fund may write option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the premium received is recorded as a realized gain. When a written call option is exercised, the difference between the premium received plus the option exercise price and the Funds' basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is recognized as a realized gain or loss. When a written put option is exercised, the amount of the premium received is subtracted from the cost of the security purchased by the Funds from the exercise of the written put option to form the Funds' basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a closing transaction. The cost of a closing transaction is deducted from the original premium received resulting in a realized gain or loss to the Funds.

The risk in writing a covered call option is that the Funds may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Funds are exposed to the risk of loss if the market price of the underlying security increases. In addition, there is the risk that the Funds may not be able to enter into a closing transaction because of an illiquid secondary market.

**(d) Options on futures contracts.** The Fund may purchase or write option contracts generally to gain or reduce exposure to types of investments or market factors or as a means of attempting to enhance returns. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in the underlying futures contract at the specified option exercise price at any time prior to the expiration date of the option. Upon exercise of an option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account that represents the amount by which the market price of the futures contract exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. The potential for loss related to the purchase of an option on a futures contract is limited to the premium paid for the option plus transaction costs. Because the value of the option is fixed at the point of purchase, there

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are no daily cash payments by the purchaser to reflect changes in the value of the underlying contract; however, the value of the option changes daily and that change would be reflected in the net asset value of the Funds. The potential for loss related to writing call options is unlimited. The potential for loss related to writing put options is limited only by the aggregate strike price of the put option less the premium received.

**(e) Futures contracts.** The Funds use futures contracts generally to gain exposure to, or hedge against, changes in certain asset classes or in an attempt to increase the Funds returns. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Funds are required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Funds each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statements of Operations and the Funds recognize a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Funds may not be able to enter into a closing transaction because of an illiquid secondary market.

**(f) Forward foreign currency contracts.** The Funds enter into a forward foreign currency contract to hedge exposure of bond positions or in an attempt to increase the Total Return ETF's return. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Funds as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Funds recognize a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statements of Assets and Liabilities. The Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

**(g) Swap agreements.** The Funds invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract ("OTC Swaps") or centrally cleared ("Centrally Cleared Swaps"). Unlike Centrally Cleared Swaps, the Funds have credit exposure to the counterparties of OTC Swaps.

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the "CCP") and the CCP becomes the ultimate counterparty of the swap agreement. The Funds are required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Funds are required to deposit initial margin with the broker in the form of cash or securities.

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statements of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund's custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statements of Assets and Liabilities. Risks may exceed amounts recorded in the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms, and the possible lack of liquidity with respect to the swap agreements.

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Notes to Financial Statements (cont'd)

OTC Swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statements of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statements of Operations. Net periodic payments received or paid by the Funds are recognized as a realized gain or loss in the Statements of Operations.

The Funds' maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of March 31, 2025, the total notional value of all credit default swaps to sell protection was $2,874,500 for the Total Return ETF. These amounts would be offset by the value of the swap's reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Total Return ETF bought protection for the same referenced entity. As of March 31, 2025, the Short Duration Income ETF did not hold any credit default swaps to sell protection.

For average notional amounts of swaps held during the year ended March 31, 2025, see Note 4.

**<u>Credit default swaps</u>**

The Funds enter into credit default swap ("CDS") contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Funds may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Funds have exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default. As a seller of protection, the Funds generally receives an upfront payment or a stream of payments throughout the term of the swap provided that there is no credit event. If the Funds are a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Funds could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Funds effectively adds leverage to its portfolio because, in addition to its total net assets, the Funds are subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Funds generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Credit spreads utilized in determining the period end market value of CDS agreements on corporate or sovereign issues are disclosed in the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.

The Funds' maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Funds to cover the Funds' exposure to the counterparty). As the protection seller, the Funds' maximum risk is the notional amount of the contract. CDS are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.

**<u>Interest rate swaps</u>**

The Funds enter into interest rate swap contracts to manage its exposure to interest rate risk. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Funds may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. Interest rate swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded

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as an unrealized appreciation or depreciation in the Statements of Operations. When a swap contract is terminated early, the Funds record a realized gain or loss equal to the difference between the original cost and the settlement amount of the closing transaction.

The risks of interest rate swaps include changes in market conditions that will affect the value of the contract or changes in the present value of the future cash flow streams and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. This risk is mitigated by the posting of collateral by the counterparty to the Funds to cover the Fund's exposure to the counterparty.

**<u>Total return swaps</u>**

The Fund enters into total return swaps for investment purposes. Total return swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument. For example, the agreement to pay a predetermined or fixed interest rate in exchange for a market-linked return based on a notional amount. To the extent the total return of a referenced index or instrument exceeds the offsetting interest obligation, the Fund will receive a payment from the counterparty. To the extent it is less, the Fund will make a payment to the counterparty.

**(h) Swaptions.** The Funds may purchase or write swaption contracts to manage exposure to fluctuations in interest rates or to enhance yield. The Funds may also purchase and write swaption contracts to manage exposure to an underlying instrument. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract at a future date. Swaption contracts purchased by the Funds represent an option that gives the Funds the right, but not the obligation, to enter into a previously agreed upon swap contract at a future date.

When the Funds write a swaption, an amount equal to the premium received by the Funds is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the swaption written. If the swaption expires, the Funds realize a gain equal to the amount of the premium received.

When the Funds purchase a swaption, an amount equal to the premium paid by the Funds is recorded as an investment on the Statement of Assets and Liabilities, the value of which is marked-to-market daily to reflect the current market value of the swaption purchased. If the swaption expires, the Funds realize a loss equal to the amount of the premium paid.

Swaptions are marked-to-market daily based upon quotations from market makers. Changes in the value of the swaption are reported as unrealized gains or losses in the Statements of Operations.

**(i) Short sale transactions.** Short sales are transactions in which the Fund sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, a Fund must borrow the security to deliver to the buyer. The Fund is then obligated to replace the security borrowed by purchasing it in the open market at the time of replacement. The proceeds received by the Fund for the short sale are retained by the broker as collateral until the Fund replaces the borrowed security. If the market value of the security sold short increases, additional collateral may be required. The amount of collateral required is determined daily by reference to the market value of the short positions. Liabilities for securities sold short are marked-to-market daily and reported at market value in the financial statements.

Short sale transactions may result in a risk of loss that may exceed the amount shown on the Statement of Assets and Liabilities. A gain, limited to the price at which the Fund sold the security short, or a loss, potentially unlimited in size, will be recognized upon termination of a short sale. Dividends on short positions are recorded as a liability on the ex-dividend date and are shown in the Statement of Operations as Dividend Expense because the Fund must pay the dividend to the lender of the security.

Short selling is a technique that may be considered speculative, involves risk beyond the amount of money used to secure each transaction and may represent a form of leverage.

**(j) Loan participations.** The Funds may invest in loans arranged through private negotiation between one or more financial institutions. The Funds investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of offset against the borrower and the Funds may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

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Notes to Financial Statements (cont'd)

The Funds assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Funds and the borrower. In the event of the insolvency of the lender selling the participation, the Funds may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower.

**(k) Stripped securities.** The Funds may invest in ''Stripped Securities,'' a term used collectively for components, or strips, of fixed income securities. Stripped Securities can be principal only securities ("PO"), which are debt obligations that have been stripped of unmatured interest coupons, or interest only securities ("IO"), which are unmatured interest coupons that have been stripped from debt obligations. The market value of Stripped Securities will fluctuate in response to changes in economic conditions, rates of pre-payment, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation may increase with a longer period of maturity.

The yield to maturity on IO's is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Funds may not fully recoup its initial investment in IO's.

**(l) Securities traded on a when-issued and delayed delivery basis.** The Funds may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Funds with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Funds at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**(m) Mortgage dollar rolls.** The Funds may enter into mortgage dollar rolls in which the Funds sell mortgage-backed securities for delivery in the current month, realizing a gain or loss, and simultaneously entering into contracts to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specified future date.

The Funds execute its mortgage dollar rolls entirely in the TBA market, whereby the Funds make a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by a sale of the security with a simultaneous agreement to repurchase at a future date. The Funds account for mortgage dollar rolls as purchases and sales.

The risk of entering into mortgage dollar rolls is that the market value of the securities the Funds are obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Funds' use of the proceeds of the mortgage dollar roll may be restricted pending a determination by the counterparty, or its trustee or receiver, whether to enforce the Funds' obligation to repurchase the securities.

**(n) Inflation-indexed bonds.** Inflation-indexed bonds are fixed income securities whose principal value or interest rate is periodically adjusted according to the rate of inflation for the Funds. As the index measuring inflation changes, the principal value or interest rate of inflation-indexed bonds will be adjusted accordingly. Inflation adjustments to the principal amount of inflation-indexed bonds are reflected as an increase or decrease to investment income on the Statements of Operations. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**(o) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange

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gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

**(p) Credit and market risk.** The Funds invest in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Funds' investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Funds. The Funds' investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

**(q) Foreign investment risks.** The Funds' investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(r) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Funds may invest in certain securities or engage in other transactions where the Funds is exposed to counterparty credit risk in addition to broader market risks. The Funds may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Funds' subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Funds to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Funds have entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master

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Notes to Financial Statements (cont'd)

Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Funds under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedules of Investments.

As of March 31, 2025, Total Return ETF held OTC written options, OTC swap contracts and forward foreign currency contracts with credit related contingent features which had a liability position of $95,831. If a contingent feature would have been triggered, the Total Return ETF would have been required to pay this amount to its derivatives counterparties. As of March 31, 2025, the Total Return ETF had posted with its counterparties cash and/or securities as collateral to cover the net liability of these derivatives amounting to $60,000 which could be used to reduce the required payment. The Short Duration Income ETF did not have any open OTC derivative transactions with credit related contingent features in a liability position.

**(s) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Funds may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(t) Distributions to shareholders.** Distributions from net investment income of the Funds, if any, are declared and paid monthly. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(u) Federal and other taxes.** It is the Funds' policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Funds intend to distribute their taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Funds' financial statements.

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2025, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

**(v) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the Funds had no reclassifications.

**2. Investment management agreement and other transactions with affiliates**

Franklin Templeton Fund Adviser, LLC ("FTFA") is each Fund's investment manager. Western Asset Management Company, LLC ("Western Asset"), is each Fund's subadviser and Western Asset Management Company Pte. Ltd. in Singapore ("Western Asset Singapore"), Western Asset Management Company Ltd in Japan ("Western Asset Japan") and Western Asset Management Company Limited ("Western Asset London") are each Fund's subadvisers. FTFA, Western Asset, Western Asset Singapore, Western Asset Japan and Western Asset London are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

FTFA provides administrative and certain oversight services to the Funds. FTFA delegates to the subadviser the day-to-day portfolio management of the Funds. Each Fund is responsible for paying interest expenses, taxes, brokerage expenses, future

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12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee payable to FTFA under the investment management agreement.

Under the investment management agreement and subject to the general supervision of the Funds' Board, FTFA as to each Fund provides or causes to be furnished all investment management, supervisory, administrative and other services reasonably necessary for the operation of the Fund, including certain distribution services (provided pursuant to a separate distribution agreement) and investment advisory services (provided pursuant to separate subadvisory agreements) under a unitary fee structure.

Each Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| Western Asset Short Duration Income ETF | &nbsp;&nbsp; 0.29% |
| Western Asset Total Return ETF | &nbsp;&nbsp; 0.49% |

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FTFA has agreed to waive fees and/or reimburse investment manager fees, so that the ratio of total annual operating expenses will not exceed 0.45% of Total Return ETF's average daily net assets (subject to the same exclusions as the investment management agreement). This arrangement cannot be terminated prior to July 31, 2025 without the Board's consent.

During the March 31, 2025, fees waived and/or expenses reimbursed amounted to $11,441 for Total Return ETF.

As compensation for its subadvisory services, FTFA as to each Fund pays Western Asset monthly 70% of the management fee paid by a Fund to FTFA, net of (i) all fees and expenses incurred as to the Fund by FTFA under the investment management agreement (including without limitation any subadvisory fee paid to another subadviser to the Fund) and (ii) expense waivers, if any, and reimbursements. Western Asset pays Western Asset Singapore, Western Asset Japan and Western Asset London a monthly subadvisory fee in an amount equal to 100% of the management fee paid to Western Asset on the assets that Western Asset allocates to each such non-U.S. subadviser to manage.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Funds on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Funds' Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, each Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Funds, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the year ended March 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) and U.S. Government & Agency Obligations were as follows:

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| | | |
|:---|:---|:---|
|  | Western Asset Short Duration Income ETF | Western Asset Short Duration Income ETF |
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $6658119 | &nbsp;&nbsp; — |
| Sales | &nbsp;&nbsp; 6341669 | &nbsp;&nbsp; $126735 |

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| | | |
|:---|:---|:---|
|  | Western Asset Total Return ETF | Western Asset Total Return ETF |
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $3239615 | &nbsp;&nbsp; $26858552 |
| Sales | &nbsp;&nbsp; 15810530 | &nbsp;&nbsp; 38306014 |

---

During the year ended March 31, 2025, there were no in-kind transactions (Note 5).

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Western Asset ETFs 2025 Annual Report

------

Notes to Financial Statements (cont'd)

At March 31, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Short Duration Income ETF | Short Duration Income ETF | Short Duration Income ETF | Short Duration Income ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $11888086 | &nbsp;&nbsp; $101253 | &nbsp;&nbsp; $(57440)<br>| &nbsp;&nbsp; $43813 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 34546 | &nbsp;&nbsp; (3787)<br>| &nbsp;&nbsp; 30759 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total Return ETF | Total Return ETF | Total Return ETF | Total Return ETF |
|  | Cost/Premiums <br>Paid (Received)<br>| Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $15573325 | &nbsp;&nbsp; $255645 | &nbsp;&nbsp; $(928770)<br>| &nbsp;&nbsp; $(673125)<br>|
| Written options | &nbsp;&nbsp; (26776)<br>| &nbsp;&nbsp; 19520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19520 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 52181 | &nbsp;&nbsp; (6390)<br>| &nbsp;&nbsp; 45791 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 16835 | &nbsp;&nbsp; (35229)<br>| &nbsp;&nbsp; (18394)<br>|
| Swap contracts | &nbsp;&nbsp; 54016 | &nbsp;&nbsp; 12266 | &nbsp;&nbsp; (134252)<br>| &nbsp;&nbsp; (121986)<br>|

---

**4. Derivative instruments and hedging activities**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2025.

Western Asset Short Duration Income ETF

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $34546 |

---

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $3787 |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statements of Operations for the year ended March 31, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(38697)<br>|

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>|
| Futures contracts | &nbsp;&nbsp; $39173 |

---

During the year ended March 31, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $5424919 |
| Futures contracts (to sell) | &nbsp;&nbsp; 436965 |

---

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Western Asset ETFs 2025 Annual Report

------

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2025.

Western Asset Total Return ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Total |
| Purchased options<sup>2</sup> <br>| &nbsp;&nbsp; $1856 | &nbsp;&nbsp; — | &nbsp;&nbsp; $480 | &nbsp;&nbsp; $2336 |
| Futures contracts<sup>3</sup> <br>| &nbsp;&nbsp; 52181 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52181 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $16835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16835 |
| Centrally cleared swap contracts<sup>4</sup> <br>| &nbsp;&nbsp; 12266 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12266 |
| **Total** | &nbsp;&nbsp; **$66303** | &nbsp;&nbsp; **$16835** | &nbsp;&nbsp; **$480** | &nbsp;&nbsp; **$83618** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Market <br>Risk<br>| Total |
| Written options | &nbsp;&nbsp; $6656 | &nbsp;&nbsp; — | &nbsp;&nbsp; $600 | &nbsp;&nbsp; — | &nbsp;&nbsp; $7256 |
| Futures contracts<sup>3</sup> <br>| &nbsp;&nbsp; 6390 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6390 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $35229 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35229 |
| OTC swap contracts<sup>5</sup> <br>| &nbsp;&nbsp; 59256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $746 | &nbsp;&nbsp; 60002 |
| Centrally cleared swap contracts<sup>4</sup> <br>| &nbsp;&nbsp; 69225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74250 |
| **Total** | &nbsp;&nbsp; **$141527** | &nbsp;&nbsp; **$35229** | &nbsp;&nbsp; **$5625** | &nbsp;&nbsp; **$746** | &nbsp;&nbsp; **$183127** |

---

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Market value of purchased options is reported in Investments at value in the Statement of Assets and Liabilities. 

<sup>3</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

<sup>4</sup> Includes cumulative unrealized appreciation (depreciation) of centrally cleared swap contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

<sup>5</sup> Values include premiums paid (received) on swap contracts which are shown separately in the Statement of Assets and Liabilities.

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statements of Operations for the year ended March 31, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Market <br>Risk<br>| Total |
| Purchased options<sup>1</sup> <br>| &nbsp;&nbsp; $(178552)<br>| &nbsp;&nbsp; $(25518)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $(204070)<br>|
| Futures contracts | &nbsp;&nbsp; (43314)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (43314)<br>|
| Written options | &nbsp;&nbsp; 360208 | &nbsp;&nbsp; 8438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 368646 |
| Swap contracts | &nbsp;&nbsp; 380277 | &nbsp;&nbsp; — | &nbsp;&nbsp; $62614 | &nbsp;&nbsp; $9981 | &nbsp;&nbsp; 452872 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (9788)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9788)<br>|
| **Total** | &nbsp;&nbsp; **$518619** | &nbsp;&nbsp; **$(26868)**<br>| &nbsp;&nbsp; **$62614** | &nbsp;&nbsp; **$9981** | &nbsp;&nbsp; **$564346** |

---

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

<sup>1</sup> Net realized gain (loss) from purchased options is reported in Net Realized Gain (Loss) From Investment transactions in the Statement of Operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Market <br>Risk<br>| Total |
| Purchased options<sup>1</sup> <br>| &nbsp;&nbsp; $37646 | &nbsp;&nbsp; $8302 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $45948 |
| Futures contracts | &nbsp;&nbsp; (44142)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (44142)<br>|
| Written options | &nbsp;&nbsp; (63254)<br>| &nbsp;&nbsp; 1220 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (62034)<br>|
| Swap contracts | &nbsp;&nbsp; (285059)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(46682)<br>| &nbsp;&nbsp; $(746)<br>| &nbsp;&nbsp; (332487)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 23366 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23366 |
| **Total** | &nbsp;&nbsp; **$(354809)**<br>| &nbsp;&nbsp; **$32888** | &nbsp;&nbsp; **$(46682)**<br>| &nbsp;&nbsp; **$(746)**<br>| &nbsp;&nbsp; **$(369349)**<br>|

---

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

<sup>1</sup> The change in net unrealized appreciation (depreciation) from purchased options is reported in the Change in Net Unrealized Appreciation (Depreciation) From Investments in the Statement of Operations.

------

Western Asset ETFs 2025 Annual Report

------

Notes to Financial Statements (cont'd)

During the year ended March 31, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<br>|
| Purchased options | &nbsp;&nbsp; $57305 |
| Written options | &nbsp;&nbsp; 81047 |
| Futures contracts (to buy) | &nbsp;&nbsp; 23919799 |
| Futures contracts (to sell)† | &nbsp;&nbsp; 9024865 |
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; 2358665 |
| Forward foreign currency contracts (to sell) | &nbsp;&nbsp; 3168759 |
|  | Average Notional <br>Balance<br>|
| Interest rate swap contracts | &nbsp;&nbsp; $54420637 |
| Credit default swap contracts (buy protection)† | &nbsp;&nbsp; 428429 |
| Credit default swap contracts (sell protection) | &nbsp;&nbsp; 3355053 |
| Total return swap contracts | &nbsp;&nbsp; 115462 |

---

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

† At March 31,
 2025, there were no open positions held in this derivative.

The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of March 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<sup>2</sup> <br>| Net <br>Amount<sup>3,4</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $118 | &nbsp;&nbsp; $(31450)<br>| &nbsp;&nbsp; $(31332)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(31332)<br>|
| BNP Paribas SA | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15 |
| Citibank N.A. | &nbsp;&nbsp; 5366 | &nbsp;&nbsp; (4905)<br>| &nbsp;&nbsp; 461 | &nbsp;&nbsp; — | &nbsp;&nbsp; 461 |
| Goldman Sachs Group Inc. | &nbsp;&nbsp; 2007 | &nbsp;&nbsp; (10530)<br>| &nbsp;&nbsp; (8523)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8523)<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 158 | &nbsp;&nbsp; (33003)<br>| &nbsp;&nbsp; (32845)<br>| &nbsp;&nbsp; $33003 | &nbsp;&nbsp; 158 |
| Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 9651 | &nbsp;&nbsp; (15943)<br>| &nbsp;&nbsp; (6292)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6292)<br>|
| **Total** | &nbsp;&nbsp; **$17315** | &nbsp;&nbsp; **$(95831)**<br>| &nbsp;&nbsp; **$(78516)**<br>| &nbsp;&nbsp; **$33003** | &nbsp;&nbsp; **$(45513)**<br>|

---

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

<sup>1</sup> Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. 

<sup>2</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

<sup>3</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>4</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

**5. Fund share transactions**

At March 31, 2025, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. Each Funds' shares are issued and redeemed by the Funds only in Creation Units or Creation Unit aggregations, where 50,000 shares of each Fund constitute a Creation Unit. Such transactions are generally on a cash basis. However, Creation Units may also be issued and redeemed partially in-kind for a basket of securities and partially in cash. Transactions in capital shares of the Funds are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Funds' Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

------

Western Asset ETFs 2025 Annual Report

------

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

**6. Restricted securities**

The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board.

Western Asset Total Return ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 3/31/2025<br>| Value Per <br>Share/Warrant<br>| Percent of <br>Net Assets<br>|
| Spirit Aviation <br> Holdings Inc., <br>Common Shares<br>| &nbsp;&nbsp; 12 | 3/25 | $146 | $168<br>| &nbsp;&nbsp; $14.00 | 0.00 <br> %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br>Warrants<br>| &nbsp;&nbsp; 1440 | 3/25 | 17530 | 20160<br> <sup>(b)</sup><br>| 14.00 | 0.13 <br> %<br>|
|  |  |  | **$17676** | **$20328** |  | **0.13%**<br>|

---

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

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

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

**7. Redemption facility**

The Funds, together with other U.S. registered and foreign investment funds (collectively, Borrowers), managed by Franklin Templeton, are borrowers in a joint syndicated senior unsecured credit facility totalling $2.995 billion (Global Credit Facility) which matures on January 30, 2026. This Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Under the terms of the Global Credit Facility, the Funds could, in addition to interest charged on any borrowings made by the Funds and other costs incurred by the Funds, pay its/their share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon their relative share of the aggregate net assets of all of the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. During the year ended March 31, 2025, the Funds did not use the Global Credit Facility.

**8. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal year ended March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | Short Duration Income ETF | Total Return ETF |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $569000 | &nbsp;&nbsp; $1380314 |
| **Total distributions paid** | &nbsp;&nbsp; **$569000** | &nbsp;&nbsp; **$1380314** |

---

The tax character of distributions paid during the fiscal year ended March 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | Short Duration Income ETF | Total Return ETF |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $698579 | &nbsp;&nbsp; $1620707 |
| **Total distributions paid** | &nbsp;&nbsp; **$698579** | &nbsp;&nbsp; **$1620707** |

---

As of March 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Short Duration Income ETF | Total Return ETF |
| Undistributed ordinary income — net | &nbsp;&nbsp; $66932 | &nbsp;&nbsp; — |
| Deferred capital losses<sup>\*</sup> <br>| &nbsp;&nbsp; (3653020)<br>| &nbsp;&nbsp; $(29298322)<br>|
| Other book/tax temporary differences | &nbsp;&nbsp; (30762 )<sup>(a)</sup><br>| &nbsp;&nbsp; (229262 )<sup>(b)</sup><br>|
| Unrealized appreciation (depreciation)<sup>(c)</sup> <br>| &nbsp;&nbsp; 74572 | &nbsp;&nbsp; (755103)<br>|
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$(3542278)**<br>| &nbsp;&nbsp; **$(30282687)**<br>|

---

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

\* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. 

<sup>(a)</sup> Other book/tax temporary differences are attributable to the realization for tax purposes of unrealized gains (losses) on futures contracts.

<sup>(b)</sup> Other book/tax temporary differences are attributable to the realization for tax purposes of unrealized gains (losses) on certain futures, options and foreign currency contracts and the deferral of certain late year losses for tax purposes. 

<sup>(c)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales.

------

Western Asset ETFs 2025 Annual Report

------

Notes to Financial Statements (cont'd)

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

**9. Operating segments**

The Funds have adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Funds' financial position or results of operations.

The Funds operate as a single operating segment, which is an investment portfolio. The Funds' Investment Manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. The Funds' Schedule of Investments provides details of the Funds' investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

**10. Reorganization**

On September 5, 2024, the Board of Western Asset Total Return ETF (WBND) approved the reorganization of WBND into the Western Asset Bond ETF (WABF). The proposed reorganization was discontinued due to WBND's failure to receive the requisite shareholder approval of the reorganization on January 22, 2025.

**11. Subsequent events**

The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure other than those already disclosed in the financial statements, except for the following:

On May 21, 2025, the Board, on behalf of Western Asset Short Duration Income ETF and Western Asset Total Return ETF, approved a proposal to liquidate the Funds. The Funds are expected to be liquidated by August 29, 2025.

------

Western Asset ETFs 2025 Annual Report

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Legg Mason ETF Investment Trust and Shareholders of Western Asset Short Duration Income ETF and Western Asset Total Return ETF**

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Western Asset Short Duration Income ETF and Western Asset Total Return ETF (two of the funds constituting Legg Mason ETF Investment Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

San Francisco, California

May 21, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

------

Western Asset ETFs 2025 Annual Report

------

Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Funds is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Funds hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2025:

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Pursuant to:** | &nbsp;&nbsp; **Western Asset** <br>**Short Duration Income ETF**<br>| &nbsp;&nbsp; **Western Asset** <br>**Total Return ETF**<br>|
| Qualified Net Interest Income (QII) | §871(k)(1)(C) | $386028 | $923614 |
| Section 163(j) Interest Earned | §163(j) | $595579 | $1417933 |
| Interest Earned from Federal Obligations | Note (1) | $5017 | $146454 |

---

Note (1) - The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. Shareholders are advised to consult with their tax advisors to determine if any portion of the dividends received is exempt from state income taxes.

------

Western Asset ETFs

------

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

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> fund. |

---

------

Western Asset ETFs

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Western Asset ETFs

**Trustees**

Alison J. Baumann\*

Rohit Bhagat\*\*

Chair

Deborah D. McWhinney

Patrick O'Connor\*

Anantha K. Pradeep

**Investment manager**

Franklin Templeton Fund Adviser, LLC

**Subadvisers**

Western Asset Management Company, LLC

Western Asset Management Company Limited

Western Asset Management Company Ltd.

Western Asset Management Company Pte. Ltd.

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

\*

Effective October 8, 2024, Ms. Baumann and Mr. O'Connor became Trustees of the Fund.

\*\*

Effective October 8, 2024, Mr. Bhagat became Chair of the Board.

**Western Asset ETFs**

Western Asset Short Duration Income ETF

Western Asset Total Return ETF

The Funds are separate investment series of Legg Mason ETF Investment Trust, a Maryland statutory trust.

Western Asset ETFs

Legg Mason Funds

620 Eighth Avenue, 47th Floor

New York, NY 10018

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Funds at 1-877-721-1926.

Information on how the Funds voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Funds at 1-877-721-1926, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Western Asset Short Duration Income ETF and Western Asset Total Return ETF. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current prospectus.

**Investors should consider each Fund's investment objectives, risks, charges and expenses carefully before investing. Each prospectus contains this and other important information about the Funds. Please read the prospectuses carefully before investing.**

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img7eb26b413.jpg)

**WAETF-AFSOI 5/25**© 2025 Franklin Templeton. All rights reserved.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

A Special Meeting of Shareholders of the Western Asset Total Return ETF (the "Total Return ETF"), a series of the Legg Mason ETF Investment Trust, was held on Friday, December 13, 2024, and was reconvened on January 22, 2025, to consider for approval an agreement and plan of reorganization between the Total Return ETF and the Western Asset Bond ETF, a series of Franklin Templeton ETF Trust (the "Proposal"). The Proposal was discontinued due to the Total Return ETF's failure to garner the requisite votes necessary to approve the Proposal. The voting results were as follows:

---

| | | |
|:---|:---|:---|
| Total Voting Power of Outstanding Total Return ETF Shares as of Record Date: | $39,571.903.80 |  |
| Total Voting Power of Shares Voted: | $17890866.17 | 45.21% |
|  | (as a% of Total Voting Power of Outstanding Shares) | (as a% of Total Voting Power of Outstanding Shares) |
|  | Voting Power of Shares Voted ($) | Voting Power (as a% of Total Voting Power of Shares Voted) |
| Total Voting Power of Shares Voting FOR: | $15245810.28 | 85.20% |
| Total Voting Power of Shares Voting AGAINST: | $256833.90 | 1.40% |
| Total Voting Power of Shares Voting ABSTAIN: | $2388221.99 | 13.30% |

---

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

(b) Not
 applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](lmeit-efp15745_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](lmeit-efp15745_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](lmeit-efp15745_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Legg Mason ETF Investment Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | May 29, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | May 29, 2025 |
| By: | /s/ Vivek Pai |
|  | Vivek Pai |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | May 29, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self-regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason ETF Investment Trust;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | May 29, 2025 | /s/ Christopher Kings |
|  |  | Christopher Kings |
|  |  | Chief Executive Officer – Finance and Administration |

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**<u>CERTIFICATIONS</u>**

I, Vivek Pai, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason ETF Investment Trust;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | May 29, 2025 | /s/ Vivek Pai |
|  |  | Vivek Pai |
|  |  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer - Finance and Administration, and **Vivek Pai,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Legg Mason ETF Investment Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer – Finance and Administration** | **Chief Financial Officer, Chief Accounting Officer and Treasurer** |
| Legg Mason ETF Investment Trust | Legg Mason ETF Investment Trust |
| /s/ Christopher Kings | /s/ Vivek Pai |
| Christopher Kings | Vivek Pai |
| Date: May 29, 2025 | Date: May 29, 2025 |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.