# EDGAR Filing Document

**Accession Number:** 0001655589
**File Stem:** 0000940400-26-008681
**Filing Date:** 2026-2
**Character Count:** 601243
**Document Hash:** bb0c15588afbabc6accaf787b5a00b32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008681.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008681

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23124
- **FILM NUMBER:** 26687487

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Schedules of Investments (unaudited)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 97.1%** | **Common Stocks — 97.1%** | **Common Stocks — 97.1%** |
| **Communication Services — 7.3%** | **Communication Services — 7.3%** | **Communication Services — 7.3%** |
| *Diversified Telecommunication Services — 2.1%* | *Diversified Telecommunication Services — 2.1%* | *Diversified Telecommunication Services — 2.1%* |
| &nbsp;&nbsp;&nbsp; China Tower Corp. Ltd., Class H Shares | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; $53467<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Emirates Integrated Telecommunications Co. PJSC | &nbsp;&nbsp; 8622 | &nbsp;&nbsp;&nbsp; 23005<br>|
| &nbsp;&nbsp;&nbsp; Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 30510 | &nbsp;&nbsp;&nbsp; 152346<br>|
| &nbsp;&nbsp;&nbsp; Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 1611 | &nbsp;&nbsp;&nbsp; 31900<br>|
| &nbsp;&nbsp;&nbsp; LG Uplus Corp. | &nbsp;&nbsp; 1989 | &nbsp;&nbsp;&nbsp; 20324<br>|
| &nbsp;&nbsp;&nbsp; Ooredoo QPSC | &nbsp;&nbsp; 10098 | &nbsp;&nbsp;&nbsp; 36138<br>|
| &nbsp;&nbsp;&nbsp; Saudi Telecom Co. | &nbsp;&nbsp; 16947 | &nbsp;&nbsp;&nbsp; 194194<br>|
| &nbsp;&nbsp;&nbsp; Tata Communications Ltd. | &nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp; 21933<br>|
| &nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 406800 | &nbsp;&nbsp;&nbsp; 84897<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *618204* |
| *Entertainment — 0.6%* | *Entertainment — 0.6%* | *Entertainment — 0.6%* |
| &nbsp;&nbsp;&nbsp; 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 3043<br>|
| &nbsp;&nbsp;&nbsp; International Games System Co. Ltd. | &nbsp;&nbsp; 2270 | &nbsp;&nbsp;&nbsp; 52089<br>|
| &nbsp;&nbsp;&nbsp; NetEase Inc. | &nbsp;&nbsp; 4914 | &nbsp;&nbsp;&nbsp; 135485<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *190617* |
| *Interactive Media & Services — 2.9%* | *Interactive Media & Services — 2.9%* | *Interactive Media & Services — 2.9%* |
| &nbsp;&nbsp;&nbsp; Info Edge India Ltd. | &nbsp;&nbsp; 3474 | &nbsp;&nbsp;&nbsp; 51546<br>|
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | &nbsp;&nbsp; 10856 | &nbsp;&nbsp;&nbsp; 835453<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *886999* |
| *Media — 0.0%††* | *Media — 0.0%††* | *Media — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2589<br>|
| &nbsp;&nbsp;&nbsp; Oriental Pearl Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp; 3528<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *6117* |
| *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* |
| &nbsp;&nbsp;&nbsp; Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 10800 | &nbsp;&nbsp;&nbsp; 107297<br>|
| &nbsp;&nbsp;&nbsp; Axiata Group Bhd | &nbsp;&nbsp; 21600 | &nbsp;&nbsp;&nbsp; 13414<br>|
| &nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. | &nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 3373<br>|
| &nbsp;&nbsp;&nbsp; CelcomDigi Bhd | &nbsp;&nbsp; 35100 | &nbsp;&nbsp;&nbsp; 27592<br>|
| &nbsp;&nbsp;&nbsp; Etihad Etisalat Co. | &nbsp;&nbsp; 3132 | &nbsp;&nbsp;&nbsp; 55111<br>|
| &nbsp;&nbsp;&nbsp; Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 16500 | &nbsp;&nbsp;&nbsp; 46369<br>|
| &nbsp;&nbsp;&nbsp; Globe Telecom Inc. | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 9693<br>|
| &nbsp;&nbsp;&nbsp; Maxis Bhd | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 25217<br>|
| &nbsp;&nbsp;&nbsp; Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 21645 | &nbsp;&nbsp;&nbsp; 36533<br>|
| &nbsp;&nbsp;&nbsp; PLDT Inc. | &nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp; 17348<br>|
| &nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd. | &nbsp;&nbsp; 918 | &nbsp;&nbsp;&nbsp; 34093<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 12600 | &nbsp;&nbsp;&nbsp; 43510<br>|
| &nbsp;&nbsp;&nbsp; TIM SA | &nbsp;&nbsp; 8100 | &nbsp;&nbsp;&nbsp; 31544<br>|
| &nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 9693 | &nbsp;&nbsp;&nbsp; 21004<br>|
| &nbsp;&nbsp;&nbsp; Vodacom Group Ltd. | &nbsp;&nbsp; 4923 | &nbsp;&nbsp;&nbsp; 41984<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *514082* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2216019** |
| **Consumer Discretionary — 8.4%** | **Consumer Discretionary — 8.4%** | **Consumer Discretionary — 8.4%** |
| *Automobile Components — 0.4%* | *Automobile Components — 0.4%* | *Automobile Components — 0.4%* |
| &nbsp;&nbsp;&nbsp; Bosch Ltd. | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 28871<br>|
| &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 13919<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* |
| &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 5200 | &nbsp;&nbsp;&nbsp; $44895<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 666 | &nbsp;&nbsp;&nbsp; 26953<br>|
| &nbsp;&nbsp;&nbsp; Huayu Automotive Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp; 6304<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Joyson Electronic Corp., Class A Shares | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 4942<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Kedali Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 4523<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *130407* |
| *Automobiles — 1.9%* | *Automobiles — 1.9%* | *Automobiles — 1.9%* |
| &nbsp;&nbsp;&nbsp; AIMA Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 2128<br>|
| &nbsp;&nbsp;&nbsp; Bajaj Auto Ltd. | &nbsp;&nbsp; 603 | &nbsp;&nbsp;&nbsp; 62682<br>|
| &nbsp;&nbsp;&nbsp; Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 6480 | &nbsp;&nbsp;&nbsp; 13974<br>|
| &nbsp;&nbsp;&nbsp; Hero MotoCorp Ltd. | &nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp; 75702<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Motor Co. | &nbsp;&nbsp; 891 | &nbsp;&nbsp;&nbsp; 183389<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Motor India Ltd. | &nbsp;&nbsp; 1296 | &nbsp;&nbsp;&nbsp; 33136<br>|
| &nbsp;&nbsp;&nbsp; Kia Corp. | &nbsp;&nbsp; 1962 | &nbsp;&nbsp;&nbsp; 165889<br>|
| &nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp; 31199<br>|
| &nbsp;&nbsp;&nbsp; Tata Motors Passenger Vehicles Ltd. | &nbsp;&nbsp; 1584 | &nbsp;&nbsp;&nbsp; 6474<br>|
| &nbsp;&nbsp;&nbsp; Tofas Turk Otomobil Fabrikasi AS | &nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; 5898<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *580471* |
| *Broadline Retail — 3.0%* | *Broadline Retail — 3.0%* | *Broadline Retail — 3.0%* |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | &nbsp;&nbsp; 40473 | &nbsp;&nbsp;&nbsp; 742538<br>|
| &nbsp;&nbsp;&nbsp; JD.com Inc., Class A Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 129042<br>|
| &nbsp;&nbsp;&nbsp; MINISO Group Holding Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 16836<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *888416* |
| *Distributors — 0.0%††* | *Distributors — 0.0%††* | *Distributors — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Wuchan Zhongda Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; *2155*<br>|
| *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* |
| &nbsp;&nbsp;&nbsp; Eternal Ltd. | &nbsp;&nbsp; 8775 | &nbsp;&nbsp;&nbsp; 27,146<br> \*<br>|
| &nbsp;&nbsp;&nbsp; H World Group Ltd. | &nbsp;&nbsp; 13500 | &nbsp;&nbsp;&nbsp; 64001<br>|
| &nbsp;&nbsp;&nbsp; Haidilao International Holding Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp; 25631<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OPAP SA | &nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp; 32706<br>|
| &nbsp;&nbsp;&nbsp; Swiggy Ltd. | &nbsp;&nbsp; 2799 | &nbsp;&nbsp;&nbsp; 12,028<br> \*<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *161512* |
| *Household Durables — 0.8%* | *Household Durables — 0.8%* | *Household Durables — 0.8%* |
| &nbsp;&nbsp;&nbsp; Coway Co. Ltd. | &nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp; 28232<br>|
| &nbsp;&nbsp;&nbsp; Gree Electric Appliances Inc. of Zhuhai, Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 20744<br>|
| &nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd., Class A Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 16820<br>|
| &nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd., Class H Shares | &nbsp;&nbsp; 19800 | &nbsp;&nbsp;&nbsp; 61764<br>|
| &nbsp;&nbsp;&nbsp; Hisense Home Appliances Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 2843<br>|
| &nbsp;&nbsp;&nbsp; Hisense Home Appliances Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 5956<br>|
| &nbsp;&nbsp;&nbsp; Hisense Visual Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 3131<br>|
| &nbsp;&nbsp;&nbsp; Jason Furniture Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 3083<br>|
| &nbsp;&nbsp;&nbsp; Midea Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 50384<br>|
| &nbsp;&nbsp;&nbsp; Midea Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 39291<br>|
| &nbsp;&nbsp;&nbsp; Oppein Home Group Inc., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 3731<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Supor Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 1895<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *237874* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 24732 | &nbsp;&nbsp;&nbsp; $26261<br>|
| &nbsp;&nbsp;&nbsp; Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 16200 | &nbsp;&nbsp;&nbsp; 25788<br>|
| &nbsp;&nbsp;&nbsp; Jarir Marketing Co. | &nbsp;&nbsp; 5427 | &nbsp;&nbsp;&nbsp; 18491<br>|
| &nbsp;&nbsp;&nbsp; MR DIY Group M Bhd | &nbsp;&nbsp; 32400 | &nbsp;&nbsp;&nbsp; 12216<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mr Price Group Ltd. | &nbsp;&nbsp; 2286 | &nbsp;&nbsp;&nbsp; 24140<br>|
| &nbsp;&nbsp;&nbsp; Petronas Dagangan Bhd | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 17707<br>|
| &nbsp;&nbsp;&nbsp; Pop Mart International Group Ltd. | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 19292<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 1985<br>|
| &nbsp;&nbsp;&nbsp; Vibra Energia SA | &nbsp;&nbsp; 9901 | &nbsp;&nbsp;&nbsp; 45767<br>|
| &nbsp;&nbsp;&nbsp; Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp; 8211<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *199858* |
| *Textiles, Apparel & Luxury Goods — 1.1%* | *Textiles, Apparel & Luxury Goods — 1.1%* | *Textiles, Apparel & Luxury Goods — 1.1%* |
| &nbsp;&nbsp;&nbsp; ANTA Sports Products Ltd. | &nbsp;&nbsp; 12560 | &nbsp;&nbsp;&nbsp; 129981<br>|
| &nbsp;&nbsp;&nbsp; Bosideng International Holdings Ltd. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 20628<br>|
| &nbsp;&nbsp;&nbsp; Laopu Gold Co. Ltd., Class H Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 31759<br>|
| &nbsp;&nbsp;&nbsp; Li Ning Co. Ltd. | &nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp; 53970<br>|
| &nbsp;&nbsp;&nbsp; Page Industries Ltd. | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 21656<br>|
| &nbsp;&nbsp;&nbsp; Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp;&nbsp; 63689<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *321683* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2522376** |
| **Consumer Staples — 4.5%** | **Consumer Staples — 4.5%** | **Consumer Staples — 4.5%** |
| *Beverages — 1.8%* | *Beverages — 1.8%* | *Beverages — 1.8%* |
| &nbsp;&nbsp;&nbsp; Ambev SA | &nbsp;&nbsp; 40500 | &nbsp;&nbsp;&nbsp; 102437<br>|
| &nbsp;&nbsp;&nbsp; Anhui Gujing Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 5699<br>|
| &nbsp;&nbsp;&nbsp; Anhui Gujing Distillery Co. Ltd., Class B Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 10100<br>|
| &nbsp;&nbsp;&nbsp; Anhui Yingjia Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 3967<br>|
| &nbsp;&nbsp;&nbsp; Arca Continental SAB de CV | &nbsp;&nbsp; 4212 | &nbsp;&nbsp;&nbsp; 45654<br>|
| &nbsp;&nbsp;&nbsp; China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 13284 | &nbsp;&nbsp;&nbsp; 44749<br>|
| &nbsp;&nbsp;&nbsp; China Resources Beverage Holdings Co. Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 4653<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 2994<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu King's Luck Brewery JSC Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 4485<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Yanghe Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 9572<br>|
| &nbsp;&nbsp;&nbsp; Kweichow Moutai Co. Ltd., Class A Shares | &nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp; 167710<br>|
| &nbsp;&nbsp;&nbsp; Luzhou Laojiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 18316<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 22139<br>|
| &nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 5261<br>|
| &nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd., Class H Shares | &nbsp;&nbsp; 5914 | &nbsp;&nbsp;&nbsp; 37018<br>|
| &nbsp;&nbsp;&nbsp; Wuliangye Yibin Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 40980<br>|
| &nbsp;&nbsp;&nbsp; ZJLD Group Inc. | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2007<br> <sup>(a)</sup><br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *527741* |
| *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; CP Axtra PCL, NVDR | &nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp; 5830<br>|
| &nbsp;&nbsp;&nbsp; DaShenLin Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 2272<br>|
| &nbsp;&nbsp;&nbsp; Nahdi Medical Co. | &nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp; 10258<br>|
| &nbsp;&nbsp;&nbsp; Yifeng Pharmacy Chain Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 2801<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *21161* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Food Products — 1.2%* | *Food Products — 1.2%* | *Food Products — 1.2%* |
| &nbsp;&nbsp;&nbsp; Anjoy Foods Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; $2272<br>|
| &nbsp;&nbsp;&nbsp; Britannia Industries Ltd. | &nbsp;&nbsp; 1188 | &nbsp;&nbsp;&nbsp; 79716<br>|
| &nbsp;&nbsp;&nbsp; Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 26100 | &nbsp;&nbsp;&nbsp; 18060<br>|
| &nbsp;&nbsp;&nbsp; China Feihe Ltd. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 18778<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 51721<br>|
| &nbsp;&nbsp;&nbsp; COFCO Sugar Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 4438<br>|
| &nbsp;&nbsp;&nbsp; Foshan Haitian Flavouring & Food Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 4773<br>|
| &nbsp;&nbsp;&nbsp; Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 3707<br>|
| &nbsp;&nbsp;&nbsp; Heilongjiang Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2570<br>|
| &nbsp;&nbsp;&nbsp; Henan Shuanghui Investment & Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp; 9860<br>|
| &nbsp;&nbsp;&nbsp; Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 39600 | &nbsp;&nbsp;&nbsp; 16089<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Yili Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 18439<br>|
| &nbsp;&nbsp;&nbsp; Muyuan Foods Co. Ltd., Class A Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 28986<br>|
| &nbsp;&nbsp;&nbsp; PPB Group Bhd | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 19623<br>|
| &nbsp;&nbsp;&nbsp; Uni-President China Holdings Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 9401<br>|
| &nbsp;&nbsp;&nbsp; Uni-President Enterprises Corp. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 66253<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *354686* |
| *Household Products — 0.1%* | *Household Products — 0.1%* | *Household Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, Class A Shares | &nbsp;&nbsp; 13320 | &nbsp;&nbsp;&nbsp; 28448<br>|
| &nbsp;&nbsp;&nbsp; Unilever Indonesia Tbk PT | &nbsp;&nbsp; 50400 | &nbsp;&nbsp;&nbsp; 7859<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *36307* |
| *Personal Care Products — 0.9%* | *Personal Care Products — 0.9%* | *Personal Care Products — 0.9%* |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 1197 | &nbsp;&nbsp;&nbsp; 27644<br>|
| &nbsp;&nbsp;&nbsp; Dabur India Ltd. | &nbsp;&nbsp; 6039 | &nbsp;&nbsp;&nbsp; 33837<br>|
| &nbsp;&nbsp;&nbsp; Giant Biogene Holding Co. Ltd | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 15393<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Godrej Consumer Products Ltd. | &nbsp;&nbsp; 3735 | &nbsp;&nbsp;&nbsp; 50789<br>|
| &nbsp;&nbsp;&nbsp; Hengan International Group Co. Ltd. | &nbsp;&nbsp; 4650 | &nbsp;&nbsp;&nbsp; 16668<br>|
| &nbsp;&nbsp;&nbsp; Hindustan Unilever Ltd. | &nbsp;&nbsp; 4311 | &nbsp;&nbsp;&nbsp; 111081<br>|
| &nbsp;&nbsp;&nbsp; Kwality Wall's India Ltd. | &nbsp;&nbsp; 2295 | &nbsp;&nbsp;&nbsp; 975<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Procter & Gamble Hygiene & Health Care Ltd. | &nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 12988<br>|
| &nbsp;&nbsp;&nbsp; Proya Cosmetics Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 2943<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *272318* |
| *Tobacco — 0.4%* | *Tobacco — 0.4%* | *Tobacco — 0.4%* |
| &nbsp;&nbsp;&nbsp; ITC Ltd. | &nbsp;&nbsp; 26829 | &nbsp;&nbsp;&nbsp; 120296<br>|
| &nbsp;&nbsp;&nbsp; Smoore International Holdings Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 13771<br> <sup>(a)</sup><br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *134067* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1346280** |
| **Energy — 5.6%** | **Energy — 5.6%** | **Energy — 5.6%** |
| *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 22383 | &nbsp;&nbsp;&nbsp; 32542<br>|
| &nbsp;&nbsp;&nbsp; CNOOC Energy Technology & Services Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 1981<br>|
| &nbsp;&nbsp;&nbsp; Offshore Oil Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 2124<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *36647* |
| *Oil, Gas & Consumable Fuels — 5.5%* | *Oil, Gas & Consumable Fuels — 5.5%* | *Oil, Gas & Consumable Fuels — 5.5%* |
| &nbsp;&nbsp;&nbsp; Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 111600 | &nbsp;&nbsp;&nbsp; 12114<br>|
| &nbsp;&nbsp;&nbsp; Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 17928 | &nbsp;&nbsp;&nbsp; 76595<br>|
| &nbsp;&nbsp;&nbsp; China Shenhua Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 26110<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; China Shenhua Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 30006 | &nbsp;&nbsp;&nbsp; $149577<br>|
| &nbsp;&nbsp;&nbsp; Coal India Ltd. | &nbsp;&nbsp; 20196 | &nbsp;&nbsp;&nbsp; 89656<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Energy Transportation Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 5020<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Energy Transportation Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 14801<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA | &nbsp;&nbsp; 42921 | &nbsp;&nbsp;&nbsp; 21247<br>|
| &nbsp;&nbsp;&nbsp; Gazprom PJSC | &nbsp;&nbsp; 44709 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Golden Energy Mines Tbk PT | &nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp; 3070<br>|
| &nbsp;&nbsp;&nbsp; Guanghui Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 2538<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Development Group Inc., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 2530<br>|
| &nbsp;&nbsp;&nbsp; Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 8775 | &nbsp;&nbsp;&nbsp; 48723<br>|
| &nbsp;&nbsp;&nbsp; Indian Oil Corp. Ltd. | &nbsp;&nbsp; 34083 | &nbsp;&nbsp;&nbsp; 63123<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Dian Tou Energy Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 5998<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Yitai Coal Co. Ltd., Class B Shares | &nbsp;&nbsp; 8100 | &nbsp;&nbsp;&nbsp; 15471<br>|
| &nbsp;&nbsp;&nbsp; Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp; 2449<br>|
| &nbsp;&nbsp;&nbsp; LUKOIL PJSC | &nbsp;&nbsp; 2268 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 3375 | &nbsp;&nbsp;&nbsp; 30352<br>|
| &nbsp;&nbsp;&nbsp; Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp; 18918<br>|
| &nbsp;&nbsp;&nbsp; Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 38277 | &nbsp;&nbsp;&nbsp; 102371<br>|
| &nbsp;&nbsp;&nbsp; Oil India Ltd. | &nbsp;&nbsp; 5670 | &nbsp;&nbsp;&nbsp; 26770<br>|
| &nbsp;&nbsp;&nbsp; PetroChina Co. Ltd., Class H Shares | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 204561<br>|
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp; 133733<br>|
| &nbsp;&nbsp;&nbsp; Petronet LNG Ltd. | &nbsp;&nbsp; 6795 | &nbsp;&nbsp;&nbsp; 21478<br>|
| &nbsp;&nbsp;&nbsp; Pingdingshan Tianan Coal Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2029<br>|
| &nbsp;&nbsp;&nbsp; PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp; 41965<br>|
| &nbsp;&nbsp;&nbsp; PTT PCL, NVDR | &nbsp;&nbsp; 72900 | &nbsp;&nbsp;&nbsp; 74045<br>|
| &nbsp;&nbsp;&nbsp; Qatar Fuel QSC | &nbsp;&nbsp; 7011 | &nbsp;&nbsp;&nbsp; 29211<br>|
| &nbsp;&nbsp;&nbsp; Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 32310 | &nbsp;&nbsp;&nbsp; 39835<br>|
| &nbsp;&nbsp;&nbsp; Rosneft Oil Co. PJSC | &nbsp;&nbsp; 20055 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. | &nbsp;&nbsp; 40338 | &nbsp;&nbsp;&nbsp; 256280<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shaanxi Coal Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp; 19243<br>|
| &nbsp;&nbsp;&nbsp; Shan Xi Hua Yang Group New Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 3195<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Coking Coal Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 2483<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 3043<br>|
| &nbsp;&nbsp;&nbsp; Surgutneftegas PAO | &nbsp;&nbsp; 132846 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tatneft PJSC | &nbsp;&nbsp; 29792 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 7893 | &nbsp;&nbsp;&nbsp; 33876<br>|
| &nbsp;&nbsp;&nbsp; United Tractors Tbk PT | &nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp; 20699<br>|
| &nbsp;&nbsp;&nbsp; Yancoal Australia Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 8887<br>|
| &nbsp;&nbsp;&nbsp; Yankuang Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp; 5181<br>|
| &nbsp;&nbsp;&nbsp; Yankuang Energy Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp; 34607<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *1651784* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1688431** |
| **Financials — 26.1%** | **Financials — 26.1%** | **Financials — 26.1%** |
| *Banks — 19.2%* | *Banks — 19.2%* | *Banks — 19.2%* |
| &nbsp;&nbsp;&nbsp; Absa Group Ltd. | &nbsp;&nbsp; 6840 | &nbsp;&nbsp;&nbsp; 98806<br>|
| &nbsp;&nbsp;&nbsp; Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 26910 | &nbsp;&nbsp;&nbsp; 104771<br>|
| &nbsp;&nbsp;&nbsp; Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 12744 | &nbsp;&nbsp;&nbsp; 72032<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Al Rayan Bank | &nbsp;&nbsp; 58266 | &nbsp;&nbsp;&nbsp; $35110<br>|
| &nbsp;&nbsp;&nbsp; Alinma Bank | &nbsp;&nbsp; 10692 | &nbsp;&nbsp;&nbsp; 69497<br>|
| &nbsp;&nbsp;&nbsp; AMMB Holdings Bhd | &nbsp;&nbsp; 25200 | &nbsp;&nbsp;&nbsp; 40365<br>|
| &nbsp;&nbsp;&nbsp; Arab National Bank | &nbsp;&nbsp; 7758 | &nbsp;&nbsp;&nbsp; 44718<br>|
| &nbsp;&nbsp;&nbsp; Banco de Chile | &nbsp;&nbsp; 385605 | &nbsp;&nbsp;&nbsp; 74420<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander Brasil SA | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 22376<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander Chile | &nbsp;&nbsp; 441090 | &nbsp;&nbsp;&nbsp; 34785<br>|
| &nbsp;&nbsp;&nbsp; Bangkok Bank PCL, NVDR | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 24210<br>|
| &nbsp;&nbsp;&nbsp; Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 318600 | &nbsp;&nbsp;&nbsp; 97443<br>|
| &nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 130500 | &nbsp;&nbsp;&nbsp; 34200<br>|
| &nbsp;&nbsp;&nbsp; Bank of Baroda | &nbsp;&nbsp; 9189 | &nbsp;&nbsp;&nbsp; 30252<br>|
| &nbsp;&nbsp;&nbsp; Bank of Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp;&nbsp; 11306<br>|
| &nbsp;&nbsp;&nbsp; Bank of Changsha Co. Ltd., Class A Shares | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 4030<br>|
| &nbsp;&nbsp;&nbsp; Bank of Chengdu Co. Ltd., Class A Shares | &nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp; 7159<br>|
| &nbsp;&nbsp;&nbsp; Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 504000 | &nbsp;&nbsp;&nbsp; 288795<br>|
| &nbsp;&nbsp;&nbsp; Bank of Communications Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp;&nbsp; 14957<br>|
| &nbsp;&nbsp;&nbsp; Bank of Communications Co. Ltd., Class H Shares | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp; 52207<br>|
| &nbsp;&nbsp;&nbsp; Bank of Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 9851<br>|
| &nbsp;&nbsp;&nbsp; Bank of India | &nbsp;&nbsp; 8640 | &nbsp;&nbsp;&nbsp; 13828<br>|
| &nbsp;&nbsp;&nbsp; Bank of Jiangsu Co. Ltd., Class A Shares | &nbsp;&nbsp; 12600 | &nbsp;&nbsp;&nbsp; 18774<br>|
| &nbsp;&nbsp;&nbsp; Bank of Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 13023<br>|
| &nbsp;&nbsp;&nbsp; Bank of Suzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 3207<br>|
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 575100 | &nbsp;&nbsp;&nbsp; 126229<br>|
| &nbsp;&nbsp;&nbsp; Banque Saudi Fransi | &nbsp;&nbsp; 10755 | &nbsp;&nbsp;&nbsp; 48229<br>|
| &nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 31500 | &nbsp;&nbsp;&nbsp; 159534<br>|
| &nbsp;&nbsp;&nbsp; Canara Bank | &nbsp;&nbsp; 17163 | &nbsp;&nbsp;&nbsp; 29581<br>|
| &nbsp;&nbsp;&nbsp; China CITIC Bank Corp. Ltd., Class A Shares | &nbsp;&nbsp; 13500 | &nbsp;&nbsp;&nbsp; 14893<br>|
| &nbsp;&nbsp;&nbsp; China CITIC Bank Corp. Ltd., Class H Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp; 64197<br>|
| &nbsp;&nbsp;&nbsp; China Construction Bank Corp., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 7179<br>|
| &nbsp;&nbsp;&nbsp; China Construction Bank Corp., Class H Shares | &nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp; 373459<br>|
| &nbsp;&nbsp;&nbsp; China Everbright Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 30600 | &nbsp;&nbsp;&nbsp; 15300<br>|
| &nbsp;&nbsp;&nbsp; China Everbright Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 12627<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 10800 | &nbsp;&nbsp;&nbsp; 65141<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 183157<br>|
| &nbsp;&nbsp;&nbsp; China Minsheng Banking Corp. Ltd., Class A Shares | &nbsp;&nbsp; 24300 | &nbsp;&nbsp;&nbsp; 13334<br>|
| &nbsp;&nbsp;&nbsp; China Minsheng Banking Corp. Ltd., Class H Shares | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp; 31810<br>|
| &nbsp;&nbsp;&nbsp; China Zheshang Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 10800 | &nbsp;&nbsp;&nbsp; 4704<br>|
| &nbsp;&nbsp;&nbsp; China Zheshang Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 8742<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp; 6016<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 14222<br>|
| &nbsp;&nbsp;&nbsp; CIMB Group Holdings Bhd | &nbsp;&nbsp; 71100 | &nbsp;&nbsp;&nbsp; 144548<br>|
| &nbsp;&nbsp;&nbsp; Commercial Bank of Kuwait KPSC | &nbsp;&nbsp; 14895 | &nbsp;&nbsp;&nbsp; 24898<br>|
| &nbsp;&nbsp;&nbsp; Commercial Bank PSQC | &nbsp;&nbsp; 28782 | &nbsp;&nbsp;&nbsp; 33201<br>|
| &nbsp;&nbsp;&nbsp; CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 158000 | &nbsp;&nbsp;&nbsp; 252434<br>|
| &nbsp;&nbsp;&nbsp; Dubai Islamic Bank PJSC | &nbsp;&nbsp; 25065 | &nbsp;&nbsp;&nbsp; 63261<br>|
| &nbsp;&nbsp;&nbsp; Dukhan Bank | &nbsp;&nbsp; 22320 | &nbsp;&nbsp;&nbsp; 21431<br>|
| &nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC | &nbsp;&nbsp; 19800 | &nbsp;&nbsp;&nbsp; 150135<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 36756 | &nbsp;&nbsp;&nbsp; $174528<br>|
| &nbsp;&nbsp;&nbsp; Grupo Cibest SA | &nbsp;&nbsp; 2277 | &nbsp;&nbsp;&nbsp; 41711<br>|
| &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV, Class O Shares | &nbsp;&nbsp; 24561 | &nbsp;&nbsp;&nbsp; 228049<br>|
| &nbsp;&nbsp;&nbsp; Hana Financial Group Inc. | &nbsp;&nbsp; 2457 | &nbsp;&nbsp;&nbsp; 160497<br>|
| &nbsp;&nbsp;&nbsp; Hong Leong Bank Bhd | &nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp; 34372<br>|
| &nbsp;&nbsp;&nbsp; Huaxia Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 9900 | &nbsp;&nbsp;&nbsp; 9744<br>|
| &nbsp;&nbsp;&nbsp; Indian Bank | &nbsp;&nbsp; 2682 | &nbsp;&nbsp;&nbsp; 24983<br>|
| &nbsp;&nbsp;&nbsp; Industrial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 14400 | &nbsp;&nbsp;&nbsp; 43448<br>|
| &nbsp;&nbsp;&nbsp; Industrial Bank of Korea | &nbsp;&nbsp; 2178 | &nbsp;&nbsp;&nbsp; 31675<br>|
| &nbsp;&nbsp;&nbsp; Itausa SA | &nbsp;&nbsp; 11016 | &nbsp;&nbsp;&nbsp; 24104<br>|
| &nbsp;&nbsp;&nbsp; Kasikornbank PCL, NVDR | &nbsp;&nbsp; 9900 | &nbsp;&nbsp;&nbsp; 61119<br>|
| &nbsp;&nbsp;&nbsp; Komercni Banka AS | &nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 37093<br>|
| &nbsp;&nbsp;&nbsp; Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 30600 | &nbsp;&nbsp;&nbsp; 27438<br>|
| &nbsp;&nbsp;&nbsp; Malayan Banking Bhd | &nbsp;&nbsp; 65700 | &nbsp;&nbsp;&nbsp; 169674<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 16290 | &nbsp;&nbsp;&nbsp; 18967<br>|
| &nbsp;&nbsp;&nbsp; National Bank of Greece SA | &nbsp;&nbsp; 7335 | &nbsp;&nbsp;&nbsp; 111990<br>|
| &nbsp;&nbsp;&nbsp; Nedbank Group Ltd. | &nbsp;&nbsp; 4122 | &nbsp;&nbsp;&nbsp; 66236<br>|
| &nbsp;&nbsp;&nbsp; Ping An Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 12600 | &nbsp;&nbsp;&nbsp; 20597<br>|
| &nbsp;&nbsp;&nbsp; Piraeus Bank SA | &nbsp;&nbsp; 1935 | &nbsp;&nbsp;&nbsp; 15440<br>|
| &nbsp;&nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., Class H Shares | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp; 55363<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Public Bank Bhd | &nbsp;&nbsp; 133200 | &nbsp;&nbsp;&nbsp; 149021<br>|
| &nbsp;&nbsp;&nbsp; Punjab National Bank | &nbsp;&nbsp; 21996 | &nbsp;&nbsp;&nbsp; 30243<br>|
| &nbsp;&nbsp;&nbsp; Qatar International Islamic Bank QSC | &nbsp;&nbsp; 10242 | &nbsp;&nbsp;&nbsp; 32152<br>|
| &nbsp;&nbsp;&nbsp; Qatar Islamic Bank QPSC | &nbsp;&nbsp; 15561 | &nbsp;&nbsp;&nbsp; 102358<br>|
| &nbsp;&nbsp;&nbsp; RHB Bank Bhd | &nbsp;&nbsp; 33300 | &nbsp;&nbsp;&nbsp; 63268<br>|
| &nbsp;&nbsp;&nbsp; Riyad Bank | &nbsp;&nbsp; 12699 | &nbsp;&nbsp;&nbsp; 91887<br>|
| &nbsp;&nbsp;&nbsp; Saudi Awwal Bank | &nbsp;&nbsp; 8631 | &nbsp;&nbsp;&nbsp; 74510<br>|
| &nbsp;&nbsp;&nbsp; Saudi Investment Bank | &nbsp;&nbsp; 5355 | &nbsp;&nbsp;&nbsp; 18746<br>|
| &nbsp;&nbsp;&nbsp; Saudi National Bank | &nbsp;&nbsp; 23337 | &nbsp;&nbsp;&nbsp; 235685<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Commercial & Savings Bank Ltd. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 46517<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp; 8385<br>|
| &nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. | &nbsp;&nbsp; 11277 | &nbsp;&nbsp;&nbsp; 197637<br>|
| &nbsp;&nbsp;&nbsp; TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 352800 | &nbsp;&nbsp;&nbsp; 22620<br>|
| &nbsp;&nbsp;&nbsp; TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 198000 | &nbsp;&nbsp;&nbsp; 128553<br>|
| &nbsp;&nbsp;&nbsp; Union Bank of India Ltd. | &nbsp;&nbsp; 14067 | &nbsp;&nbsp;&nbsp; 24065<br>|
| &nbsp;&nbsp;&nbsp; Woori Financial Group Inc. | &nbsp;&nbsp; 5382 | &nbsp;&nbsp;&nbsp; 104610<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *5775669* |
| *Capital Markets — 0.3%* | *Capital Markets — 0.3%* | *Capital Markets — 0.3%* |
| &nbsp;&nbsp;&nbsp; Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 3149<br>|
| &nbsp;&nbsp;&nbsp; HDFC Asset Management Co. Ltd. | &nbsp;&nbsp; 1890 | &nbsp;&nbsp;&nbsp; 56192<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Moscow Exchange MICEX-RTS PJSC | &nbsp;&nbsp; 21224 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp; 17796<br>|
| &nbsp;&nbsp;&nbsp; Samsung Securities Co. Ltd. | &nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp; 28264<br>|
| &nbsp;&nbsp;&nbsp; SooChow Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 4673<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *110074* |
| *Consumer Finance — 0.4%* | *Consumer Finance — 0.4%* | *Consumer Finance — 0.4%* |
| &nbsp;&nbsp;&nbsp; Shriram Finance Ltd. | &nbsp;&nbsp; 10557 | &nbsp;&nbsp;&nbsp; *117011*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Financial Services — 1.9%* | *Financial Services — 1.9%* | *Financial Services — 1.9%* |
| &nbsp;&nbsp;&nbsp; Chailease Holding Co. Ltd. | &nbsp;&nbsp; 15664 | &nbsp;&nbsp;&nbsp; $52595<br>|
| &nbsp;&nbsp;&nbsp; Far East Horizon Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 12395<br>|
| &nbsp;&nbsp;&nbsp; FirstRand Ltd. | &nbsp;&nbsp; 45252 | &nbsp;&nbsp;&nbsp; 247835<br>|
| &nbsp;&nbsp;&nbsp; Indian Railway Finance Corp. Ltd. | &nbsp;&nbsp; 1251 | &nbsp;&nbsp;&nbsp; 1735<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Financial Leasing Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 3156<br>|
| &nbsp;&nbsp;&nbsp; One 97 Communications Ltd. | &nbsp;&nbsp; 2232 | &nbsp;&nbsp;&nbsp; 32,256<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Power Finance Corp. Ltd. | &nbsp;&nbsp; 12474 | &nbsp;&nbsp;&nbsp; 49324<br>|
| &nbsp;&nbsp;&nbsp; REC Ltd. | &nbsp;&nbsp; 10872 | &nbsp;&nbsp;&nbsp; 43159<br>|
| &nbsp;&nbsp;&nbsp; Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp; 135084<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *577539* |
| *Insurance — 4.3%* | *Insurance — 4.3%* | *Insurance — 4.3%* |
| &nbsp;&nbsp;&nbsp; BB Seguridade Participacoes SA | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 35624<br>|
| &nbsp;&nbsp;&nbsp; Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 14558<br>|
| &nbsp;&nbsp;&nbsp; Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp; 183345<br>|
| &nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 16142 | &nbsp;&nbsp;&nbsp; 56783<br>|
| &nbsp;&nbsp;&nbsp; DB Insurance Co. Ltd. | &nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp; 36039<br>|
| &nbsp;&nbsp;&nbsp; Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 73675 | &nbsp;&nbsp;&nbsp; 225336<br>|
| &nbsp;&nbsp;&nbsp; KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp; 79057<br>|
| &nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp; 13980<br>|
| &nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 8100 | &nbsp;&nbsp;&nbsp; 56560<br>|
| &nbsp;&nbsp;&nbsp; Old Mutual Ltd. | &nbsp;&nbsp; 38214 | &nbsp;&nbsp;&nbsp; 34362<br>|
| &nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd., Class H Shares | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp; 113502<br>|
| &nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd., Class A Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 44098<br>|
| &nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd., Class H Shares | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp; 276219<br>|
| &nbsp;&nbsp;&nbsp; Porto Seguro SA | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 15885<br>|
| &nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 3105<br>|
| &nbsp;&nbsp;&nbsp; Sanlam Ltd. | &nbsp;&nbsp; 15156 | &nbsp;&nbsp;&nbsp; 90085<br>|
| &nbsp;&nbsp;&nbsp; Thai Life Insurance PCL, NVDR | &nbsp;&nbsp; 25200 | &nbsp;&nbsp;&nbsp; 7959<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *1286497* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **7866790** |
| **Health Care — 0.7%** | **Health Care — 0.7%** | **Health Care — 0.7%** |
| *Biotechnology — 0.1%* | *Biotechnology — 0.1%* | *Biotechnology — 0.1%* |
| &nbsp;&nbsp;&nbsp; 3SBio Inc. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 18639<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gan & Lee Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 3901<br>|
| &nbsp;&nbsp;&nbsp; Hualan Biological Engineering Inc., Class A Shares | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 3468<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *26008* |
| *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Autobio Diagnostics Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3045<br>|
| &nbsp;&nbsp;&nbsp; Shandong Weigao Group Medical Polymer Co. Ltd., Class H Shares | &nbsp;&nbsp; 21600 | &nbsp;&nbsp;&nbsp; 13931<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *16976* |
| *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Jointown Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp; 3007<br>|
| &nbsp;&nbsp;&nbsp; Sinopharm Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 10800 | &nbsp;&nbsp;&nbsp; 26974<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *29981* |
| *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* |
| &nbsp;&nbsp;&nbsp; China Medical System Holdings Ltd. | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp; 18231<br>|
| &nbsp;&nbsp;&nbsp; China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1380 | &nbsp;&nbsp;&nbsp; 5627<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp; $67150<br>|
| &nbsp;&nbsp;&nbsp; Dong-E-E-Jiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 3516<br>|
| &nbsp;&nbsp;&nbsp; Hubei Jumpcan Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 3014<br>|
| &nbsp;&nbsp;&nbsp; Livzon Pharmaceutical Group Inc., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 2468<br>|
| &nbsp;&nbsp;&nbsp; Livzon Pharmaceutical Group Inc., Class H Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 3298<br>|
| &nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt | &nbsp;&nbsp; 1224 | &nbsp;&nbsp;&nbsp; 36936<br>|
| &nbsp;&nbsp;&nbsp; Tasly Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 2375<br>|
| &nbsp;&nbsp;&nbsp; Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 3268<br>|
| &nbsp;&nbsp;&nbsp; Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class S Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 6138<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *152021* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **224986** |
| **Industrials — 5.4%** | **Industrials — 5.4%** | **Industrials — 5.4%** |
| *Air Freight & Logistics — 0.3%* | *Air Freight & Logistics — 0.3%* | *Air Freight & Logistics — 0.3%* |
| &nbsp;&nbsp;&nbsp; Eastern Air Logistics Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 2374<br>|
| &nbsp;&nbsp;&nbsp; SAL Saudi Logistics Services | &nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 9237<br>|
| &nbsp;&nbsp;&nbsp; Sinotrans Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 2344<br>|
| &nbsp;&nbsp;&nbsp; Sinotrans Ltd., Class H Shares | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 11216<br>|
| &nbsp;&nbsp;&nbsp; YUNDA Holding Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1738<br>|
| &nbsp;&nbsp;&nbsp; ZTO Express Cayman Inc. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 75067<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *101976* |
| *Building Products — 0.0%††* | *Building Products — 0.0%††* | *Building Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Beijing New Building Materials PLC, Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; *3220*<br>|
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; China Everbright Environment Group Ltd. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 16720<br>|
| &nbsp;&nbsp;&nbsp; Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 2781 | &nbsp;&nbsp;&nbsp; 21183<br>|
| &nbsp;&nbsp;&nbsp; Shanghai M&G Stationery Inc., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2326<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *40229* |
| *Construction & Engineering — 0.1%* | *Construction & Engineering — 0.1%* | *Construction & Engineering — 0.1%* |
| &nbsp;&nbsp;&nbsp; Enka Insaat ve Sanayi AS | &nbsp;&nbsp; 7632 | &nbsp;&nbsp;&nbsp; 14007<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Road and Bridge Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 6415<br>|
| &nbsp;&nbsp;&nbsp; Sinoma International Engineering Co., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2679<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *23101* |
| *Electrical Equipment — 0.4%* | *Electrical Equipment — 0.4%* | *Electrical Equipment — 0.4%* |
| &nbsp;&nbsp;&nbsp; ABB India Ltd. | &nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp; 27955<br>|
| &nbsp;&nbsp;&nbsp; Goneo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 606 | &nbsp;&nbsp;&nbsp; 3545<br>|
| &nbsp;&nbsp;&nbsp; Ming Yang Smart Energy Group Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 3734<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Deye Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 7410<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Sanxing Medical Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 2968<br>|
| &nbsp;&nbsp;&nbsp; Polycab India Ltd. | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 4578<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Huafeng Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp; 13,547<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp; 34754<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Chint Electrics Co. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 3996<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *102487* |
| *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* |
| &nbsp;&nbsp;&nbsp; Container Corp. of India Ltd. | &nbsp;&nbsp; 3046 | &nbsp;&nbsp;&nbsp; 17791<br>|
| &nbsp;&nbsp;&nbsp; Daqin Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 13500 | &nbsp;&nbsp;&nbsp; 9980<br>|
| &nbsp;&nbsp;&nbsp; GMexico Transportes SAB de CV | &nbsp;&nbsp; 5148 | &nbsp;&nbsp;&nbsp; 9958<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Ground Transportation — continued* | *Ground Transportation — continued* | *Ground Transportation — continued* |
| &nbsp;&nbsp;&nbsp; Localiza Rent a Car SA | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; $21468<br>|
| &nbsp;&nbsp;&nbsp; Rumo SA | &nbsp;&nbsp; 10800 | &nbsp;&nbsp;&nbsp; 29090<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *88287* |
| *Industrial Conglomerates — 1.3%* | *Industrial Conglomerates — 1.3%* | *Industrial Conglomerates — 1.3%* |
| &nbsp;&nbsp;&nbsp; Astra International Tbk PT | &nbsp;&nbsp; 157500 | &nbsp;&nbsp;&nbsp; 63283<br>|
| &nbsp;&nbsp;&nbsp; Bidvest Group Ltd. | &nbsp;&nbsp; 2889 | &nbsp;&nbsp;&nbsp; 41407<br>|
| &nbsp;&nbsp;&nbsp; CITIC Ltd. | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp; 69724<br>|
| &nbsp;&nbsp;&nbsp; Far Eastern New Century Corp. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 23889<br>|
| &nbsp;&nbsp;&nbsp; Industries Qatar QSC | &nbsp;&nbsp; 26433 | &nbsp;&nbsp;&nbsp; 86610<br>|
| &nbsp;&nbsp;&nbsp; KOC Holding AS | &nbsp;&nbsp; 6399 | &nbsp;&nbsp;&nbsp; 25141<br>|
| &nbsp;&nbsp;&nbsp; LG Corp. | &nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 48401<br>|
| &nbsp;&nbsp;&nbsp; Quinenco SA | &nbsp;&nbsp; 2457 | &nbsp;&nbsp;&nbsp; 11937<br>|
| &nbsp;&nbsp;&nbsp; Sime Darby Bhd | &nbsp;&nbsp; 25200 | &nbsp;&nbsp;&nbsp; 13351<br>|
| &nbsp;&nbsp;&nbsp; SK Inc. | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 9615<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *393358* |
| *Machinery — 1.1%* | *Machinery — 1.1%* | *Machinery — 1.1%* |
| &nbsp;&nbsp;&nbsp; Airtac International Group | &nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 12431<br>|
| &nbsp;&nbsp;&nbsp; Ashok Leyland Ltd. | &nbsp;&nbsp; 25524 | &nbsp;&nbsp;&nbsp; 50886<br>|
| &nbsp;&nbsp;&nbsp; Cummins India Ltd. | &nbsp;&nbsp; 1197 | &nbsp;&nbsp;&nbsp; 59057<br>|
| &nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 9671<br>|
| &nbsp;&nbsp;&nbsp; Sany Heavy Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 16347<br>|
| &nbsp;&nbsp;&nbsp; Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 15968<br>|
| &nbsp;&nbsp;&nbsp; Weichai Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 11089<br>|
| &nbsp;&nbsp;&nbsp; Weichai Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 43592<br>|
| &nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 23400 | &nbsp;&nbsp;&nbsp; 63322<br>|
| &nbsp;&nbsp;&nbsp; Yutong Bus Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp; 6559<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 3170<br>|
| &nbsp;&nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp; 3439<br>|
| &nbsp;&nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., Class H Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 17400<br>|
| &nbsp;&nbsp;&nbsp; Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 5564<br>|
| &nbsp;&nbsp;&nbsp; Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 12600 | &nbsp;&nbsp;&nbsp; 12546<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *331041* |
| *Marine Transportation — 0.8%* | *Marine Transportation — 0.8%* | *Marine Transportation — 0.8%* |
| &nbsp;&nbsp;&nbsp; COSCO Shipping Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 8100 | &nbsp;&nbsp;&nbsp; 17616<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp; 39748<br>|
| &nbsp;&nbsp;&nbsp; Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 54423<br>|
| &nbsp;&nbsp;&nbsp; MISC Bhd | &nbsp;&nbsp; 18900 | &nbsp;&nbsp;&nbsp; 36328<br>|
| &nbsp;&nbsp;&nbsp; Orient Overseas International Ltd. | &nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp; 21750<br>|
| &nbsp;&nbsp;&nbsp; Wan Hai Lines Ltd. | &nbsp;&nbsp; 12800 | &nbsp;&nbsp;&nbsp; 32101<br>|
| &nbsp;&nbsp;&nbsp; Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 31909<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *233875* |
| *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* |
| &nbsp;&nbsp;&nbsp; Eva Airways Corp. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 31408<br>|
| &nbsp;&nbsp;&nbsp; Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 1584 | &nbsp;&nbsp;&nbsp; 24795<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *56203* |
| *Professional Services — 0.0%††* | *Professional Services — 0.0%††* | *Professional Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; L&T Technology Services Ltd. | &nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp; *12064*<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; BOC Aviation Ltd. | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; $16836<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Posco International Corp. | &nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp; 13015<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Coal International Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 1301<br>|
| &nbsp;&nbsp;&nbsp; Xiamen C & D Inc., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2385<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *33537* |
| *Transportation Infrastructure — 0.7%* | *Transportation Infrastructure — 0.7%* | *Transportation Infrastructure — 0.7%* |
| &nbsp;&nbsp;&nbsp; China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 6499<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 9410 | &nbsp;&nbsp;&nbsp; 18304<br>|
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | &nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp; 38362<br>|
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | &nbsp;&nbsp; 1512 | &nbsp;&nbsp;&nbsp; 48707<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Expressway Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 1561<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 12835<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Zhoushan Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 3744<br>|
| &nbsp;&nbsp;&nbsp; Qingdao Port International Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2151<br>|
| &nbsp;&nbsp;&nbsp; Qingdao Port International Co. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 8048<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Salik Co. PJSC | &nbsp;&nbsp; 15813 | &nbsp;&nbsp;&nbsp; 27339<br>|
| &nbsp;&nbsp;&nbsp; Shandong Hi-speed Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 1257<br>|
| &nbsp;&nbsp;&nbsp; Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 16040<br>|
| &nbsp;&nbsp;&nbsp; Westports Holdings Bhd | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 12575<br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *197422* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **1616800** |
| **Information Technology — 28.1%** | **Information Technology — 28.1%** | **Information Technology — 28.1%** |
| *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Accton Technology Corp. | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 7543<br>|
| &nbsp;&nbsp;&nbsp; BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 19449<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *26992* |
| *Electronic Equipment, Instruments & Components — 2.8%* | *Electronic Equipment, Instruments & Components — 2.8%* | *Electronic Equipment, Instruments & Components — 2.8%* |
| &nbsp;&nbsp;&nbsp; Avary Holding Shenzhen Co. Ltd., Class A Shares | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 7971<br>|
| &nbsp;&nbsp;&nbsp; Chroma ATE Inc. | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 12333<br>|
| &nbsp;&nbsp;&nbsp; Delton Technology Guangzhou Inc., Class A Shares | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 12864<br>|
| &nbsp;&nbsp;&nbsp; E Ink Holdings Inc. | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp; 50413<br>|
| &nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. | &nbsp;&nbsp; 887 | &nbsp;&nbsp;&nbsp; 46438<br>|
| &nbsp;&nbsp;&nbsp; Foxconn Industrial Internet Co. Ltd., Class A Shares | &nbsp;&nbsp; 6800 | &nbsp;&nbsp;&nbsp; 60450<br>|
| &nbsp;&nbsp;&nbsp; Hengdian Group DMEGC Magnetics Co. Ltd., Class A Shares | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 3073<br>|
| &nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 36100 | &nbsp;&nbsp;&nbsp; 264829<br>|
| &nbsp;&nbsp;&nbsp; Kingboard Holdings Ltd. | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 16974<br>|
| &nbsp;&nbsp;&nbsp; Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 7626<br>|
| &nbsp;&nbsp;&nbsp; Largan Precision Co. Ltd. | &nbsp;&nbsp; 831 | &nbsp;&nbsp;&nbsp; 65987<br>|
| &nbsp;&nbsp;&nbsp; Lotes Co. Ltd. | &nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp; 35981<br>|
| &nbsp;&nbsp;&nbsp; Shengyi Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 5484<br>|
| &nbsp;&nbsp;&nbsp; Shengyi Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 18415<br>|
| &nbsp;&nbsp;&nbsp; Shennan Circuits Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 3328<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Huaqiang Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 3175<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Kinwong Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 7330<br>|
| &nbsp;&nbsp;&nbsp; Tripod Technology Corp. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 40419<br>|
| &nbsp;&nbsp;&nbsp; WT Microelectronics Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 26161<br>|
| &nbsp;&nbsp;&nbsp; WUS Printed Circuit Kunshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp; 13609<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* |
| &nbsp;&nbsp;&nbsp; Xiamen Faratronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; $3007<br>|
| &nbsp;&nbsp;&nbsp; Yageo Corp. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp; 95575<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Dahua Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp; 5970<br>|
| &nbsp;&nbsp;&nbsp; Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 27116<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *834528* |
| *IT Services — 3.6%* | *IT Services — 3.6%* | *IT Services — 3.6%* |
| &nbsp;&nbsp;&nbsp; Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 7562<br>|
| &nbsp;&nbsp;&nbsp; HCL Technologies Ltd. | &nbsp;&nbsp; 9171 | &nbsp;&nbsp;&nbsp; 165636<br>|
| &nbsp;&nbsp;&nbsp; Hexaware Technologies Ltd. | &nbsp;&nbsp; 1089 | &nbsp;&nbsp;&nbsp; 9276<br>|
| &nbsp;&nbsp;&nbsp; Infosys Ltd. | &nbsp;&nbsp; 20106 | &nbsp;&nbsp;&nbsp; 361365<br>|
| &nbsp;&nbsp;&nbsp; LTIMindtree Ltd. | &nbsp;&nbsp; 801 | &nbsp;&nbsp;&nbsp; 54038<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mphasis Ltd. | &nbsp;&nbsp; 972 | &nbsp;&nbsp;&nbsp; 30185<br>|
| &nbsp;&nbsp;&nbsp; Persistent Systems Ltd. | &nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp; 22609<br>|
| &nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. | &nbsp;&nbsp; 7020 | &nbsp;&nbsp;&nbsp; 250419<br>|
| &nbsp;&nbsp;&nbsp; Tech Mahindra Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 95582<br>|
| &nbsp;&nbsp;&nbsp; Wipro Ltd. | &nbsp;&nbsp; 26010 | &nbsp;&nbsp;&nbsp; 76190<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *1072862* |
| *Semiconductors & Semiconductor Equipment — 15.9%* | *Semiconductors & Semiconductor Equipment — 15.9%* | *Semiconductors & Semiconductor Equipment — 15.9%* |
| &nbsp;&nbsp;&nbsp; Alchip Technologies Ltd. | &nbsp;&nbsp; 387 | &nbsp;&nbsp;&nbsp; 43232<br>|
| &nbsp;&nbsp;&nbsp; ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 143505<br>|
| &nbsp;&nbsp;&nbsp; Cambricon Technologies Corp. Ltd., Class A Shares | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 21,363<br> \*<br>|
| &nbsp;&nbsp;&nbsp; eMemory Technology Inc. | &nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; 18060<br>|
| &nbsp;&nbsp;&nbsp; Globalwafers Co. Ltd. | &nbsp;&nbsp; 2610 | &nbsp;&nbsp;&nbsp; 33725<br>|
| &nbsp;&nbsp;&nbsp; Henan Shijia Photons Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp; 3778<br>|
| &nbsp;&nbsp;&nbsp; MediaTek Inc. | &nbsp;&nbsp; 7490 | &nbsp;&nbsp;&nbsp; 340882<br>|
| &nbsp;&nbsp;&nbsp; Novatek Microelectronics Corp. | &nbsp;&nbsp; 5230 | &nbsp;&nbsp;&nbsp; 62253<br>|
| &nbsp;&nbsp;&nbsp; Phison Electronics Corp. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 69222<br>|
| &nbsp;&nbsp;&nbsp; Powertech Technology Inc. | &nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp; 34688<br>|
| &nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 62252<br>|
| &nbsp;&nbsp;&nbsp; SK hynix Inc. | &nbsp;&nbsp; 1368 | &nbsp;&nbsp;&nbsp; 618214<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 63690 | &nbsp;&nbsp;&nbsp; 3141882<br>|
| &nbsp;&nbsp;&nbsp; United Microelectronics Corp. | &nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp; 155177<br>|
| &nbsp;&nbsp;&nbsp; Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 26381<br>|
| &nbsp;&nbsp;&nbsp; WAAREE Energies Ltd. | &nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp; 10997<br>|
| &nbsp;&nbsp;&nbsp; Yuanjie Semiconductor Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 18395<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *4804006* |
| *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* |
| &nbsp;&nbsp;&nbsp; Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; 17704<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 2670<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., Class B Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp; 6438<br>|
| &nbsp;&nbsp;&nbsp; Tata Elxsi Ltd. | &nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp; 19941<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *46753* |
| *Technology Hardware, Storage & Peripherals — 5.6%* | *Technology Hardware, Storage & Peripherals — 5.6%* | *Technology Hardware, Storage & Peripherals — 5.6%* |
| &nbsp;&nbsp;&nbsp; Advantech Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 45830<br>|
| &nbsp;&nbsp;&nbsp; Asustek Computer Inc. | &nbsp;&nbsp; 6420 | &nbsp;&nbsp;&nbsp; 111970<br>|
| &nbsp;&nbsp;&nbsp; Compal Electronics Inc. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 34831<br>|
| &nbsp;&nbsp;&nbsp; Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 5140 | &nbsp;&nbsp;&nbsp; 40815<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Technology Hardware, Storage & Peripherals — continued* | *Technology Hardware, Storage & Peripherals — continued* | *Technology Hardware, Storage & Peripherals — continued* |
| &nbsp;&nbsp;&nbsp; Huaqin Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp; $27300<br>|
| &nbsp;&nbsp;&nbsp; Inventec Corp. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 36864<br>|
| &nbsp;&nbsp;&nbsp; Lenovo Group Ltd. | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp; 64244<br>|
| &nbsp;&nbsp;&nbsp; Lite-On Technology Corp. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 93665<br>|
| &nbsp;&nbsp;&nbsp; Pegatron Corp. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 39299<br>|
| &nbsp;&nbsp;&nbsp; Quanta Computer Inc. | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp; 199106<br>|
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 9270 | &nbsp;&nbsp;&nbsp; 771562<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Transsion Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 774 | &nbsp;&nbsp;&nbsp; 7336<br>|
| &nbsp;&nbsp;&nbsp; Wistron Corp. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 129326<br>|
| &nbsp;&nbsp;&nbsp; Wiwynn Corp. | &nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 75653<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *1677801* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8462942** |
| **Materials — 4.6%** | **Materials — 4.6%** | **Materials — 4.6%** |
| *Chemicals — 1.0%* | *Chemicals — 1.0%* | *Chemicals — 1.0%* |
| &nbsp;&nbsp;&nbsp; Hubei Xingfa Chemicals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 4459<br>|
| &nbsp;&nbsp;&nbsp; Indorama Ventures PCL, NVDR | &nbsp;&nbsp; 17100 | &nbsp;&nbsp;&nbsp; 8739<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 3729<br>|
| &nbsp;&nbsp;&nbsp; LB Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 5049<br>|
| &nbsp;&nbsp;&nbsp; Meihua Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2612<br>|
| &nbsp;&nbsp;&nbsp; Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 47250 | &nbsp;&nbsp;&nbsp; 14184<br>|
| &nbsp;&nbsp;&nbsp; Ningxia Baofeng Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 12656<br>|
| &nbsp;&nbsp;&nbsp; PhosAgro PJSC | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PhosAgro PJSC, GDR | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PhosAgro PJSC, Russian Stock Exchange | &nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 2043 | &nbsp;&nbsp;&nbsp; 60296<br>|
| &nbsp;&nbsp;&nbsp; Sahara International Petrochemical Co. | &nbsp;&nbsp; 3393 | &nbsp;&nbsp;&nbsp; 13569<br>|
| &nbsp;&nbsp;&nbsp; Satellite Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp; 5826<br>|
| &nbsp;&nbsp;&nbsp; Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp; 10151<br>|
| &nbsp;&nbsp;&nbsp; Saudi Basic Industries Corp. | &nbsp;&nbsp; 7992 | &nbsp;&nbsp;&nbsp; 109307<br>|
| &nbsp;&nbsp;&nbsp; Saudi Industrial Investment Group | &nbsp;&nbsp; 3321 | &nbsp;&nbsp;&nbsp; 10997<br>|
| &nbsp;&nbsp;&nbsp; Yanbu National Petrochemical Co. | &nbsp;&nbsp; 2169 | &nbsp;&nbsp;&nbsp; 15891<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Yuntianhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 4308<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Longsheng Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2749<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang NHU Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 6496<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *291018* |
| *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* |
| &nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 8456<br>|
| &nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd., Class H Shares | &nbsp;&nbsp; 9260 | &nbsp;&nbsp;&nbsp; 26268<br>|
| &nbsp;&nbsp;&nbsp; Asia Cement Corp. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 21311<br>|
| &nbsp;&nbsp;&nbsp; Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 1752<br>|
| &nbsp;&nbsp;&nbsp; China Jushi Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 6615<br>|
| &nbsp;&nbsp;&nbsp; Huaxin Building Materials Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 3516<br>|
| &nbsp;&nbsp;&nbsp; Huaxin Building Materials Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 4167<br>|
| *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *72085* |
| *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* |
| &nbsp;&nbsp;&nbsp; Klabin SA | &nbsp;&nbsp; 9090 | &nbsp;&nbsp;&nbsp; *31120*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Metals & Mining — 3.1%* | *Metals & Mining — 3.1%* | *Metals & Mining — 3.1%* |
| &nbsp;&nbsp;&nbsp; Alrosa PJSC | &nbsp;&nbsp; 54971 | &nbsp;&nbsp;&nbsp; $0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aneka Tambang Tbk | &nbsp;&nbsp; 76500 | &nbsp;&nbsp;&nbsp; 14451<br>|
| &nbsp;&nbsp;&nbsp; China Hongqiao Group Ltd. | &nbsp;&nbsp; 23600 | &nbsp;&nbsp;&nbsp; 98906<br>|
| &nbsp;&nbsp;&nbsp; China Nonferrous Mining Corp. Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 17055<br>|
| &nbsp;&nbsp;&nbsp; Citic Pacific Special Steel Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 4222<br>|
| &nbsp;&nbsp;&nbsp; CSN Mineracao SA | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 5371<br>|
| &nbsp;&nbsp;&nbsp; GMK Norilskiy Nickel PAO | &nbsp;&nbsp; 69300 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gold Fields Ltd. | &nbsp;&nbsp; 1710 | &nbsp;&nbsp;&nbsp; 74892<br>|
| &nbsp;&nbsp;&nbsp; Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp; 5510<br>|
| &nbsp;&nbsp;&nbsp; Hindustan Zinc Ltd. | &nbsp;&nbsp; 3807 | &nbsp;&nbsp;&nbsp; 25941<br>|
| &nbsp;&nbsp;&nbsp; Huaibei Mining Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2865<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia ERDOS Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp; 2302<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia ERDOS Resources Co. Ltd., Class B Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 2781<br>|
| &nbsp;&nbsp;&nbsp; Jiangxi Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 7081<br>|
| &nbsp;&nbsp;&nbsp; Jiangxi Copper Co. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 49582<br>|
| &nbsp;&nbsp;&nbsp; Jinduicheng Molybdenum Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp; 4911<br>|
| &nbsp;&nbsp;&nbsp; Kumba Iron Ore Ltd. | &nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp; 9725<br>|
| &nbsp;&nbsp;&nbsp; Nanjing Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 3768<br>|
| &nbsp;&nbsp;&nbsp; NMDC Ltd. | &nbsp;&nbsp; 30420 | &nbsp;&nbsp;&nbsp; 28149<br>|
| &nbsp;&nbsp;&nbsp; Novolipetsk Steel PJSC | &nbsp;&nbsp; 35119 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Polyus PJSC | &nbsp;&nbsp; 7560 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Severstal PAO | &nbsp;&nbsp; 6090 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shandong Nanshan Aluminum Co. Ltd., Class A Shares | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 5550<br>|
| &nbsp;&nbsp;&nbsp; Tata Steel Ltd. | &nbsp;&nbsp; 76356 | &nbsp;&nbsp;&nbsp; 152985<br>|
| &nbsp;&nbsp;&nbsp; Tianshan Aluminum Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 6259<br>|
| &nbsp;&nbsp;&nbsp; Tongling Nonferrous Metals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 6199<br>|
| &nbsp;&nbsp;&nbsp; United Co. RUSAL International PJSC | &nbsp;&nbsp; 24749 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vale SA | &nbsp;&nbsp; 22200 | &nbsp;&nbsp;&nbsp; 291530<br>|
| &nbsp;&nbsp;&nbsp; Vedanta Ltd. | &nbsp;&nbsp; 15552 | &nbsp;&nbsp;&nbsp; 104580<br>|
| &nbsp;&nbsp;&nbsp; Western Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp; 5544<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *930159* |
| *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Suzano SA | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; *50701*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1375083** |
| **Real Estate — 1.9%** | **Real Estate — 1.9%** | **Real Estate — 1.9%** |
| *Diversified REITs — 0.2%* | *Diversified REITs — 0.2%* | *Diversified REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 24489 | &nbsp;&nbsp;&nbsp; 36762<br>|
| &nbsp;&nbsp;&nbsp; KLCCP Stapled Group | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 11604<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *48366* |
| *Real Estate Management & Development — 1.7%* | *Real Estate Management & Development — 1.7%* | *Real Estate Management & Development — 1.7%* |
| &nbsp;&nbsp;&nbsp; C&D International Investment Group Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 18096<br>|
| &nbsp;&nbsp;&nbsp; Central Pattana PCL, NVDR | &nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp; 20518<br>|
| &nbsp;&nbsp;&nbsp; China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 31500 | &nbsp;&nbsp;&nbsp; 49576<br>|
| &nbsp;&nbsp;&nbsp; China Resources Land Ltd. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 94353<br>|
| &nbsp;&nbsp;&nbsp; China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 29791<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DLF Ltd. | &nbsp;&nbsp; 7758 | &nbsp;&nbsp;&nbsp; 59333<br>|
| &nbsp;&nbsp;&nbsp; Emaar Development PJSC | &nbsp;&nbsp; 7074 | &nbsp;&nbsp;&nbsp; 29179<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* |
| &nbsp;&nbsp;&nbsp; Emaar Properties PJSC | &nbsp;&nbsp; 52803 | &nbsp;&nbsp;&nbsp; $201988<br>|
| &nbsp;&nbsp;&nbsp; Longfor Group Holdings Ltd. | &nbsp;&nbsp; 17840 | &nbsp;&nbsp;&nbsp; 19620<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Youngor Fashion Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1960<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *524414* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **572780** |
| **Utilities — 4.5%** | **Utilities — 4.5%** | **Utilities — 4.5%** |
| *Electric Utilities — 2.0%* | *Electric Utilities — 2.0%* | *Electric Utilities — 2.0%* |
| &nbsp;&nbsp;&nbsp; Axia Energia | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 83122<br>|
| &nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais | &nbsp;&nbsp; 3350 | &nbsp;&nbsp;&nbsp; 8987<br>|
| &nbsp;&nbsp;&nbsp; CPFL Energia SA | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 17505<br>|
| &nbsp;&nbsp;&nbsp; Enel Americas SA | &nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp; 16247<br>|
| &nbsp;&nbsp;&nbsp; Energisa S/A | &nbsp;&nbsp; 2970 | &nbsp;&nbsp;&nbsp; 25560<br>|
| &nbsp;&nbsp;&nbsp; Equatorial SA | &nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp; 82203<br>|
| &nbsp;&nbsp;&nbsp; Inter RAO UES PJSC | &nbsp;&nbsp; 811741 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Interconexion Electrica SA ESP | &nbsp;&nbsp; 3843 | &nbsp;&nbsp;&nbsp; 25087<br>|
| &nbsp;&nbsp;&nbsp; Manila Electric Co. | &nbsp;&nbsp; 2610 | &nbsp;&nbsp;&nbsp; 25464<br>|
| &nbsp;&nbsp;&nbsp; Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 41085 | &nbsp;&nbsp;&nbsp; 120952<br>|
| &nbsp;&nbsp;&nbsp; Saudi Electricity Co. | &nbsp;&nbsp; 6921 | &nbsp;&nbsp;&nbsp; 25925<br>|
| &nbsp;&nbsp;&nbsp; Tenaga Nasional Bhd | &nbsp;&nbsp; 40500 | &nbsp;&nbsp;&nbsp; 136929<br>|
| &nbsp;&nbsp;&nbsp; Torrent Power Ltd. | &nbsp;&nbsp; 1773 | &nbsp;&nbsp;&nbsp; 25777<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *593758* |
| *Gas Utilities — 1.0%* | *Gas Utilities — 1.0%* | *Gas Utilities — 1.0%* |
| &nbsp;&nbsp;&nbsp; Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 18396<br>|
| &nbsp;&nbsp;&nbsp; China Gas Holdings Ltd. | &nbsp;&nbsp; 25200 | &nbsp;&nbsp;&nbsp; 24865<br>|
| &nbsp;&nbsp;&nbsp; China Resources Gas Group Ltd. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp;&nbsp; 23540<br>|
| &nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | &nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp; 56011<br>|
| &nbsp;&nbsp;&nbsp; ENN Natural Gas Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 5354<br>|
| &nbsp;&nbsp;&nbsp; GAIL India Ltd. | &nbsp;&nbsp; 26892 | &nbsp;&nbsp;&nbsp; 51510<br>|
| &nbsp;&nbsp;&nbsp; Grupo Energia Bogota SA ESP | &nbsp;&nbsp; 28404 | &nbsp;&nbsp;&nbsp; 22331<br>|
| &nbsp;&nbsp;&nbsp; Indraprastha Gas Ltd. | &nbsp;&nbsp; 6723 | &nbsp;&nbsp;&nbsp; 14554<br>|
| &nbsp;&nbsp;&nbsp; Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 34365<br>|
| &nbsp;&nbsp;&nbsp; Petronas Gas Bhd | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 40232<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *291158* |
| *Independent Power and Renewable Electricity Producers — 1.2%* | *Independent Power and Renewable Electricity Producers — 1.2%* | *Independent Power and Renewable Electricity Producers — 1.2%* |
| &nbsp;&nbsp;&nbsp; Aboitiz Power Corp. | &nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp; 8750<br>|
| &nbsp;&nbsp;&nbsp; China Longyuan Power Group Corp. Ltd., Class H Shares | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 23033<br>|
| &nbsp;&nbsp;&nbsp; China Power International Development Ltd. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 14939<br>|
| &nbsp;&nbsp;&nbsp; China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 40031<br>|
| &nbsp;&nbsp;&nbsp; Engie Brasil Energia SA | &nbsp;&nbsp; 3580 | &nbsp;&nbsp;&nbsp; 20495<br>|
| &nbsp;&nbsp;&nbsp; GD Power Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 10800 | &nbsp;&nbsp;&nbsp; 7798<br>|
| &nbsp;&nbsp;&nbsp; Huadian Power International Corp. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 3837<br>|
| &nbsp;&nbsp;&nbsp; Huadian Power International Corp. Ltd., Class H Shares | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 9412<br>|
| &nbsp;&nbsp;&nbsp; Huaneng Power International Inc., Class A Shares | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 7695<br>|
| &nbsp;&nbsp;&nbsp; Huaneng Power International Inc., Class H Shares | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 26502<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 1733<br>|
| &nbsp;&nbsp;&nbsp; NHPC Ltd. | &nbsp;&nbsp; 29178 | &nbsp;&nbsp;&nbsp; 25718<br>|
| &nbsp;&nbsp;&nbsp; NTPC Ltd. | &nbsp;&nbsp; 43020 | &nbsp;&nbsp;&nbsp; 157736<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Independent Power and Renewable Electricity Producers — continued* | *Independent Power and Renewable Electricity Producers — continued* | *Independent Power and Renewable Electricity Producers — continued* | *Independent Power and Renewable Electricity Producers — continued* |
| &nbsp;&nbsp;&nbsp; Shaanxi Energy Investment Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Shaanxi Energy Investment Co. Ltd., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp; $8403<br>|
| &nbsp;&nbsp;&nbsp; Shenergy Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Shenergy Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 3010<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Zheneng Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Zhejiang Zheneng Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 3830<br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *362922* |
| *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp;&nbsp; Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 77931 | &nbsp;&nbsp;&nbsp; 58774<br>|
| &nbsp;&nbsp;&nbsp; Qatar Electricity & Water Co. QSC | &nbsp;&nbsp;&nbsp; Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 5148 | &nbsp;&nbsp;&nbsp; 21279<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *80053* |
| *Water Utilities — 0.1%* | *Water Utilities — 0.1%* | *Water Utilities — 0.1%* | *Water Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp;&nbsp; Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 11378<br>|
| &nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. | &nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 23554<br>|
| *Total Water Utilities* | *Total Water Utilities* | *Total Water Utilities* | &nbsp;&nbsp; *34932* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1362823** |
| **Total Common Stocks (Cost — $25,302,589)** | **Total Common Stocks (Cost — $25,302,589)** | **Total Common Stocks (Cost — $25,302,589)** | &nbsp;&nbsp;&nbsp; **29255310**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 2.7%** | **Preferred Stocks — 2.7%** | **Preferred Stocks — 2.7%** | **Preferred Stocks — 2.7%** |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* |
| &nbsp;&nbsp;&nbsp; Hyundai Motor Co.  | &nbsp;&nbsp; 1.214% | &nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 20592<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Motor Co., Series 2  | &nbsp;&nbsp; 1.176% | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 33190<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Motor Co., Series 3  | &nbsp;&nbsp; 1.220% | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 2562<br> <sup>(e)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **56344** |
| **Energy — 0.5%** | **Energy — 0.5%** | **Energy — 0.5%** | **Energy — 0.5%** |
| *Oil, Gas & Consumable Fuels — 0.5%* | *Oil, Gas & Consumable Fuels — 0.5%* | *Oil, Gas & Consumable Fuels — 0.5%* | *Oil, Gas & Consumable Fuels — 0.5%* |
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA - Petrobras  | &nbsp;&nbsp; 0.483% | &nbsp;&nbsp; 27900 | &nbsp;&nbsp;&nbsp; 156919<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Surgutneftegas PAO  | &nbsp;&nbsp; — | &nbsp;&nbsp; 162582 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **156919** |
| **Financials — 1.5%** | **Financials — 1.5%** | **Financials — 1.5%** | **Financials — 1.5%** |
| *Banks — 1.5%* | *Banks — 1.5%* | *Banks — 1.5%* | *Banks — 1.5%* |
| &nbsp;&nbsp;&nbsp; Grupo Cibest SA  | &nbsp;&nbsp; 1.043% | &nbsp;&nbsp; 4032 | &nbsp;&nbsp;&nbsp; 63848<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA  | &nbsp;&nbsp; 0.038% | &nbsp;&nbsp; 36153 | &nbsp;&nbsp;&nbsp; 258823<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Itausa SA  | &nbsp;&nbsp; 0.130% | &nbsp;&nbsp; 58752 | &nbsp;&nbsp;&nbsp; 125229<br> <sup>(e)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **447900** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Localiza Rent a Car SA  | &nbsp;&nbsp; — | &nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; **787**<br> \*<br>|
| **Information Technology — 0.3%** | **Information Technology — 0.3%** | **Information Technology — 0.3%** | **Information Technology — 0.3%** |
| *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* |
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd.  | &nbsp;&nbsp; 0.415% | &nbsp;&nbsp; 1548 | &nbsp;&nbsp;&nbsp;&nbsp; **95853**<br> <sup>(e)</sup><br>|
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; Axia Energia, Class B Shares  | &nbsp;&nbsp; 2.479% | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 17219<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais  | &nbsp;&nbsp; 0.899% | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 36790<br> <sup>(e)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **54009** |
| **Total Preferred Stocks (Cost — $767,298)** | **Total Preferred Stocks (Cost — $767,298)** | **Total Preferred Stocks (Cost — $767,298)** | &nbsp;&nbsp; **811812** |
| **Total Investments before Short-Term Investments (Cost — $26,069,887)** | **Total Investments before Short-Term Investments (Cost — $26,069,887)** | **Total Investments before Short-Term Investments (Cost — $26,069,887)** | &nbsp;&nbsp; **30067122** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $8,550)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 8550<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$8550**<br> <sup>(f)(g)(h)</sup><br>|
| **Total Investments — 99.8% (Cost — $26,078,437)** | **Total Investments — 99.8% (Cost — $26,078,437)** | **Total Investments — 99.8% (Cost — $26,078,437)** | &nbsp;&nbsp; **30075672** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; 49346 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$30125018** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(c)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(d)</sup> | Value is less than $1. |
| <sup>(e)</sup> | Rate shown represents yield-to-maturity. |
| <sup>(f)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(g)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $8,550 and the cost was $8,550 (Note 2).<br>|
| <sup>(h)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| GDR |  | Global Depositary Receipts |
| JSC |  | Joint Stock Company |
| NVDR |  | Non-Voting Depositary Receipt |
| PJSC |  | Private Joint Stock Company |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $68417 | &nbsp;&nbsp;&nbsp;&nbsp; $70570 | &nbsp;&nbsp;&nbsp; **$2153** |

---

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

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Communication Services — 4.8%** | **Communication Services — 4.8%** | **Communication Services — 4.8%** |
| *Diversified Telecommunication Services — 2.4%* | *Diversified Telecommunication Services — 2.4%* | *Diversified Telecommunication Services — 2.4%* |
| &nbsp;&nbsp;&nbsp; BT Group PLC | &nbsp;&nbsp; 945748 | &nbsp;&nbsp;&nbsp; $2341260<br>|
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG | &nbsp;&nbsp; 237226 | &nbsp;&nbsp;&nbsp; 7706358<br>|
| &nbsp;&nbsp;&nbsp; Elisa oyj | &nbsp;&nbsp; 44710 | &nbsp;&nbsp;&nbsp; 1981715<br>|
| &nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. | &nbsp;&nbsp; 1052000 | &nbsp;&nbsp;&nbsp; 1555665<br>|
| &nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp; 97310 | &nbsp;&nbsp;&nbsp; 901143<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | &nbsp;&nbsp; 1214878 | &nbsp;&nbsp;&nbsp; 5673013<br>|
| &nbsp;&nbsp;&nbsp; Orange SA | &nbsp;&nbsp; 585964 | &nbsp;&nbsp;&nbsp; 9772237<br>|
| &nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | &nbsp;&nbsp; 331200 | &nbsp;&nbsp;&nbsp; 1171820<br>|
| &nbsp;&nbsp;&nbsp; Swisscom AG, Registered Shares | &nbsp;&nbsp; 2118 | &nbsp;&nbsp;&nbsp; 1538541<br>|
| &nbsp;&nbsp;&nbsp; Telefonica SA | &nbsp;&nbsp; 1433350 | &nbsp;&nbsp;&nbsp; 5880112<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Telekom Austria AG | &nbsp;&nbsp; 24196 | &nbsp;&nbsp;&nbsp; 255753<br>|
| &nbsp;&nbsp;&nbsp; Telenor ASA | &nbsp;&nbsp; 194620 | &nbsp;&nbsp;&nbsp; 2830493<br>|
| &nbsp;&nbsp;&nbsp; Telia Co. AB | &nbsp;&nbsp; 714308 | &nbsp;&nbsp;&nbsp; 3051314<br>|
| &nbsp;&nbsp;&nbsp; Telstra Group Ltd. | &nbsp;&nbsp; 1187182 | &nbsp;&nbsp;&nbsp; 3855443<br>|
| &nbsp;&nbsp;&nbsp; TPG Telecom Ltd. | &nbsp;&nbsp; 121506 | &nbsp;&nbsp;&nbsp; 307089<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *48821956* |
| *Entertainment — 0.6%* | *Entertainment — 0.6%* | *Entertainment — 0.6%* |
| &nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | &nbsp;&nbsp; 40104 | &nbsp;&nbsp;&nbsp; 934127<br>|
| &nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | &nbsp;&nbsp; 105200 | &nbsp;&nbsp;&nbsp; 7110874<br>|
| &nbsp;&nbsp;&nbsp; Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 73300 | &nbsp;&nbsp;&nbsp; 1337212<br>|
| &nbsp;&nbsp;&nbsp; Universal Music Group NV | &nbsp;&nbsp; 89235 | &nbsp;&nbsp;&nbsp; 2329751<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *11711964* |
| *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; LY Corp. | &nbsp;&nbsp; 52600 | &nbsp;&nbsp;&nbsp; 140003<br>|
| &nbsp;&nbsp;&nbsp; REA Group Ltd. | &nbsp;&nbsp; 15102 | &nbsp;&nbsp;&nbsp; 1846878<br>|
| &nbsp;&nbsp;&nbsp; SEEK Ltd. | &nbsp;&nbsp; 72588 | &nbsp;&nbsp;&nbsp; 1119130<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *3106011* |
| *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* |
| &nbsp;&nbsp;&nbsp; Publicis Groupe SA | &nbsp;&nbsp; 38924 | &nbsp;&nbsp;&nbsp; *4051202*<br>|
| *Wireless Telecommunication Services — 1.5%* | *Wireless Telecommunication Services — 1.5%* | *Wireless Telecommunication Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; SoftBank Corp. | &nbsp;&nbsp; 8994600 | &nbsp;&nbsp;&nbsp; 12326007<br>|
| &nbsp;&nbsp;&nbsp; SoftBank Group Corp. | &nbsp;&nbsp; 327600 | &nbsp;&nbsp;&nbsp; 9196083<br>|
| &nbsp;&nbsp;&nbsp; Tele2 AB, Class B Shares | &nbsp;&nbsp; 173580 | &nbsp;&nbsp;&nbsp; 2910009<br>|
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC | &nbsp;&nbsp; 4709804 | &nbsp;&nbsp;&nbsp; 6263969<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *30696068* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **98387201** |
| **Consumer Discretionary — 8.2%** | **Consumer Discretionary — 8.2%** | **Consumer Discretionary — 8.2%** |
| *Automobile Components — 1.0%* | *Automobile Components — 1.0%* | *Automobile Components — 1.0%* |
| &nbsp;&nbsp;&nbsp; Bridgestone Corp. | &nbsp;&nbsp; 325800 | &nbsp;&nbsp;&nbsp; 7303973<br>|
| &nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 63120 | &nbsp;&nbsp;&nbsp; 2098657<br>|
| &nbsp;&nbsp;&nbsp; Continental AG | &nbsp;&nbsp; 26826 | &nbsp;&nbsp;&nbsp; 2141135<br>|
| &nbsp;&nbsp;&nbsp; Denso Corp. | &nbsp;&nbsp; 103200 | &nbsp;&nbsp;&nbsp; 1420815<br>|
| &nbsp;&nbsp;&nbsp; Niterra Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 2703732<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 105200 | &nbsp;&nbsp;&nbsp; 4245048<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *19913360* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Automobiles — 2.9%* | *Automobiles — 2.9%* | *Automobiles — 2.9%* |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | &nbsp;&nbsp; 36294 | &nbsp;&nbsp;&nbsp; $3970140<br>|
| &nbsp;&nbsp;&nbsp; Ferrari NV | &nbsp;&nbsp; 1052 | &nbsp;&nbsp;&nbsp; 393761<br>|
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | &nbsp;&nbsp; 578600 | &nbsp;&nbsp;&nbsp; 5669907<br>|
| &nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | &nbsp;&nbsp; 49100 | &nbsp;&nbsp;&nbsp; 764168<br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | &nbsp;&nbsp; 204088 | &nbsp;&nbsp;&nbsp; 14398254<br>|
| &nbsp;&nbsp;&nbsp; Stellantis NV | &nbsp;&nbsp; 549670 | &nbsp;&nbsp;&nbsp; 6107645<br>|
| &nbsp;&nbsp;&nbsp; Subaru Corp. | &nbsp;&nbsp; 68300 | &nbsp;&nbsp;&nbsp; 1479336<br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. | &nbsp;&nbsp; 1170300 | &nbsp;&nbsp;&nbsp; 25056791<br>|
| &nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 315600 | &nbsp;&nbsp;&nbsp; 2334608<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *60174610* |
| *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Prosus NV | &nbsp;&nbsp; 21598 | &nbsp;&nbsp;&nbsp; 1340582<br>|
| &nbsp;&nbsp;&nbsp; Wesfarmers Ltd. | &nbsp;&nbsp; 148332 | &nbsp;&nbsp;&nbsp; 8021031<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *9361613* |
| *Hotels, Restaurants & Leisure — 0.6%* | *Hotels, Restaurants & Leisure — 0.6%* | *Hotels, Restaurants & Leisure — 0.6%* |
| &nbsp;&nbsp;&nbsp; Entain PLC | &nbsp;&nbsp; 160430 | &nbsp;&nbsp;&nbsp; 1654218<br>|
| &nbsp;&nbsp;&nbsp; Evolution AB | &nbsp;&nbsp; 57860 | &nbsp;&nbsp;&nbsp; 3952817<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 449400 | &nbsp;&nbsp;&nbsp; 2212502<br>|
| &nbsp;&nbsp;&nbsp; Genting Singapore Ltd. | &nbsp;&nbsp; 1841000 | &nbsp;&nbsp;&nbsp; 1037889<br>|
| &nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. | &nbsp;&nbsp; 684326 | &nbsp;&nbsp;&nbsp; 2354728<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd. | &nbsp;&nbsp; 208800 | &nbsp;&nbsp;&nbsp; 525789<br>|
| &nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp; 669925<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *12407868* |
| *Household Durables — 1.0%* | *Household Durables — 1.0%* | *Household Durables — 1.0%* |
| &nbsp;&nbsp;&nbsp; Barratt Redrow PLC | &nbsp;&nbsp; 431320 | &nbsp;&nbsp;&nbsp; 2210940<br>|
| &nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | &nbsp;&nbsp; 121800 | &nbsp;&nbsp;&nbsp; 1572377<br>|
| &nbsp;&nbsp;&nbsp; Sekisui House Ltd. | &nbsp;&nbsp; 210400 | &nbsp;&nbsp;&nbsp; 4695392<br>|
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | &nbsp;&nbsp; 456800 | &nbsp;&nbsp;&nbsp; 11727093<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *20205802* |
| *Specialty Retail — 0.6%* | *Specialty Retail — 0.6%* | *Specialty Retail — 0.6%* |
| &nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | &nbsp;&nbsp; 13252 | &nbsp;&nbsp;&nbsp; 4813990<br>|
| &nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB, Class B Shares | &nbsp;&nbsp; 139390 | &nbsp;&nbsp;&nbsp; 2810843<br>|
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | &nbsp;&nbsp; 42606 | &nbsp;&nbsp;&nbsp; 2819177<br>|
| &nbsp;&nbsp;&nbsp; Kingfisher PLC | &nbsp;&nbsp; 427638 | &nbsp;&nbsp;&nbsp; 1798633<br>|
| &nbsp;&nbsp;&nbsp; ZOZO Inc. | &nbsp;&nbsp; 138110 | &nbsp;&nbsp;&nbsp; 1137516<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *13380159* |
| *Textiles, Apparel & Luxury Goods — 1.6%* | *Textiles, Apparel & Luxury Goods — 1.6%* | *Textiles, Apparel & Luxury Goods — 1.6%* |
| &nbsp;&nbsp;&nbsp; Asics Corp. | &nbsp;&nbsp; 13300 | &nbsp;&nbsp;&nbsp; 318616<br>|
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Registered Shares | &nbsp;&nbsp; 37346 | &nbsp;&nbsp;&nbsp; 8110293<br>|
| &nbsp;&nbsp;&nbsp; Kering SA | &nbsp;&nbsp; 6446 | &nbsp;&nbsp;&nbsp; 2278723<br>|
| &nbsp;&nbsp;&nbsp; LPP SA | &nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp; 1950648<br>|
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 25774 | &nbsp;&nbsp;&nbsp; 19524336<br>|
| &nbsp;&nbsp;&nbsp; Moncler SpA | &nbsp;&nbsp; 7364 | &nbsp;&nbsp;&nbsp; 474984<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *32657600* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **168101012** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Consumer Staples — 7.5%** | **Consumer Staples — 7.5%** | **Consumer Staples — 7.5%** |
| *Beverages — 1.2%* | *Beverages — 1.2%* | *Beverages — 1.2%* |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV | &nbsp;&nbsp; 16306 | &nbsp;&nbsp;&nbsp; $1051367<br>|
| &nbsp;&nbsp;&nbsp; Budweiser Brewing Co. APAC Ltd. | &nbsp;&nbsp; 536400 | &nbsp;&nbsp;&nbsp; 523065<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carlsberg AS, Class B Shares | &nbsp;&nbsp; 8416 | &nbsp;&nbsp;&nbsp; 1105265<br>|
| &nbsp;&nbsp;&nbsp; Diageo PLC | &nbsp;&nbsp; 587542 | &nbsp;&nbsp;&nbsp; 12672030<br>|
| &nbsp;&nbsp;&nbsp; Heineken NV | &nbsp;&nbsp; 4734 | &nbsp;&nbsp;&nbsp; 387744<br>|
| &nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 211800 | &nbsp;&nbsp;&nbsp; 3172710<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pernod Ricard SA | &nbsp;&nbsp; 62594 | &nbsp;&nbsp;&nbsp; 5373841<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *24286022* |
| *Consumer Staples Distribution & Retail — 0.6%* | *Consumer Staples Distribution & Retail — 0.6%* | *Consumer Staples Distribution & Retail — 0.6%* |
| &nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | &nbsp;&nbsp; 105200 | &nbsp;&nbsp;&nbsp; 1662448<br>|
| &nbsp;&nbsp;&nbsp; Coles Group Ltd. | &nbsp;&nbsp; 306132 | &nbsp;&nbsp;&nbsp; 4376849<br>|
| &nbsp;&nbsp;&nbsp; J Sainsbury PLC | &nbsp;&nbsp; 113090 | &nbsp;&nbsp;&nbsp; 494363<br>|
| &nbsp;&nbsp;&nbsp; Kesko oyj, Class A Shares | &nbsp;&nbsp; 25774 | &nbsp;&nbsp;&nbsp; 583006<br>|
| &nbsp;&nbsp;&nbsp; Kesko oyj, Class B Shares | &nbsp;&nbsp; 82582 | &nbsp;&nbsp;&nbsp; 1867028<br>|
| &nbsp;&nbsp;&nbsp; Tesco PLC | &nbsp;&nbsp; 357680 | &nbsp;&nbsp;&nbsp; 2125488<br>|
| &nbsp;&nbsp;&nbsp; Woolworths Group Ltd. | &nbsp;&nbsp; 90998 | &nbsp;&nbsp;&nbsp; 1782837<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *12892019* |
| *Food Products — 2.1%* | *Food Products — 2.1%* | *Food Products — 2.1%* |
| &nbsp;&nbsp;&nbsp; Danone SA | &nbsp;&nbsp; 60490 | &nbsp;&nbsp;&nbsp; 5454644<br>|
| &nbsp;&nbsp;&nbsp; Nestle SA, Registered Shares | &nbsp;&nbsp; 298768 | &nbsp;&nbsp;&nbsp; 29693900<br>|
| &nbsp;&nbsp;&nbsp; Orkla ASA | &nbsp;&nbsp; 204614 | &nbsp;&nbsp;&nbsp; 2282088<br>|
| &nbsp;&nbsp;&nbsp; Salmar ASA | &nbsp;&nbsp; 21040 | &nbsp;&nbsp;&nbsp; 1288034<br>|
| &nbsp;&nbsp;&nbsp; WH Group Ltd. | &nbsp;&nbsp; 2367000 | &nbsp;&nbsp;&nbsp; 2636589<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wilmar International Ltd. | &nbsp;&nbsp; 590500 | &nbsp;&nbsp;&nbsp; 1414261<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *42769516* |
| *Household Products — 0.3%* | *Household Products — 0.3%* | *Household Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Essity AB, Class B Shares | &nbsp;&nbsp; 21532 | &nbsp;&nbsp;&nbsp; 619418<br>|
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | &nbsp;&nbsp; 77848 | &nbsp;&nbsp;&nbsp; 6284659<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *6904077* |
| *Personal Care Products — 1.3%* | *Personal Care Products — 1.3%* | *Personal Care Products — 1.3%* |
| &nbsp;&nbsp;&nbsp; Kao Corp. | &nbsp;&nbsp; 52600 | &nbsp;&nbsp;&nbsp; 2101047<br>|
| &nbsp;&nbsp;&nbsp; L'Oreal SA | &nbsp;&nbsp; 16837 | &nbsp;&nbsp;&nbsp; 7249230<br>|
| &nbsp;&nbsp;&nbsp; Unilever PLC | &nbsp;&nbsp; 253006 | &nbsp;&nbsp;&nbsp; 16537152<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *25887429* |
| *Tobacco — 2.0%* | *Tobacco — 2.0%* | *Tobacco — 2.0%* |
| &nbsp;&nbsp;&nbsp; British American Tobacco PLC | &nbsp;&nbsp; 378720 | &nbsp;&nbsp;&nbsp; 21465997<br>|
| &nbsp;&nbsp;&nbsp; Imperial Brands PLC | &nbsp;&nbsp; 243538 | &nbsp;&nbsp;&nbsp; 10216930<br>|
| &nbsp;&nbsp;&nbsp; Japan Tobacco Inc. | &nbsp;&nbsp; 239400 | &nbsp;&nbsp;&nbsp; 8614093<br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *40297020* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **153036083** |
| **Energy — 3.7%** | **Energy — 3.7%** | **Energy — 3.7%** |
| *Oil, Gas & Consumable Fuels — 3.7%* | *Oil, Gas & Consumable Fuels — 3.7%* | *Oil, Gas & Consumable Fuels — 3.7%* |
| &nbsp;&nbsp;&nbsp; Aker BP ASA | &nbsp;&nbsp; 92576 | &nbsp;&nbsp;&nbsp; 2357800<br>|
| &nbsp;&nbsp;&nbsp; BP PLC | &nbsp;&nbsp; 1610612 | &nbsp;&nbsp;&nbsp; 9375976<br>|
| &nbsp;&nbsp;&nbsp; Eni SpA | &nbsp;&nbsp; 592276 | &nbsp;&nbsp;&nbsp; 11226966<br>|
| &nbsp;&nbsp;&nbsp; Equinor ASA | &nbsp;&nbsp; 205666 | &nbsp;&nbsp;&nbsp; 4832316<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; OMV AG | &nbsp;&nbsp; 44184 | &nbsp;&nbsp;&nbsp; $2465904<br>|
| &nbsp;&nbsp;&nbsp; ORLEN SA | &nbsp;&nbsp; 185152 | &nbsp;&nbsp;&nbsp; 4949644<br>|
| &nbsp;&nbsp;&nbsp; Repsol SA | &nbsp;&nbsp; 331906 | &nbsp;&nbsp;&nbsp; 6207679<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santos Ltd. | &nbsp;&nbsp; 840548 | &nbsp;&nbsp;&nbsp; 3458404<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC | &nbsp;&nbsp; 221446 | &nbsp;&nbsp;&nbsp; 8161250<br>|
| &nbsp;&nbsp;&nbsp; TotalEnergies SE | &nbsp;&nbsp; 206192 | &nbsp;&nbsp;&nbsp; 13461803<br>|
| &nbsp;&nbsp;&nbsp; Var Energi ASA | &nbsp;&nbsp; 248272 | &nbsp;&nbsp;&nbsp; 812243<br>|
| &nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | &nbsp;&nbsp; 576496 | &nbsp;&nbsp;&nbsp; 9068851<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **76378836** |
| **Financials — 29.6%** | **Financials — 29.6%** | **Financials — 29.6%** |
| *Banks — 18.5%* | *Banks — 18.5%* | *Banks — 18.5%* |
| &nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | &nbsp;&nbsp; 412910 | &nbsp;&nbsp;&nbsp; 10006181<br>|
| &nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 650662 | &nbsp;&nbsp;&nbsp; 6976875<br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 639616 | &nbsp;&nbsp;&nbsp; 15061507<br>|
| &nbsp;&nbsp;&nbsp; Banco BPM SpA | &nbsp;&nbsp; 412233 | &nbsp;&nbsp;&nbsp; 6303597<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA | &nbsp;&nbsp; 476030 | &nbsp;&nbsp;&nbsp; 5629872<br>|
| &nbsp;&nbsp;&nbsp; Bank Hapoalim BM | &nbsp;&nbsp; 142546 | &nbsp;&nbsp;&nbsp; 3222503<br>|
| &nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM | &nbsp;&nbsp; 196724 | &nbsp;&nbsp;&nbsp; 4333101<br>|
| &nbsp;&nbsp;&nbsp; Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 65750 | &nbsp;&nbsp;&nbsp; 3750925<br>|
| &nbsp;&nbsp;&nbsp; BAWAG Group AG | &nbsp;&nbsp; 22092 | &nbsp;&nbsp;&nbsp; 3347029<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | &nbsp;&nbsp; 213556 | &nbsp;&nbsp;&nbsp; 20263017<br>|
| &nbsp;&nbsp;&nbsp; BPER Banca SpA | &nbsp;&nbsp; 398708 | &nbsp;&nbsp;&nbsp; 5431849<br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA | &nbsp;&nbsp; 602796 | &nbsp;&nbsp;&nbsp; 7394580<br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | &nbsp;&nbsp; 145702 | &nbsp;&nbsp;&nbsp; 15601199<br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA | &nbsp;&nbsp; 341374 | &nbsp;&nbsp;&nbsp; 7036267<br>|
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | &nbsp;&nbsp; 405900 | &nbsp;&nbsp;&nbsp; 17788899<br>|
| &nbsp;&nbsp;&nbsp; DNB Bank ASA | &nbsp;&nbsp; 227232 | &nbsp;&nbsp;&nbsp; 6341505<br>|
| &nbsp;&nbsp;&nbsp; Erste Group Bank AG | &nbsp;&nbsp; 6838 | &nbsp;&nbsp;&nbsp; 826379<br>|
| &nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 142298 | &nbsp;&nbsp;&nbsp; 3710108<br>|
| &nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. | &nbsp;&nbsp; 210400 | &nbsp;&nbsp;&nbsp; 4149342<br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC | &nbsp;&nbsp; 2035094 | &nbsp;&nbsp;&nbsp; 32130455<br>|
| &nbsp;&nbsp;&nbsp; ING Bank Slaski SA | &nbsp;&nbsp; 10233 | &nbsp;&nbsp;&nbsp; 972010<br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV | &nbsp;&nbsp; 410806 | &nbsp;&nbsp;&nbsp; 11584137<br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | &nbsp;&nbsp; 3089198 | &nbsp;&nbsp;&nbsp; 21482041<br>|
| &nbsp;&nbsp;&nbsp; Israel Discount Bank Ltd., Class A Shares | &nbsp;&nbsp; 115194 | &nbsp;&nbsp;&nbsp; 1222384<br>|
| &nbsp;&nbsp;&nbsp; Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 210400 | &nbsp;&nbsp;&nbsp; 2965157<br>|
| &nbsp;&nbsp;&nbsp; KBC Group NV | &nbsp;&nbsp; 31034 | &nbsp;&nbsp;&nbsp; 4054829<br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | &nbsp;&nbsp; 5048548 | &nbsp;&nbsp;&nbsp; 6671034<br>|
| &nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 179366 | &nbsp;&nbsp;&nbsp; 3746526<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 1123500 | &nbsp;&nbsp;&nbsp; 17869058<br>|
| &nbsp;&nbsp;&nbsp; Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 34190 | &nbsp;&nbsp;&nbsp; 2385823<br>|
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group Inc. | &nbsp;&nbsp; 252200 | &nbsp;&nbsp;&nbsp; 9171202<br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | &nbsp;&nbsp; 270890 | &nbsp;&nbsp;&nbsp; 7643003<br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC | &nbsp;&nbsp; 1200332 | &nbsp;&nbsp;&nbsp; 10523351<br>|
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp | &nbsp;&nbsp; 883680 | &nbsp;&nbsp;&nbsp; 16674202<br>|
| &nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 548100 | &nbsp;&nbsp;&nbsp; 8421816<br>|
| &nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 264052 | &nbsp;&nbsp;&nbsp; 6254636<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Santander Bank Polska SA | &nbsp;&nbsp; 12624 | &nbsp;&nbsp;&nbsp; $1915089<br>|
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Class A Shares | &nbsp;&nbsp; 205140 | &nbsp;&nbsp;&nbsp; 4341434<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 344100 | &nbsp;&nbsp;&nbsp; 11066433<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 57100 | &nbsp;&nbsp;&nbsp; 1740194<br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A Shares | &nbsp;&nbsp; 428164 | &nbsp;&nbsp;&nbsp; 6239840<br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class B Shares | &nbsp;&nbsp; 8942 | &nbsp;&nbsp;&nbsp; 224840<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Swedbank AB, Class A Shares | &nbsp;&nbsp; 301398 | &nbsp;&nbsp;&nbsp; 10497993<br>|
| &nbsp;&nbsp;&nbsp; UniCredit SpA | &nbsp;&nbsp; 169372 | &nbsp;&nbsp;&nbsp; 14107338<br>|
| &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | &nbsp;&nbsp; 315600 | &nbsp;&nbsp;&nbsp; 8604149<br>|
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. | &nbsp;&nbsp; 312970 | &nbsp;&nbsp;&nbsp; 8055974<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *377739683* |
| *Capital Markets — 3.6%* | *Capital Markets — 3.6%* | *Capital Markets — 3.6%* |
| &nbsp;&nbsp;&nbsp; 3i Group PLC | &nbsp;&nbsp; 65750 | &nbsp;&nbsp;&nbsp; 2885700<br>|
| &nbsp;&nbsp;&nbsp; Amundi SA | &nbsp;&nbsp; 18936 | &nbsp;&nbsp;&nbsp; 1570101<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ASX Ltd. | &nbsp;&nbsp; 59742 | &nbsp;&nbsp;&nbsp; 2049315<br>|
| &nbsp;&nbsp;&nbsp; CVC Capital Partners PLC | &nbsp;&nbsp; 246694 | &nbsp;&nbsp;&nbsp; 4143138<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daiwa Securities Group Inc. | &nbsp;&nbsp; 420800 | &nbsp;&nbsp;&nbsp; 3679265<br>|
| &nbsp;&nbsp;&nbsp; EQT AB | &nbsp;&nbsp; 137286 | &nbsp;&nbsp;&nbsp; 5417695<br>|
| &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 6807734<br>|
| &nbsp;&nbsp;&nbsp; ICG PLC | &nbsp;&nbsp; 89946 | &nbsp;&nbsp;&nbsp; 2484967<br>|
| &nbsp;&nbsp;&nbsp; Japan Exchange Group Inc. | &nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp; 2812134<br>|
| &nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | &nbsp;&nbsp; 59438 | &nbsp;&nbsp;&nbsp; 4681516<br>|
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | &nbsp;&nbsp; 28090 | &nbsp;&nbsp;&nbsp; 3382284<br>|
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | &nbsp;&nbsp; 52074 | &nbsp;&nbsp;&nbsp; 7056229<br>|
| &nbsp;&nbsp;&nbsp; Nomura Holdings Inc. | &nbsp;&nbsp; 578600 | &nbsp;&nbsp;&nbsp; 4802441<br>|
| &nbsp;&nbsp;&nbsp; Nordnet AB publ | &nbsp;&nbsp; 50275 | &nbsp;&nbsp;&nbsp; 1473544<br>|
| &nbsp;&nbsp;&nbsp; Partners Group Holding AG | &nbsp;&nbsp; 6555 | &nbsp;&nbsp;&nbsp; 8128283<br>|
| &nbsp;&nbsp;&nbsp; SBI Holdings Inc. | &nbsp;&nbsp; 157800 | &nbsp;&nbsp;&nbsp; 3397716<br>|
| &nbsp;&nbsp;&nbsp; Schroders PLC | &nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp; 1439755<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Registered Shares | &nbsp;&nbsp; 163060 | &nbsp;&nbsp;&nbsp; 7607066<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *73818883* |
| *Financial Services — 0.9%* | *Financial Services — 0.9%* | *Financial Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; Adyen NV | &nbsp;&nbsp; 3156 | &nbsp;&nbsp;&nbsp; 5,096,528<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banca Mediolanum SpA | &nbsp;&nbsp; 64698 | &nbsp;&nbsp;&nbsp; 1479420<br>|
| &nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 25248 | &nbsp;&nbsp;&nbsp; 2252109<br>|
| &nbsp;&nbsp;&nbsp; M&G PLC | &nbsp;&nbsp; 688534 | &nbsp;&nbsp;&nbsp; 2652386<br>|
| &nbsp;&nbsp;&nbsp; ORIX Corp. | &nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; 3930946<br>|
| &nbsp;&nbsp;&nbsp; Poste Italiane SpA | &nbsp;&nbsp; 144124 | &nbsp;&nbsp;&nbsp; 3635845<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *19047234* |
| *Insurance — 6.6%* | *Insurance — 6.6%* | *Insurance — 6.6%* |
| &nbsp;&nbsp;&nbsp; Admiral Group PLC | &nbsp;&nbsp; 73640 | &nbsp;&nbsp;&nbsp; 3145811<br>|
| &nbsp;&nbsp;&nbsp; Ageas SA/NV | &nbsp;&nbsp; 54178 | &nbsp;&nbsp;&nbsp; 3805037<br>|
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. | &nbsp;&nbsp; 701000 | &nbsp;&nbsp;&nbsp; 7195979<br>|
| &nbsp;&nbsp;&nbsp; Allianz SE, Registered Shares | &nbsp;&nbsp; 43132 | &nbsp;&nbsp;&nbsp; 19781324<br>|
| &nbsp;&nbsp;&nbsp; Aviva PLC | &nbsp;&nbsp; 945222 | &nbsp;&nbsp;&nbsp; 8701260<br>|
| &nbsp;&nbsp;&nbsp; AXA SA | &nbsp;&nbsp; 289826 | &nbsp;&nbsp;&nbsp; 13942223<br>|
| &nbsp;&nbsp;&nbsp; Generali | &nbsp;&nbsp; 118350 | &nbsp;&nbsp;&nbsp; 4969115<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | &nbsp;&nbsp; 39976 | &nbsp;&nbsp;&nbsp; $1196880<br>|
| &nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. | &nbsp;&nbsp; 401864 | &nbsp;&nbsp;&nbsp; 2138504<br>|
| &nbsp;&nbsp;&nbsp; Legal & General Group PLC | &nbsp;&nbsp; 1714760 | &nbsp;&nbsp;&nbsp; 6040559<br>|
| &nbsp;&nbsp;&nbsp; Medibank Private Ltd. | &nbsp;&nbsp; 886836 | &nbsp;&nbsp;&nbsp; 2832741<br>|
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | &nbsp;&nbsp; 7890 | &nbsp;&nbsp;&nbsp; 5209578<br>|
| &nbsp;&nbsp;&nbsp; NN Group NV | &nbsp;&nbsp; 82056 | &nbsp;&nbsp;&nbsp; 6335411<br>|
| &nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC | &nbsp;&nbsp; 234070 | &nbsp;&nbsp;&nbsp; 2320340<br>|
| &nbsp;&nbsp;&nbsp; Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 174106 | &nbsp;&nbsp;&nbsp; 3232041<br>|
| &nbsp;&nbsp;&nbsp; Sompo Holdings Inc. | &nbsp;&nbsp; 120370 | &nbsp;&nbsp;&nbsp; 4097702<br>|
| &nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | &nbsp;&nbsp; 309288 | &nbsp;&nbsp;&nbsp; 3640289<br>|
| &nbsp;&nbsp;&nbsp; Swiss Re AG | &nbsp;&nbsp; 54178 | &nbsp;&nbsp;&nbsp; 9084944<br>|
| &nbsp;&nbsp;&nbsp; Tokio Marine Holdings Inc. | &nbsp;&nbsp; 150500 | &nbsp;&nbsp;&nbsp; 5585240<br>|
| &nbsp;&nbsp;&nbsp; Tryg A/S | &nbsp;&nbsp; 96258 | &nbsp;&nbsp;&nbsp; 2520120<br>|
| &nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | &nbsp;&nbsp; 25774 | &nbsp;&nbsp;&nbsp; 19578155<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *135353253* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **605959053** |
| **Health Care — 10.0%** | **Health Care — 10.0%** | **Health Care — 10.0%** |
| *Biotechnology — 0.4%* | *Biotechnology — 0.4%* | *Biotechnology — 0.4%* |
| &nbsp;&nbsp;&nbsp; Argenx SE | &nbsp;&nbsp; 3156 | &nbsp;&nbsp;&nbsp; 2,656,866<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CSL Ltd. | &nbsp;&nbsp; 39450 | &nbsp;&nbsp;&nbsp; 4541943<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *7198809* |
| *Health Care Equipment & Supplies — 0.8%* | *Health Care Equipment & Supplies — 0.8%* | *Health Care Equipment & Supplies — 0.8%* |
| &nbsp;&nbsp;&nbsp; Coloplast A/S, Class B Shares | &nbsp;&nbsp; 46458 | &nbsp;&nbsp;&nbsp; 3991548<br>|
| &nbsp;&nbsp;&nbsp; EssilorLuxottica SA | &nbsp;&nbsp; 15643 | &nbsp;&nbsp;&nbsp; 4958584<br>|
| &nbsp;&nbsp;&nbsp; Hoya Corp. | &nbsp;&nbsp; 13200 | &nbsp;&nbsp;&nbsp; 1994590<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke Philips NV | &nbsp;&nbsp; 130900 | &nbsp;&nbsp;&nbsp; 3572815<br>|
| &nbsp;&nbsp;&nbsp; Smith & Nephew PLC | &nbsp;&nbsp; 46288 | &nbsp;&nbsp;&nbsp; 771086<br>|
| &nbsp;&nbsp;&nbsp; Sysmex Corp. | &nbsp;&nbsp; 157800 | &nbsp;&nbsp;&nbsp; 1552882<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *16841505* |
| *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | &nbsp;&nbsp; 144650 | &nbsp;&nbsp;&nbsp; *2180957*<br>|
| *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* |
| &nbsp;&nbsp;&nbsp; M3 Inc. | &nbsp;&nbsp; 54300 | &nbsp;&nbsp;&nbsp; 732337<br>|
| &nbsp;&nbsp;&nbsp; Pro Medicus Ltd. | &nbsp;&nbsp; 10520 | &nbsp;&nbsp;&nbsp; 1549461<br>|
| *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *2281798* |
| *Life Sciences Tools & Services — 0.0%††* | *Life Sciences Tools & Services — 0.0%††* | *Life Sciences Tools & Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Lonza Group AG, Registered Shares | &nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp; *333303*<br>|
| *Pharmaceuticals — 8.6%* | *Pharmaceuticals — 8.6%* | *Pharmaceuticals — 8.6%* |
| &nbsp;&nbsp;&nbsp; Astellas Pharma Inc. | &nbsp;&nbsp; 526000 | &nbsp;&nbsp;&nbsp; 7023624<br>|
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | &nbsp;&nbsp; 155170 | &nbsp;&nbsp;&nbsp; 28781295<br>|
| &nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 68900 | &nbsp;&nbsp;&nbsp; 3623355<br>|
| &nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 157800 | &nbsp;&nbsp;&nbsp; 3370534<br>|
| &nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | &nbsp;&nbsp; 86556 | &nbsp;&nbsp;&nbsp; 2573294<br>|
| &nbsp;&nbsp;&nbsp; Galderma Group AG | &nbsp;&nbsp; 10520 | &nbsp;&nbsp;&nbsp; 2152467<br>|
| &nbsp;&nbsp;&nbsp; GSK PLC | &nbsp;&nbsp; 568080 | &nbsp;&nbsp;&nbsp; 13940928<br>|
| &nbsp;&nbsp;&nbsp; Novartis AG, Registered Shares | &nbsp;&nbsp; 170424 | &nbsp;&nbsp;&nbsp; 23576485<br>|
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B Shares | &nbsp;&nbsp; 404494 | &nbsp;&nbsp;&nbsp; 20687099<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; Orion oyj, Class A Shares | &nbsp;&nbsp; 5786 | &nbsp;&nbsp;&nbsp; $430147<br>|
| &nbsp;&nbsp;&nbsp; Orion oyj, Class B Shares | &nbsp;&nbsp; 20514 | &nbsp;&nbsp;&nbsp; 1533499<br>|
| &nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 5364 | &nbsp;&nbsp;&nbsp; 305790<br>|
| &nbsp;&nbsp;&nbsp; Roche Holding AG, Bearer Shares | &nbsp;&nbsp; 3156 | &nbsp;&nbsp;&nbsp; 1335300<br>|
| &nbsp;&nbsp;&nbsp; Roche Holding AG, Vienna Stock Exchange | &nbsp;&nbsp; 68380 | &nbsp;&nbsp;&nbsp; 28327316<br>|
| &nbsp;&nbsp;&nbsp; Sanofi SA | &nbsp;&nbsp; 221446 | &nbsp;&nbsp;&nbsp; 21513600<br>|
| &nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | &nbsp;&nbsp; 18500 | &nbsp;&nbsp;&nbsp; 335312<br>|
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 490500 | &nbsp;&nbsp;&nbsp; 15130100<br>|
| &nbsp;&nbsp;&nbsp; UCB SA | &nbsp;&nbsp; 2659 | &nbsp;&nbsp;&nbsp; 745115<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *175385260* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **204221632** |
| **Industrials — 14.8%** | **Industrials — 14.8%** | **Industrials — 14.8%** |
| *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* |
| &nbsp;&nbsp;&nbsp; Airbus SE | &nbsp;&nbsp; 34190 | &nbsp;&nbsp;&nbsp; 7966645<br>|
| &nbsp;&nbsp;&nbsp; BAE Systems PLC | &nbsp;&nbsp; 217764 | &nbsp;&nbsp;&nbsp; 5020364<br>|
| &nbsp;&nbsp;&nbsp; Leonardo SpA  | &nbsp;&nbsp; 14728 | &nbsp;&nbsp;&nbsp; 850336<br>|
| &nbsp;&nbsp;&nbsp; Rheinmetall AG | &nbsp;&nbsp; 3803 | &nbsp;&nbsp;&nbsp; 6972106<br>|
| &nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | &nbsp;&nbsp; 509694 | &nbsp;&nbsp;&nbsp; 7883983<br>|
| &nbsp;&nbsp;&nbsp; Saab AB, Class B Shares | &nbsp;&nbsp; 23144 | &nbsp;&nbsp;&nbsp; 1349656<br>|
| &nbsp;&nbsp;&nbsp; Thales SA | &nbsp;&nbsp; 1578 | &nbsp;&nbsp;&nbsp; 425884<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *30468974* |
| *Air Freight & Logistics — 0.7%* | *Air Freight & Logistics — 0.7%* | *Air Freight & Logistics — 0.7%* |
| &nbsp;&nbsp;&nbsp; Deutsche Post AG | &nbsp;&nbsp; 216712 | &nbsp;&nbsp;&nbsp; 11893604<br>|
| &nbsp;&nbsp;&nbsp; DSV A/S | &nbsp;&nbsp; 7364 | &nbsp;&nbsp;&nbsp; 1870064<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *13763668* |
| *Building Products — 0.3%* | *Building Products — 0.3%* | *Building Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; AGC Inc. | &nbsp;&nbsp; 65500 | &nbsp;&nbsp;&nbsp; 2170031<br>|
| &nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | &nbsp;&nbsp; 24772 | &nbsp;&nbsp;&nbsp; 3173446<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *5343477* |
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC | &nbsp;&nbsp; 507064 | &nbsp;&nbsp;&nbsp; *3052067*<br>|
| *Construction & Engineering — 0.6%* | *Construction & Engineering — 0.6%* | *Construction & Engineering — 0.6%* |
| &nbsp;&nbsp;&nbsp; Bouygues SA | &nbsp;&nbsp; 56282 | &nbsp;&nbsp;&nbsp; 2931554<br>|
| &nbsp;&nbsp;&nbsp; Ferrovial SE | &nbsp;&nbsp; 25248 | &nbsp;&nbsp;&nbsp; 1640971<br>|
| &nbsp;&nbsp;&nbsp; Kajima Corp. | &nbsp;&nbsp; 17700 | &nbsp;&nbsp;&nbsp; 658901<br>|
| &nbsp;&nbsp;&nbsp; Obayashi Corp. | &nbsp;&nbsp; 52600 | &nbsp;&nbsp;&nbsp; 1097001<br>|
| &nbsp;&nbsp;&nbsp; Skanska AB, Class B Shares  | &nbsp;&nbsp; 17884 | &nbsp;&nbsp;&nbsp; 489449<br>|
| &nbsp;&nbsp;&nbsp; Vinci SA | &nbsp;&nbsp; 32612 | &nbsp;&nbsp;&nbsp; 4598057<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *11415933* |
| *Electrical Equipment — 2.1%* | *Electrical Equipment — 2.1%* | *Electrical Equipment — 2.1%* |
| &nbsp;&nbsp;&nbsp; ABB Ltd., Registered Shares | &nbsp;&nbsp; 102044 | &nbsp;&nbsp;&nbsp; 7627700<br>|
| &nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | &nbsp;&nbsp; 15404 | &nbsp;&nbsp;&nbsp; 1164550<br>|
| &nbsp;&nbsp;&nbsp; Fujikura Ltd. | &nbsp;&nbsp; 48400 | &nbsp;&nbsp;&nbsp; 5385154<br>|
| &nbsp;&nbsp;&nbsp; Legrand SA | &nbsp;&nbsp; 9468 | &nbsp;&nbsp;&nbsp; 1414982<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | &nbsp;&nbsp; 139100 | &nbsp;&nbsp;&nbsp; 4068860<br>|
| &nbsp;&nbsp;&nbsp; NIDEC Corp. | &nbsp;&nbsp; 73200 | &nbsp;&nbsp;&nbsp; 995645<br>|
| &nbsp;&nbsp;&nbsp; Prysmian SpA | &nbsp;&nbsp; 15254 | &nbsp;&nbsp;&nbsp; 1547504<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electrical Equipment — continued* | *Electrical Equipment — continued* | *Electrical Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE | &nbsp;&nbsp; 48392 | &nbsp;&nbsp;&nbsp; $13350309<br>|
| &nbsp;&nbsp;&nbsp; Siemens Energy AG | &nbsp;&nbsp; 55756 | &nbsp;&nbsp;&nbsp; 7,884,113<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | &nbsp;&nbsp; 12098 | &nbsp;&nbsp;&nbsp; 329862<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *43768679* |
| *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; MTR Corp. Ltd. | &nbsp;&nbsp; 516000 | &nbsp;&nbsp;&nbsp; *1975564*<br>|
| *Industrial Conglomerates — 2.2%* | *Industrial Conglomerates — 2.2%* | *Industrial Conglomerates — 2.2%* |
| &nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 3401426<br>|
| &nbsp;&nbsp;&nbsp; Hitachi Ltd. | &nbsp;&nbsp; 467136 | &nbsp;&nbsp;&nbsp; 14609083<br>|
| &nbsp;&nbsp;&nbsp; Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp; 21100 | &nbsp;&nbsp;&nbsp; 555228<br>|
| &nbsp;&nbsp;&nbsp; Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 25360 | &nbsp;&nbsp;&nbsp; 1734370<br>|
| &nbsp;&nbsp;&nbsp; Keppel Ltd. | &nbsp;&nbsp; 157800 | &nbsp;&nbsp;&nbsp; 1270008<br>|
| &nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 120800 | &nbsp;&nbsp;&nbsp; 2030738<br>|
| &nbsp;&nbsp;&nbsp; Siemens AG, Registered Shares | &nbsp;&nbsp; 72062 | &nbsp;&nbsp;&nbsp; 20240043<br>|
| &nbsp;&nbsp;&nbsp; Swire Pacific Ltd., Class A Shares | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp; 491386<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *44332282* |
| *Machinery — 2.9%* | *Machinery — 2.9%* | *Machinery — 2.9%* |
| &nbsp;&nbsp;&nbsp; ANDRITZ AG | &nbsp;&nbsp; 18936 | &nbsp;&nbsp;&nbsp; 1484480<br>|
| &nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A Shares | &nbsp;&nbsp; 64172 | &nbsp;&nbsp;&nbsp; 1155873<br>|
| &nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B Shares | &nbsp;&nbsp; 39450 | &nbsp;&nbsp;&nbsp; 637616<br>|
| &nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | &nbsp;&nbsp; 83600 | &nbsp;&nbsp;&nbsp; 2628350<br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | &nbsp;&nbsp; 123289 | &nbsp;&nbsp;&nbsp; 5403818<br>|
| &nbsp;&nbsp;&nbsp; FANUC Corp. | &nbsp;&nbsp; 76360 | &nbsp;&nbsp;&nbsp; 2963886<br>|
| &nbsp;&nbsp;&nbsp; Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 26500 | &nbsp;&nbsp;&nbsp; 782768<br>|
| &nbsp;&nbsp;&nbsp; IHI Corp. | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp; 1440996<br>|
| &nbsp;&nbsp;&nbsp; Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 26800 | &nbsp;&nbsp;&nbsp; 1774755<br>|
| &nbsp;&nbsp;&nbsp; Komatsu Ltd. | &nbsp;&nbsp; 234100 | &nbsp;&nbsp;&nbsp; 7467543<br>|
| &nbsp;&nbsp;&nbsp; Kone oyj, Class B Shares | &nbsp;&nbsp; 94154 | &nbsp;&nbsp;&nbsp; 6696677<br>|
| &nbsp;&nbsp;&nbsp; Makita Corp. | &nbsp;&nbsp; 76100 | &nbsp;&nbsp;&nbsp; 2299823<br>|
| &nbsp;&nbsp;&nbsp; Metso oyj | &nbsp;&nbsp; 176736 | &nbsp;&nbsp;&nbsp; 3109364<br>|
| &nbsp;&nbsp;&nbsp; Minebea Mitsumi Inc. | &nbsp;&nbsp; 52600 | &nbsp;&nbsp;&nbsp; 1054047<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp; 6443076<br>|
| &nbsp;&nbsp;&nbsp; Sandvik AB | &nbsp;&nbsp; 28404 | &nbsp;&nbsp;&nbsp; 926177<br>|
| &nbsp;&nbsp;&nbsp; SKF AB, Class B Shares | &nbsp;&nbsp; 86790 | &nbsp;&nbsp;&nbsp; 2314074<br>|
| &nbsp;&nbsp;&nbsp; SMC Corp. | &nbsp;&nbsp; 4532 | &nbsp;&nbsp;&nbsp; 1574613<br>|
| &nbsp;&nbsp;&nbsp; Spirax Group PLC | &nbsp;&nbsp; 21566 | &nbsp;&nbsp;&nbsp; 1978301<br>|
| &nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 196000 | &nbsp;&nbsp;&nbsp; 2263814<br>|
| &nbsp;&nbsp;&nbsp; Volvo AB, Class A Shares | &nbsp;&nbsp; 4734 | &nbsp;&nbsp;&nbsp; 152206<br>|
| &nbsp;&nbsp;&nbsp; Volvo AB, Class B Shares | &nbsp;&nbsp; 42606 | &nbsp;&nbsp;&nbsp; 1367544<br>|
| &nbsp;&nbsp;&nbsp; Wartsila oyj Abp | &nbsp;&nbsp; 62594 | &nbsp;&nbsp;&nbsp; 2234812<br>|
| &nbsp;&nbsp;&nbsp; Yaskawa Electric Corp. | &nbsp;&nbsp; 34300 | &nbsp;&nbsp;&nbsp; 1040740<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *59195353* |
| *Marine Transportation — 0.8%* | *Marine Transportation — 0.8%* | *Marine Transportation — 0.8%* |
| &nbsp;&nbsp;&nbsp; A.P. Moller - Maersk A/S, Class A Shares | &nbsp;&nbsp; 802 | &nbsp;&nbsp;&nbsp; 1846229<br>|
| &nbsp;&nbsp;&nbsp; A.P. Moller - Maersk A/S, Class B Shares | &nbsp;&nbsp; 1052 | &nbsp;&nbsp;&nbsp; 2421737<br>|
| &nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 118600 | &nbsp;&nbsp;&nbsp; 1650238<br>|
| &nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG, Registered Shares | &nbsp;&nbsp; 14202 | &nbsp;&nbsp;&nbsp; 3069855<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Marine Transportation — continued* | *Marine Transportation — continued* | *Marine Transportation — continued* |
| &nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 103200 | &nbsp;&nbsp;&nbsp; $3101037<br>|
| &nbsp;&nbsp;&nbsp; Nippon Yusen KK | &nbsp;&nbsp; 131700 | &nbsp;&nbsp;&nbsp; 4266628<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *16355724* |
| *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* |
| &nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | &nbsp;&nbsp; 52600 | &nbsp;&nbsp;&nbsp; 974851<br>|
| &nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. | &nbsp;&nbsp; 428200 | &nbsp;&nbsp;&nbsp; 2131011<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *3105862* |
| *Professional Services — 1.4%* | *Professional Services — 1.4%* | *Professional Services — 1.4%* |
| &nbsp;&nbsp;&nbsp; Bureau Veritas SA | &nbsp;&nbsp; 89946 | &nbsp;&nbsp;&nbsp; 2871217<br>|
| &nbsp;&nbsp;&nbsp; Experian PLC | &nbsp;&nbsp; 93102 | &nbsp;&nbsp;&nbsp; 4211378<br>|
| &nbsp;&nbsp;&nbsp; Intertek Group PLC | &nbsp;&nbsp; 49970 | &nbsp;&nbsp;&nbsp; 3109233<br>|
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 123100 | &nbsp;&nbsp;&nbsp; 6948009<br>|
| &nbsp;&nbsp;&nbsp; RELX PLC | &nbsp;&nbsp; 121506 | &nbsp;&nbsp;&nbsp; 4935634<br>|
| &nbsp;&nbsp;&nbsp; SGS SA, Registered Shares | &nbsp;&nbsp; 41619 | &nbsp;&nbsp;&nbsp; 4773118<br>|
| &nbsp;&nbsp;&nbsp; Wolters Kluwer NV | &nbsp;&nbsp; 15780 | &nbsp;&nbsp;&nbsp; 1637190<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *28485779* |
| *Trading Companies & Distributors — 1.4%* | *Trading Companies & Distributors — 1.4%* | *Trading Companies & Distributors — 1.4%* |
| &nbsp;&nbsp;&nbsp; Ashtead Group PLC | &nbsp;&nbsp; 25248 | &nbsp;&nbsp;&nbsp; 1727196<br>|
| &nbsp;&nbsp;&nbsp; Bunzl PLC | &nbsp;&nbsp; 51548 | &nbsp;&nbsp;&nbsp; 1439387<br>|
| &nbsp;&nbsp;&nbsp; ITOCHU Corp. | &nbsp;&nbsp; 526000 | &nbsp;&nbsp;&nbsp; 6627644<br>|
| &nbsp;&nbsp;&nbsp; Marubeni Corp. | &nbsp;&nbsp; 157800 | &nbsp;&nbsp;&nbsp; 4382299<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Corp. | &nbsp;&nbsp; 227900 | &nbsp;&nbsp;&nbsp; 5213878<br>|
| &nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | &nbsp;&nbsp; 86500 | &nbsp;&nbsp;&nbsp; 2562248<br>|
| &nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | &nbsp;&nbsp; 49100 | &nbsp;&nbsp;&nbsp; 783276<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Corp. | &nbsp;&nbsp; 142000 | &nbsp;&nbsp;&nbsp; 4902893<br>|
| &nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | &nbsp;&nbsp; 52600 | &nbsp;&nbsp;&nbsp; 1769832<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *29408653* |
| *Transportation Infrastructure — 0.6%* | *Transportation Infrastructure — 0.6%* | *Transportation Infrastructure — 0.6%* |
| &nbsp;&nbsp;&nbsp; Aena SME SA | &nbsp;&nbsp; 107304 | &nbsp;&nbsp;&nbsp; 3001874<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transurban Group | &nbsp;&nbsp; 943644 | &nbsp;&nbsp;&nbsp; 8941910<br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *11943784* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **302615799** |
| **Information Technology — 7.6%** | **Information Technology — 7.6%** | **Information Technology — 7.6%** |
| *Communications Equipment — 0.3%* | *Communications Equipment — 0.3%* | *Communications Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; Nokia oyj | &nbsp;&nbsp; 338409 | &nbsp;&nbsp;&nbsp; 2214562<br>|
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, Class B Shares | &nbsp;&nbsp; 416592 | &nbsp;&nbsp;&nbsp; 4094159<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *6308721* |
| *Electronic Equipment, Instruments & Components — 0.9%* | *Electronic Equipment, Instruments & Components — 0.9%* | *Electronic Equipment, Instruments & Components — 0.9%* |
| &nbsp;&nbsp;&nbsp; Hexagon AB, Class B Shares | &nbsp;&nbsp; 25774 | &nbsp;&nbsp;&nbsp; 306141<br>|
| &nbsp;&nbsp;&nbsp; Ibiden Co. Ltd. | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 1717694<br>|
| &nbsp;&nbsp;&nbsp; Keyence Corp. | &nbsp;&nbsp; 14046 | &nbsp;&nbsp;&nbsp; 5079124<br>|
| &nbsp;&nbsp;&nbsp; Kyocera Corp. | &nbsp;&nbsp; 103200 | &nbsp;&nbsp;&nbsp; 1446163<br>|
| &nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 244200 | &nbsp;&nbsp;&nbsp; 5057088<br>|
| &nbsp;&nbsp;&nbsp; TDK Corp. | &nbsp;&nbsp; 281700 | &nbsp;&nbsp;&nbsp; 3973579<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *17579789* |
| *IT Services — 0.3%* | *IT Services — 0.3%* | *IT Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Capgemini SE | &nbsp;&nbsp; 8664 | &nbsp;&nbsp;&nbsp; 1447456<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *IT Services — continued* | *IT Services — continued* | *IT Services — continued* |
| &nbsp;&nbsp;&nbsp; NEC Corp. | &nbsp;&nbsp; 74400 | &nbsp;&nbsp;&nbsp; $2520425<br>|
| &nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | &nbsp;&nbsp; 9490 | &nbsp;&nbsp;&nbsp; 364537<br>|
| &nbsp;&nbsp;&nbsp; Obic Co. Ltd. | &nbsp;&nbsp; 28650 | &nbsp;&nbsp;&nbsp; 899648<br>|
| &nbsp;&nbsp;&nbsp; Otsuka Corp. | &nbsp;&nbsp; 73440 | &nbsp;&nbsp;&nbsp; 1514294<br>|
| &nbsp;&nbsp;&nbsp; SCSK Corp. | &nbsp;&nbsp; 13200 | &nbsp;&nbsp;&nbsp; 476562<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *7222922* |
| *Semiconductors & Semiconductor Equipment — 4.5%* | *Semiconductors & Semiconductor Equipment — 4.5%* | *Semiconductors & Semiconductor Equipment — 4.5%* |
| &nbsp;&nbsp;&nbsp; Advantest Corp. | &nbsp;&nbsp; 87300 | &nbsp;&nbsp;&nbsp; 10935822<br>|
| &nbsp;&nbsp;&nbsp; ASM International NV | &nbsp;&nbsp; 7364 | &nbsp;&nbsp;&nbsp; 4476543<br>|
| &nbsp;&nbsp;&nbsp; ASML Holding NV | &nbsp;&nbsp; 38924 | &nbsp;&nbsp;&nbsp; 42121168<br>|
| &nbsp;&nbsp;&nbsp; Disco Corp. | &nbsp;&nbsp; 19220 | &nbsp;&nbsp;&nbsp; 5906583<br>|
| &nbsp;&nbsp;&nbsp; Infineon Technologies AG | &nbsp;&nbsp; 104148 | &nbsp;&nbsp;&nbsp; 4615008<br>|
| &nbsp;&nbsp;&nbsp; Lasertec Corp. | &nbsp;&nbsp; 17300 | &nbsp;&nbsp;&nbsp; 3271929<br>|
| &nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | &nbsp;&nbsp; 157800 | &nbsp;&nbsp;&nbsp; 2154404<br>|
| &nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 26791 | &nbsp;&nbsp;&nbsp; 2604835<br>|
| &nbsp;&nbsp;&nbsp; STMicroelectronics NV | &nbsp;&nbsp; 56835 | &nbsp;&nbsp;&nbsp; 1497868<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | &nbsp;&nbsp; 66908 | &nbsp;&nbsp;&nbsp; 14649798<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *92233958* |
| *Software — 1.4%* | *Software — 1.4%* | *Software — 1.4%* |
| &nbsp;&nbsp;&nbsp; Dassault Systemes SE | &nbsp;&nbsp; 47340 | &nbsp;&nbsp;&nbsp; 1325468<br>|
| &nbsp;&nbsp;&nbsp; Sage Group PLC | &nbsp;&nbsp; 103096 | &nbsp;&nbsp;&nbsp; 1501788<br>|
| &nbsp;&nbsp;&nbsp; SAP SE | &nbsp;&nbsp; 100466 | &nbsp;&nbsp;&nbsp; 24583705<br>|
| &nbsp;&nbsp;&nbsp; Trend Micro Inc. | &nbsp;&nbsp; 27608 | &nbsp;&nbsp;&nbsp; 1,145,218<br> \*<br>|
| &nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | &nbsp;&nbsp; 8942 | &nbsp;&nbsp;&nbsp; 408225<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *28964404* |
| *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Canon Inc. | &nbsp;&nbsp; 115724 | &nbsp;&nbsp;&nbsp; 3420519<br>|
| &nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | &nbsp;&nbsp; 21540 | &nbsp;&nbsp;&nbsp; 459535<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *3880054* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **156189848** |
| **Materials — 5.3%** | **Materials — 5.3%** | **Materials — 5.3%** |
| *Chemicals — 1.3%* | *Chemicals — 1.3%* | *Chemicals — 1.3%* |
| &nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | &nbsp;&nbsp; 420800 | &nbsp;&nbsp;&nbsp; 3728930<br>|
| &nbsp;&nbsp;&nbsp; BASF SE | &nbsp;&nbsp; 157800 | &nbsp;&nbsp;&nbsp; 8234136<br>|
| &nbsp;&nbsp;&nbsp; DSM-Firmenich AG | &nbsp;&nbsp; 11315 | &nbsp;&nbsp;&nbsp; 913745<br>|
| &nbsp;&nbsp;&nbsp; Givaudan SA, Registered Shares | &nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp; 1719430<br>|
| &nbsp;&nbsp;&nbsp; ICL Group Ltd. | &nbsp;&nbsp; 116772 | &nbsp;&nbsp;&nbsp; 670493<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 368200 | &nbsp;&nbsp;&nbsp; 2149605<br>|
| &nbsp;&nbsp;&nbsp; Nitto Denko Corp. | &nbsp;&nbsp; 68714 | &nbsp;&nbsp;&nbsp; 1628585<br>|
| &nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 244900 | &nbsp;&nbsp;&nbsp; 7613625<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *26658549* |
| *Construction Materials — 0.6%* | *Construction Materials — 0.6%* | *Construction Materials — 0.6%* |
| &nbsp;&nbsp;&nbsp; Holcim AG | &nbsp;&nbsp; 121506 | &nbsp;&nbsp;&nbsp; *11925915*<br>|
| *Metals & Mining — 3.2%* | *Metals & Mining — 3.2%* | *Metals & Mining — 3.2%* |
| &nbsp;&nbsp;&nbsp; BHP Group Ltd. | &nbsp;&nbsp; 523370 | &nbsp;&nbsp;&nbsp; 15876428<br>|
| &nbsp;&nbsp;&nbsp; Fortescue Ltd. | &nbsp;&nbsp; 471822 | &nbsp;&nbsp;&nbsp; 6925104<br>|
| &nbsp;&nbsp;&nbsp; JFE Holdings Inc. | &nbsp;&nbsp; 182600 | &nbsp;&nbsp;&nbsp; 2326987<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* |
| &nbsp;&nbsp;&nbsp; Nippon Steel Corp. | &nbsp;&nbsp; 1630600 | &nbsp;&nbsp;&nbsp; $6676571<br>|
| &nbsp;&nbsp;&nbsp; Norsk Hydro ASA | &nbsp;&nbsp; 210926 | &nbsp;&nbsp;&nbsp; 1635239<br>|
| &nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | &nbsp;&nbsp; 121703 | &nbsp;&nbsp;&nbsp; 2169343<br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | &nbsp;&nbsp; 94680 | &nbsp;&nbsp;&nbsp; 9269825<br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto PLC | &nbsp;&nbsp; 245116 | &nbsp;&nbsp;&nbsp; 19761809<br>|
| &nbsp;&nbsp;&nbsp; SSAB AB, Class A Shares | &nbsp;&nbsp; 40502 | &nbsp;&nbsp;&nbsp; 309648<br>|
| &nbsp;&nbsp;&nbsp; SSAB AB, Class B Shares | &nbsp;&nbsp; 125714 | &nbsp;&nbsp;&nbsp; 949932<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *65900886* |
| *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; UPM-Kymmene oyj | &nbsp;&nbsp; 158326 | &nbsp;&nbsp;&nbsp; *4609603*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **109094953** |
| **Real Estate — 2.4%** | **Real Estate — 2.4%** | **Real Estate — 2.4%** |
| *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 1564300 | &nbsp;&nbsp;&nbsp; 2907214<br>|
| &nbsp;&nbsp;&nbsp; GPT Group | &nbsp;&nbsp; 526526 | &nbsp;&nbsp;&nbsp; 1903037<br>|
| &nbsp;&nbsp;&nbsp; Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp; 705900 | &nbsp;&nbsp;&nbsp; 806900<br>|
| &nbsp;&nbsp;&nbsp; Mirvac Group | &nbsp;&nbsp; 1267134 | &nbsp;&nbsp;&nbsp; 1732225<br>|
| &nbsp;&nbsp;&nbsp; Stockland | &nbsp;&nbsp; 753321 | &nbsp;&nbsp;&nbsp; 2878477<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *10227853* |
| *Industrial REITs — 0.3%* | *Industrial REITs — 0.3%* | *Industrial REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; Segro PLC | &nbsp;&nbsp; 388188 | &nbsp;&nbsp;&nbsp; 3761440<br>|
| &nbsp;&nbsp;&nbsp; Warehouses De Pauw, CVA | &nbsp;&nbsp; 58656 | &nbsp;&nbsp;&nbsp; 1523815<br>|
| *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *5285255* |
| *Office REITs — 0.2%* | *Office REITs — 0.2%* | *Office REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | &nbsp;&nbsp; 2104 | &nbsp;&nbsp;&nbsp; 1757081<br>|
| &nbsp;&nbsp;&nbsp; Nippon Building Fund Inc. | &nbsp;&nbsp; 2104 | &nbsp;&nbsp;&nbsp; 1918157<br> <sup>(b)</sup><br>|
| *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *3675238* |
| *Real Estate Management & Development — 0.9%* | *Real Estate Management & Development — 0.9%* | *Real Estate Management & Development — 0.9%* |
| &nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd. | &nbsp;&nbsp; 698700 | &nbsp;&nbsp;&nbsp; 1472377<br>|
| &nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | &nbsp;&nbsp; 455800 | &nbsp;&nbsp;&nbsp; 2302570<br>|
| &nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 106928 | &nbsp;&nbsp;&nbsp; 2036984<br>|
| &nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 390500 | &nbsp;&nbsp;&nbsp; 1411790<br>|
| &nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | &nbsp;&nbsp; 157300 | &nbsp;&nbsp;&nbsp; 1720571<br>|
| &nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | &nbsp;&nbsp; 1077400 | &nbsp;&nbsp;&nbsp; 1414663<br>|
| &nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 148686 | &nbsp;&nbsp;&nbsp; 1809027<br>|
| &nbsp;&nbsp;&nbsp; Swire Properties Ltd. | &nbsp;&nbsp; 331200 | &nbsp;&nbsp;&nbsp; 892732<br>|
| &nbsp;&nbsp;&nbsp; Vonovia SE | &nbsp;&nbsp; 162008 | &nbsp;&nbsp;&nbsp; 4669235<br>|
| &nbsp;&nbsp;&nbsp; Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 433966 | &nbsp;&nbsp;&nbsp; 1370448<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *19100397* |
| *Retail REITs — 0.5%* | *Retail REITs — 0.5%* | *Retail REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; Link REIT | &nbsp;&nbsp; 841600 | &nbsp;&nbsp;&nbsp; 3756303<br>|
| &nbsp;&nbsp;&nbsp; Scentre Group | &nbsp;&nbsp; 1513828 | &nbsp;&nbsp;&nbsp; 4239883<br>|
| &nbsp;&nbsp;&nbsp; Vicinity Ltd. | &nbsp;&nbsp; 1168931 | &nbsp;&nbsp;&nbsp; 1995524<br>|
| *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *9991710* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **48280453** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Utilities — 5.0%** | **Utilities — 5.0%** | **Utilities — 5.0%** | **Utilities — 5.0%** |
| *Electric Utilities — 2.6%* | *Electric Utilities — 2.6%* | *Electric Utilities — 2.6%* | *Electric Utilities — 2.6%* |
| &nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 192700 | &nbsp;&nbsp;&nbsp; $1426032<br>|
| &nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | &nbsp;&nbsp; 446000 | &nbsp;&nbsp;&nbsp; 3988129<br>|
| &nbsp;&nbsp;&nbsp; EDP SA | &nbsp;&nbsp;&nbsp; EDP SA | &nbsp;&nbsp; 862114 | &nbsp;&nbsp;&nbsp; 3963978<br>|
| &nbsp;&nbsp;&nbsp; Endesa SA | &nbsp;&nbsp;&nbsp; Endesa SA | &nbsp;&nbsp; 96784 | &nbsp;&nbsp;&nbsp; 3481651<br>|
| &nbsp;&nbsp;&nbsp; Enel SpA | &nbsp;&nbsp;&nbsp; Enel SpA | &nbsp;&nbsp; 1781562 | &nbsp;&nbsp;&nbsp; 18573848<br>|
| &nbsp;&nbsp;&nbsp; Fortum oyj | &nbsp;&nbsp;&nbsp; Fortum oyj | &nbsp;&nbsp; 133604 | &nbsp;&nbsp;&nbsp; 2852647<br>|
| &nbsp;&nbsp;&nbsp; Iberdrola SA | &nbsp;&nbsp;&nbsp; Iberdrola SA | &nbsp;&nbsp; 361362 | &nbsp;&nbsp;&nbsp; 7836579<br>|
| &nbsp;&nbsp;&nbsp; Origin Energy Ltd. | &nbsp;&nbsp;&nbsp; Origin Energy Ltd. | &nbsp;&nbsp; 533890 | &nbsp;&nbsp;&nbsp; 4090721<br>|
| &nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. | &nbsp;&nbsp; 422500 | &nbsp;&nbsp;&nbsp; 2993624<br>|
| &nbsp;&nbsp;&nbsp; SSE PLC | &nbsp;&nbsp;&nbsp; SSE PLC | &nbsp;&nbsp; 26300 | &nbsp;&nbsp;&nbsp; 770817<br>|
| &nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 322438 | &nbsp;&nbsp;&nbsp; 3428636<br>|
| &nbsp;&nbsp;&nbsp; Verbund AG | &nbsp;&nbsp;&nbsp; Verbund AG | &nbsp;&nbsp; 1578 | &nbsp;&nbsp;&nbsp; 114904<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *53521566* |
| *Gas Utilities — 0.6%* | *Gas Utilities — 0.6%* | *Gas Utilities — 0.6%* | *Gas Utilities — 0.6%* |
| &nbsp;&nbsp;&nbsp; APA Group | &nbsp;&nbsp;&nbsp; APA Group | &nbsp;&nbsp; 400812 | &nbsp;&nbsp;&nbsp; 2397514<br>|
| &nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 3471000 | &nbsp;&nbsp;&nbsp; 3126063<br>|
| &nbsp;&nbsp;&nbsp; Naturgy Energy Group SA | &nbsp;&nbsp;&nbsp; Naturgy Energy Group SA | &nbsp;&nbsp; 32612 | &nbsp;&nbsp;&nbsp; 992767<br>|
| &nbsp;&nbsp;&nbsp; Snam SpA | &nbsp;&nbsp;&nbsp; Snam SpA | &nbsp;&nbsp; 676436 | &nbsp;&nbsp;&nbsp; 4493356<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *11009700* |
| *Multi-Utilities — 1.5%* | *Multi-Utilities — 1.5%* | *Multi-Utilities — 1.5%* | *Multi-Utilities — 1.5%* |
| &nbsp;&nbsp;&nbsp; A2A SpA | &nbsp;&nbsp;&nbsp; A2A SpA | &nbsp;&nbsp; 451834 | &nbsp;&nbsp;&nbsp; 1225817<br>|
| &nbsp;&nbsp;&nbsp; E.ON SE | &nbsp;&nbsp;&nbsp; E.ON SE | &nbsp;&nbsp; 66276 | &nbsp;&nbsp;&nbsp; 1255136<br>|
| &nbsp;&nbsp;&nbsp; Engie SA | &nbsp;&nbsp;&nbsp; Engie SA | &nbsp;&nbsp; 548092 | &nbsp;&nbsp;&nbsp; 14425473<br>|
| &nbsp;&nbsp;&nbsp; National Grid PLC | &nbsp;&nbsp;&nbsp; National Grid PLC | &nbsp;&nbsp; 565450 | &nbsp;&nbsp;&nbsp; 8681773<br>|
| &nbsp;&nbsp;&nbsp; Veolia Environnement SA | &nbsp;&nbsp;&nbsp; Veolia Environnement SA | &nbsp;&nbsp; 145702 | &nbsp;&nbsp;&nbsp; 5085680<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *30673879* |
| *Water Utilities — 0.3%* | *Water Utilities — 0.3%* | *Water Utilities — 0.3%* | *Water Utilities — 0.3%* |
| &nbsp;&nbsp;&nbsp; Severn Trent PLC | &nbsp;&nbsp;&nbsp; Severn Trent PLC | &nbsp;&nbsp; 83634 | &nbsp;&nbsp;&nbsp; 3137399<br>|
| &nbsp;&nbsp;&nbsp; United Utilities Group PLC | &nbsp;&nbsp;&nbsp; United Utilities Group PLC | &nbsp;&nbsp; 216712 | &nbsp;&nbsp;&nbsp; 3480371<br>|
| *Total Water Utilities* | *Total Water Utilities* | *Total Water Utilities* | &nbsp;&nbsp; *6617770* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **101822915** |
| **Total Common Stocks (Cost — $1,645,430,932)** | **Total Common Stocks (Cost — $1,645,430,932)** | **Total Common Stocks (Cost — $1,645,430,932)** | &nbsp;&nbsp;&nbsp; **2024087785**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** |
| **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** |
| *Automobiles — 0.5%* | *Automobiles — 0.5%* | *Automobiles — 0.5%* | *Automobiles — 0.5%* |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG  | &nbsp;&nbsp; 4.721% | &nbsp;&nbsp; 7364 | &nbsp;&nbsp;&nbsp; 791352<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dr. Ing hc F Porsche AG  | &nbsp;&nbsp; 3.273% | &nbsp;&nbsp; 32086 | &nbsp;&nbsp;&nbsp; 1719117<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen AG  | &nbsp;&nbsp; 6.142% | &nbsp;&nbsp; 58912 | &nbsp;&nbsp;&nbsp; 7164545<br> <sup>(c)</sup><br>|
| **Total Preferred Stocks (Cost — $8,916,597)** | **Total Preferred Stocks (Cost — $8,916,597)** | **Total Preferred Stocks (Cost — $8,916,597)** | &nbsp;&nbsp; **9675014** |
| **Total Investments before Short-Term Investments (Cost — $1,654,347,529)** | **Total Investments before Short-Term Investments (Cost — $1,654,347,529)** | **Total Investments before Short-Term Investments (Cost — $1,654,347,529)** | &nbsp;&nbsp; **2033762799** |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Investments from Cash Collateral Received for Loaned Securities — 0.7%** | **Investments from Cash Collateral Received for Loaned Securities — 0.7%** | **Investments from Cash Collateral Received for Loaned Securities — 0.7%** | **Investments from Cash Collateral Received for Loaned Securities — 0.7%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares (Cost — $13,929,535) <br>| &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 13929535<br>| &nbsp;&nbsp;&nbsp;&nbsp; **13929535**<br> <sup>(d)(e)(f)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $776,688)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 776688<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$776688**<br> <sup>(d)(e)(f)</sup><br>|
| **Total Short-Term Investments (Cost — $14,706,223)** | **Total Short-Term Investments (Cost — $14,706,223)** | **Total Short-Term Investments (Cost — $14,706,223)** | &nbsp;&nbsp; **14706223** |
| **Total Investments — 100.1% (Cost — $1,669,053,752)** | **Total Investments — 100.1% (Cost — $1,669,053,752)** | **Total Investments — 100.1% (Cost — $1,669,053,752)** | &nbsp;&nbsp; **2048469022** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; (2030386)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2046438636** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | A portion or all of the security is on loan at December 31, 2025.  |
| <sup>(c)</sup> | Rate shown represents yield-to-maturity. |
| <sup>(d)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(e)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $14,706,223 and the cost was $14,706,223 (Note 2).<br>|
| <sup>(f)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CVA |  | Certificaaten van aandelen (Share Certificates) |
| REIT |  | Real Estate Investment Trust |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $10554508 | &nbsp;&nbsp;&nbsp;&nbsp; $10592665 | &nbsp;&nbsp;&nbsp; **$38157** |

---

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

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin International Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.0%** | **Common Stocks — 98.0%** | **Common Stocks — 98.0%** |
| **Communication Services — 5.7%** | **Communication Services — 5.7%** | **Communication Services — 5.7%** |
| *Diversified Telecommunication Services — 5.4%* | *Diversified Telecommunication Services — 5.4%* | *Diversified Telecommunication Services — 5.4%* |
| &nbsp;&nbsp;&nbsp; BCE Inc. | &nbsp;&nbsp; 19769 | &nbsp;&nbsp;&nbsp; $472177<br>|
| &nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. | &nbsp;&nbsp; 214808 | &nbsp;&nbsp;&nbsp; 317652<br>|
| &nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp; 42653 | &nbsp;&nbsp;&nbsp; 394990<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Orange SA | &nbsp;&nbsp; 18326 | &nbsp;&nbsp;&nbsp; 305626<br>|
| &nbsp;&nbsp;&nbsp; Telefonica SA | &nbsp;&nbsp; 153442 | &nbsp;&nbsp;&nbsp; 629474<br>|
| &nbsp;&nbsp;&nbsp; TELUS Corp. | &nbsp;&nbsp; 78761 | &nbsp;&nbsp;&nbsp; 1039421<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *3159340* |
| *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Tele2 AB, Class B Shares | &nbsp;&nbsp; 9010 | &nbsp;&nbsp;&nbsp; *151049*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3310389** |
| **Consumer Discretionary — 10.0%** | **Consumer Discretionary — 10.0%** | **Consumer Discretionary — 10.0%** |
| *Automobile Components — 2.0%* | *Automobile Components — 2.0%* | *Automobile Components — 2.0%* |
| &nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 8211 | &nbsp;&nbsp;&nbsp; 273005<br>|
| &nbsp;&nbsp;&nbsp; Magna International Inc. | &nbsp;&nbsp; 10183 | &nbsp;&nbsp;&nbsp; 542754<br>|
| &nbsp;&nbsp;&nbsp; Niterra Co. Ltd. | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp; 360498<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *1176257* |
| *Automobiles — 6.2%* | *Automobiles — 6.2%* | *Automobiles — 6.2%* |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | &nbsp;&nbsp; 36800 | &nbsp;&nbsp;&nbsp; 360616<br>|
| &nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | &nbsp;&nbsp; 49300 | &nbsp;&nbsp;&nbsp; 767280<br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | &nbsp;&nbsp; 10625 | &nbsp;&nbsp;&nbsp; 749586<br>|
| &nbsp;&nbsp;&nbsp; Renault SA | &nbsp;&nbsp; 25602 | &nbsp;&nbsp;&nbsp; 1065018<br>|
| &nbsp;&nbsp;&nbsp; Subaru Corp. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp; 281572<br>|
| &nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp; 377266<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *3601338* |
| *Hotels, Restaurants & Leisure — 1.8%* | *Hotels, Restaurants & Leisure — 1.8%* | *Hotels, Restaurants & Leisure — 1.8%* |
| &nbsp;&nbsp;&nbsp; MGM China Holdings Ltd. | &nbsp;&nbsp; 265200 | &nbsp;&nbsp;&nbsp; 446685<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd. | &nbsp;&nbsp; 35600 | &nbsp;&nbsp;&nbsp; 89646<br>|
| &nbsp;&nbsp;&nbsp; Sodexo SA | &nbsp;&nbsp; 9299 | &nbsp;&nbsp;&nbsp; 477257<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *1013588* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **5791183** |
| **Consumer Staples — 10.3%** | **Consumer Staples — 10.3%** | **Consumer Staples — 10.3%** |
| *Consumer Staples Distribution & Retail — 4.6%* | *Consumer Staples Distribution & Retail — 4.6%* | *Consumer Staples Distribution & Retail — 4.6%* |
| &nbsp;&nbsp;&nbsp; Carrefour SA | &nbsp;&nbsp; 91970 | &nbsp;&nbsp;&nbsp; 1537042<br>|
| &nbsp;&nbsp;&nbsp; J Sainsbury PLC | &nbsp;&nbsp; 193069 | &nbsp;&nbsp;&nbsp; 843984<br>|
| &nbsp;&nbsp;&nbsp; Kesko oyj, Class B Shares | &nbsp;&nbsp; 13209 | &nbsp;&nbsp;&nbsp; 298632<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *2679658* |
| *Food Products — 1.8%* | *Food Products — 1.8%* | *Food Products — 1.8%* |
| &nbsp;&nbsp;&nbsp; WH Group Ltd. | &nbsp;&nbsp; 339500 | &nbsp;&nbsp;&nbsp; 378167<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wilmar International Ltd. | &nbsp;&nbsp; 268600 | &nbsp;&nbsp;&nbsp; 643303<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *1021470* |
| *Household Products — 0.3%* | *Household Products — 0.3%* | *Household Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | &nbsp;&nbsp; 2329 | &nbsp;&nbsp;&nbsp; *188020*<br>|
| *Tobacco — 3.6%* | *Tobacco — 3.6%* | *Tobacco — 3.6%* |
| &nbsp;&nbsp;&nbsp; British American Tobacco PLC | &nbsp;&nbsp; 14977 | &nbsp;&nbsp;&nbsp; 848902<br>|
| &nbsp;&nbsp;&nbsp; Imperial Brands PLC | &nbsp;&nbsp; 17051 | &nbsp;&nbsp;&nbsp; 715325<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Tobacco — continued* | *Tobacco — continued* | *Tobacco — continued* |
| &nbsp;&nbsp;&nbsp; Japan Tobacco Inc. | &nbsp;&nbsp; 13400 | &nbsp;&nbsp;&nbsp; $482159<br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *2046386* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **5935534** |
| **Energy — 8.6%** | **Energy — 8.6%** | **Energy — 8.6%** |
| *Oil, Gas & Consumable Fuels — 8.6%* | *Oil, Gas & Consumable Fuels — 8.6%* | *Oil, Gas & Consumable Fuels — 8.6%* |
| &nbsp;&nbsp;&nbsp; Enbridge Inc. | &nbsp;&nbsp; 7925 | &nbsp;&nbsp;&nbsp; 379729<br>|
| &nbsp;&nbsp;&nbsp; Eni SpA | &nbsp;&nbsp; 15895 | &nbsp;&nbsp;&nbsp; 301300<br>|
| &nbsp;&nbsp;&nbsp; OMV AG | &nbsp;&nbsp; 18165 | &nbsp;&nbsp;&nbsp; 1013787<br>|
| &nbsp;&nbsp;&nbsp; Repsol SA | &nbsp;&nbsp; 49368 | &nbsp;&nbsp;&nbsp; 923336<br>|
| &nbsp;&nbsp;&nbsp; Santos Ltd. | &nbsp;&nbsp; 43843 | &nbsp;&nbsp;&nbsp; 180390<br>|
| &nbsp;&nbsp;&nbsp; TC Energy Corp. | &nbsp;&nbsp; 4386 | &nbsp;&nbsp;&nbsp; 241834<br>|
| &nbsp;&nbsp;&nbsp; Var Energi ASA | &nbsp;&nbsp; 282457 | &nbsp;&nbsp;&nbsp; 924083<br>|
| &nbsp;&nbsp;&nbsp; Whitecap Resources Inc. | &nbsp;&nbsp; 105430 | &nbsp;&nbsp;&nbsp; 884512<br>|
| &nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | &nbsp;&nbsp; 7531 | &nbsp;&nbsp;&nbsp; 118470<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **4967441** |
| **Financials — 32.0%** | **Financials — 32.0%** | **Financials — 32.0%** |
| *Banks — 17.0%* | *Banks — 17.0%* | *Banks — 17.0%* |
| &nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 80427 | &nbsp;&nbsp;&nbsp; 862397<br>|
| &nbsp;&nbsp;&nbsp; Banco BPM SpA | &nbsp;&nbsp; 53210 | &nbsp;&nbsp;&nbsp; 813653<br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia | &nbsp;&nbsp; 4896 | &nbsp;&nbsp;&nbsp; 361570<br>|
| &nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise, Registered Shares | &nbsp;&nbsp; 2346 | &nbsp;&nbsp;&nbsp; 297303<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | &nbsp;&nbsp; 7429 | &nbsp;&nbsp;&nbsp; 704892<br>|
| &nbsp;&nbsp;&nbsp; BPER Banca SpA | &nbsp;&nbsp; 73134 | &nbsp;&nbsp;&nbsp; 996350<br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA | &nbsp;&nbsp; 42466 | &nbsp;&nbsp;&nbsp; 520936<br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA | &nbsp;&nbsp; 48076 | &nbsp;&nbsp;&nbsp; 990924<br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S | &nbsp;&nbsp; 24582 | &nbsp;&nbsp;&nbsp; 1231497<br>|
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | &nbsp;&nbsp; 8900 | &nbsp;&nbsp;&nbsp; 390050<br>|
| &nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 30566 | &nbsp;&nbsp;&nbsp; 638450<br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A Shares | &nbsp;&nbsp; 77979 | &nbsp;&nbsp;&nbsp; 1136425<br>|
| &nbsp;&nbsp;&nbsp; Swedbank AB, Class A Shares | &nbsp;&nbsp; 26078 | &nbsp;&nbsp;&nbsp; 908323<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *9852770* |
| *Capital Markets — 1.3%* | *Capital Markets — 1.3%* | *Capital Markets — 1.3%* |
| &nbsp;&nbsp;&nbsp; Amundi SA | &nbsp;&nbsp; 9180 | &nbsp;&nbsp;&nbsp;&nbsp; *761171*<br> <sup>(a)</sup><br>|
| *Financial Services — 5.3%* | *Financial Services — 5.3%* | *Financial Services — 5.3%* |
| &nbsp;&nbsp;&nbsp; Edenred SE | &nbsp;&nbsp; 11849 | &nbsp;&nbsp;&nbsp; 263153<br>|
| &nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 9588 | &nbsp;&nbsp;&nbsp; 855245<br>|
| &nbsp;&nbsp;&nbsp; M&G PLC | &nbsp;&nbsp; 333540 | &nbsp;&nbsp;&nbsp; 1284870<br>|
| &nbsp;&nbsp;&nbsp; Poste Italiane SpA | &nbsp;&nbsp; 27200 | &nbsp;&nbsp;&nbsp; 686180<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *3089448* |
| *Insurance — 8.4%* | *Insurance — 8.4%* | *Insurance — 8.4%* |
| &nbsp;&nbsp;&nbsp; Admiral Group PLC | &nbsp;&nbsp; 7106 | &nbsp;&nbsp;&nbsp; 303560<br>|
| &nbsp;&nbsp;&nbsp; ASR Nederland NV | &nbsp;&nbsp; 5355 | &nbsp;&nbsp;&nbsp; 381250<br>|
| &nbsp;&nbsp;&nbsp; Legal & General Group PLC | &nbsp;&nbsp; 371450 | &nbsp;&nbsp;&nbsp; 1308501<br>|
| &nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 204422<br>|
| &nbsp;&nbsp;&nbsp; NN Group NV | &nbsp;&nbsp; 9843 | &nbsp;&nbsp;&nbsp; 759962<br>|
| &nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC | &nbsp;&nbsp; 135201 | &nbsp;&nbsp;&nbsp; 1340250<br>|
| &nbsp;&nbsp;&nbsp; Swiss Re AG | &nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 108996<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin International Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Tryg A/S | &nbsp;&nbsp; 7531 | &nbsp;&nbsp;&nbsp; $197168<br>|
| &nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | &nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp; 224085<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *4828194* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **18531583** |
| **Health Care — 5.0%** | **Health Care — 5.0%** | **Health Care — 5.0%** |
| *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | &nbsp;&nbsp; 37213 | &nbsp;&nbsp;&nbsp; *561078*<br>|
| *Pharmaceuticals — 4.0%* | *Pharmaceuticals — 4.0%* | *Pharmaceuticals — 4.0%* |
| &nbsp;&nbsp;&nbsp; Astellas Pharma Inc. | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 801174<br>|
| &nbsp;&nbsp;&nbsp; Roche Holding AG, Vienna Stock Exchange | &nbsp;&nbsp; 1207 | &nbsp;&nbsp;&nbsp; 500016<br>|
| &nbsp;&nbsp;&nbsp; Sanofi SA | &nbsp;&nbsp; 5236 | &nbsp;&nbsp;&nbsp; 508680<br>|
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 17200 | &nbsp;&nbsp;&nbsp; 530556<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *2340426* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **2901504** |
| **Industrials — 9.4%** | **Industrials — 9.4%** | **Industrials — 9.4%** |
| *Construction & Engineering — 1.9%* | *Construction & Engineering — 1.9%* | *Construction & Engineering — 1.9%* |
| &nbsp;&nbsp;&nbsp; Bouygues SA | &nbsp;&nbsp; 21122 | &nbsp;&nbsp;&nbsp; *1100179*<br>|
| *Ground Transportation — 2.0%* | *Ground Transportation — 2.0%* | *Ground Transportation — 2.0%* |
| &nbsp;&nbsp;&nbsp; Ayvens SA | &nbsp;&nbsp; 86611 | &nbsp;&nbsp;&nbsp;&nbsp; *1163680*<br> <sup>(a)</sup><br>|
| *Industrial Conglomerates — 0.6%* | *Industrial Conglomerates — 0.6%* | *Industrial Conglomerates — 0.6%* |
| &nbsp;&nbsp;&nbsp; Keppel Ltd. | &nbsp;&nbsp; 39800 | &nbsp;&nbsp;&nbsp; *320319*<br>|
| *Machinery — 1.5%* | *Machinery — 1.5%* | *Machinery — 1.5%* |
| &nbsp;&nbsp;&nbsp; Volvo AB, Class B Shares | &nbsp;&nbsp; 27591 | &nbsp;&nbsp;&nbsp; *885601*<br>|
| *Marine Transportation — 3.4%* | *Marine Transportation — 3.4%* | *Marine Transportation — 3.4%* |
| &nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 49300 | &nbsp;&nbsp;&nbsp; 685976<br>|
| &nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 16700 | &nbsp;&nbsp;&nbsp; 501815<br>|
| &nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp; 780302<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *1968093* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **5437872** |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV | &nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; **64090**<br>|
| **Materials — 7.1%** | **Materials — 7.1%** | **Materials — 7.1%** |
| *Chemicals — 1.7%* | *Chemicals — 1.7%* | *Chemicals — 1.7%* |
| &nbsp;&nbsp;&nbsp; Evonik Industries AG | &nbsp;&nbsp; 60146 | &nbsp;&nbsp;&nbsp; *943731*<br>|
| *Metals & Mining — 4.1%* | *Metals & Mining — 4.1%* | *Metals & Mining — 4.1%* |
| &nbsp;&nbsp;&nbsp; Fortescue Ltd. | &nbsp;&nbsp; 41854 | &nbsp;&nbsp;&nbsp; 614306<br>|
| &nbsp;&nbsp;&nbsp; Glencore PLC | &nbsp;&nbsp; 62169 | &nbsp;&nbsp;&nbsp; 339959<br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | &nbsp;&nbsp; 5661 | &nbsp;&nbsp;&nbsp; 554251<br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto PLC | &nbsp;&nbsp; 10727 | &nbsp;&nbsp;&nbsp; 864835<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *2373351* |
| *Paper & Forest Products — 1.3%* | *Paper & Forest Products — 1.3%* | *Paper & Forest Products — 1.3%* |
| &nbsp;&nbsp;&nbsp; UPM-Kymmene oyj | &nbsp;&nbsp; 26384 | &nbsp;&nbsp;&nbsp; *768160*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4085242** |
| **Real Estate — 1.9%** | **Real Estate — 1.9%** | **Real Estate — 1.9%** |
| *Real Estate Management & Development — 1.9%* | *Real Estate Management & Development — 1.9%* | *Real Estate Management & Development — 1.9%* |
| &nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 19125 | &nbsp;&nbsp;&nbsp; 364332<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* |
| &nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | &nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp; $477225<br>|
| &nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | &nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | &nbsp;&nbsp; 173200 | &nbsp;&nbsp;&nbsp; 227418<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1068975** |
| **Utilities — 7.9%** | **Utilities — 7.9%** | **Utilities — 7.9%** | **Utilities — 7.9%** |
| *Electric Utilities — 3.2%* | *Electric Utilities — 3.2%* | *Electric Utilities — 3.2%* | *Electric Utilities — 3.2%* |
| &nbsp;&nbsp;&nbsp; EDP SA | &nbsp;&nbsp;&nbsp; EDP SA | &nbsp;&nbsp; 121105 | &nbsp;&nbsp;&nbsp; 556838<br>|
| &nbsp;&nbsp;&nbsp; Emera Inc. | &nbsp;&nbsp;&nbsp; Emera Inc. | &nbsp;&nbsp; 4760 | &nbsp;&nbsp;&nbsp; 234883<br>|
| &nbsp;&nbsp;&nbsp; Endesa SA | &nbsp;&nbsp;&nbsp; Endesa SA | &nbsp;&nbsp; 18734 | &nbsp;&nbsp;&nbsp; 673926<br>|
| &nbsp;&nbsp;&nbsp; Enel SpA | &nbsp;&nbsp;&nbsp; Enel SpA | &nbsp;&nbsp; 38301 | &nbsp;&nbsp;&nbsp; 399311<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *1864958* |
| *Gas Utilities — 1.7%* | *Gas Utilities — 1.7%* | *Gas Utilities — 1.7%* | *Gas Utilities — 1.7%* |
| &nbsp;&nbsp;&nbsp; APA Group | &nbsp;&nbsp;&nbsp; APA Group | &nbsp;&nbsp; 115047 | &nbsp;&nbsp;&nbsp; 688170<br>|
| &nbsp;&nbsp;&nbsp; Snam SpA | &nbsp;&nbsp;&nbsp; Snam SpA | &nbsp;&nbsp; 47957 | &nbsp;&nbsp;&nbsp; 318564<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *1006734* |
| *Multi-Utilities — 2.5%* | *Multi-Utilities — 2.5%* | *Multi-Utilities — 2.5%* | *Multi-Utilities — 2.5%* |
| &nbsp;&nbsp;&nbsp; Engie SA | &nbsp;&nbsp;&nbsp; Engie SA | &nbsp;&nbsp; 54672 | &nbsp;&nbsp;&nbsp; *1438936*<br>|
| *Water Utilities — 0.5%* | *Water Utilities — 0.5%* | *Water Utilities — 0.5%* | *Water Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; United Utilities Group PLC | &nbsp;&nbsp;&nbsp; United Utilities Group PLC | &nbsp;&nbsp; 17034 | &nbsp;&nbsp;&nbsp; *273564*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **4584192** |
| **Total Common Stocks (Cost — $52,527,960)** | **Total Common Stocks (Cost — $52,527,960)** | **Total Common Stocks (Cost — $52,527,960)** | &nbsp;&nbsp;&nbsp; **56678005**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 1.6%** | **Preferred Stocks — 1.6%** | **Preferred Stocks — 1.6%** | **Preferred Stocks — 1.6%** |
| **Consumer Discretionary — 1.6%** | **Consumer Discretionary — 1.6%** | **Consumer Discretionary — 1.6%** | **Consumer Discretionary — 1.6%** |
| *Automobiles — 1.6%* | *Automobiles — 1.6%* | *Automobiles — 1.6%* | *Automobiles — 1.6%* |
| &nbsp;&nbsp;&nbsp; Volkswagen AG (Cost — $852,571) | &nbsp;&nbsp; 6.142% | &nbsp;&nbsp; 7752 | &nbsp;&nbsp;&nbsp;&nbsp; **942754**<br> <sup>(b)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $53,380,531)** | **Total Investments before Short-Term Investments (Cost — $53,380,531)** | **Total Investments before Short-Term Investments (Cost — $53,380,531)** | &nbsp;&nbsp; **57620759** |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $13,896)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 13896<br>| &nbsp;&nbsp;&nbsp;&nbsp; **13896**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.6% (Cost — $53,394,427)** | **Total Investments — 99.6% (Cost — $53,394,427)** | **Total Investments — 99.6% (Cost — $53,394,427)** | &nbsp;&nbsp; **57634655** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp;&nbsp; 240474 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$57875129** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | The rate shown represents the yield as of December 31, 2025. |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(d)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $13,896 and the cost was $13,896 (Note 2).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 10.4%** | **Communication Services — 10.4%** | **Communication Services — 10.4%** |
| *Diversified Telecommunication Services — 1.6%* | *Diversified Telecommunication Services — 1.6%* | *Diversified Telecommunication Services — 1.6%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc. | &nbsp;&nbsp; 35711 | &nbsp;&nbsp;&nbsp; $887062<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc. | &nbsp;&nbsp; 20992 | &nbsp;&nbsp;&nbsp; 855004<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *1742066* |
| *Entertainment — 0.7%* | *Entertainment — 0.7%* | *Entertainment — 0.7%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc. | &nbsp;&nbsp; 6765 | &nbsp;&nbsp;&nbsp; 634,286<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 1066 | &nbsp;&nbsp;&nbsp; 86,378<br> \*<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *720664* |
| *Interactive Media & Services — 7.4%* | *Interactive Media & Services — 7.4%* | *Interactive Media & Services — 7.4%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class A Shares | &nbsp;&nbsp; 10004 | &nbsp;&nbsp;&nbsp; 3131252<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class C Shares | &nbsp;&nbsp; 8651 | &nbsp;&nbsp;&nbsp; 2714684<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 3417 | &nbsp;&nbsp;&nbsp; 2255527<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *8101463* |
| *Media — 0.7%* | *Media — 0.7%* | *Media — 0.7%* |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A Shares | &nbsp;&nbsp; 20213 | &nbsp;&nbsp;&nbsp; 604167<br>|
| &nbsp;&nbsp;&nbsp; Omnicom Group Inc. | &nbsp;&nbsp; 1763 | &nbsp;&nbsp;&nbsp; 142362<br>|
| &nbsp;&nbsp;&nbsp; Trade Desk Inc., Class A Shares | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 7,782<br> \*<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *754311* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **11318504** |
| **Consumer Discretionary — 8.9%** | **Consumer Discretionary — 8.9%** | **Consumer Discretionary — 8.9%** |
| *Automobiles — 2.3%* | *Automobiles — 2.3%* | *Automobiles — 2.3%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | &nbsp;&nbsp; 22099 | &nbsp;&nbsp;&nbsp; 289939<br>|
| &nbsp;&nbsp;&nbsp; Tesla Inc. | &nbsp;&nbsp; 4838 | &nbsp;&nbsp;&nbsp; 2,175,745<br> \*<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *2465684* |
| *Broadline Retail — 3.7%* | *Broadline Retail — 3.7%* | *Broadline Retail — 3.7%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc. | &nbsp;&nbsp; 16482 | &nbsp;&nbsp;&nbsp; 3,804,375<br> \*<br>|
| &nbsp;&nbsp;&nbsp; eBay Inc. | &nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp; 67851<br>|
| &nbsp;&nbsp;&nbsp; MercadoLibre Inc. | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 126,899<br> \*<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *3999125* |
| *Distributors — 0.1%* | *Distributors — 0.1%* | *Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | &nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp; *95786*<br>|
| *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* |
| &nbsp;&nbsp;&nbsp; Darden Restaurants Inc. | &nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp; 120717<br>|
| &nbsp;&nbsp;&nbsp; DoorDash Inc., Class A Shares | &nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp; 148,571<br> \*<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp; 275678<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; 45743<br>|
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | &nbsp;&nbsp; 6601 | &nbsp;&nbsp;&nbsp; 555870<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *1146579* |
| *Household Durables — 0.1%* | *Household Durables — 0.1%* | *Household Durables — 0.1%* |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | &nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; *166337*<br>|
| *Specialty Retail — 1.5%* | *Specialty Retail — 1.5%* | *Specialty Retail — 1.5%* |
| &nbsp;&nbsp;&nbsp; Best Buy Co. Inc. | &nbsp;&nbsp; 1189 | &nbsp;&nbsp;&nbsp; 79580<br>|
| &nbsp;&nbsp;&nbsp; Carvana Co. | &nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; 138,422<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc. | &nbsp;&nbsp; 2747 | &nbsp;&nbsp;&nbsp; 945243<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc. | &nbsp;&nbsp; 1148 | &nbsp;&nbsp;&nbsp; 276852<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | &nbsp;&nbsp; 2911 | &nbsp;&nbsp;&nbsp; $145579<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1585676* |
| *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* |
| &nbsp;&nbsp;&nbsp; NIKE Inc., Class B Shares | &nbsp;&nbsp; 3034 | &nbsp;&nbsp;&nbsp; *193296*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **9652483** |
| **Consumer Staples — 5.8%** | **Consumer Staples — 5.8%** | **Consumer Staples — 5.8%** |
| *Beverages — 1.7%* | *Beverages — 1.7%* | *Beverages — 1.7%* |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | &nbsp;&nbsp; 9307 | &nbsp;&nbsp;&nbsp; 650652<br>|
| &nbsp;&nbsp;&nbsp; Constellation Brands Inc., Class A Shares | &nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; 79189<br>|
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper Inc. | &nbsp;&nbsp; 6478 | &nbsp;&nbsp;&nbsp; 181449<br>|
| &nbsp;&nbsp;&nbsp; PepsiCo Inc. | &nbsp;&nbsp; 6355 | &nbsp;&nbsp;&nbsp; 912070<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *1823360* |
| *Consumer Staples Distribution & Retail — 0.9%* | *Consumer Staples Distribution & Retail — 0.9%* | *Consumer Staples Distribution & Retail — 0.9%* |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 318203<br>|
| &nbsp;&nbsp;&nbsp; Sysco Corp. | &nbsp;&nbsp; 2788 | &nbsp;&nbsp;&nbsp; 205448<br>|
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp; 2460 | &nbsp;&nbsp;&nbsp; 240465<br>|
| &nbsp;&nbsp;&nbsp; Walmart Inc. | &nbsp;&nbsp; 1804 | &nbsp;&nbsp;&nbsp; 200984<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *965100* |
| *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | &nbsp;&nbsp; 2624 | &nbsp;&nbsp;&nbsp; 150854<br>|
| &nbsp;&nbsp;&nbsp; General Mills Inc. | &nbsp;&nbsp; 3075 | &nbsp;&nbsp;&nbsp; 142987<br>|
| &nbsp;&nbsp;&nbsp; Hershey Co. | &nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; 149224<br>|
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | &nbsp;&nbsp; 4961 | &nbsp;&nbsp;&nbsp; 120304<br>|
| &nbsp;&nbsp;&nbsp; Mondelez International Inc., Class A Shares | &nbsp;&nbsp; 5043 | &nbsp;&nbsp;&nbsp; 271465<br>|
| &nbsp;&nbsp;&nbsp; Tyson Foods Inc., Class A Shares | &nbsp;&nbsp; 1558 | &nbsp;&nbsp;&nbsp; 91330<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *926164* |
| *Household Products — 0.8%* | *Household Products — 0.8%* | *Household Products — 0.8%* |
| &nbsp;&nbsp;&nbsp; Clorox Co. | &nbsp;&nbsp; 738 | &nbsp;&nbsp;&nbsp; 74413<br>|
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp; 1968 | &nbsp;&nbsp;&nbsp; 198551<br>|
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | &nbsp;&nbsp; 4428 | &nbsp;&nbsp;&nbsp; 634577<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *907541* |
| *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos. Inc., Class A Shares | &nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp; 81577<br>|
| &nbsp;&nbsp;&nbsp; Kenvue Inc. | &nbsp;&nbsp; 9963 | &nbsp;&nbsp;&nbsp; 171861<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *253438* |
| *Tobacco — 1.3%* | *Tobacco — 1.3%* | *Tobacco — 1.3%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc. | &nbsp;&nbsp; 9471 | &nbsp;&nbsp;&nbsp; 546098<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc. | &nbsp;&nbsp; 5535 | &nbsp;&nbsp;&nbsp; 887814<br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *1433912* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **6309515** |
| **Energy — 4.7%** | **Energy — 4.7%** | **Energy — 4.7%** |
| *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | &nbsp;&nbsp; 738 | &nbsp;&nbsp;&nbsp; 33608<br>|
| &nbsp;&nbsp;&nbsp; SLB Ltd. | &nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp; 50355<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *83963* |
| *Oil, Gas & Consumable Fuels — 4.6%* | *Oil, Gas & Consumable Fuels — 4.6%* | *Oil, Gas & Consumable Fuels — 4.6%* |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 7175 | &nbsp;&nbsp;&nbsp; 1093542<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp; 3690 | &nbsp;&nbsp;&nbsp; $345421<br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc. | &nbsp;&nbsp; 4264 | &nbsp;&nbsp;&nbsp; 112228<br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc. | &nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; 154088<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources Inc. | &nbsp;&nbsp; 2952 | &nbsp;&nbsp;&nbsp; 309990<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 11685 | &nbsp;&nbsp;&nbsp; 1406173<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc. | &nbsp;&nbsp; 10947 | &nbsp;&nbsp;&nbsp; 300933<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc. | &nbsp;&nbsp; 3362 | &nbsp;&nbsp;&nbsp; 247107<br>|
| &nbsp;&nbsp;&nbsp; Phillips 66 | &nbsp;&nbsp; 2214 | &nbsp;&nbsp;&nbsp; 285695<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | &nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 113467<br>|
| &nbsp;&nbsp;&nbsp; Tatneft PJSC | &nbsp;&nbsp; 15990 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 1394 | &nbsp;&nbsp;&nbsp; 226929<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc. | &nbsp;&nbsp; 6642 | &nbsp;&nbsp;&nbsp; 399251<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *4994824* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **5078787** |
| **Financials — 12.2%** | **Financials — 12.2%** | **Financials — 12.2%** |
| *Banks — 5.5%* | *Banks — 5.5%* | *Banks — 5.5%* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 14719 | &nbsp;&nbsp;&nbsp; 809545<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc. | &nbsp;&nbsp; 7052 | &nbsp;&nbsp;&nbsp; 822898<br>|
| &nbsp;&nbsp;&nbsp; Citizens Financial Group Inc. | &nbsp;&nbsp; 2378 | &nbsp;&nbsp;&nbsp; 138899<br>|
| &nbsp;&nbsp;&nbsp; East-West Bancorp Inc. | &nbsp;&nbsp; 738 | &nbsp;&nbsp;&nbsp; 82944<br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp; 3608 | &nbsp;&nbsp;&nbsp; 168890<br>|
| &nbsp;&nbsp;&nbsp; Huntington Bancshares Inc. | &nbsp;&nbsp; 8323 | &nbsp;&nbsp;&nbsp; 144404<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 5535 | &nbsp;&nbsp;&nbsp; 1783488<br>|
| &nbsp;&nbsp;&nbsp; KeyCorp | &nbsp;&nbsp; 5043 | &nbsp;&nbsp;&nbsp; 104087<br>|
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; 165214<br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc. | &nbsp;&nbsp; 2091 | &nbsp;&nbsp;&nbsp; 436454<br>|
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | &nbsp;&nbsp; 4674 | &nbsp;&nbsp;&nbsp; 126665<br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp; 6970 | &nbsp;&nbsp;&nbsp; 342994<br>|
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp; 8241 | &nbsp;&nbsp;&nbsp; 439740<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 4633 | &nbsp;&nbsp;&nbsp; 431796<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *5998018* |
| *Capital Markets — 4.8%* | *Capital Markets — 4.8%* | *Capital Markets — 4.8%* |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Class A Shares | &nbsp;&nbsp; 1066 | &nbsp;&nbsp;&nbsp; 172297<br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | &nbsp;&nbsp; 3649 | &nbsp;&nbsp;&nbsp; 423612<br>|
| &nbsp;&nbsp;&nbsp; Blackrock Inc. | &nbsp;&nbsp; 738 | &nbsp;&nbsp;&nbsp; 789911<br>|
| &nbsp;&nbsp;&nbsp; Blackstone Inc. | &nbsp;&nbsp; 3977 | &nbsp;&nbsp;&nbsp; 613015<br>|
| &nbsp;&nbsp;&nbsp; Carlyle Group Inc. | &nbsp;&nbsp; 1189 | &nbsp;&nbsp;&nbsp; 70282<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 2460 | &nbsp;&nbsp;&nbsp; 245779<br>|
| &nbsp;&nbsp;&nbsp; Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; 111,261<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc. | &nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp; 612663<br>|
| &nbsp;&nbsp;&nbsp; KKR & Co. Inc. | &nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp; 182934<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; 5289 | &nbsp;&nbsp;&nbsp; 938956<br>|
| &nbsp;&nbsp;&nbsp; MSCI Inc. | &nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp; 235229<br>|
| &nbsp;&nbsp;&nbsp; Nasdaq Inc. | &nbsp;&nbsp; 1845 | &nbsp;&nbsp;&nbsp; 179205<br>|
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; 140005<br>|
| &nbsp;&nbsp;&nbsp; Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 1353 | &nbsp;&nbsp;&nbsp; 153,024<br> \*<br>|
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp; 190419<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group Inc. | &nbsp;&nbsp; 1189 | &nbsp;&nbsp;&nbsp; $121730<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *5180322* |
| *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 89431<br>|
| &nbsp;&nbsp;&nbsp; Synchrony Financial | &nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; 41047<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *130478* |
| *Financial Services — 0.7%* | *Financial Services — 0.7%* | *Financial Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Apollo Global Management Inc. | &nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp; 213666<br>|
| &nbsp;&nbsp;&nbsp; Block Inc. | &nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; 37,361<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Corebridge Financial Inc. | &nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp; 43294<br>|
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services Inc. | &nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 40873<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Class A Shares | &nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp; 388236<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *723430* |
| *Insurance — 1.0%* | *Insurance — 1.0%* | *Insurance — 1.0%* |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | &nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 93876<br>|
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | &nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp; 147314<br>|
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life Inc. | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 2653<br>|
| &nbsp;&nbsp;&nbsp; Fidelity National Financial Inc. | &nbsp;&nbsp; 1517 | &nbsp;&nbsp;&nbsp; 82813<br>|
| &nbsp;&nbsp;&nbsp; MetLife Inc. | &nbsp;&nbsp; 3034 | &nbsp;&nbsp;&nbsp; 239504<br>|
| &nbsp;&nbsp;&nbsp; Principal Financial Group Inc. | &nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp; 108498<br>|
| &nbsp;&nbsp;&nbsp; Progressive Corp. | &nbsp;&nbsp; 943 | &nbsp;&nbsp;&nbsp; 214740<br>|
| &nbsp;&nbsp;&nbsp; Prudential Financial Inc. | &nbsp;&nbsp; 1886 | &nbsp;&nbsp;&nbsp; 212892<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *1102290* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management Inc. | &nbsp;&nbsp; 3854 | &nbsp;&nbsp;&nbsp; *86176*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **13220714** |
| **Health Care — 8.7%** | **Health Care — 8.7%** | **Health Care — 8.7%** |
| *Biotechnology — 2.1%* | *Biotechnology — 2.1%* | *Biotechnology — 2.1%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc. | &nbsp;&nbsp; 4715 | &nbsp;&nbsp;&nbsp; 1077330<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc. | &nbsp;&nbsp; 2419 | &nbsp;&nbsp;&nbsp; 791763<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc. | &nbsp;&nbsp; 3485 | &nbsp;&nbsp;&nbsp; 427749<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *2296842* |
| *Health Care Equipment & Supplies — 1.0%* | *Health Care Equipment & Supplies — 1.0%* | *Health Care Equipment & Supplies — 1.0%* |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp; 3157 | &nbsp;&nbsp;&nbsp; 395540<br>|
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 7957<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical Inc. | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; 92,883<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 5781 | &nbsp;&nbsp;&nbsp; 555323<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *1051703* |
| *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp; 7011 | &nbsp;&nbsp;&nbsp; 556393<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc. | &nbsp;&nbsp; 1804 | &nbsp;&nbsp;&nbsp; 595519<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *1151912* |
| *Pharmaceuticals — 4.6%* | *Pharmaceuticals — 4.6%* | *Pharmaceuticals — 4.6%* |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp; 10783 | &nbsp;&nbsp;&nbsp; 581635<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 1394 | &nbsp;&nbsp;&nbsp; 1498104<br>|
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp; 5945 | &nbsp;&nbsp;&nbsp; 1230318<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc. | &nbsp;&nbsp; 8405 | &nbsp;&nbsp;&nbsp; 884710<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; Pfizer Inc. | &nbsp;&nbsp; 31447 | &nbsp;&nbsp;&nbsp; $783030<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *4977797* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **9478254** |
| **Industrials — 5.5%** | **Industrials — 5.5%** | **Industrials — 5.5%** |
| *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* |
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc. | &nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 124,945<br> \*<br>|
| &nbsp;&nbsp;&nbsp; General Electric Co. | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 113663<br>|
| &nbsp;&nbsp;&nbsp; Rocket Lab Corp. | &nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 31,462<br> \*<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp; 1886 | &nbsp;&nbsp;&nbsp; 345892<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *615962* |
| *Air Freight & Logistics — 0.6%* | *Air Freight & Logistics — 0.6%* | *Air Freight & Logistics — 0.6%* |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | &nbsp;&nbsp; 984 | &nbsp;&nbsp;&nbsp; 284238<br>|
| &nbsp;&nbsp;&nbsp; United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp; 406679<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *690917* |
| *Building Products — 0.4%* | *Building Products — 0.4%* | *Building Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp; 1722 | &nbsp;&nbsp;&nbsp; 90990<br>|
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | &nbsp;&nbsp; 1517 | &nbsp;&nbsp;&nbsp; 181661<br>|
| &nbsp;&nbsp;&nbsp; Lennox International Inc. | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 39818<br>|
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | &nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 111700<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *424169* |
| *Commercial Services & Supplies — 0.0%††* | *Commercial Services & Supplies — 0.0%††* | *Commercial Services & Supplies — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; *7711*<br>|
| *Electrical Equipment — 1.3%* | *Electrical Equipment — 1.3%* | *Electrical Equipment — 1.3%* |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 39,187<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Eaton Corp. PLC | &nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; 261178<br>|
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | &nbsp;&nbsp; 2091 | &nbsp;&nbsp;&nbsp; 277518<br>|
| &nbsp;&nbsp;&nbsp; GE Vernova Inc. | &nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; 321556<br>|
| &nbsp;&nbsp;&nbsp; Hubbell Inc. | &nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 127460<br>|
| &nbsp;&nbsp;&nbsp; Rockwell Automation Inc. | &nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 239278<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 1066 | &nbsp;&nbsp;&nbsp; 172703<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *1438880* |
| *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp; 355125<br>|
| &nbsp;&nbsp;&nbsp; Uber Technologies Inc. | &nbsp;&nbsp; 2214 | &nbsp;&nbsp;&nbsp; 180,906<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp; 1271 | &nbsp;&nbsp;&nbsp; 294008<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *830039* |
| *Industrial Conglomerates — 0.3%* | *Industrial Conglomerates — 0.3%* | *Industrial Conglomerates — 0.3%* |
| &nbsp;&nbsp;&nbsp; 3M Co. | &nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; 131282<br>|
| &nbsp;&nbsp;&nbsp; Honeywell International Inc. | &nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp; 175971<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *307253* |
| *Machinery — 0.8%* | *Machinery — 0.8%* | *Machinery — 0.8%* |
| &nbsp;&nbsp;&nbsp; Cummins Inc. | &nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp; 334855<br>|
| &nbsp;&nbsp;&nbsp; Illinois Tool Works Inc. | &nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp; 403932<br>|
| &nbsp;&nbsp;&nbsp; Snap-on Inc. | &nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 98900<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *837687* |
| *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | &nbsp;&nbsp; 2378 | &nbsp;&nbsp;&nbsp; *98283*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Professional Services — 0.3%* | *Professional Services — 0.3%* | *Professional Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing Inc. | &nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp; $168743<br>|
| &nbsp;&nbsp;&nbsp; Paychex Inc. | &nbsp;&nbsp; 1804 | &nbsp;&nbsp;&nbsp; 202373<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *371116* |
| *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | &nbsp;&nbsp; 6314 | &nbsp;&nbsp;&nbsp; 253381<br>|
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises Inc. | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 18255<br>|
| &nbsp;&nbsp;&nbsp; Watsco Inc. | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 69075<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *340711* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **5962728** |
| **Information Technology — 36.1%** | **Information Technology — 36.1%** | **Information Technology — 36.1%** |
| *Communications Equipment — 1.2%* | *Communications Equipment — 1.2%* | *Communications Equipment — 1.2%* |
| &nbsp;&nbsp;&nbsp; Arista Networks Inc. | &nbsp;&nbsp; 1763 | &nbsp;&nbsp;&nbsp; 231,006<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cisco Systems Inc. | &nbsp;&nbsp; 14022 | &nbsp;&nbsp;&nbsp; 1080114<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *1311120* |
| *Electronic Equipment, Instruments & Components — 0.9%* | *Electronic Equipment, Instruments & Components — 0.9%* | *Electronic Equipment, Instruments & Components — 0.9%* |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A Shares | &nbsp;&nbsp; 2583 | &nbsp;&nbsp;&nbsp; 349067<br>|
| &nbsp;&nbsp;&nbsp; CDW Corp. | &nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; 44674<br>|
| &nbsp;&nbsp;&nbsp; Corning Inc. | &nbsp;&nbsp; 3690 | &nbsp;&nbsp;&nbsp; 323096<br>|
| &nbsp;&nbsp;&nbsp; TE Connectivity PLC | &nbsp;&nbsp; 1271 | &nbsp;&nbsp;&nbsp; 289165<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *1006002* |
| *IT Services — 1.6%* | *IT Services — 1.6%* | *IT Services — 1.6%* |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A Shares | &nbsp;&nbsp; 2255 | &nbsp;&nbsp;&nbsp; 605016<br>|
| &nbsp;&nbsp;&nbsp; Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 738 | &nbsp;&nbsp;&nbsp; 145,497<br> \*<br>|
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp; 2706 | &nbsp;&nbsp;&nbsp; 801544<br>|
| &nbsp;&nbsp;&nbsp; MongoDB Inc. | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 34,415<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Okta Inc. | &nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 24,817<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Snowflake Inc., Class A Shares | &nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 134,906<br> \*<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *1746195* |
| *Semiconductors & Semiconductor Equipment — 15.2%* | *Semiconductors & Semiconductor Equipment — 15.2%* | *Semiconductors & Semiconductor Equipment — 15.2%* |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices Inc. | &nbsp;&nbsp; 2665 | &nbsp;&nbsp;&nbsp; 570,736<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Analog Devices Inc. | &nbsp;&nbsp; 2255 | &nbsp;&nbsp;&nbsp; 611556<br>|
| &nbsp;&nbsp;&nbsp; Applied Materials Inc. | &nbsp;&nbsp; 1599 | &nbsp;&nbsp;&nbsp; 410927<br>|
| &nbsp;&nbsp;&nbsp; Astera Labs Inc. | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 20,462<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc. | &nbsp;&nbsp; 8651 | &nbsp;&nbsp;&nbsp; 2994111<br>|
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 53,095<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Entegris Inc. | &nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; 41451<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp; 7585 | &nbsp;&nbsp;&nbsp; 279,887<br> \*<br>|
| &nbsp;&nbsp;&nbsp; KLA Corp. | &nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp; 419203<br>|
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp; 3157 | &nbsp;&nbsp;&nbsp; 540415<br>|
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc. | &nbsp;&nbsp; 1804 | &nbsp;&nbsp;&nbsp; 153304<br>|
| &nbsp;&nbsp;&nbsp; Microchip Technology Inc. | &nbsp;&nbsp; 2419 | &nbsp;&nbsp;&nbsp; 154139<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc. | &nbsp;&nbsp; 1558 | &nbsp;&nbsp;&nbsp; 444669<br>|
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems Inc. | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 185804<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 41656 | &nbsp;&nbsp;&nbsp; 7768844<br>|
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | &nbsp;&nbsp; 1148 | &nbsp;&nbsp;&nbsp; 249185<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc. | &nbsp;&nbsp; 5043 | &nbsp;&nbsp;&nbsp; 862605<br>|
| &nbsp;&nbsp;&nbsp; Teradyne Inc. | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 39680<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc. | &nbsp;&nbsp; 4592 | &nbsp;&nbsp;&nbsp; $796666<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *16596739* |
| *Software — 9.7%* | *Software — 9.7%* | *Software — 9.7%* |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A Shares | &nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp; 276,266<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Atlassian Corp., Class A Shares | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 59,830<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Autodesk Inc. | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; 48,546<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bentley Systems Inc., Class B Shares | &nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp; 29730<br>|
| &nbsp;&nbsp;&nbsp; Cadence Design Systems Inc. | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 115,342<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CrowdStrike Holdings Inc., Class A Shares | &nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 288,287<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Datadog Inc., Class A Shares | &nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 83,634<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Fortinet Inc. | &nbsp;&nbsp; 943 | &nbsp;&nbsp;&nbsp; 74,884<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Gen Digital Inc. | &nbsp;&nbsp; 2009 | &nbsp;&nbsp;&nbsp; 54625<br>|
| &nbsp;&nbsp;&nbsp; HubSpot Inc. | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 49,360<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Intuit Inc. | &nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp; 353070<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 13858 | &nbsp;&nbsp;&nbsp; 6702006<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 3034 | &nbsp;&nbsp;&nbsp; 591357<br>|
| &nbsp;&nbsp;&nbsp; Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 4141 | &nbsp;&nbsp;&nbsp; 736,063<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Palo Alto Networks Inc. | &nbsp;&nbsp; 1189 | &nbsp;&nbsp;&nbsp; 219,014<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Salesforce Inc. | &nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp; 391007<br>|
| &nbsp;&nbsp;&nbsp; ServiceNow Inc. | &nbsp;&nbsp; 1804 | &nbsp;&nbsp;&nbsp; 276,355<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Strategy Inc. | &nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp; 62,299<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 19,258<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Workday Inc., Class A Shares | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; 35,224<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Zscaler Inc. | &nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 64,552<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *10530709* |
| *Technology Hardware, Storage & Peripherals — 7.5%* | *Technology Hardware, Storage & Peripherals — 7.5%* | *Technology Hardware, Storage & Peripherals — 7.5%* |
| &nbsp;&nbsp;&nbsp; Apple Inc. | &nbsp;&nbsp; 26732 | &nbsp;&nbsp;&nbsp; 7267362<br>|
| &nbsp;&nbsp;&nbsp; Dell Technologies Inc., Class C Shares | &nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp; 139349<br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 6765 | &nbsp;&nbsp;&nbsp; 162495<br>|
| &nbsp;&nbsp;&nbsp; HP Inc. | &nbsp;&nbsp; 5125 | &nbsp;&nbsp;&nbsp; 114185<br>|
| &nbsp;&nbsp;&nbsp; NetApp Inc. | &nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; 109767<br>|
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | &nbsp;&nbsp; 984 | &nbsp;&nbsp;&nbsp; 270984<br>|
| &nbsp;&nbsp;&nbsp; Super Micro Computer Inc. | &nbsp;&nbsp; 984 | &nbsp;&nbsp;&nbsp; 28,802<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 21189<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *8114133* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **39304898** |
| **Materials — 1.1%** | **Materials — 1.1%** | **Materials — 1.1%** |
| *Chemicals — 0.6%* | *Chemicals — 0.6%* | *Chemicals — 0.6%* |
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals Inc. | &nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; 253196<br>|
| &nbsp;&nbsp;&nbsp; Dow Inc. | &nbsp;&nbsp; 4059 | &nbsp;&nbsp;&nbsp; 94899<br>|
| &nbsp;&nbsp;&nbsp; DuPont de Nemours Inc. | &nbsp;&nbsp; 2255 | &nbsp;&nbsp;&nbsp; 90651<br>|
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp; 1681 | &nbsp;&nbsp;&nbsp; 72787<br>|
| &nbsp;&nbsp;&nbsp; PPG Industries Inc. | &nbsp;&nbsp; 1271 | &nbsp;&nbsp;&nbsp; 130227<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *641760* |
| *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* |
| &nbsp;&nbsp;&nbsp; Amcor PLC | &nbsp;&nbsp; 13079 | &nbsp;&nbsp;&nbsp; 109079<br>|
| &nbsp;&nbsp;&nbsp; International Paper Co. | &nbsp;&nbsp; 2952 | &nbsp;&nbsp;&nbsp; 116279<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Containers & Packaging — continued* | *Containers & Packaging — continued* | *Containers & Packaging — continued* |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | &nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; $101465<br>|
| &nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | &nbsp;&nbsp; 2829 | &nbsp;&nbsp;&nbsp; 109398<br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *436221* |
| *Metals & Mining — 0.1%* | *Metals & Mining — 0.1%* | *Metals & Mining — 0.1%* |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc. | &nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; 24988<br>|
| &nbsp;&nbsp;&nbsp; Southern Copper Corp. | &nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 64705<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *89693* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1167674** |
| **Real Estate — 3.9%** | **Real Estate — 3.9%** | **Real Estate — 3.9%** |
| *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; WP Carey Inc. | &nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp; *79163*<br>|
| *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ventas Inc. | &nbsp;&nbsp; 1722 | &nbsp;&nbsp;&nbsp; *133248*<br>|
| *Industrial REITs — 0.6%* | *Industrial REITs — 0.6%* | *Industrial REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; Prologis Inc. | &nbsp;&nbsp; 5248 | &nbsp;&nbsp;&nbsp; *669960*<br>|
| *Residential REITs — 0.6%* | *Residential REITs — 0.6%* | *Residential REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | &nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp; 141240<br>|
| &nbsp;&nbsp;&nbsp; Equity Residential | &nbsp;&nbsp; 1927 | &nbsp;&nbsp;&nbsp; 121478<br>|
| &nbsp;&nbsp;&nbsp; Essex Property Trust Inc. | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 96560<br>|
| &nbsp;&nbsp;&nbsp; Invitation Homes Inc. | &nbsp;&nbsp; 3198 | &nbsp;&nbsp;&nbsp; 88872<br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp; 91125<br>|
| &nbsp;&nbsp;&nbsp; Sun Communities Inc. | &nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 76205<br>|
| *Total Residential REITs* | *Total Residential REITs* | &nbsp;&nbsp; *615480* |
| *Retail REITs — 0.6%* | *Retail REITs — 0.6%* | *Retail REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp; 3936 | &nbsp;&nbsp;&nbsp; 79783<br>|
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | &nbsp;&nbsp; 4961 | &nbsp;&nbsp;&nbsp; 279652<br>|
| &nbsp;&nbsp;&nbsp; Simon Property Group Inc. | &nbsp;&nbsp; 1886 | &nbsp;&nbsp;&nbsp; 349117<br>|
| *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *708552* |
| *Specialized REITs — 1.9%* | *Specialized REITs — 1.9%* | *Specialized REITs — 1.9%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | &nbsp;&nbsp; 2542 | &nbsp;&nbsp;&nbsp; 446299<br>|
| &nbsp;&nbsp;&nbsp; Crown Castle Inc. | &nbsp;&nbsp; 2296 | &nbsp;&nbsp;&nbsp; 204045<br>|
| &nbsp;&nbsp;&nbsp; Digital Realty Trust Inc. | &nbsp;&nbsp; 1763 | &nbsp;&nbsp;&nbsp; 272754<br>|
| &nbsp;&nbsp;&nbsp; Equinix Inc. | &nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 345538<br>|
| &nbsp;&nbsp;&nbsp; Extra Space Storage Inc. | &nbsp;&nbsp; 1189 | &nbsp;&nbsp;&nbsp; 154832<br>|
| &nbsp;&nbsp;&nbsp; Iron Mountain Inc. | &nbsp;&nbsp; 1681 | &nbsp;&nbsp;&nbsp; 139439<br>|
| &nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp; 234069<br>|
| &nbsp;&nbsp;&nbsp; VICI Properties Inc. | &nbsp;&nbsp; 5986 | &nbsp;&nbsp;&nbsp; 168326<br>|
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | &nbsp;&nbsp; 3813 | &nbsp;&nbsp;&nbsp; 90330<br>|
| *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *2055632* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4262035** |
| **Utilities — 2.6%** | **Utilities — 2.6%** | **Utilities — 2.6%** |
| *Electric Utilities — 1.8%* | *Electric Utilities — 1.8%* | *Electric Utilities — 1.8%* |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | &nbsp;&nbsp; 1517 | &nbsp;&nbsp;&nbsp; 98620<br>|
| &nbsp;&nbsp;&nbsp; American Electric Power Co. Inc. | &nbsp;&nbsp; 2870 | &nbsp;&nbsp;&nbsp; 330940<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | &nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; 115873<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp; 153779<br>|
| &nbsp;&nbsp;&nbsp; Edison International | &nbsp;&nbsp; 2255 | &nbsp;&nbsp;&nbsp; 135345<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; $94741<br>|
| &nbsp;&nbsp;&nbsp; Evergy Inc. | &nbsp;&nbsp;&nbsp; Evergy Inc. | &nbsp;&nbsp; 1353 | &nbsp;&nbsp;&nbsp; 98079<br>|
| &nbsp;&nbsp;&nbsp; Eversource Energy | &nbsp;&nbsp;&nbsp; Eversource Energy | &nbsp;&nbsp; 1968 | &nbsp;&nbsp;&nbsp; 132505<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp. | &nbsp;&nbsp;&nbsp; Exelon Corp. | &nbsp;&nbsp; 6109 | &nbsp;&nbsp;&nbsp; 266291<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | &nbsp;&nbsp; 3075 | &nbsp;&nbsp;&nbsp; 137668<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Inc. | &nbsp;&nbsp;&nbsp; NextEra Energy Inc. | &nbsp;&nbsp; 3157 | &nbsp;&nbsp;&nbsp; 253444<br>|
| &nbsp;&nbsp;&nbsp; Southern Co. | &nbsp;&nbsp;&nbsp; Southern Co. | &nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp; 35752<br>|
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc. | &nbsp;&nbsp;&nbsp; Xcel Energy Inc. | &nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp; 66622<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *1919659* |
| *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | &nbsp;&nbsp;&nbsp; Vistra Corp. | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; *59531*<br>|
| *Multi-Utilities — 0.8%* | *Multi-Utilities — 0.8%* | *Multi-Utilities — 0.8%* | *Multi-Utilities — 0.8%* |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Inc. | &nbsp;&nbsp;&nbsp; Consolidated Edison Inc. | &nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; 57010<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc. | &nbsp;&nbsp;&nbsp; Dominion Energy Inc. | &nbsp;&nbsp; 5084 | &nbsp;&nbsp;&nbsp; 297871<br>|
| &nbsp;&nbsp;&nbsp; NiSource Inc. | &nbsp;&nbsp;&nbsp; NiSource Inc. | &nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp; 10273<br>|
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp; Public Service Enterprise Group Inc. | &nbsp;&nbsp; 1722 | &nbsp;&nbsp;&nbsp; 138276<br>|
| &nbsp;&nbsp;&nbsp; Sempra | &nbsp;&nbsp;&nbsp; Sempra | &nbsp;&nbsp; 2337 | &nbsp;&nbsp;&nbsp; 206334<br>|
| &nbsp;&nbsp;&nbsp; WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp; WEC Energy Group Inc. | &nbsp;&nbsp; 1845 | &nbsp;&nbsp;&nbsp; 194574<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *904338* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2883528** |
| **Total Investments before Short-Term Investments (Cost — $92,828,824)** | **Total Investments before Short-Term Investments (Cost — $92,828,824)** | **Total Investments before Short-Term Investments (Cost — $92,828,824)** | &nbsp;&nbsp; **108639120** |
|  | Rate |  |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $31,071)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 31071<br>| &nbsp;&nbsp;&nbsp;&nbsp; **31071**<br> <sup>(d)(e)(f)</sup><br>|
| **Total Investments — 99.9% (Cost — $92,859,895)** | **Total Investments — 99.9% (Cost — $92,859,895)** | **Total Investments — 99.9% (Cost — $92,859,895)** | &nbsp;&nbsp; **108670191** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; 113567 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$108783758** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(b)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(c)</sup> | Value is less than $1. |
| <sup>(d)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(e)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $31,071 and the cost was $31,071 (Note 2).<br>|
| <sup>(f)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| PJSC |  | Private Joint Stock Company |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $68792 | &nbsp;&nbsp;&nbsp;&nbsp; $68925 | &nbsp;&nbsp;&nbsp; **$133** |

---

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

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Communication Services — 7.8%** | **Communication Services — 7.8%** | **Communication Services — 7.8%** |
| *Diversified Telecommunication Services — 5.6%* | *Diversified Telecommunication Services — 5.6%* | *Diversified Telecommunication Services — 5.6%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc. | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; $248400<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc. | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp; 2728910<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *2977310* |
| *Media — 2.2%* | *Media — 2.2%* | *Media — 2.2%* |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A Shares | &nbsp;&nbsp; 19800 | &nbsp;&nbsp;&nbsp; 591822<br>|
| &nbsp;&nbsp;&nbsp; Omnicom Group Inc. | &nbsp;&nbsp; 6840 | &nbsp;&nbsp;&nbsp; 552330<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *1144152* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **4121462** |
| **Consumer Discretionary — 6.7%** | **Consumer Discretionary — 6.7%** | **Consumer Discretionary — 6.7%** |
| *Automobiles — 3.2%* | *Automobiles — 3.2%* | *Automobiles — 3.2%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | &nbsp;&nbsp; 127120 | &nbsp;&nbsp;&nbsp; *1667814*<br>|
| *Distributors — 0.1%* | *Distributors — 0.1%* | *Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | &nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; *54102*<br>|
| *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* |
| &nbsp;&nbsp;&nbsp; Darden Restaurants Inc. | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 73608<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 48901<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *122509* |
| *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A Shares | &nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 45232<br>|
| &nbsp;&nbsp;&nbsp; PulteGroup Inc. | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 46904<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *92136* |
| *Specialty Retail — 3.0%* | *Specialty Retail — 3.0%* | *Specialty Retail — 3.0%* |
| &nbsp;&nbsp;&nbsp; Best Buy Co. Inc. | &nbsp;&nbsp; 21400 | &nbsp;&nbsp;&nbsp; 1432302<br>|
| &nbsp;&nbsp;&nbsp; Carvana Co. | &nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 122,386<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc. | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 55056<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1609744* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3546305** |
| **Consumer Staples — 15.6%** | **Consumer Staples — 15.6%** | **Consumer Staples — 15.6%** |
| *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B Shares | &nbsp;&nbsp; 1760 | &nbsp;&nbsp;&nbsp; 45866<br>|
| &nbsp;&nbsp;&nbsp; PepsiCo Inc. | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 51667<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *97533* |
| *Consumer Staples Distribution & Retail — 1.8%* | *Consumer Staples Distribution & Retail — 1.8%* | *Consumer Staples Distribution & Retail — 1.8%* |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp; 9640 | &nbsp;&nbsp;&nbsp; *942310*<br>|
| *Food Products — 7.2%* | *Food Products — 7.2%* | *Food Products — 7.2%* |
| &nbsp;&nbsp;&nbsp; General Mills Inc. | &nbsp;&nbsp; 22800 | &nbsp;&nbsp;&nbsp; 1060200<br>|
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | &nbsp;&nbsp; 110480 | &nbsp;&nbsp;&nbsp; 2679140<br>|
| &nbsp;&nbsp;&nbsp; Tyson Foods Inc., Class A Shares | &nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp; 53930<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *3793270* |
| *Household Products — 0.1%* | *Household Products — 0.1%* | *Household Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp; *52463*<br>|
| *Personal Care Products — 1.2%* | *Personal Care Products — 1.2%* | *Personal Care Products — 1.2%* |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos. Inc., Class A Shares | &nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp; 54454<br>|
| &nbsp;&nbsp;&nbsp; Kenvue Inc. | &nbsp;&nbsp; 34880 | &nbsp;&nbsp;&nbsp; 601680<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *656134* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Tobacco — 5.1%* | *Tobacco — 5.1%* | *Tobacco — 5.1%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc. | &nbsp;&nbsp; 45880 | &nbsp;&nbsp;&nbsp; $2645441<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc. | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 57744<br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *2703185* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **8244895** |
| **Energy — 9.1%** | **Energy — 9.1%** | **Energy — 9.1%** |
| *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | &nbsp;&nbsp; 1840 | &nbsp;&nbsp;&nbsp; *51998*<br>|
| *Oil, Gas & Consumable Fuels — 9.0%* | *Oil, Gas & Consumable Fuels — 9.0%* | *Oil, Gas & Consumable Fuels — 9.0%* |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 7720 | &nbsp;&nbsp;&nbsp; 1176605<br>|
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 52422<br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc. | &nbsp;&nbsp; 2040 | &nbsp;&nbsp;&nbsp; 53693<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | &nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp; 52747<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources Inc. | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 50405<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 52949<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc. | &nbsp;&nbsp; 33960 | &nbsp;&nbsp;&nbsp; 933560<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc. | &nbsp;&nbsp; 29040 | &nbsp;&nbsp;&nbsp; 2134440<br>|
| &nbsp;&nbsp;&nbsp; Phillips 66 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 144525<br>|
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 52093<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc. | &nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp; 52897<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *4756336* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **4808334** |
| **Financials — 22.5%** | **Financials — 22.5%** | **Financials — 22.5%** |
| *Banks — 9.8%* | *Banks — 9.8%* | *Banks — 9.8%* |
| &nbsp;&nbsp;&nbsp; Citigroup Inc. | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 56012<br>|
| &nbsp;&nbsp;&nbsp; Citizens Financial Group Inc. | &nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp; 53737<br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 52427<br>|
| &nbsp;&nbsp;&nbsp; Huntington Bancshares Inc. | &nbsp;&nbsp; 34040 | &nbsp;&nbsp;&nbsp; 590594<br>|
| &nbsp;&nbsp;&nbsp; KeyCorp | &nbsp;&nbsp; 64800 | &nbsp;&nbsp;&nbsp; 1337472<br>|
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 48355<br>|
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | &nbsp;&nbsp; 39280 | &nbsp;&nbsp;&nbsp; 1064488<br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp; 27200 | &nbsp;&nbsp;&nbsp; 1338512<br>|
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp; 11760 | &nbsp;&nbsp;&nbsp; 627514<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *5169111* |
| *Capital Markets — 8.6%* | *Capital Markets — 8.6%* | *Capital Markets — 8.6%* |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Class A Shares | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 258608<br>|
| &nbsp;&nbsp;&nbsp; Blackstone Inc. | &nbsp;&nbsp; 2520 | &nbsp;&nbsp;&nbsp; 388433<br>|
| &nbsp;&nbsp;&nbsp; CME Group Inc. | &nbsp;&nbsp; 5440 | &nbsp;&nbsp;&nbsp; 1485555<br>|
| &nbsp;&nbsp;&nbsp; Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 144,730<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 49708<br>|
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 54636<br>|
| &nbsp;&nbsp;&nbsp; Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 565,500<br> \*<br>|
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group Inc. | &nbsp;&nbsp; 15960 | &nbsp;&nbsp;&nbsp; 1633985<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *4581155* |
| *Consumer Finance — 0.8%* | *Consumer Finance — 0.8%* | *Consumer Finance — 0.8%* |
| &nbsp;&nbsp;&nbsp; SoFi Technologies Inc. | &nbsp;&nbsp; 15480 | &nbsp;&nbsp;&nbsp; *405,266*<br> \*<br>|
| *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Affirm Holdings Inc. | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; *59,544*<br> \*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Insurance — 3.2%* | *Insurance — 3.2%* | *Insurance — 3.2%* |
| &nbsp;&nbsp;&nbsp; Principal Financial Group Inc. | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; $52926<br>|
| &nbsp;&nbsp;&nbsp; Prudential Financial Inc. | &nbsp;&nbsp; 14360 | &nbsp;&nbsp;&nbsp; 1620957<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *1673883* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **11888959** |
| **Health Care — 10.5%** | **Health Care — 10.5%** | **Health Care — 10.5%** |
| *Biotechnology — 0.3%* | *Biotechnology — 0.3%* | *Biotechnology — 0.3%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc. | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 54837<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc. | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 52370<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc. | &nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 54006<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *161213* |
| *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; *53794*<br>|
| *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Centene Corp. | &nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp; 54,318<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp; 2840 | &nbsp;&nbsp;&nbsp; 225382<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc. | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 264088<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *543788* |
| *Pharmaceuticals — 9.1%* | *Pharmaceuticals — 9.1%* | *Pharmaceuticals — 9.1%* |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp; 38840 | &nbsp;&nbsp;&nbsp; 2095029<br>|
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 49668<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc. | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 58946<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Inc. | &nbsp;&nbsp; 104480 | &nbsp;&nbsp;&nbsp; 2601552<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *4805195* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5563990** |
| **Industrials — 9.2%** | **Industrials — 9.2%** | **Industrials — 9.2%** |
| *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 58041<br>|
| &nbsp;&nbsp;&nbsp; Rocket Lab Corp. | &nbsp;&nbsp; 8120 | &nbsp;&nbsp;&nbsp; 566,451<br> \*<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *624492* |
| *Air Freight & Logistics — 5.0%* | *Air Freight & Logistics — 5.0%* | *Air Freight & Logistics — 5.0%* |
| &nbsp;&nbsp;&nbsp; United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 26840 | &nbsp;&nbsp;&nbsp; *2662259*<br>|
| *Electrical Equipment — 1.1%* | *Electrical Equipment — 1.1%* | *Electrical Equipment — 1.1%* |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 5920 | &nbsp;&nbsp;&nbsp; 514,389<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 51843<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *566232* |
| *Machinery — 1.2%* | *Machinery — 1.2%* | *Machinery — 1.2%* |
| &nbsp;&nbsp;&nbsp; PACCAR Inc. | &nbsp;&nbsp; 5760 | &nbsp;&nbsp;&nbsp; *630778*<br>|
| *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | &nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp; *54556*<br>|
| *Professional Services — 0.5%* | *Professional Services — 0.5%* | *Professional Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions Inc. | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 52984<br>|
| &nbsp;&nbsp;&nbsp; Paychex Inc. | &nbsp;&nbsp; 2080 | &nbsp;&nbsp;&nbsp; 233334<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *286318* |
| *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | &nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp; *51366*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **4876001** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Information Technology — 8.1%** | **Information Technology — 8.1%** | **Information Technology — 8.1%** | **Information Technology — 8.1%** |
| *IT Services — 0.4%* | *IT Services — 0.4%* | *IT Services — 0.4%* | *IT Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Class A Shares | &nbsp;&nbsp;&nbsp; CoreWeave Inc., Class A Shares | &nbsp;&nbsp; 3160 | &nbsp;&nbsp;&nbsp; $*226,288*<br> \*<br>|
| *Semiconductors & Semiconductor Equipment — 2.4%* | *Semiconductors & Semiconductor Equipment — 2.4%* | *Semiconductors & Semiconductor Equipment — 2.4%* | *Semiconductors & Semiconductor Equipment — 2.4%* |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. | &nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. | &nbsp;&nbsp; 2640 | &nbsp;&nbsp;&nbsp; 379,870<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Microchip Technology Inc. | &nbsp;&nbsp;&nbsp; Microchip Technology Inc. | &nbsp;&nbsp; 12720 | &nbsp;&nbsp;&nbsp; 810518<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc. | &nbsp;&nbsp;&nbsp; QUALCOMM Inc. | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 47894<br>|
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc. | &nbsp;&nbsp;&nbsp; Texas Instruments Inc. | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 48577<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *1286859* |
| *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A Shares | &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A Shares | &nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp; 287,721<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp;&nbsp; Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 2320 | &nbsp;&nbsp;&nbsp; 412,380<br> \*<br>|
| *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *700101* |
| *Technology Hardware, Storage & Peripherals — 4.0%* | *Technology Hardware, Storage & Peripherals — 4.0%* | *Technology Hardware, Storage & Peripherals — 4.0%* | *Technology Hardware, Storage & Peripherals — 4.0%* |
| &nbsp;&nbsp;&nbsp; HP Inc. | &nbsp;&nbsp;&nbsp; HP Inc. | &nbsp;&nbsp; 51480 | &nbsp;&nbsp;&nbsp; 1146974<br>|
| &nbsp;&nbsp;&nbsp; IonQ Inc. | &nbsp;&nbsp;&nbsp; IonQ Inc. | &nbsp;&nbsp; 11640 | &nbsp;&nbsp;&nbsp; 522,287<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sandisk Corp. | &nbsp;&nbsp;&nbsp; Sandisk Corp. | &nbsp;&nbsp; 1360 | &nbsp;&nbsp;&nbsp; 322,837<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Super Micro Computer Inc. | &nbsp;&nbsp;&nbsp; Super Micro Computer Inc. | &nbsp;&nbsp; 3840 | &nbsp;&nbsp;&nbsp; 112,397<br> \*<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *2104495* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **4317743** |
| **Materials — 3.5%** | **Materials — 3.5%** | **Materials — 3.5%** | **Materials — 3.5%** |
| *Chemicals — 3.3%* | *Chemicals — 3.3%* | *Chemicals — 3.3%* | *Chemicals — 3.3%* |
| &nbsp;&nbsp;&nbsp; Dow Inc. | &nbsp;&nbsp;&nbsp; Dow Inc. | &nbsp;&nbsp; 14560 | &nbsp;&nbsp;&nbsp; 340413<br>|
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp; 1428900<br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *1769313* |
| *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* |
| &nbsp;&nbsp;&nbsp; Amcor PLC | &nbsp;&nbsp;&nbsp; Amcor PLC | &nbsp;&nbsp; 6480 | &nbsp;&nbsp;&nbsp; *54043*<br>|
| *Metals & Mining — 0.1%* | *Metals & Mining — 0.1%* | *Metals & Mining — 0.1%* | *Metals & Mining — 0.1%* |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | &nbsp;&nbsp;&nbsp; Newmont Corp. | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; *55916*<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1879272** |
| **Utilities — 6.7%** | **Utilities — 6.7%** | **Utilities — 6.7%** | **Utilities — 6.7%** |
| *Electric Utilities — 6.4%* | *Electric Utilities — 6.4%* | *Electric Utilities — 6.4%* | *Electric Utilities — 6.4%* |
| &nbsp;&nbsp;&nbsp; Edison International | &nbsp;&nbsp;&nbsp; Edison International | &nbsp;&nbsp; 40760 | &nbsp;&nbsp;&nbsp; 2446415<br>|
| &nbsp;&nbsp;&nbsp; Eversource Energy | &nbsp;&nbsp;&nbsp; Eversource Energy | &nbsp;&nbsp; 13520 | &nbsp;&nbsp;&nbsp; 910302<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *3356717* |
| *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* |
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc. | &nbsp;&nbsp;&nbsp; Dominion Energy Inc. | &nbsp;&nbsp; 2960 | &nbsp;&nbsp;&nbsp; *173426*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3530143** |
| **Total Investments before Short-Term Investments (Cost — $50,848,288)** | **Total Investments before Short-Term Investments (Cost — $50,848,288)** | **Total Investments before Short-Term Investments (Cost — $50,848,288)** | &nbsp;&nbsp; **52777104** |
|  | Rate |  |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $24,076)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 24076<br>| &nbsp;&nbsp;&nbsp;&nbsp; **24076**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.8% (Cost — $50,872,364)** | **Total Investments — 99.8% (Cost — $50,872,364)** | **Total Investments — 99.8% (Cost — $50,872,364)** | &nbsp;&nbsp; **52801180** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; 120556 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$52921736** |

---

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

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

\* Non-income producing security.

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

<sup>(b)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of investments in Affiliated Companies was $24,076 and the cost was $24,076 (Note 2). 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $68792 | &nbsp;&nbsp;&nbsp;&nbsp; $68925 | &nbsp;&nbsp;&nbsp; **$133** |

---

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

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 11.7%** | **Communication Services — 11.7%** | **Communication Services — 11.7%** |
| *Diversified Telecommunication Services — 2.0%* | *Diversified Telecommunication Services — 2.0%* | *Diversified Telecommunication Services — 2.0%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc. | &nbsp;&nbsp; 658424 | &nbsp;&nbsp;&nbsp; $16355252<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc. | &nbsp;&nbsp; 402262 | &nbsp;&nbsp;&nbsp; 16384131<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *32739383* |
| *Entertainment — 0.4%* | *Entertainment — 0.4%* | *Entertainment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Electronic Arts Inc. | &nbsp;&nbsp; 18506 | &nbsp;&nbsp;&nbsp; 3781331<br>|
| &nbsp;&nbsp;&nbsp; Warner Bros. Discovery Inc. | &nbsp;&nbsp; 118828 | &nbsp;&nbsp;&nbsp; 3,424,623<br> \*<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *7205954* |
| *Interactive Media & Services — 8.9%* | *Interactive Media & Services — 8.9%* | *Interactive Media & Services — 8.9%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class A Shares | &nbsp;&nbsp; 191391 | &nbsp;&nbsp;&nbsp; 59905383<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class C Shares | &nbsp;&nbsp; 155840 | &nbsp;&nbsp;&nbsp; 48902592<br>|
| &nbsp;&nbsp;&nbsp; Match Group Inc. | &nbsp;&nbsp; 50648 | &nbsp;&nbsp;&nbsp; 1635424<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 60875 | &nbsp;&nbsp;&nbsp; 40182979<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *150626378* |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| &nbsp;&nbsp;&nbsp; Fox Corp., Class A Shares | &nbsp;&nbsp; 25811 | &nbsp;&nbsp;&nbsp; 1886010<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Class B Shares | &nbsp;&nbsp; 28733 | &nbsp;&nbsp;&nbsp; 1865634<br>|
| &nbsp;&nbsp;&nbsp; Nexstar Media Group Inc. | &nbsp;&nbsp; 8766 | &nbsp;&nbsp;&nbsp; 1779936<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *5531580* |
| *Wireless Telecommunication Services — 0.1%* | *Wireless Telecommunication Services — 0.1%* | *Wireless Telecommunication Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Millicom International Cellular SA | &nbsp;&nbsp; 31655 | &nbsp;&nbsp;&nbsp; *1754953*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **197858248** |
| **Consumer Discretionary — 12.4%** | **Consumer Discretionary — 12.4%** | **Consumer Discretionary — 12.4%** |
| *Automobile Components — 0.2%* | *Automobile Components — 0.2%* | *Automobile Components — 0.2%* |
| &nbsp;&nbsp;&nbsp; BorgWarner Inc. | &nbsp;&nbsp; 39447 | &nbsp;&nbsp;&nbsp; 1777482<br>|
| &nbsp;&nbsp;&nbsp; Lear Corp. | &nbsp;&nbsp; 15584 | &nbsp;&nbsp;&nbsp; 1785926<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *3563408* |
| *Automobiles — 2.0%* | *Automobiles — 2.0%* | *Automobiles — 2.0%* |
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp; 94478 | &nbsp;&nbsp;&nbsp; 7682951<br>|
| &nbsp;&nbsp;&nbsp; Tesla Inc. | &nbsp;&nbsp; 58927 | &nbsp;&nbsp;&nbsp; 26,500,650<br> \*<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *34183601* |
| *Broadline Retail — 3.5%* | *Broadline Retail — 3.5%* | *Broadline Retail — 3.5%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc. | &nbsp;&nbsp; 224020 | &nbsp;&nbsp;&nbsp; 51,708,297<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Dillard's Inc., Class A Shares | &nbsp;&nbsp; 2435 | &nbsp;&nbsp;&nbsp; 1476438<br>|
| &nbsp;&nbsp;&nbsp; eBay Inc. | &nbsp;&nbsp; 48213 | &nbsp;&nbsp;&nbsp; 4199352<br>|
| &nbsp;&nbsp;&nbsp; Macy's Inc. | &nbsp;&nbsp; 75485 | &nbsp;&nbsp;&nbsp; 1664444<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *59048531* |
| *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; ADT Inc. | &nbsp;&nbsp; 204540 | &nbsp;&nbsp;&nbsp; *1650638*<br>|
| *Hotels, Restaurants & Leisure — 2.2%* | *Hotels, Restaurants & Leisure — 2.2%* | *Hotels, Restaurants & Leisure — 2.2%* |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | &nbsp;&nbsp; 20454 | &nbsp;&nbsp;&nbsp; 1743499<br>|
| &nbsp;&nbsp;&nbsp; Expedia Group Inc. | &nbsp;&nbsp; 11688 | &nbsp;&nbsp;&nbsp; 3311327<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | &nbsp;&nbsp; 24837 | &nbsp;&nbsp;&nbsp; 1616640<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp; 54057 | &nbsp;&nbsp;&nbsp; 16521441<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 24350 | &nbsp;&nbsp;&nbsp; 6791702<br>|
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co. | &nbsp;&nbsp; 24350 | &nbsp;&nbsp;&nbsp; 1717406<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; Wendy's Co. | &nbsp;&nbsp; 196748 | &nbsp;&nbsp;&nbsp; $1638911<br>|
| &nbsp;&nbsp;&nbsp; Yum! Brands Inc. | &nbsp;&nbsp; 24837 | &nbsp;&nbsp;&nbsp; 3757341<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *37098267* |
| *Household Durables — 0.3%* | *Household Durables — 0.3%* | *Household Durables — 0.3%* |
| &nbsp;&nbsp;&nbsp; PulteGroup Inc. | &nbsp;&nbsp; 14610 | &nbsp;&nbsp;&nbsp; 1713169<br>|
| &nbsp;&nbsp;&nbsp; Somnigroup International Inc. | &nbsp;&nbsp; 18506 | &nbsp;&nbsp;&nbsp; 1652216<br>|
| &nbsp;&nbsp;&nbsp; TopBuild Corp. | &nbsp;&nbsp; 3896 | &nbsp;&nbsp;&nbsp; 1,625,372<br> \*<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *4990757* |
| *Specialty Retail — 3.8%* | *Specialty Retail — 3.8%* | *Specialty Retail — 3.8%* |
| &nbsp;&nbsp;&nbsp; AutoZone Inc. | &nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp; 4,493,737<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Best Buy Co. Inc. | &nbsp;&nbsp; 21428 | &nbsp;&nbsp;&nbsp; 1434176<br>|
| &nbsp;&nbsp;&nbsp; Five Below Inc. | &nbsp;&nbsp; 10227 | &nbsp;&nbsp;&nbsp; 1,926,358<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc. | &nbsp;&nbsp; 65258 | &nbsp;&nbsp;&nbsp; 22455278<br>|
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive Inc. | &nbsp;&nbsp; 79381 | &nbsp;&nbsp;&nbsp; 7,240,341<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ross Stores Inc. | &nbsp;&nbsp; 14610 | &nbsp;&nbsp;&nbsp; 2631845<br>|
| &nbsp;&nbsp;&nbsp; TJX Cos. Inc. | &nbsp;&nbsp; 112984 | &nbsp;&nbsp;&nbsp; 17355472<br>|
| &nbsp;&nbsp;&nbsp; Ulta Beauty Inc. | &nbsp;&nbsp; 4383 | &nbsp;&nbsp;&nbsp; 2,651,759<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Wayfair Inc., Class A Shares  | &nbsp;&nbsp; 15097 | &nbsp;&nbsp;&nbsp; 1,515,890<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Williams-Sonoma Inc. | &nbsp;&nbsp; 12662 | &nbsp;&nbsp;&nbsp; 2261307<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *63966163* |
| *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | &nbsp;&nbsp; 4870 | &nbsp;&nbsp;&nbsp; 1722081<br>|
| &nbsp;&nbsp;&nbsp; Tapestry Inc. | &nbsp;&nbsp; 21915 | &nbsp;&nbsp;&nbsp; 2800079<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *4522160* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **209023525** |
| **Consumer Staples — 2.8%** | **Consumer Staples — 2.8%** | **Consumer Staples — 2.8%** |
| *Beverages — 0.4%* | *Beverages — 0.4%* | *Beverages — 0.4%* |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated Inc. | &nbsp;&nbsp; 10227 | &nbsp;&nbsp;&nbsp; 1567799<br>|
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. | &nbsp;&nbsp; 61362 | &nbsp;&nbsp;&nbsp; 4,704,624<br> \*<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *6272423* |
| *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp; 17532 | &nbsp;&nbsp;&nbsp; *2327724*<br>|
| *Food Products — 0.3%* | *Food Products — 0.3%* | *Food Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Bunge Global SA | &nbsp;&nbsp; 17532 | &nbsp;&nbsp;&nbsp; 1561751<br>|
| &nbsp;&nbsp;&nbsp; Flowers Foods Inc. | &nbsp;&nbsp; 155353 | &nbsp;&nbsp;&nbsp; 1690241<br>|
| &nbsp;&nbsp;&nbsp; Seaboard Corp. | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; 1715700<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *4967692* |
| *Tobacco — 2.0%* | *Tobacco — 2.0%* | *Tobacco — 2.0%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc. | &nbsp;&nbsp; 208436 | &nbsp;&nbsp;&nbsp; 12018420<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc. | &nbsp;&nbsp; 133438 | &nbsp;&nbsp;&nbsp; 21403455<br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *33421875* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **46989714** |
| **Energy — 0.8%** | **Energy — 0.8%** | **Energy — 0.8%** |
| *Oil, Gas & Consumable Fuels — 0.8%* | *Oil, Gas & Consumable Fuels — 0.8%* | *Oil, Gas & Consumable Fuels — 0.8%* |
| &nbsp;&nbsp;&nbsp; APA Corp. | &nbsp;&nbsp; 67206 | &nbsp;&nbsp;&nbsp; 1643859<br>|
| &nbsp;&nbsp;&nbsp; Civitas Resources Inc. | &nbsp;&nbsp; 57466 | &nbsp;&nbsp;&nbsp; 1556754<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | &nbsp;&nbsp; 60388 | &nbsp;&nbsp;&nbsp; 2212012<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; EOG Resources Inc. | &nbsp;&nbsp; 46752 | &nbsp;&nbsp;&nbsp; $4909428<br>|
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | &nbsp;&nbsp; 32142 | &nbsp;&nbsp;&nbsp; 1481103<br>|
| &nbsp;&nbsp;&nbsp; Matador Resources Co. | &nbsp;&nbsp; 39934 | &nbsp;&nbsp;&nbsp; 1694799<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **13497955** |
| **Financials — 12.5%** | **Financials — 12.5%** | **Financials — 12.5%** |
| *Banks — 2.8%* | *Banks — 2.8%* | *Banks — 2.8%* |
| &nbsp;&nbsp;&nbsp; Citigroup Inc. | &nbsp;&nbsp; 202592 | &nbsp;&nbsp;&nbsp; 23640460<br>|
| &nbsp;&nbsp;&nbsp; Citizens Financial Group Inc. | &nbsp;&nbsp; 31168 | &nbsp;&nbsp;&nbsp; 1820523<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 69154 | &nbsp;&nbsp;&nbsp; 22282802<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *47743785* |
| *Capital Markets — 3.9%* | *Capital Markets — 3.9%* | *Capital Markets — 3.9%* |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group Inc. | &nbsp;&nbsp; 6331 | &nbsp;&nbsp;&nbsp; 1825101<br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | &nbsp;&nbsp; 72076 | &nbsp;&nbsp;&nbsp; 8367303<br>|
| &nbsp;&nbsp;&nbsp; Evercore Inc., Class A Shares | &nbsp;&nbsp; 5357 | &nbsp;&nbsp;&nbsp; 1822719<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc. | &nbsp;&nbsp; 21428 | &nbsp;&nbsp;&nbsp; 18835212<br>|
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | &nbsp;&nbsp; 69154 | &nbsp;&nbsp;&nbsp; 1816676<br>|
| &nbsp;&nbsp;&nbsp; Lazard Inc. | &nbsp;&nbsp; 33603 | &nbsp;&nbsp;&nbsp; 1631762<br>|
| &nbsp;&nbsp;&nbsp; Moody's Corp. | &nbsp;&nbsp; 15584 | &nbsp;&nbsp;&nbsp; 7961086<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; 82790 | &nbsp;&nbsp;&nbsp; 14697709<br>|
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp; 17532 | &nbsp;&nbsp;&nbsp; 2394696<br>|
| &nbsp;&nbsp;&nbsp; SEI Investments Co. | &nbsp;&nbsp; 20941 | &nbsp;&nbsp;&nbsp; 1717581<br>|
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp; 20454 | &nbsp;&nbsp;&nbsp; 2638770<br>|
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group Inc. | &nbsp;&nbsp; 18019 | &nbsp;&nbsp;&nbsp; 1844785<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *65553400* |
| *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* |
| &nbsp;&nbsp;&nbsp; OneMain Holdings Inc. | &nbsp;&nbsp; 27272 | &nbsp;&nbsp;&nbsp; 1842224<br>|
| &nbsp;&nbsp;&nbsp; SoFi Technologies Inc. | &nbsp;&nbsp; 87173 | &nbsp;&nbsp;&nbsp; 2,282,189<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Synchrony Financial | &nbsp;&nbsp; 42856 | &nbsp;&nbsp;&nbsp; 3575476<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *7699889* |
| *Financial Services — 4.8%* | *Financial Services — 4.8%* | *Financial Services — 4.8%* |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Inc., Class B Shares | &nbsp;&nbsp; 35551 | &nbsp;&nbsp;&nbsp; 17,869,710<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mastercard Inc., Class A Shares | &nbsp;&nbsp; 49187 | &nbsp;&nbsp;&nbsp; 28079875<br>|
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | &nbsp;&nbsp; 59414 | &nbsp;&nbsp;&nbsp; 1736077<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Class A Shares | &nbsp;&nbsp; 90095 | &nbsp;&nbsp;&nbsp; 31597217<br>|
| &nbsp;&nbsp;&nbsp; Western Union Co. | &nbsp;&nbsp; 192365 | &nbsp;&nbsp;&nbsp; 1790918<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *81073797* |
| *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp. | &nbsp;&nbsp; 40421 | &nbsp;&nbsp;&nbsp; 1799947<br>|
| &nbsp;&nbsp;&nbsp; Loews Corp. | &nbsp;&nbsp; 15584 | &nbsp;&nbsp;&nbsp; 1641151<br>|
| &nbsp;&nbsp;&nbsp; Old Republic International Corp. | &nbsp;&nbsp; 36038 | &nbsp;&nbsp;&nbsp; 1644774<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *5085872* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management Inc. | &nbsp;&nbsp; 73050 | &nbsp;&nbsp;&nbsp; 1633398<br>|
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp. | &nbsp;&nbsp; 147074 | &nbsp;&nbsp;&nbsp; 1603107<br>|
| *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | &nbsp;&nbsp; *3236505* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **210393248** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Health Care — 10.6%** | **Health Care — 10.6%** | **Health Care — 10.6%** |
| *Biotechnology — 3.0%* | *Biotechnology — 3.0%* | *Biotechnology — 3.0%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc. | &nbsp;&nbsp; 113958 | &nbsp;&nbsp;&nbsp; $26038263<br>|
| &nbsp;&nbsp;&nbsp; Exelixis Inc. | &nbsp;&nbsp; 38473 | &nbsp;&nbsp;&nbsp; 1,686,272<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc. | &nbsp;&nbsp; 116880 | &nbsp;&nbsp;&nbsp; 14345851<br>|
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics Inc. | &nbsp;&nbsp; 23863 | &nbsp;&nbsp;&nbsp; 1,605,980<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Incyte Corp. | &nbsp;&nbsp; 18019 | &nbsp;&nbsp;&nbsp; 1,779,737<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 4870 | &nbsp;&nbsp;&nbsp; 3759007<br>|
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp. | &nbsp;&nbsp; 3409 | &nbsp;&nbsp;&nbsp; 1,661,035<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *50876145* |
| *Health Care Equipment & Supplies — 2.3%* | *Health Care Equipment & Supplies — 2.3%* | *Health Care Equipment & Supplies — 2.3%* |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp; 154866 | &nbsp;&nbsp;&nbsp; 19403161<br>|
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories Inc. | &nbsp;&nbsp; 8279 | &nbsp;&nbsp;&nbsp; 5,600,992<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 115906 | &nbsp;&nbsp;&nbsp; 11133930<br>|
| &nbsp;&nbsp;&nbsp; ResMed Inc. | &nbsp;&nbsp; 13636 | &nbsp;&nbsp;&nbsp; 3284503<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *39422586* |
| *Health Care Providers & Services — 1.5%* | *Health Care Providers & Services — 1.5%* | *Health Care Providers & Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; Cardinal Health Inc. | &nbsp;&nbsp; 23863 | &nbsp;&nbsp;&nbsp; 4903847<br>|
| &nbsp;&nbsp;&nbsp; Cencora Inc. | &nbsp;&nbsp; 8279 | &nbsp;&nbsp;&nbsp; 2796232<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp; 82303 | &nbsp;&nbsp;&nbsp; 6531566<br>|
| &nbsp;&nbsp;&nbsp; HCA Healthcare Inc. | &nbsp;&nbsp; 15097 | &nbsp;&nbsp;&nbsp; 7048186<br>|
| &nbsp;&nbsp;&nbsp; Quest Diagnostics Inc. | &nbsp;&nbsp; 10714 | &nbsp;&nbsp;&nbsp; 1859200<br>|
| &nbsp;&nbsp;&nbsp; Universal Health Services Inc., Class B Shares | &nbsp;&nbsp; 6818 | &nbsp;&nbsp;&nbsp; 1486460<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *24625491* |
| *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Medpace Holdings Inc. | &nbsp;&nbsp; 3409 | &nbsp;&nbsp;&nbsp; 1,914,665<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International Inc. | &nbsp;&nbsp; 1143 | &nbsp;&nbsp;&nbsp; 1,593,559<br> \*<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *3508224* |
| *Pharmaceuticals — 3.6%* | *Pharmaceuticals — 3.6%* | *Pharmaceuticals — 3.6%* |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp; 184573 | &nbsp;&nbsp;&nbsp; 9955868<br>|
| &nbsp;&nbsp;&nbsp; Corcept Therapeutics Inc. | &nbsp;&nbsp; 21428 | &nbsp;&nbsp;&nbsp; 745,694<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 11201 | &nbsp;&nbsp;&nbsp; 12037491<br>|
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp; 136847 | &nbsp;&nbsp;&nbsp; 28320487<br>|
| &nbsp;&nbsp;&nbsp; Organon & Co. | &nbsp;&nbsp; 219150 | &nbsp;&nbsp;&nbsp; 1571305<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Inc. | &nbsp;&nbsp; 256162 | &nbsp;&nbsp;&nbsp; 6378434<br>|
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 42369 | &nbsp;&nbsp;&nbsp; 1637138<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *60646417* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **179078863** |
| **Industrials — 8.9%** | **Industrials — 8.9%** | **Industrials — 8.9%** |
| *Aerospace & Defense — 2.0%* | *Aerospace & Defense — 2.0%* | *Aerospace & Defense — 2.0%* |
| &nbsp;&nbsp;&nbsp; BWX Technologies Inc. | &nbsp;&nbsp; 9253 | &nbsp;&nbsp;&nbsp; 1599288<br>|
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | &nbsp;&nbsp; 3896 | &nbsp;&nbsp;&nbsp; 2147748<br>|
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | &nbsp;&nbsp; 18506 | &nbsp;&nbsp;&nbsp; 6230230<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc. | &nbsp;&nbsp; 41395 | &nbsp;&nbsp;&nbsp; 8486803<br>|
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries Inc. | &nbsp;&nbsp; 5357 | &nbsp;&nbsp;&nbsp; 1821755<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp; 60875 | &nbsp;&nbsp;&nbsp; 11164475<br>|
| &nbsp;&nbsp;&nbsp; Woodward Inc. | &nbsp;&nbsp; 6331 | &nbsp;&nbsp;&nbsp; 1913988<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *33364287* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Air Freight & Logistics — 0.2%* | *Air Freight & Logistics — 0.2%* | *Air Freight & Logistics — 0.2%* |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide Inc. | &nbsp;&nbsp; 13149 | &nbsp;&nbsp;&nbsp; $2113833<br>|
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington Inc. | &nbsp;&nbsp; 11688 | &nbsp;&nbsp;&nbsp; 1741629<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *3855462* |
| *Building Products — 0.7%* | *Building Products — 0.7%* | *Building Products — 0.7%* |
| &nbsp;&nbsp;&nbsp; Allegion PLC | &nbsp;&nbsp; 9740 | &nbsp;&nbsp;&nbsp; 1550803<br>|
| &nbsp;&nbsp;&nbsp; Armstrong World Industries Inc. | &nbsp;&nbsp; 8766 | &nbsp;&nbsp;&nbsp; 1675183<br>|
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | &nbsp;&nbsp; 51135 | &nbsp;&nbsp;&nbsp; 6123416<br>|
| &nbsp;&nbsp;&nbsp; Lennox International Inc. | &nbsp;&nbsp; 3409 | &nbsp;&nbsp;&nbsp; 1655342<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *11004744* |
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Rollins Inc. | &nbsp;&nbsp; 27759 | &nbsp;&nbsp;&nbsp; *1666095*<br>|
| *Construction & Engineering — 0.7%* | *Construction & Engineering — 0.7%* | *Construction & Engineering — 0.7%* |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA Inc. | &nbsp;&nbsp; 4383 | &nbsp;&nbsp;&nbsp; 4090610<br>|
| &nbsp;&nbsp;&nbsp; EMCOR Group Inc. | &nbsp;&nbsp; 4383 | &nbsp;&nbsp;&nbsp; 2681476<br>|
| &nbsp;&nbsp;&nbsp; Quanta Services Inc. | &nbsp;&nbsp; 9740 | &nbsp;&nbsp;&nbsp; 4110864<br>|
| &nbsp;&nbsp;&nbsp; Valmont Industries Inc. | &nbsp;&nbsp; 3896 | &nbsp;&nbsp;&nbsp; 1567439<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *12450389* |
| *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; nVent Electric PLC | &nbsp;&nbsp; 15584 | &nbsp;&nbsp;&nbsp; *1589100*<br>|
| *Ground Transportation — 0.9%* | *Ground Transportation — 0.9%* | *Ground Transportation — 0.9%* |
| &nbsp;&nbsp;&nbsp; Ryder System Inc. | &nbsp;&nbsp; 9740 | &nbsp;&nbsp;&nbsp; 1864139<br>|
| &nbsp;&nbsp;&nbsp; Uber Technologies Inc. | &nbsp;&nbsp; 160223 | &nbsp;&nbsp;&nbsp; 13,091,821<br> \*<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *14955960* |
| *Machinery — 3.0%* | *Machinery — 3.0%* | *Machinery — 3.0%* |
| &nbsp;&nbsp;&nbsp; Caterpillar Inc. | &nbsp;&nbsp; 38960 | &nbsp;&nbsp;&nbsp; 22319015<br>|
| &nbsp;&nbsp;&nbsp; Cummins Inc. | &nbsp;&nbsp; 6818 | &nbsp;&nbsp;&nbsp; 3480248<br>|
| &nbsp;&nbsp;&nbsp; Donaldson Co. Inc. | &nbsp;&nbsp; 18993 | &nbsp;&nbsp;&nbsp; 1683919<br>|
| &nbsp;&nbsp;&nbsp; Illinois Tool Works Inc. | &nbsp;&nbsp; 26785 | &nbsp;&nbsp;&nbsp; 6597146<br>|
| &nbsp;&nbsp;&nbsp; Lincoln Electric Holdings Inc. | &nbsp;&nbsp; 7305 | &nbsp;&nbsp;&nbsp; 1750570<br>|
| &nbsp;&nbsp;&nbsp; Mueller Industries Inc. | &nbsp;&nbsp; 15097 | &nbsp;&nbsp;&nbsp; 1733136<br>|
| &nbsp;&nbsp;&nbsp; Oshkosh Corp. | &nbsp;&nbsp; 13149 | &nbsp;&nbsp;&nbsp; 1651909<br>|
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp; 11688 | &nbsp;&nbsp;&nbsp; 10273285<br>|
| &nbsp;&nbsp;&nbsp; Snap-on Inc. | &nbsp;&nbsp; 4797 | &nbsp;&nbsp;&nbsp; 1653046<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *51142274* |
| *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc. | &nbsp;&nbsp; 45778 | &nbsp;&nbsp;&nbsp; 3176993<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings Inc. | &nbsp;&nbsp; 31168 | &nbsp;&nbsp;&nbsp; 3,485,206<br> \*<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *6662199* |
| *Professional Services — 0.2%* | *Professional Services — 0.2%* | *Professional Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Concentrix Corp. | &nbsp;&nbsp; 46752 | &nbsp;&nbsp;&nbsp; 1943948<br>|
| &nbsp;&nbsp;&nbsp; Leidos Holdings Inc. | &nbsp;&nbsp; 10227 | &nbsp;&nbsp;&nbsp; 1844951<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *3788899* |
| *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | &nbsp;&nbsp; 26298 | &nbsp;&nbsp;&nbsp; 1689120<br>|
| &nbsp;&nbsp;&nbsp; Fastenal Co. | &nbsp;&nbsp; 126620 | &nbsp;&nbsp;&nbsp; 5081261<br>|
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises Inc. | &nbsp;&nbsp; 8766 | &nbsp;&nbsp;&nbsp; 1951575<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co. Inc., Class A Shares | &nbsp;&nbsp; 18993 | &nbsp;&nbsp;&nbsp; $1597311<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *10319267* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **150798676** |
| **Information Technology — 35.1%** | **Information Technology — 35.1%** | **Information Technology — 35.1%** |
| *Communications Equipment — 2.5%* | *Communications Equipment — 2.5%* | *Communications Equipment — 2.5%* |
| &nbsp;&nbsp;&nbsp; Arista Networks Inc. | &nbsp;&nbsp; 112497 | &nbsp;&nbsp;&nbsp; 14,740,482<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ciena Corp. | &nbsp;&nbsp; 8279 | &nbsp;&nbsp;&nbsp; 1,936,210<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cisco Systems Inc. | &nbsp;&nbsp; 305836 | &nbsp;&nbsp;&nbsp; 23558547<br>|
| &nbsp;&nbsp;&nbsp; Ubiquiti Inc. | &nbsp;&nbsp; 2922 | &nbsp;&nbsp;&nbsp; 1616888<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *41852127* |
| *Electronic Equipment, Instruments & Components — 1.7%* | *Electronic Equipment, Instruments & Components — 1.7%* | *Electronic Equipment, Instruments & Components — 1.7%* |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A Shares | &nbsp;&nbsp; 131003 | &nbsp;&nbsp;&nbsp; 17703746<br>|
| &nbsp;&nbsp;&nbsp; Corning Inc. | &nbsp;&nbsp; 84738 | &nbsp;&nbsp;&nbsp; 7419659<br>|
| &nbsp;&nbsp;&nbsp; Flex Ltd. | &nbsp;&nbsp; 31168 | &nbsp;&nbsp;&nbsp; 1,883,171<br> \*<br>|
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | &nbsp;&nbsp; 11201 | &nbsp;&nbsp;&nbsp; 1682726<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *28689302* |
| *IT Services — 0.1%* | *IT Services — 0.1%* | *IT Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | &nbsp;&nbsp; 21915 | &nbsp;&nbsp;&nbsp; *1764377*<br>|
| *Semiconductors & Semiconductor Equipment — 14.8%* | *Semiconductors & Semiconductor Equipment — 14.8%* | *Semiconductors & Semiconductor Equipment — 14.8%* |
| &nbsp;&nbsp;&nbsp; Amkor Technology Inc. | &nbsp;&nbsp; 46265 | &nbsp;&nbsp;&nbsp; 1826542<br>|
| &nbsp;&nbsp;&nbsp; Applied Materials Inc. | &nbsp;&nbsp; 39447 | &nbsp;&nbsp;&nbsp; 10137485<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc. | &nbsp;&nbsp; 133985 | &nbsp;&nbsp;&nbsp; 46372209<br>|
| &nbsp;&nbsp;&nbsp; KLA Corp. | &nbsp;&nbsp; 12175 | &nbsp;&nbsp;&nbsp; 14793599<br>|
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp; 125646 | &nbsp;&nbsp;&nbsp; 21508082<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc. | &nbsp;&nbsp; 62823 | &nbsp;&nbsp;&nbsp; 17930312<br>|
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems Inc. | &nbsp;&nbsp; 4383 | &nbsp;&nbsp;&nbsp; 3972576<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 596575 | &nbsp;&nbsp;&nbsp; 111261237<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc. | &nbsp;&nbsp; 110549 | &nbsp;&nbsp;&nbsp; 18909406<br>|
| &nbsp;&nbsp;&nbsp; Skyworks Solutions Inc. | &nbsp;&nbsp; 25324 | &nbsp;&nbsp;&nbsp; 1605795<br>|
| &nbsp;&nbsp;&nbsp; Teradyne Inc. | &nbsp;&nbsp; 9253 | &nbsp;&nbsp;&nbsp; 1791011<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *250108254* |
| *Software — 8.5%* | *Software — 8.5%* | *Software — 8.5%* |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A Shares | &nbsp;&nbsp; 18019 | &nbsp;&nbsp;&nbsp; 12,141,563<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Dropbox Inc., Class A Shares | &nbsp;&nbsp; 56492 | &nbsp;&nbsp;&nbsp; 1,570,478<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Fortinet Inc. | &nbsp;&nbsp; 58440 | &nbsp;&nbsp;&nbsp; 4,640,720<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 201618 | &nbsp;&nbsp;&nbsp; 97506497<br>|
| &nbsp;&nbsp;&nbsp; Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 149022 | &nbsp;&nbsp;&nbsp; 26,488,661<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Pegasystems Inc. | &nbsp;&nbsp; 30681 | &nbsp;&nbsp;&nbsp; 1832269<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *144180188* |
| *Technology Hardware, Storage & Peripherals — 7.5%* | *Technology Hardware, Storage & Peripherals — 7.5%* | *Technology Hardware, Storage & Peripherals — 7.5%* |
| &nbsp;&nbsp;&nbsp; Apple Inc. | &nbsp;&nbsp; 438300 | &nbsp;&nbsp;&nbsp; 119156238<br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 120776 | &nbsp;&nbsp;&nbsp; 2901040<br>|
| &nbsp;&nbsp;&nbsp; HP Inc. | &nbsp;&nbsp; 92530 | &nbsp;&nbsp;&nbsp; 2061568<br>|
| &nbsp;&nbsp;&nbsp; NetApp Inc. | &nbsp;&nbsp; 19480 | &nbsp;&nbsp;&nbsp; 2086113<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *126204959* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **592799207** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** |
| *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings Inc. | &nbsp;&nbsp; 21428 | &nbsp;&nbsp;&nbsp; $1657242<br>|
| &nbsp;&nbsp;&nbsp; NewMarket Corp. | &nbsp;&nbsp; 2435 | &nbsp;&nbsp;&nbsp; 1673478<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *3330720* |
| *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp. | &nbsp;&nbsp; 39447 | &nbsp;&nbsp;&nbsp; 1634289<br>|
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. | &nbsp;&nbsp; 39934 | &nbsp;&nbsp;&nbsp; 1742720<br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *3377009* |
| *Metals & Mining — 1.3%* | *Metals & Mining — 1.3%* | *Metals & Mining — 1.3%* |
| &nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC | &nbsp;&nbsp; 47726 | &nbsp;&nbsp;&nbsp; 4070073<br>|
| &nbsp;&nbsp;&nbsp; Newmont Corp. | &nbsp;&nbsp; 119802 | &nbsp;&nbsp;&nbsp; 11962230<br>|
| &nbsp;&nbsp;&nbsp; Royal Gold Inc. | &nbsp;&nbsp; 8279 | &nbsp;&nbsp;&nbsp; 1840339<br>|
| &nbsp;&nbsp;&nbsp; Southern Copper Corp. | &nbsp;&nbsp; 13149 | &nbsp;&nbsp;&nbsp; 1886487<br>|
| &nbsp;&nbsp;&nbsp; Steel Dynamics Inc. | &nbsp;&nbsp; 13149 | &nbsp;&nbsp;&nbsp; 2228098<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *21987227* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **28694956** |
| **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** |
| *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; WP Carey Inc. | &nbsp;&nbsp; 24837 | &nbsp;&nbsp;&nbsp; *1598509*<br>|
| *Health Care REITs — 0.8%* | *Health Care REITs — 0.8%* | *Health Care REITs — 0.8%* |
| &nbsp;&nbsp;&nbsp; Medical Properties Trust Inc. | &nbsp;&nbsp; 293174 | &nbsp;&nbsp;&nbsp; 1465870<br>|
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors Inc. | &nbsp;&nbsp; 37012 | &nbsp;&nbsp;&nbsp; 1641112<br>|
| &nbsp;&nbsp;&nbsp; Welltower Inc. | &nbsp;&nbsp; 61362 | &nbsp;&nbsp;&nbsp; 11389401<br>|
| *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *14496383* |
| *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty Inc. | &nbsp;&nbsp; 40421 | &nbsp;&nbsp;&nbsp; *1565101*<br>|
| *Office REITs — 0.4%* | *Office REITs — 0.4%* | *Office REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Cousins Properties Inc. | &nbsp;&nbsp; 65745 | &nbsp;&nbsp;&nbsp; 1694906<br>|
| &nbsp;&nbsp;&nbsp; Highwoods Properties Inc. | &nbsp;&nbsp; 60875 | &nbsp;&nbsp;&nbsp; 1571792<br>|
| &nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | &nbsp;&nbsp; 38473 | &nbsp;&nbsp;&nbsp; 1437736<br>|
| &nbsp;&nbsp;&nbsp; Vornado Realty Trust | &nbsp;&nbsp; 45778 | &nbsp;&nbsp;&nbsp; 1523492<br>|
| *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *6227926* |
| *Retail REITs — 0.5%* | *Retail REITs — 0.5%* | *Retail REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; Agree Realty Corp. | &nbsp;&nbsp; 22402 | &nbsp;&nbsp;&nbsp; 1613616<br>|
| &nbsp;&nbsp;&nbsp; NNN REIT Inc. | &nbsp;&nbsp; 40908 | &nbsp;&nbsp;&nbsp; 1621184<br>|
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | &nbsp;&nbsp; 89121 | &nbsp;&nbsp;&nbsp; 5023751<br>|
| *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *8258551* |
| *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; EPR Properties | &nbsp;&nbsp; 32142 | &nbsp;&nbsp;&nbsp; 1603886<br>|
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 38960 | &nbsp;&nbsp;&nbsp; 1741122<br>|
| &nbsp;&nbsp;&nbsp; VICI Properties Inc. | &nbsp;&nbsp; 109088 | &nbsp;&nbsp;&nbsp; 3067555<br>|
| *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *6412563* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **38559033** |
| **Utilities — 1.1%** | **Utilities — 1.1%** | **Utilities — 1.1%** |
| *Electric Utilities — 0.7%* | *Electric Utilities — 0.7%* | *Electric Utilities — 0.7%* |
| &nbsp;&nbsp;&nbsp; American Electric Power Co. Inc. | &nbsp;&nbsp; 25811 | &nbsp;&nbsp;&nbsp; 2976266<br>|
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp; 41882 | &nbsp;&nbsp;&nbsp; 3871153<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Evergy Inc. | &nbsp;&nbsp;&nbsp; Evergy Inc. | &nbsp;&nbsp; 22889 | &nbsp;&nbsp;&nbsp; $1659224<br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc. | &nbsp;&nbsp;&nbsp; NRG Energy Inc. | &nbsp;&nbsp; 17532 | &nbsp;&nbsp;&nbsp; 2791796<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *11298439* |
| *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | &nbsp;&nbsp; 14123 | &nbsp;&nbsp;&nbsp; 2367439<br>|
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | &nbsp;&nbsp; 20454 | &nbsp;&nbsp;&nbsp; 1637547<br>|
| &nbsp;&nbsp;&nbsp; UGI Corp. | &nbsp;&nbsp;&nbsp; UGI Corp. | &nbsp;&nbsp; 42856 | &nbsp;&nbsp;&nbsp; 1604100<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *5609086* |
| *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* |
| &nbsp;&nbsp;&nbsp; AES Corp. | &nbsp;&nbsp;&nbsp; AES Corp. | &nbsp;&nbsp; 120289 | &nbsp;&nbsp;&nbsp; *1724944*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **18632469** |
| **Total Investments before Short-Term Investments (Cost — $1,284,137,210)** | **Total Investments before Short-Term Investments (Cost — $1,284,137,210)** | **Total Investments before Short-Term Investments (Cost — $1,284,137,210)** | &nbsp;&nbsp; **1686325894** |
|  | Rate |  |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $739,181)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 739181<br>| &nbsp;&nbsp;&nbsp;&nbsp; **739181**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.9% (Cost — $1,284,876,391)** | **Total Investments — 99.9% (Cost — $1,284,876,391)** | **Total Investments — 99.9% (Cost — $1,284,876,391)** | &nbsp;&nbsp; **1687065075** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; 1120058 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1688185133** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(b)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $739,181 and the cost was $739,181 (Note 2).<br>|
| <sup>(c)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| REIT |  | Real Estate Investment Trust |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $1031818 | &nbsp;&nbsp;&nbsp;&nbsp; $1033875 | &nbsp;&nbsp;&nbsp; **$2057** |

---

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

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Communication Services — 3.5%** | **Communication Services — 3.5%** | **Communication Services — 3.5%** |
| *Entertainment — 1.0%* | *Entertainment — 1.0%* | *Entertainment — 1.0%* |
| &nbsp;&nbsp;&nbsp; Electronic Arts Inc. | &nbsp;&nbsp; 86380 | &nbsp;&nbsp;&nbsp; $*17650025*<br>|
| *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Pinterest Inc., Class A Shares | &nbsp;&nbsp; 290607 | &nbsp;&nbsp;&nbsp; *7,523,815*<br> \*<br>|
| *Media — 1.9%* | *Media — 1.9%* | *Media — 1.9%* |
| &nbsp;&nbsp;&nbsp; Fox Corp., Class A Shares | &nbsp;&nbsp; 128336 | &nbsp;&nbsp;&nbsp; 9377511<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Class B Shares | &nbsp;&nbsp; 75274 | &nbsp;&nbsp;&nbsp; 4887541<br>|
| &nbsp;&nbsp;&nbsp; Nexstar Media Group Inc. | &nbsp;&nbsp; 12957 | &nbsp;&nbsp;&nbsp; 2630919<br>|
| &nbsp;&nbsp;&nbsp; Omnicom Group Inc. | &nbsp;&nbsp; 180781 | &nbsp;&nbsp;&nbsp; 14598066<br>|
| &nbsp;&nbsp;&nbsp; Sirius XM Holdings Inc. | &nbsp;&nbsp; 53679 | &nbsp;&nbsp;&nbsp; 1073312<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *32567349* |
| *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Millicom International Cellular SA | &nbsp;&nbsp; 53679 | &nbsp;&nbsp;&nbsp; *2975964*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **60717153** |
| **Consumer Discretionary — 18.4%** | **Consumer Discretionary — 18.4%** | **Consumer Discretionary — 18.4%** |
| *Automobile Components — 0.2%* | *Automobile Components — 0.2%* | *Automobile Components — 0.2%* |
| &nbsp;&nbsp;&nbsp; Lear Corp. | &nbsp;&nbsp; 23446 | &nbsp;&nbsp;&nbsp; *2686912*<br>|
| *Broadline Retail — 1.5%* | *Broadline Retail — 1.5%* | *Broadline Retail — 1.5%* |
| &nbsp;&nbsp;&nbsp; Dillard's Inc., Class A Shares | &nbsp;&nbsp; 1851 | &nbsp;&nbsp;&nbsp; 1122335<br>|
| &nbsp;&nbsp;&nbsp; eBay Inc. | &nbsp;&nbsp; 211014 | &nbsp;&nbsp;&nbsp; 18379319<br>|
| &nbsp;&nbsp;&nbsp; Etsy Inc. | &nbsp;&nbsp; 48126 | &nbsp;&nbsp;&nbsp; 2,668,106<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Macy's Inc. | &nbsp;&nbsp; 215333 | &nbsp;&nbsp;&nbsp; 4748093<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *26917853* |
| *Distributors — 1.2%* | *Distributors — 1.2%* | *Distributors — 1.2%* |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | &nbsp;&nbsp; 91933 | &nbsp;&nbsp;&nbsp; 11304082<br>|
| &nbsp;&nbsp;&nbsp; LKQ Corp. | &nbsp;&nbsp; 175845 | &nbsp;&nbsp;&nbsp; 5310519<br>|
| &nbsp;&nbsp;&nbsp; Pool Corp. | &nbsp;&nbsp; 20978 | &nbsp;&nbsp;&nbsp; 4798717<br>|
| *Total Distributors* | *Total Distributors* | &nbsp;&nbsp; *21413318* |
| *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Duolingo Inc. | &nbsp;&nbsp; 16659 | &nbsp;&nbsp;&nbsp; 2,923,654<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Grand Canyon Education Inc. | &nbsp;&nbsp; 17276 | &nbsp;&nbsp;&nbsp; 2,873,172<br> \*<br>|
| &nbsp;&nbsp;&nbsp; H&R Block Inc. | &nbsp;&nbsp; 95635 | &nbsp;&nbsp;&nbsp; 4167773<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *9964599* |
| *Hotels, Restaurants & Leisure — 3.3%* | *Hotels, Restaurants & Leisure — 3.3%* | *Hotels, Restaurants & Leisure — 3.3%* |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | &nbsp;&nbsp; 17893 | &nbsp;&nbsp;&nbsp; 1525199<br>|
| &nbsp;&nbsp;&nbsp; Darden Restaurants Inc. | &nbsp;&nbsp; 50594 | &nbsp;&nbsp;&nbsp; 9310308<br>|
| &nbsp;&nbsp;&nbsp; Expedia Group Inc. | &nbsp;&nbsp; 68487 | &nbsp;&nbsp;&nbsp; 19403052<br>|
| &nbsp;&nbsp;&nbsp; Texas Roadhouse Inc. | &nbsp;&nbsp; 56764 | &nbsp;&nbsp;&nbsp; 9422824<br>|
| &nbsp;&nbsp;&nbsp; Wendy's Co. | &nbsp;&nbsp; 122166 | &nbsp;&nbsp;&nbsp; 1017643<br>|
| &nbsp;&nbsp;&nbsp; Yum! Brands Inc. | &nbsp;&nbsp; 114145 | &nbsp;&nbsp;&nbsp; 17267856<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *57946882* |
| *Household Durables — 3.1%* | *Household Durables — 3.1%* | *Household Durables — 3.1%* |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | &nbsp;&nbsp; 89465 | &nbsp;&nbsp;&nbsp; 18147975<br>|
| &nbsp;&nbsp;&nbsp; NVR Inc. | &nbsp;&nbsp; 1615 | &nbsp;&nbsp;&nbsp; 11,777,824<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PulteGroup Inc. | &nbsp;&nbsp; 117847 | &nbsp;&nbsp;&nbsp; 13818739<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Household Durables — continued* | *Household Durables — continued* | *Household Durables — continued* |
| &nbsp;&nbsp;&nbsp; Somnigroup International Inc. | &nbsp;&nbsp; 120315 | &nbsp;&nbsp;&nbsp; $10741723<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *54486261* |
| *Leisure Products — 0.1%* | *Leisure Products — 0.1%* | *Leisure Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; YETI Holdings Inc. | &nbsp;&nbsp; 35169 | &nbsp;&nbsp;&nbsp; *1,553,415*<br> \*<br>|
| *Specialty Retail — 5.1%* | *Specialty Retail — 5.1%* | *Specialty Retail — 5.1%* |
| &nbsp;&nbsp;&nbsp; AutoNation Inc. | &nbsp;&nbsp; 16659 | &nbsp;&nbsp;&nbsp; 3,439,750<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bath & Body Works Inc. | &nbsp;&nbsp; 151165 | &nbsp;&nbsp;&nbsp; 3035393<br>|
| &nbsp;&nbsp;&nbsp; Best Buy Co. Inc. | &nbsp;&nbsp; 164739 | &nbsp;&nbsp;&nbsp; 11025981<br>|
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods Inc. | &nbsp;&nbsp; 38871 | &nbsp;&nbsp;&nbsp; 7695292<br>|
| &nbsp;&nbsp;&nbsp; Gap Inc. | &nbsp;&nbsp; 137591 | &nbsp;&nbsp;&nbsp; 3522330<br>|
| &nbsp;&nbsp;&nbsp; Murphy USA Inc. | &nbsp;&nbsp; 12957 | &nbsp;&nbsp;&nbsp; 5228409<br>|
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | &nbsp;&nbsp; 318989 | &nbsp;&nbsp;&nbsp; 15952640<br>|
| &nbsp;&nbsp;&nbsp; Ulta Beauty Inc. | &nbsp;&nbsp; 32368 | &nbsp;&nbsp;&nbsp; 19,582,964<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Wayfair Inc., Class A Shares  | &nbsp;&nbsp; 29616 | &nbsp;&nbsp;&nbsp; 2,973,742<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Williams-Sonoma Inc. | &nbsp;&nbsp; 91933 | &nbsp;&nbsp;&nbsp; 16418314<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *88874815* |
| *Textiles, Apparel & Luxury Goods — 3.3%* | *Textiles, Apparel & Luxury Goods — 3.3%* | *Textiles, Apparel & Luxury Goods — 3.3%* |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | &nbsp;&nbsp; 17893 | &nbsp;&nbsp;&nbsp; 985725<br>|
| &nbsp;&nbsp;&nbsp; Crocs Inc. | &nbsp;&nbsp; 37020 | &nbsp;&nbsp;&nbsp; 3,165,951<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. | &nbsp;&nbsp; 103039 | &nbsp;&nbsp;&nbsp; 10,682,053<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Lululemon Athletica Inc. | &nbsp;&nbsp; 53062 | &nbsp;&nbsp;&nbsp; 11,026,814<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | &nbsp;&nbsp; 28999 | &nbsp;&nbsp;&nbsp; 10254337<br>|
| &nbsp;&nbsp;&nbsp; Tapestry Inc. | &nbsp;&nbsp; 159803 | &nbsp;&nbsp;&nbsp; 20418029<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *56532909* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **320376964** |
| **Consumer Staples — 8.8%** | **Consumer Staples — 8.8%** | **Consumer Staples — 8.8%** |
| *Beverages — 0.4%* | *Beverages — 0.4%* | *Beverages — 0.4%* |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class A Shares | &nbsp;&nbsp; 19744 | &nbsp;&nbsp;&nbsp; 519465<br>|
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B Shares | &nbsp;&nbsp; 43190 | &nbsp;&nbsp;&nbsp; 1125531<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated Inc. | &nbsp;&nbsp; 37020 | &nbsp;&nbsp;&nbsp; 5675166<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *7320162* |
| *Consumer Staples Distribution & Retail — 4.8%* | *Consumer Staples Distribution & Retail — 4.8%* | *Consumer Staples Distribution & Retail — 4.8%* |
| &nbsp;&nbsp;&nbsp; Albertsons Cos. Inc., Class A Shares | &nbsp;&nbsp; 365881 | &nbsp;&nbsp;&nbsp; 6282177<br>|
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp; 93167 | &nbsp;&nbsp;&nbsp; 8,387,825<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Casey's General Stores Inc. | &nbsp;&nbsp; 22212 | &nbsp;&nbsp;&nbsp; 12276794<br>|
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp; 141910 | &nbsp;&nbsp;&nbsp; 18841391<br>|
| &nbsp;&nbsp;&nbsp; Kroger Co. | &nbsp;&nbsp; 259757 | &nbsp;&nbsp;&nbsp; 16229617<br>|
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market Inc. | &nbsp;&nbsp; 49360 | &nbsp;&nbsp;&nbsp; 3,932,511<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sysco Corp. | &nbsp;&nbsp; 229524 | &nbsp;&nbsp;&nbsp; 16913624<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *82863939* |
| *Food Products — 2.1%* | *Food Products — 2.1%* | *Food Products — 2.1%* |
| &nbsp;&nbsp;&nbsp; Flowers Foods Inc. | &nbsp;&nbsp; 154250 | &nbsp;&nbsp;&nbsp; 1678240<br>|
| &nbsp;&nbsp;&nbsp; General Mills Inc. | &nbsp;&nbsp; 303564 | &nbsp;&nbsp;&nbsp; 14115726<br>|
| &nbsp;&nbsp;&nbsp; Hershey Co. | &nbsp;&nbsp; 93167 | &nbsp;&nbsp;&nbsp; 16954531<br>|
| &nbsp;&nbsp;&nbsp; Ingredion Inc. | &nbsp;&nbsp; 32701 | &nbsp;&nbsp;&nbsp; 3605612<br>|
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | &nbsp;&nbsp; 18510 | &nbsp;&nbsp;&nbsp; 721705<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *37075814* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Household Products — 0.5%* | *Household Products — 0.5%* | *Household Products — 0.5%* |
| &nbsp;&nbsp;&nbsp; Clorox Co. | &nbsp;&nbsp; 80210 | &nbsp;&nbsp;&nbsp; $*8087574*<br>|
| *Personal Care Products — 1.0%* | *Personal Care Products — 1.0%* | *Personal Care Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; BellRing Brands Inc. | &nbsp;&nbsp; 65402 | &nbsp;&nbsp;&nbsp; 1,748,196<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kenvue Inc. | &nbsp;&nbsp; 921181 | &nbsp;&nbsp;&nbsp; 15890372<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *17638568* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **152986057** |
| **Energy — 4.0%** | **Energy — 4.0%** | **Energy — 4.0%** |
| *Oil, Gas & Consumable Fuels — 4.0%* | *Oil, Gas & Consumable Fuels — 4.0%* | *Oil, Gas & Consumable Fuels — 4.0%* |
| &nbsp;&nbsp;&nbsp; Antero Midstream Corp. | &nbsp;&nbsp; 253587 | &nbsp;&nbsp;&nbsp; 4511313<br>|
| &nbsp;&nbsp;&nbsp; APA Corp. | &nbsp;&nbsp; 243715 | &nbsp;&nbsp;&nbsp; 5961269<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Inc. | &nbsp;&nbsp; 83912 | &nbsp;&nbsp;&nbsp; 16311654<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | &nbsp;&nbsp; 388710 | &nbsp;&nbsp;&nbsp; 14238447<br>|
| &nbsp;&nbsp;&nbsp; DT Midstream Inc. | &nbsp;&nbsp; 61083 | &nbsp;&nbsp;&nbsp; 7310413<br>|
| &nbsp;&nbsp;&nbsp; Ovintiv Inc. | &nbsp;&nbsp; 165356 | &nbsp;&nbsp;&nbsp; 6480302<br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. | &nbsp;&nbsp; 290607 | &nbsp;&nbsp;&nbsp; 4077216<br>|
| &nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | &nbsp;&nbsp; 35169 | &nbsp;&nbsp;&nbsp; 10101240<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **68991854** |
| **Financials — 16.1%** | **Financials — 16.1%** | **Financials — 16.1%** |
| *Banks — 0.7%* | *Banks — 0.7%* | *Banks — 0.7%* |
| &nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | &nbsp;&nbsp; 163505 | &nbsp;&nbsp;&nbsp; 4569965<br>|
| &nbsp;&nbsp;&nbsp; Commerce Bancshares Inc. | &nbsp;&nbsp; 71572 | &nbsp;&nbsp;&nbsp; 3746078<br>|
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares Inc. | &nbsp;&nbsp; 59232 | &nbsp;&nbsp;&nbsp; 4093524<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *12409567* |
| *Capital Markets — 3.5%* | *Capital Markets — 3.5%* | *Capital Markets — 3.5%* |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group Inc. | &nbsp;&nbsp; 20361 | &nbsp;&nbsp;&nbsp; 5869669<br>|
| &nbsp;&nbsp;&nbsp; FactSet Research Systems Inc. | &nbsp;&nbsp; 18510 | &nbsp;&nbsp;&nbsp; 5371417<br>|
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | &nbsp;&nbsp; 227673 | &nbsp;&nbsp;&nbsp; 5980970<br>|
| &nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | &nbsp;&nbsp; 79593 | &nbsp;&nbsp;&nbsp; 3786239<br>|
| &nbsp;&nbsp;&nbsp; MarketAxess Holdings Inc. | &nbsp;&nbsp; 10489 | &nbsp;&nbsp;&nbsp; 1901131<br>|
| &nbsp;&nbsp;&nbsp; MSCI Inc. | &nbsp;&nbsp; 30850 | &nbsp;&nbsp;&nbsp; 17699570<br>|
| &nbsp;&nbsp;&nbsp; SEI Investments Co. | &nbsp;&nbsp; 81444 | &nbsp;&nbsp;&nbsp; 6680037<br>|
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group Inc. | &nbsp;&nbsp; 126485 | &nbsp;&nbsp;&nbsp; 12949534<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *60238567* |
| *Consumer Finance — 1.8%* | *Consumer Finance — 1.8%* | *Consumer Finance — 1.8%* |
| &nbsp;&nbsp;&nbsp; Ally Financial Inc. | &nbsp;&nbsp; 164739 | &nbsp;&nbsp;&nbsp; 7461029<br>|
| &nbsp;&nbsp;&nbsp; OneMain Holdings Inc. | &nbsp;&nbsp; 72806 | &nbsp;&nbsp;&nbsp; 4918045<br>|
| &nbsp;&nbsp;&nbsp; Synchrony Financial | &nbsp;&nbsp; 225822 | &nbsp;&nbsp;&nbsp; 18840330<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *31219404* |
| *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | &nbsp;&nbsp; 213482 | &nbsp;&nbsp;&nbsp; 6237944<br>|
| &nbsp;&nbsp;&nbsp; Western Union Co. | &nbsp;&nbsp; 303564 | &nbsp;&nbsp;&nbsp; 2826181<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *9064125* |
| *Insurance — 9.3%* | *Insurance — 9.3%* | *Insurance — 9.3%* |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | &nbsp;&nbsp; 82061 | &nbsp;&nbsp;&nbsp; 17080997<br>|
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | &nbsp;&nbsp; 186334 | &nbsp;&nbsp;&nbsp; 17,873,157<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | &nbsp;&nbsp; 104273 | &nbsp;&nbsp;&nbsp; 17029866<br>|
| &nbsp;&nbsp;&nbsp; CNA Financial Corp. | &nbsp;&nbsp; 15425 | &nbsp;&nbsp;&nbsp; 736390<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | &nbsp;&nbsp; 35169 | &nbsp;&nbsp;&nbsp; $11934600<br>|
| &nbsp;&nbsp;&nbsp; Globe Life Inc. | &nbsp;&nbsp; 65402 | &nbsp;&nbsp;&nbsp; 9147124<br>|
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group Inc. | &nbsp;&nbsp; 127719 | &nbsp;&nbsp;&nbsp; 17599678<br>|
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group Inc. | &nbsp;&nbsp; 17276 | &nbsp;&nbsp;&nbsp; 6756989<br>|
| &nbsp;&nbsp;&nbsp; Markel Group Inc. | &nbsp;&nbsp; 5896 | &nbsp;&nbsp;&nbsp; 12,674,336<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Old Republic International Corp. | &nbsp;&nbsp; 153633 | &nbsp;&nbsp;&nbsp; 7011810<br>|
| &nbsp;&nbsp;&nbsp; Principal Financial Group Inc. | &nbsp;&nbsp; 96869 | &nbsp;&nbsp;&nbsp; 8544815<br>|
| &nbsp;&nbsp;&nbsp; Prudential Financial Inc. | &nbsp;&nbsp; 161654 | &nbsp;&nbsp;&nbsp; 18247504<br>|
| &nbsp;&nbsp;&nbsp; Unum Group | &nbsp;&nbsp; 104890 | &nbsp;&nbsp;&nbsp; 8128975<br>|
| &nbsp;&nbsp;&nbsp; WR Berkley Corp. | &nbsp;&nbsp; 133889 | &nbsp;&nbsp;&nbsp; 9388297<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *162154538* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management Inc. | &nbsp;&nbsp; 197440 | &nbsp;&nbsp;&nbsp; *4414758*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **279500959** |
| **Health Care — 13.0%** | **Health Care — 13.0%** | **Health Care — 13.0%** |
| *Biotechnology — 3.9%* | *Biotechnology — 3.9%* | *Biotechnology — 3.9%* |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp; 38871 | &nbsp;&nbsp;&nbsp; 15,457,053<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Exelixis Inc. | &nbsp;&nbsp; 186951 | &nbsp;&nbsp;&nbsp; 8,194,062<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics Inc. | &nbsp;&nbsp; 64168 | &nbsp;&nbsp;&nbsp; 4,318,507<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Incyte Corp. | &nbsp;&nbsp; 139442 | &nbsp;&nbsp;&nbsp; 13,772,686<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences Inc. | &nbsp;&nbsp; 80210 | &nbsp;&nbsp;&nbsp; 11,376,184<br> \*<br>|
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp. | &nbsp;&nbsp; 30850 | &nbsp;&nbsp;&nbsp; 15,031,663<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *68150155* |
| *Health Care Equipment & Supplies — 2.6%* | *Health Care Equipment & Supplies — 2.6%* | *Health Care Equipment & Supplies — 2.6%* |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories Inc. | &nbsp;&nbsp; 23153 | &nbsp;&nbsp;&nbsp; 15,663,699<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Inspire Medical Systems Inc. | &nbsp;&nbsp; 17893 | &nbsp;&nbsp;&nbsp; 1,650,271<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ResMed Inc. | &nbsp;&nbsp; 68487 | &nbsp;&nbsp;&nbsp; 16496464<br>|
| &nbsp;&nbsp;&nbsp; STERIS PLC | &nbsp;&nbsp; 47509 | &nbsp;&nbsp;&nbsp; 12044482<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *45854916* |
| *Health Care Providers & Services — 3.1%* | *Health Care Providers & Services — 3.1%* | *Health Care Providers & Services — 3.1%* |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co. Inc. | &nbsp;&nbsp; 57998 | &nbsp;&nbsp;&nbsp; 822,992<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cencora Inc. | &nbsp;&nbsp; 47509 | &nbsp;&nbsp;&nbsp; 16046165<br>|
| &nbsp;&nbsp;&nbsp; Chemed Corp. | &nbsp;&nbsp; 8638 | &nbsp;&nbsp;&nbsp; 3695855<br>|
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. | &nbsp;&nbsp; 88231 | &nbsp;&nbsp;&nbsp; 9364838<br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | &nbsp;&nbsp; 62317 | &nbsp;&nbsp;&nbsp; 12,383,634<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Universal Health Services Inc., Class B Shares | &nbsp;&nbsp; 48126 | &nbsp;&nbsp;&nbsp; 10492430<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *52805914* |
| *Life Sciences Tools & Services — 2.1%* | *Life Sciences Tools & Services — 2.1%* | *Life Sciences Tools & Services — 2.1%* |
| &nbsp;&nbsp;&nbsp; Medpace Holdings Inc. | &nbsp;&nbsp; 6787 | &nbsp;&nbsp;&nbsp; 3,811,919<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International Inc. | &nbsp;&nbsp; 11723 | &nbsp;&nbsp;&nbsp; 16,344,089<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Waters Corp. | &nbsp;&nbsp; 43190 | &nbsp;&nbsp;&nbsp; 16,404,858<br> \*<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *36560866* |
| *Pharmaceuticals — 1.3%* | *Pharmaceuticals — 1.3%* | *Pharmaceuticals — 1.3%* |
| &nbsp;&nbsp;&nbsp; Organon & Co. | &nbsp;&nbsp; 221503 | &nbsp;&nbsp;&nbsp; 1588176<br>|
| &nbsp;&nbsp;&nbsp; Perrigo Co. PLC | &nbsp;&nbsp; 38871 | &nbsp;&nbsp;&nbsp; 541084<br>|
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 273331 | &nbsp;&nbsp;&nbsp; 10561510<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; Viatris Inc. | &nbsp;&nbsp; 726826 | &nbsp;&nbsp;&nbsp; $9048984<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *21739754* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **225111605** |
| **Industrials — 20.3%** | **Industrials — 20.3%** | **Industrials — 20.3%** |
| *Aerospace & Defense — 0.8%* | *Aerospace & Defense — 0.8%* | *Aerospace & Defense — 0.8%* |
| &nbsp;&nbsp;&nbsp; HEICO Corp. | &nbsp;&nbsp; 18510 | &nbsp;&nbsp;&nbsp; 5989651<br>|
| &nbsp;&nbsp;&nbsp; HEICO Corp., Class A Shares | &nbsp;&nbsp; 33318 | &nbsp;&nbsp;&nbsp; 8410463<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *14400114* |
| *Air Freight & Logistics — 1.6%* | *Air Freight & Logistics — 1.6%* | *Air Freight & Logistics — 1.6%* |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide Inc. | &nbsp;&nbsp; 84529 | &nbsp;&nbsp;&nbsp; 13588882<br>|
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington Inc. | &nbsp;&nbsp; 96252 | &nbsp;&nbsp;&nbsp; 14342510<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *27931392* |
| *Building Products — 1.4%* | *Building Products — 1.4%* | *Building Products — 1.4%* |
| &nbsp;&nbsp;&nbsp; Allegion PLC | &nbsp;&nbsp; 56764 | &nbsp;&nbsp;&nbsp; 9037964<br>|
| &nbsp;&nbsp;&nbsp; Armstrong World Industries Inc. | &nbsp;&nbsp; 22829 | &nbsp;&nbsp;&nbsp; 4362622<br>|
| &nbsp;&nbsp;&nbsp; Lennox International Inc. | &nbsp;&nbsp; 23446 | &nbsp;&nbsp;&nbsp; 11384909<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *24785495* |
| *Commercial Services & Supplies — 1.6%* | *Commercial Services & Supplies — 1.6%* | *Commercial Services & Supplies — 1.6%* |
| &nbsp;&nbsp;&nbsp; Rollins Inc. | &nbsp;&nbsp; 214099 | &nbsp;&nbsp;&nbsp; 12850222<br>|
| &nbsp;&nbsp;&nbsp; Veralto Corp. | &nbsp;&nbsp; 156101 | &nbsp;&nbsp;&nbsp; 15575758<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *28425980* |
| *Ground Transportation — 1.6%* | *Ground Transportation — 1.6%* | *Ground Transportation — 1.6%* |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings Inc. | &nbsp;&nbsp; 70955 | &nbsp;&nbsp;&nbsp; 3709527<br>|
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line Inc. | &nbsp;&nbsp; 118464 | &nbsp;&nbsp;&nbsp; 18575155<br>|
| &nbsp;&nbsp;&nbsp; Saia Inc. | &nbsp;&nbsp; 14808 | &nbsp;&nbsp;&nbsp; 4,835,108<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Schneider National Inc., Class B Shares | &nbsp;&nbsp; 30850 | &nbsp;&nbsp;&nbsp; 818451<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *27938241* |
| *Machinery — 3.8%* | *Machinery — 3.8%* | *Machinery — 3.8%* |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings Inc. | &nbsp;&nbsp; 64168 | &nbsp;&nbsp;&nbsp; 6282047<br>|
| &nbsp;&nbsp;&nbsp; Cummins Inc. | &nbsp;&nbsp; 35169 | &nbsp;&nbsp;&nbsp; 17952016<br>|
| &nbsp;&nbsp;&nbsp; Donaldson Co. Inc. | &nbsp;&nbsp; 76508 | &nbsp;&nbsp;&nbsp; 6783199<br>|
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp; 196823 | &nbsp;&nbsp;&nbsp; 17192489<br>|
| &nbsp;&nbsp;&nbsp; Snap-on Inc. | &nbsp;&nbsp; 35169 | &nbsp;&nbsp;&nbsp; 12119238<br>|
| &nbsp;&nbsp;&nbsp; Toro Co. | &nbsp;&nbsp; 64168 | &nbsp;&nbsp;&nbsp; 5051305<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *65380294* |
| *Passenger Airlines — 2.2%* | *Passenger Airlines — 2.2%* | *Passenger Airlines — 2.2%* |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc. | &nbsp;&nbsp; 272714 | &nbsp;&nbsp;&nbsp; 18926352<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings Inc. | &nbsp;&nbsp; 171526 | &nbsp;&nbsp;&nbsp; 19,180,037<br> \*<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *38106389* |
| *Professional Services — 4.1%* | *Professional Services — 4.1%* | *Professional Services — 4.1%* |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp; 114145 | &nbsp;&nbsp;&nbsp; 9629272<br>|
| &nbsp;&nbsp;&nbsp; CACI International Inc., Class A Shares | &nbsp;&nbsp; 12340 | &nbsp;&nbsp;&nbsp; 6,574,875<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Concentrix Corp. | &nbsp;&nbsp; 28999 | &nbsp;&nbsp;&nbsp; 1205779<br>|
| &nbsp;&nbsp;&nbsp; Genpact Ltd. | &nbsp;&nbsp; 123400 | &nbsp;&nbsp;&nbsp; 5772652<br>|
| &nbsp;&nbsp;&nbsp; Leidos Holdings Inc. | &nbsp;&nbsp; 71572 | &nbsp;&nbsp;&nbsp; 12911589<br>|
| &nbsp;&nbsp;&nbsp; ManpowerGroup Inc. | &nbsp;&nbsp; 29616 | &nbsp;&nbsp;&nbsp; 880484<br>|
| &nbsp;&nbsp;&nbsp; Paychex Inc. | &nbsp;&nbsp; 156718 | &nbsp;&nbsp;&nbsp; 17580625<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Professional Services — continued* | *Professional Services — continued* | *Professional Services — continued* |
| &nbsp;&nbsp;&nbsp; Paycom Software Inc. | &nbsp;&nbsp; 30850 | &nbsp;&nbsp;&nbsp; $4916256<br>|
| &nbsp;&nbsp;&nbsp; Robert Half Inc. | &nbsp;&nbsp; 72806 | &nbsp;&nbsp;&nbsp; 1977411<br>|
| &nbsp;&nbsp;&nbsp; Verisk Analytics Inc. | &nbsp;&nbsp; 40722 | &nbsp;&nbsp;&nbsp; 9109104<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *70558047* |
| *Trading Companies & Distributors — 3.2%* | *Trading Companies & Distributors — 3.2%* | *Trading Companies & Distributors — 3.2%* |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | &nbsp;&nbsp; 432517 | &nbsp;&nbsp;&nbsp; 17356907<br>|
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises Inc. | &nbsp;&nbsp; 69721 | &nbsp;&nbsp;&nbsp; 15521986<br>|
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co. Inc., Class A Shares | &nbsp;&nbsp; 35786 | &nbsp;&nbsp;&nbsp; 3009603<br>|
| &nbsp;&nbsp;&nbsp; W.W. Grainger Inc. | &nbsp;&nbsp; 18510 | &nbsp;&nbsp;&nbsp; 18677515<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *54566011* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **352091963** |
| **Information Technology — 9.0%** | **Information Technology — 9.0%** | **Information Technology — 9.0%** |
| *Communications Equipment — 0.6%* | *Communications Equipment — 0.6%* | *Communications Equipment — 0.6%* |
| &nbsp;&nbsp;&nbsp; F5 Inc. | &nbsp;&nbsp; 38871 | &nbsp;&nbsp;&nbsp; 9,922,211<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ubiquiti Inc. | &nbsp;&nbsp; 1851 | &nbsp;&nbsp;&nbsp; 1024251<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *10946462* |
| *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* |
| &nbsp;&nbsp;&nbsp; Ingram Micro Holding Corp. | &nbsp;&nbsp; 9255 | &nbsp;&nbsp;&nbsp; 197502<br>|
| &nbsp;&nbsp;&nbsp; Vontier Corp. | &nbsp;&nbsp; 102422 | &nbsp;&nbsp;&nbsp; 3808050<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *4005552* |
| *IT Services — 2.5%* | *IT Services — 2.5%* | *IT Services — 2.5%* |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | &nbsp;&nbsp; 69721 | &nbsp;&nbsp;&nbsp; 5613238<br>|
| &nbsp;&nbsp;&nbsp; Gartner Inc. | &nbsp;&nbsp; 43807 | &nbsp;&nbsp;&nbsp; 11,051,630<br> \*<br>|
| &nbsp;&nbsp;&nbsp; GoDaddy Inc., Class A Shares | &nbsp;&nbsp; 95635 | &nbsp;&nbsp;&nbsp; 11,866,391<br> \*<br>|
| &nbsp;&nbsp;&nbsp; VeriSign Inc. | &nbsp;&nbsp; 58615 | &nbsp;&nbsp;&nbsp; 14240514<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *42771773* |
| *Semiconductors & Semiconductor Equipment — 1.2%* | *Semiconductors & Semiconductor Equipment — 1.2%* | *Semiconductors & Semiconductor Equipment — 1.2%* |
| &nbsp;&nbsp;&nbsp; Cirrus Logic Inc. | &nbsp;&nbsp; 33935 | &nbsp;&nbsp;&nbsp; 4,021,297<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems Inc. | &nbsp;&nbsp; 18836 | &nbsp;&nbsp;&nbsp; 17072197<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *21093494* |
| *Software — 2.8%* | *Software — 2.8%* | *Software — 2.8%* |
| &nbsp;&nbsp;&nbsp; Appfolio Inc., Class A Shares | &nbsp;&nbsp; 14191 | &nbsp;&nbsp;&nbsp; 3,301,536<br> \*<br>|
| &nbsp;&nbsp;&nbsp; DocuSign Inc. | &nbsp;&nbsp; 112911 | &nbsp;&nbsp;&nbsp; 7,723,112<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Dolby Laboratories Inc., Class A Shares | &nbsp;&nbsp; 43190 | &nbsp;&nbsp;&nbsp; 2773662<br>|
| &nbsp;&nbsp;&nbsp; Dropbox Inc., Class A Shares | &nbsp;&nbsp; 121549 | &nbsp;&nbsp;&nbsp; 3,379,062<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. | &nbsp;&nbsp; 9677 | &nbsp;&nbsp;&nbsp; 16,360,130<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Manhattan Associates Inc. | &nbsp;&nbsp; 51211 | &nbsp;&nbsp;&nbsp; 8,875,378<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Pegasystems Inc. | &nbsp;&nbsp; 49977 | &nbsp;&nbsp;&nbsp; 2984627<br>|
| &nbsp;&nbsp;&nbsp; RingCentral Inc., Class A Shares | &nbsp;&nbsp; 40105 | &nbsp;&nbsp;&nbsp; 1,158,232<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Teradata Corp. | &nbsp;&nbsp; 62317 | &nbsp;&nbsp;&nbsp; 1,896,930<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *48452669* |
| *Technology Hardware, Storage & Peripherals — 1.7%* | *Technology Hardware, Storage & Peripherals — 1.7%* | *Technology Hardware, Storage & Peripherals — 1.7%* |
| &nbsp;&nbsp;&nbsp; HP Inc. | &nbsp;&nbsp; 587384 | &nbsp;&nbsp;&nbsp; 13086915<br>|
| &nbsp;&nbsp;&nbsp; NetApp Inc. | &nbsp;&nbsp; 156718 | &nbsp;&nbsp;&nbsp; 16782931<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *29869846* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **157139796** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** |
| *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* |
| &nbsp;&nbsp;&nbsp; NewMarket Corp. | &nbsp;&nbsp; 3702 | &nbsp;&nbsp;&nbsp; $*2544237*<br>|
| *Containers & Packaging — 0.8%* | *Containers & Packaging — 0.8%* | *Containers & Packaging — 0.8%* |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp; 49360 | &nbsp;&nbsp;&nbsp; 8977597<br>|
| &nbsp;&nbsp;&nbsp; Sealed Air Corp. | &nbsp;&nbsp; 96869 | &nbsp;&nbsp;&nbsp; 4013282<br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *12990879* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **15535116** |
| **Real Estate — 3.9%** | **Real Estate — 3.9%** | **Real Estate — 3.9%** |
| *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; WP Carey Inc. | &nbsp;&nbsp; 127102 | &nbsp;&nbsp;&nbsp; *8180285*<br>|
| *Health Care REITs — 0.6%* | *Health Care REITs — 0.6%* | *Health Care REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 50594 | &nbsp;&nbsp;&nbsp; 2476071<br>|
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors Inc. | &nbsp;&nbsp; 190036 | &nbsp;&nbsp;&nbsp; 8426196<br>|
| *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *10902267* |
| *Industrial REITs — 0.5%* | *Industrial REITs — 0.5%* | *Industrial REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; EastGroup Properties Inc. | &nbsp;&nbsp; 24063 | &nbsp;&nbsp;&nbsp; 4286583<br>|
| &nbsp;&nbsp;&nbsp; STAG Industrial Inc.  | &nbsp;&nbsp; 119081 | &nbsp;&nbsp;&nbsp; 4377417<br>|
| *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *8664000* |
| *Office REITs — 0.4%* | *Office REITs — 0.4%* | *Office REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Cousins Properties Inc. | &nbsp;&nbsp; 100571 | &nbsp;&nbsp;&nbsp; 2592721<br>|
| &nbsp;&nbsp;&nbsp; Highwoods Properties Inc. | &nbsp;&nbsp; 80210 | &nbsp;&nbsp;&nbsp; 2071022<br>|
| &nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | &nbsp;&nbsp; 78976 | &nbsp;&nbsp;&nbsp; 2951333<br>|
| *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *7615076* |
| *Residential REITs — 1.2%* | *Residential REITs — 1.2%* | *Residential REITs — 1.2%* |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A Shares | &nbsp;&nbsp; 144995 | &nbsp;&nbsp;&nbsp; 4654340<br>|
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp; 66636 | &nbsp;&nbsp;&nbsp; 7335291<br>|
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties Inc. | &nbsp;&nbsp; 130804 | &nbsp;&nbsp;&nbsp; 7928030<br>|
| *Total Residential REITs* | *Total Residential REITs* | &nbsp;&nbsp; *19917661* |
| *Retail REITs — 0.3%* | *Retail REITs — 0.3%* | *Retail REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; NNN REIT Inc. | &nbsp;&nbsp; 130187 | &nbsp;&nbsp;&nbsp; *5159311*<br>|
| *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A Shares | &nbsp;&nbsp; 51944 | &nbsp;&nbsp;&nbsp; *6575071*<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **67013671** |
| **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** |
| *Electric Utilities — 0.4%* | *Electric Utilities — 0.4%* | *Electric Utilities — 0.4%* |
| &nbsp;&nbsp;&nbsp; Edison International | &nbsp;&nbsp; 109209 | &nbsp;&nbsp;&nbsp; *6554724*<br>|
| *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | &nbsp;&nbsp; 59232 | &nbsp;&nbsp;&nbsp; *4742114*<br>|
| *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* |
| &nbsp;&nbsp;&nbsp; AES Corp. | &nbsp;&nbsp; 318989 | &nbsp;&nbsp;&nbsp; *4574302*<br>|
| *Water Utilities — 0.9%* | *Water Utilities — 0.9%* | *Water Utilities — 0.9%* |
| &nbsp;&nbsp;&nbsp; American Water Works Co. Inc. | &nbsp;&nbsp; 124017 | &nbsp;&nbsp;&nbsp; *16184219*<br>|
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **32055359** |
| **Total Investments before Short-Term Investments (Cost — $1,637,980,843)** | **Total Investments before Short-Term Investments (Cost — $1,637,980,843)** | &nbsp;&nbsp; **1731520497** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $2,871,223)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 2871223<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$2871223**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.9% (Cost — $1,640,852,066)** | **Total Investments — 99.9% (Cost — $1,640,852,066)** | **Total Investments — 99.9% (Cost — $1,640,852,066)** | &nbsp;&nbsp; **1734391720** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; 1621321 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1736013041** |

---

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

\* Non-income producing security.

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

<sup>(b)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of investments in Affiliated Companies was $2,871,223 and the cost was $2,871,223 (Note 2). 

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

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| REIT |  | Real Estate Investment Trust |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| E-mini S&P MidCap 400 Index | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $2696454 | &nbsp;&nbsp;&nbsp;&nbsp; $2660160 | &nbsp;&nbsp;&nbsp; **$(36294)** |

---

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

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 2.7%** | **Communication Services — 2.7%** | **Communication Services — 2.7%** |
| *Diversified Telecommunication Services — 0.1%* | *Diversified Telecommunication Services — 0.1%* | *Diversified Telecommunication Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; IDT Corp., Class B Shares | &nbsp;&nbsp; 1632 | &nbsp;&nbsp;&nbsp; $*83575*<br>|
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Playstudios Inc. | &nbsp;&nbsp; 7296 | &nbsp;&nbsp;&nbsp; 4,753<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp. | &nbsp;&nbsp; 4960 | &nbsp;&nbsp;&nbsp; 19592<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *24345* |
| *Interactive Media & Services — 1.0%* | *Interactive Media & Services — 1.0%* | *Interactive Media & Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Arena Group Holdings Inc. | &nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp; 3,584<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cargurus Inc. | &nbsp;&nbsp; 8064 | &nbsp;&nbsp;&nbsp; 309,255<br> \*<br>|
| &nbsp;&nbsp;&nbsp; EverQuote Inc., Class A Shares | &nbsp;&nbsp; 2784 | &nbsp;&nbsp;&nbsp; 75,168<br> \*<br>|
| &nbsp;&nbsp;&nbsp; fuboTV Inc., Class A Shares | &nbsp;&nbsp; 15520 | &nbsp;&nbsp;&nbsp; 39,110<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shutterstock Inc. | &nbsp;&nbsp; 2592 | &nbsp;&nbsp;&nbsp; 49507<br>|
| &nbsp;&nbsp;&nbsp; Travelzoo | &nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 2,506<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yelp Inc. | &nbsp;&nbsp; 6592 | &nbsp;&nbsp;&nbsp; 200,331<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ZipRecruiter Inc., Class A Shares | &nbsp;&nbsp; 6816 | &nbsp;&nbsp;&nbsp; 26,582<br> \*<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *706043* |
| *Media — 0.9%* | *Media — 0.9%* | *Media — 0.9%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Class A Shares | &nbsp;&nbsp; 3008 | &nbsp;&nbsp;&nbsp; 28,636<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cable One Inc. | &nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 39723<br>|
| &nbsp;&nbsp;&nbsp; Gambling.com Group Ltd. | &nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp; 9,260<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ibotta Inc., Class A Shares | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 25,458<br> \*<br>|
| &nbsp;&nbsp;&nbsp; iHeartMedia Inc., Class A Shares | &nbsp;&nbsp; 5536 | &nbsp;&nbsp;&nbsp; 23,030<br> \*<br>|
| &nbsp;&nbsp;&nbsp; John Wiley & Sons Inc., Class A Shares | &nbsp;&nbsp; 4320 | &nbsp;&nbsp;&nbsp; 132322<br>|
| &nbsp;&nbsp;&nbsp; Scholastic Corp. | &nbsp;&nbsp; 2176 | &nbsp;&nbsp;&nbsp; 64475<br>|
| &nbsp;&nbsp;&nbsp; TEGNA Inc. | &nbsp;&nbsp; 15136 | &nbsp;&nbsp;&nbsp; 293790<br>|
| &nbsp;&nbsp;&nbsp; Thryv Holdings Inc. | &nbsp;&nbsp; 1728 | &nbsp;&nbsp;&nbsp; 10,454<br> \*<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *627148* |
| *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Spok Holdings Inc. | &nbsp;&nbsp; 1952 | &nbsp;&nbsp;&nbsp; 25747<br>|
| &nbsp;&nbsp;&nbsp; Telephone and Data Systems Inc. | &nbsp;&nbsp; 9088 | &nbsp;&nbsp;&nbsp; 372608<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *398355* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1839466** |
| **Consumer Discretionary — 15.9%** | **Consumer Discretionary — 15.9%** | **Consumer Discretionary — 15.9%** |
| *Automobile Components — 1.7%* | *Automobile Components — 1.7%* | *Automobile Components — 1.7%* |
| &nbsp;&nbsp;&nbsp; Dorman Products Inc. | &nbsp;&nbsp; 2176 | &nbsp;&nbsp;&nbsp; 268,062<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Garrett Motion Inc. | &nbsp;&nbsp; 7488 | &nbsp;&nbsp;&nbsp; 130516<br>|
| &nbsp;&nbsp;&nbsp; LCI Industries | &nbsp;&nbsp; 2144 | &nbsp;&nbsp;&nbsp; 260153<br>|
| &nbsp;&nbsp;&nbsp; Patrick Industries Inc. | &nbsp;&nbsp; 2752 | &nbsp;&nbsp;&nbsp; 298399<br>|
| &nbsp;&nbsp;&nbsp; Standard Motor Products Inc. | &nbsp;&nbsp; 2240 | &nbsp;&nbsp;&nbsp; 82544<br>|
| &nbsp;&nbsp;&nbsp; XPEL Inc. | &nbsp;&nbsp; 2208 | &nbsp;&nbsp;&nbsp; 110,201<br> \*<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *1149875* |
| *Broadline Retail — 0.2%* | *Broadline Retail — 0.2%* | *Broadline Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; Kohl's Corp. | &nbsp;&nbsp; 4928 | &nbsp;&nbsp;&nbsp; 100580<br>|
| &nbsp;&nbsp;&nbsp; Savers Value Village Inc. | &nbsp;&nbsp; 2496 | &nbsp;&nbsp;&nbsp; 23,313<br> \*<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *123893* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Distributors — 0.0%††* | *Distributors — 0.0%††* | *Distributors — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Weyco Group Inc. | &nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp; $*18599*<br>|
| *Diversified Consumer Services — 2.8%* | *Diversified Consumer Services — 2.8%* | *Diversified Consumer Services — 2.8%* |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education Inc. | &nbsp;&nbsp; 3424 | &nbsp;&nbsp;&nbsp; 354,281<br> \*<br>|
| &nbsp;&nbsp;&nbsp; American Public Education Inc. | &nbsp;&nbsp; 1408 | &nbsp;&nbsp;&nbsp; 53,222<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Frontdoor Inc. | &nbsp;&nbsp; 6752 | &nbsp;&nbsp;&nbsp; 389,523<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Laureate Education Inc. | &nbsp;&nbsp; 8512 | &nbsp;&nbsp;&nbsp; 286,599<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Lincoln Educational Services Corp. | &nbsp;&nbsp; 3264 | &nbsp;&nbsp;&nbsp; 78,826<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mister Car Wash Inc. | &nbsp;&nbsp; 7008 | &nbsp;&nbsp;&nbsp; 38,964<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | &nbsp;&nbsp; 7840 | &nbsp;&nbsp;&nbsp; 229947<br>|
| &nbsp;&nbsp;&nbsp; Strategic Education Inc. | &nbsp;&nbsp; 2144 | &nbsp;&nbsp;&nbsp; 171949<br>|
| &nbsp;&nbsp;&nbsp; Stride Inc. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 259,720<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Universal Technical Institute Inc. | &nbsp;&nbsp; 4352 | &nbsp;&nbsp;&nbsp; 113,718<br> \*<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *1976749* |
| *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands Inc. | &nbsp;&nbsp; 10560 | &nbsp;&nbsp;&nbsp; 65155<br>|
| &nbsp;&nbsp;&nbsp; Cheesecake Factory Inc. | &nbsp;&nbsp; 6016 | &nbsp;&nbsp;&nbsp; 303688<br>|
| &nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store Inc.  | &nbsp;&nbsp; 2656 | &nbsp;&nbsp;&nbsp; 67463<br>|
| &nbsp;&nbsp;&nbsp; Jack in the Box Inc. | &nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp; 32139<br>|
| &nbsp;&nbsp;&nbsp; Monarch Casino & Resort Inc. | &nbsp;&nbsp; 1472 | &nbsp;&nbsp;&nbsp; 140871<br>|
| &nbsp;&nbsp;&nbsp; Nathan's Famous Inc. | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 26948<br>|
| &nbsp;&nbsp;&nbsp; Papa John's International Inc. | &nbsp;&nbsp; 3168 | &nbsp;&nbsp;&nbsp; 121936<br>|
| &nbsp;&nbsp;&nbsp; Portillo's Inc., Class A Shares | &nbsp;&nbsp; 5952 | &nbsp;&nbsp;&nbsp; 27,022<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rush Street Interactive Inc. | &nbsp;&nbsp; 6624 | &nbsp;&nbsp;&nbsp; 128,704<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Super Group SGHC Ltd. | &nbsp;&nbsp; 13120 | &nbsp;&nbsp;&nbsp; 156784<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *1070710* |
| *Household Durables — 1.5%* | *Household Durables — 1.5%* | *Household Durables — 1.5%* |
| &nbsp;&nbsp;&nbsp; Bassett Furniture Industries Inc. | &nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp; 11263<br>|
| &nbsp;&nbsp;&nbsp; Cricut Inc., Class A Shares | &nbsp;&nbsp; 4032 | &nbsp;&nbsp;&nbsp; 19959<br>|
| &nbsp;&nbsp;&nbsp; Ethan Allen Interiors Inc. | &nbsp;&nbsp; 2624 | &nbsp;&nbsp;&nbsp; 59932<br>|
| &nbsp;&nbsp;&nbsp; Flexsteel Industries Inc. | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 12637<br>|
| &nbsp;&nbsp;&nbsp; Hamilton Beach Brands Holding Co., Class A Shares | &nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp; 11054<br>|
| &nbsp;&nbsp;&nbsp; Installed Building Products Inc. | &nbsp;&nbsp; 2144 | &nbsp;&nbsp;&nbsp; 556132<br>|
| &nbsp;&nbsp;&nbsp; La-Z-Boy Inc. | &nbsp;&nbsp; 4160 | &nbsp;&nbsp;&nbsp; 155043<br>|
| &nbsp;&nbsp;&nbsp; Lovesac Co. | &nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp; 17,936<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sonos Inc. | &nbsp;&nbsp; 11104 | &nbsp;&nbsp;&nbsp; 194,986<br> \*<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *1038942* |
| *Leisure Products — 0.5%* | *Leisure Products — 0.5%* | *Leisure Products — 0.5%* |
| &nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | &nbsp;&nbsp; 3104 | &nbsp;&nbsp;&nbsp; 247761<br>|
| &nbsp;&nbsp;&nbsp; Escalade Inc. | &nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp; 12519<br>|
| &nbsp;&nbsp;&nbsp; JAKKS Pacific Inc. | &nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 14044<br>|
| &nbsp;&nbsp;&nbsp; Marine Products Corp. | &nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp; 7849<br>|
| &nbsp;&nbsp;&nbsp; Smith & Wesson Brands Inc. | &nbsp;&nbsp; 3808 | &nbsp;&nbsp;&nbsp; 37585<br>|
| *Total Leisure Products* | *Total Leisure Products* | &nbsp;&nbsp; *319758* |
| *Specialty Retail — 5.8%* | *Specialty Retail — 5.8%* | *Specialty Retail — 5.8%* |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A Shares | &nbsp;&nbsp; 5312 | &nbsp;&nbsp;&nbsp; 668,621<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors Inc. | &nbsp;&nbsp; 6272 | &nbsp;&nbsp;&nbsp; 313349<br>|
| &nbsp;&nbsp;&nbsp; American Eagle Outfitters Inc. | &nbsp;&nbsp; 16064 | &nbsp;&nbsp;&nbsp; 423608<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* |
| &nbsp;&nbsp;&nbsp; Buckle Inc. | &nbsp;&nbsp; 3552 | &nbsp;&nbsp;&nbsp; $189748<br>|
| &nbsp;&nbsp;&nbsp; Build-A-Bear Workshop Inc. | &nbsp;&nbsp; 1472 | &nbsp;&nbsp;&nbsp; 90189<br>|
| &nbsp;&nbsp;&nbsp; Caleres Inc. | &nbsp;&nbsp; 3456 | &nbsp;&nbsp;&nbsp; 42060<br>|
| &nbsp;&nbsp;&nbsp; Designer Brands Inc., Class A Shares | &nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp; 21874<br>|
| &nbsp;&nbsp;&nbsp; Envela Corp. | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 6,422<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Genesco Inc. | &nbsp;&nbsp; 992 | &nbsp;&nbsp;&nbsp; 24,572<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Group 1 Automotive Inc. | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 440496<br>|
| &nbsp;&nbsp;&nbsp; Haverty Furniture Cos. Inc. | &nbsp;&nbsp; 1568 | &nbsp;&nbsp;&nbsp; 36628<br>|
| &nbsp;&nbsp;&nbsp; J Jill Inc. | &nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp; 9659<br>|
| &nbsp;&nbsp;&nbsp; Monro Inc. | &nbsp;&nbsp; 3104 | &nbsp;&nbsp;&nbsp; 62204<br>|
| &nbsp;&nbsp;&nbsp; RealReal Inc. | &nbsp;&nbsp; 8288 | &nbsp;&nbsp;&nbsp; 130,785<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Revolve Group Inc. | &nbsp;&nbsp; 4352 | &nbsp;&nbsp;&nbsp; 131,387<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sally Beauty Holdings Inc. | &nbsp;&nbsp; 12288 | &nbsp;&nbsp;&nbsp; 175,227<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shoe Carnival Inc. | &nbsp;&nbsp; 1632 | &nbsp;&nbsp;&nbsp; 27548<br>|
| &nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | &nbsp;&nbsp; 3808 | &nbsp;&nbsp;&nbsp; 315607<br>|
| &nbsp;&nbsp;&nbsp; Sleep Number Corp. | &nbsp;&nbsp; 1760 | &nbsp;&nbsp;&nbsp; 14,890<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sonic Automotive Inc., Class A Shares | &nbsp;&nbsp; 1408 | &nbsp;&nbsp;&nbsp; 87099<br>|
| &nbsp;&nbsp;&nbsp; Torrid Holdings Inc. | &nbsp;&nbsp; 1952 | &nbsp;&nbsp;&nbsp; 1,910<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Upbound Group Inc. | &nbsp;&nbsp; 5792 | &nbsp;&nbsp;&nbsp; 101707<br>|
| &nbsp;&nbsp;&nbsp; Urban Outfitters Inc. | &nbsp;&nbsp; 4032 | &nbsp;&nbsp;&nbsp; 303,448<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Victoria's Secret & Co. | &nbsp;&nbsp; 5216 | &nbsp;&nbsp;&nbsp; 282,551<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Winmark Corp. | &nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 90707<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *3992296* |
| *Textiles, Apparel & Luxury Goods — 1.9%* | *Textiles, Apparel & Luxury Goods — 1.9%* | *Textiles, Apparel & Luxury Goods — 1.9%* |
| &nbsp;&nbsp;&nbsp; Carter's Inc. | &nbsp;&nbsp; 2880 | &nbsp;&nbsp;&nbsp; 93398<br>|
| &nbsp;&nbsp;&nbsp; Ermenegildo Zegna NV | &nbsp;&nbsp; 4320 | &nbsp;&nbsp;&nbsp; 44280<br>|
| &nbsp;&nbsp;&nbsp; Figs Inc., Class A Shares | &nbsp;&nbsp; 10656 | &nbsp;&nbsp;&nbsp; 121,052<br> \*<br>|
| &nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. | &nbsp;&nbsp; 3776 | &nbsp;&nbsp;&nbsp; 109353<br>|
| &nbsp;&nbsp;&nbsp; Kontoor Brands Inc. | &nbsp;&nbsp; 6272 | &nbsp;&nbsp;&nbsp; 383156<br>|
| &nbsp;&nbsp;&nbsp; Movado Group Inc. | &nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp; 34972<br>|
| &nbsp;&nbsp;&nbsp; Oxford Industries Inc. | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 54720<br>|
| &nbsp;&nbsp;&nbsp; Rocky Brands Inc. | &nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp; 21587<br>|
| &nbsp;&nbsp;&nbsp; Steven Madden Ltd. | &nbsp;&nbsp; 7520 | &nbsp;&nbsp;&nbsp; 313133<br>|
| &nbsp;&nbsp;&nbsp; Superior Group of Cos. Inc. | &nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp; 9912<br>|
| &nbsp;&nbsp;&nbsp; Wolverine World Wide Inc. | &nbsp;&nbsp; 7552 | &nbsp;&nbsp;&nbsp; 137069<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *1322632* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **11013454** |
| **Consumer Staples — 5.7%** | **Consumer Staples — 5.7%** | **Consumer Staples — 5.7%** |
| *Beverages — 0.4%* | *Beverages — 0.4%* | *Beverages — 0.4%* |
| &nbsp;&nbsp;&nbsp; National Beverage Corp. | &nbsp;&nbsp; 2496 | &nbsp;&nbsp;&nbsp; 79,598<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vita Coco Co. Inc. | &nbsp;&nbsp; 3936 | &nbsp;&nbsp;&nbsp; 208,647<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Zevia PBC, Class A Shares | &nbsp;&nbsp; 3456 | &nbsp;&nbsp;&nbsp; 8,018<br> \*<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *296263* |
| *Consumer Staples Distribution & Retail — 1.5%* | *Consumer Staples Distribution & Retail — 1.5%* | *Consumer Staples Distribution & Retail — 1.5%* |
| &nbsp;&nbsp;&nbsp; Chefs' Warehouse Inc. | &nbsp;&nbsp; 2592 | &nbsp;&nbsp;&nbsp; 161,559<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp. | &nbsp;&nbsp; 7104 | &nbsp;&nbsp;&nbsp; 71,750<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ingles Markets Inc., Class A Shares | &nbsp;&nbsp; 1472 | &nbsp;&nbsp;&nbsp; 100906<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Consumer Staples Distribution & Retail — continued* | *Consumer Staples Distribution & Retail — continued* | *Consumer Staples Distribution & Retail — continued* |
| &nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage Inc. | &nbsp;&nbsp; 1184 | &nbsp;&nbsp;&nbsp; $29659<br>|
| &nbsp;&nbsp;&nbsp; PriceSmart Inc. | &nbsp;&nbsp; 2752 | &nbsp;&nbsp;&nbsp; 337588<br>|
| &nbsp;&nbsp;&nbsp; United Natural Foods Inc. | &nbsp;&nbsp; 5792 | &nbsp;&nbsp;&nbsp; 195,017<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Village Super Market Inc., Class A Shares | &nbsp;&nbsp; 1152 | &nbsp;&nbsp;&nbsp; 40775<br>|
| &nbsp;&nbsp;&nbsp; Weis Markets Inc. | &nbsp;&nbsp; 1664 | &nbsp;&nbsp;&nbsp; 106646<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *1043900* |
| *Food Products — 1.7%* | *Food Products — 1.7%* | *Food Products — 1.7%* |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods Inc. | &nbsp;&nbsp; 4896 | &nbsp;&nbsp;&nbsp; 389575<br>|
| &nbsp;&nbsp;&nbsp; Fresh Del Monte Produce Inc.  | &nbsp;&nbsp; 2624 | &nbsp;&nbsp;&nbsp; 93493<br>|
| &nbsp;&nbsp;&nbsp; J&J Snack Foods Corp. | &nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp; 124349<br>|
| &nbsp;&nbsp;&nbsp; John B Sanfilippo & Son Inc. | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 56480<br>|
| &nbsp;&nbsp;&nbsp; Lifeway Foods Inc. | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 9,304<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mama's Creations Inc. | &nbsp;&nbsp; 3072 | &nbsp;&nbsp;&nbsp; 41,441<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Marzetti Co. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp;&nbsp; 299902<br>|
| &nbsp;&nbsp;&nbsp; Tootsie Roll Industries Inc. | &nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp; 48059<br>|
| &nbsp;&nbsp;&nbsp; Vital Farms Inc. | &nbsp;&nbsp; 3136 | &nbsp;&nbsp;&nbsp; 100,164<br> \*<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *1162767* |
| *Household Products — 0.9%* | *Household Products — 0.9%* | *Household Products — 0.9%* |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. | &nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 27,778<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A Shares | &nbsp;&nbsp; 4896 | &nbsp;&nbsp;&nbsp; 142,914<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Energizer Holdings Inc. | &nbsp;&nbsp; 6656 | &nbsp;&nbsp;&nbsp; 132388<br>|
| &nbsp;&nbsp;&nbsp; Oil-Dri Corp. of America | &nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp; 43850<br>|
| &nbsp;&nbsp;&nbsp; WD-40 Co. | &nbsp;&nbsp; 1472 | &nbsp;&nbsp;&nbsp; 289837<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *636767* |
| *Personal Care Products — 0.7%* | *Personal Care Products — 0.7%* | *Personal Care Products — 0.7%* |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | &nbsp;&nbsp; 4320 | &nbsp;&nbsp;&nbsp; 73656<br>|
| &nbsp;&nbsp;&nbsp; FitLife Brands Inc. | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 4,686<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Herbalife Ltd. | &nbsp;&nbsp; 7840 | &nbsp;&nbsp;&nbsp; 101,057<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Interparfums Inc. | &nbsp;&nbsp; 2208 | &nbsp;&nbsp;&nbsp; 187305<br>|
| &nbsp;&nbsp;&nbsp; Lifevantage Corp. | &nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 5322<br>|
| &nbsp;&nbsp;&nbsp; Medifast Inc. | &nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp; 9,911<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Nature's Sunshine Products Inc. | &nbsp;&nbsp; 1728 | &nbsp;&nbsp;&nbsp; 37,290<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Nu Skin Enterprises Inc., Class A Shares | &nbsp;&nbsp; 5824 | &nbsp;&nbsp;&nbsp; 56027<br>|
| &nbsp;&nbsp;&nbsp; USANA Health Sciences Inc. | &nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp; 24,498<br> \*<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *499752* |
| *Tobacco — 0.5%* | *Tobacco — 0.5%* | *Tobacco — 0.5%* |
| &nbsp;&nbsp;&nbsp; Turning Point Brands Inc. | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 173440<br>|
| &nbsp;&nbsp;&nbsp; Universal Corp. | &nbsp;&nbsp; 2528 | &nbsp;&nbsp;&nbsp; 133352<br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *306792* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **3946241** |
| **Energy — 3.3%** | **Energy — 3.3%** | **Energy — 3.3%** |
| *Energy Equipment & Services — 0.8%* | *Energy Equipment & Services — 0.8%* | *Energy Equipment & Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; Archrock Inc. | &nbsp;&nbsp; 13504 | &nbsp;&nbsp;&nbsp; 351374<br>|
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services Inc. | &nbsp;&nbsp; 6208 | &nbsp;&nbsp;&nbsp; 232179<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *583553* |
| *Oil, Gas & Consumable Fuels — 2.5%* | *Oil, Gas & Consumable Fuels — 2.5%* | *Oil, Gas & Consumable Fuels — 2.5%* |
| &nbsp;&nbsp;&nbsp; Ardmore Shipping Corp. | &nbsp;&nbsp; 3424 | &nbsp;&nbsp;&nbsp; 36260<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; California Resources Corp. | &nbsp;&nbsp; 6080 | &nbsp;&nbsp;&nbsp; $271837<br>|
| &nbsp;&nbsp;&nbsp; DHT Holdings Inc. | &nbsp;&nbsp; 6432 | &nbsp;&nbsp;&nbsp; 78535<br>|
| &nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp;&nbsp; 44396<br>|
| &nbsp;&nbsp;&nbsp; Evolution Petroleum Corp. | &nbsp;&nbsp; 2688 | &nbsp;&nbsp;&nbsp; 9516<br>|
| &nbsp;&nbsp;&nbsp; FLEX LNG Ltd. | &nbsp;&nbsp; 2272 | &nbsp;&nbsp;&nbsp; 56686<br>|
| &nbsp;&nbsp;&nbsp; International Seaways Inc. | &nbsp;&nbsp; 3904 | &nbsp;&nbsp;&nbsp; 189539<br>|
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A Shares | &nbsp;&nbsp; 15296 | &nbsp;&nbsp;&nbsp; 334830<br>|
| &nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | &nbsp;&nbsp; 14528 | &nbsp;&nbsp;&nbsp; 49976<br>|
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas Inc. | &nbsp;&nbsp; 8672 | &nbsp;&nbsp;&nbsp; 186188<br>|
| &nbsp;&nbsp;&nbsp; Riley Exploration Permian Inc. | &nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp; 33792<br>|
| &nbsp;&nbsp;&nbsp; Scorpio Tankers Inc. | &nbsp;&nbsp; 4032 | &nbsp;&nbsp;&nbsp; 204947<br>|
| &nbsp;&nbsp;&nbsp; SFL Corp. Ltd. | &nbsp;&nbsp; 11040 | &nbsp;&nbsp;&nbsp; 86222<br>|
| &nbsp;&nbsp;&nbsp; Teekay Tankers Ltd., Class A Shares | &nbsp;&nbsp; 2176 | &nbsp;&nbsp;&nbsp; 116242<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *1698966* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2282519** |
| **Financials — 14.8%** | **Financials — 14.8%** | **Financials — 14.8%** |
| *Banks — 4.0%* | *Banks — 4.0%* | *Banks — 4.0%* |
| &nbsp;&nbsp;&nbsp; Bank First Corp. | &nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp; 70168<br>|
| &nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | &nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp; 32461<br>|
| &nbsp;&nbsp;&nbsp; Bank7 Corp. | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 15736<br>|
| &nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | &nbsp;&nbsp; 2368 | &nbsp;&nbsp;&nbsp; 73787<br>|
| &nbsp;&nbsp;&nbsp; Chemung Financial Corp. | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 21427<br>|
| &nbsp;&nbsp;&nbsp; Citizens & Northern Corp. | &nbsp;&nbsp; 1632 | &nbsp;&nbsp;&nbsp; 32917<br>|
| &nbsp;&nbsp;&nbsp; City Holding Co. | &nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp; 144947<br>|
| &nbsp;&nbsp;&nbsp; Eagle Bancorp Inc. | &nbsp;&nbsp; 2656 | &nbsp;&nbsp;&nbsp; 56892<br>|
| &nbsp;&nbsp;&nbsp; First Busey Corp. | &nbsp;&nbsp; 6784 | &nbsp;&nbsp;&nbsp; 161391<br>|
| &nbsp;&nbsp;&nbsp; First Business Financial Services Inc. | &nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp; 39965<br>|
| &nbsp;&nbsp;&nbsp; First Capital Inc. | &nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 13261<br>|
| &nbsp;&nbsp;&nbsp; First Community Bankshares Inc. | &nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp; 48571<br>|
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem Inc., Class A Shares | &nbsp;&nbsp; 7008 | &nbsp;&nbsp;&nbsp; 242477<br>|
| &nbsp;&nbsp;&nbsp; First United Corp. | &nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp; 15575<br>|
| &nbsp;&nbsp;&nbsp; German American Bancorp Inc. | &nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp; 70211<br>|
| &nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | &nbsp;&nbsp; 5024 | &nbsp;&nbsp;&nbsp; 60338<br>|
| &nbsp;&nbsp;&nbsp; Home Bancorp Inc. | &nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp; 35142<br>|
| &nbsp;&nbsp;&nbsp; Home BancShares Inc. | &nbsp;&nbsp; 18592 | &nbsp;&nbsp;&nbsp; 516486<br>|
| &nbsp;&nbsp;&nbsp; Kearny Financial Corp. | &nbsp;&nbsp; 4512 | &nbsp;&nbsp;&nbsp; 33434<br>|
| &nbsp;&nbsp;&nbsp; Middlefield Banc Corp. | &nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp; 18790<br>|
| &nbsp;&nbsp;&nbsp; NBT Bancorp Inc. | &nbsp;&nbsp; 4960 | &nbsp;&nbsp;&nbsp; 205939<br>|
| &nbsp;&nbsp;&nbsp; Nicolet Bankshares Inc. | &nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 104803<br>|
| &nbsp;&nbsp;&nbsp; Northeast Community Bancorp Inc. | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 25323<br>|
| &nbsp;&nbsp;&nbsp; Northwest Bancshares Inc. | &nbsp;&nbsp; 11648 | &nbsp;&nbsp;&nbsp; 139776<br>|
| &nbsp;&nbsp;&nbsp; Ohio Valley Banc Corp. | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 6397<br>|
| &nbsp;&nbsp;&nbsp; Parke Bancorp Inc. | &nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp; 22436<br>|
| &nbsp;&nbsp;&nbsp; Peoples Bancorp Inc. | &nbsp;&nbsp; 3328 | &nbsp;&nbsp;&nbsp; 99940<br>|
| &nbsp;&nbsp;&nbsp; Preferred Bank | &nbsp;&nbsp; 1152 | &nbsp;&nbsp;&nbsp; 108783<br>|
| &nbsp;&nbsp;&nbsp; Riverview Bancorp Inc. | &nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp; 6426<br>|
| &nbsp;&nbsp;&nbsp; Southern Missouri Bancorp Inc. | &nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp; 45404<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Stock Yards Bancorp Inc. | &nbsp;&nbsp; 2304 | &nbsp;&nbsp;&nbsp; $149645<br>|
| &nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | &nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp; 90505<br>|
| &nbsp;&nbsp;&nbsp; TrustCo Bank Corp. | &nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp; 74063<br>|
| &nbsp;&nbsp;&nbsp; United Security Bancshares | &nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp; 9667<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *2793083* |
| *Capital Markets — 1.1%* | *Capital Markets — 1.1%* | *Capital Markets — 1.1%* |
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management Inc., Class A Shares | &nbsp;&nbsp; 5952 | &nbsp;&nbsp;&nbsp; 242485<br>|
| &nbsp;&nbsp;&nbsp; Donnelley Financial Solutions Inc. | &nbsp;&nbsp; 2272 | &nbsp;&nbsp;&nbsp; 106,080<br> \*<br>|
| &nbsp;&nbsp;&nbsp; GCM Grosvenor Inc., Class A Shares | &nbsp;&nbsp; 4384 | &nbsp;&nbsp;&nbsp; 49627<br>|
| &nbsp;&nbsp;&nbsp; PJT Partners Inc., Class A Shares | &nbsp;&nbsp; 1952 | &nbsp;&nbsp;&nbsp; 326374<br>|
| &nbsp;&nbsp;&nbsp; Value Line Inc. | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 2536<br>|
| &nbsp;&nbsp;&nbsp; Westwood Holdings Group Inc. | &nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 6058<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *733160* |
| *Consumer Finance — 2.1%* | *Consumer Finance — 2.1%* | *Consumer Finance — 2.1%* |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings Inc. | &nbsp;&nbsp; 3776 | &nbsp;&nbsp;&nbsp; 279537<br>|
| &nbsp;&nbsp;&nbsp; Consumer Portfolio Services Inc. | &nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp; 8,658<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Enova International Inc. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 377,280<br> \*<br>|
| &nbsp;&nbsp;&nbsp; FirstCash Holdings Inc. | &nbsp;&nbsp; 3712 | &nbsp;&nbsp;&nbsp; 591619<br>|
| &nbsp;&nbsp;&nbsp; Medallion Financial Corp. | &nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp; 15476<br>|
| &nbsp;&nbsp;&nbsp; NerdWallet Inc., Class A Shares | &nbsp;&nbsp; 3872 | &nbsp;&nbsp;&nbsp; 52,466<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Regional Management Corp. | &nbsp;&nbsp; 1088 | &nbsp;&nbsp;&nbsp; 42160<br>|
| &nbsp;&nbsp;&nbsp; World Acceptance Corp. | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 53,910<br> \*<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *1421106* |
| *Financial Services — 3.5%* | *Financial Services — 3.5%* | *Financial Services — 3.5%* |
| &nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio Exterior SA, Class E Shares | &nbsp;&nbsp; 2624 | &nbsp;&nbsp;&nbsp; 117030<br>|
| &nbsp;&nbsp;&nbsp; Cass Information Systems Inc. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp;&nbsp; 43845<br>|
| &nbsp;&nbsp;&nbsp; Enact Holdings Inc. | &nbsp;&nbsp; 3456 | &nbsp;&nbsp;&nbsp; 136996<br>|
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | &nbsp;&nbsp; 11040 | &nbsp;&nbsp;&nbsp; 717710<br>|
| &nbsp;&nbsp;&nbsp; Flywire Corp. | &nbsp;&nbsp; 8320 | &nbsp;&nbsp;&nbsp; 117,811<br> \*<br>|
| &nbsp;&nbsp;&nbsp; International Money Express Inc. | &nbsp;&nbsp; 3360 | &nbsp;&nbsp;&nbsp; 51,610<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Jackson Financial Inc., Class A Shares | &nbsp;&nbsp; 6944 | &nbsp;&nbsp;&nbsp; 740578<br>|
| &nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd., Class A Shares | &nbsp;&nbsp; 11488 | &nbsp;&nbsp;&nbsp; 110744<br>|
| &nbsp;&nbsp;&nbsp; Remitly Global Inc. | &nbsp;&nbsp; 11072 | &nbsp;&nbsp;&nbsp; 152,794<br> \*<br>|
| &nbsp;&nbsp;&nbsp; StoneCo Ltd., Class A Shares | &nbsp;&nbsp; 16416 | &nbsp;&nbsp;&nbsp; 242,793<br> \*<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *2431911* |
| *Insurance — 2.9%* | *Insurance — 2.9%* | *Insurance — 2.9%* |
| &nbsp;&nbsp;&nbsp; Ategrity Specialty Holdings LLC | &nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 7,395<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings Inc. | &nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp; 36,531<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CNO Financial Group Inc. | &nbsp;&nbsp; 9568 | &nbsp;&nbsp;&nbsp; 406353<br>|
| &nbsp;&nbsp;&nbsp; Donegal Group Inc., Class A Shares | &nbsp;&nbsp; 1088 | &nbsp;&nbsp;&nbsp; 21738<br>|
| &nbsp;&nbsp;&nbsp; Genworth Financial Inc. | &nbsp;&nbsp; 38720 | &nbsp;&nbsp;&nbsp; 349,642<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Goosehead Insurance Inc., Class A Shares | &nbsp;&nbsp; 1824 | &nbsp;&nbsp;&nbsp; 134338<br>|
| &nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd., Class B Shares | &nbsp;&nbsp; 3616 | &nbsp;&nbsp;&nbsp; 100,886<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mercury General Corp. | &nbsp;&nbsp; 2528 | &nbsp;&nbsp;&nbsp; 237784<br>|
| &nbsp;&nbsp;&nbsp; Palomar Holdings Inc. | &nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp; 228,553<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Selective Insurance Group Inc. | &nbsp;&nbsp; 5888 | &nbsp;&nbsp;&nbsp; 492649<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Slide Insurance Holdings Inc. | &nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp; $24,934<br> \*<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *2040803* |
| *Mortgage Real Estate Investment Trusts (REITs) — 1.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.2%* |
| &nbsp;&nbsp;&nbsp; ACRES Commercial Realty Corp. | &nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp; 8,877<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance Inc. | &nbsp;&nbsp; 12352 | &nbsp;&nbsp;&nbsp; 119567<br>|
| &nbsp;&nbsp;&nbsp; Ares Commercial Real Estate Corp. | &nbsp;&nbsp; 5184 | &nbsp;&nbsp;&nbsp; 24780<br>|
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust Inc., Class A Shares | &nbsp;&nbsp; 19360 | &nbsp;&nbsp;&nbsp; 370357<br>|
| &nbsp;&nbsp;&nbsp; Chicago Atlantic Real Estate Finance Inc. | &nbsp;&nbsp; 1568 | &nbsp;&nbsp;&nbsp; 19224<br>|
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp. | &nbsp;&nbsp; 5696 | &nbsp;&nbsp;&nbsp; 70801<br>|
| &nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust Inc. | &nbsp;&nbsp; 6688 | &nbsp;&nbsp;&nbsp; 54975<br>|
| &nbsp;&nbsp;&nbsp; Ladder Capital Corp. | &nbsp;&nbsp; 5120 | &nbsp;&nbsp;&nbsp; 56269<br>|
| &nbsp;&nbsp;&nbsp; Lument Finance Trust Inc. | &nbsp;&nbsp; 3264 | &nbsp;&nbsp;&nbsp; 4602<br>|
| &nbsp;&nbsp;&nbsp; Nexpoint Real Estate Finance Inc. | &nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp; 10814<br>|
| &nbsp;&nbsp;&nbsp; Seven Hills Realty Trust | &nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp; 13386<br>|
| &nbsp;&nbsp;&nbsp; Sunrise Realty Trust Inc. | &nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp; 4225<br>|
| &nbsp;&nbsp;&nbsp; TPG Mortgage Investment Trust Inc. | &nbsp;&nbsp; 2016 | &nbsp;&nbsp;&nbsp; 17176<br>|
| &nbsp;&nbsp;&nbsp; TPG RE Finance Trust Inc. | &nbsp;&nbsp; 6976 | &nbsp;&nbsp;&nbsp; 60063<br>|
| *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | &nbsp;&nbsp; *835116* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **10255179** |
| **Health Care — 11.1%** | **Health Care — 11.1%** | **Health Care — 11.1%** |
| *Biotechnology — 3.8%* | *Biotechnology — 3.8%* | *Biotechnology — 3.8%* |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp; 13696 | &nbsp;&nbsp;&nbsp; 365,820<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Alkermes PLC | &nbsp;&nbsp; 17472 | &nbsp;&nbsp;&nbsp; 488,867<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Amicus Therapeutics Inc. | &nbsp;&nbsp; 22464 | &nbsp;&nbsp;&nbsp; 319,887<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals Inc. | &nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp; 89,320<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals Inc. | &nbsp;&nbsp; 16064 | &nbsp;&nbsp;&nbsp; 125,299<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp; 11712 | &nbsp;&nbsp;&nbsp; 273,358<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Fennec Pharmaceuticals Inc. | &nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp; 16,262<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals Inc. | &nbsp;&nbsp; 7392 | &nbsp;&nbsp;&nbsp; 24,911<br> \*<br>|
| &nbsp;&nbsp;&nbsp; MiMedx Group Inc. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp;&nbsp; 92,072<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Myriad Genetics Inc. | &nbsp;&nbsp; 6304 | &nbsp;&nbsp;&nbsp; 38,770<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Organogenesis Holdings Inc. | &nbsp;&nbsp; 7552 | &nbsp;&nbsp;&nbsp; 39,119<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics Inc. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 419,232<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Protalix BioTherapeutics Inc. | &nbsp;&nbsp; 4768 | &nbsp;&nbsp;&nbsp; 8,582<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Puma Biotechnology Inc. | &nbsp;&nbsp; 4448 | &nbsp;&nbsp;&nbsp; 26,466<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals Inc. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp;&nbsp; 78,122<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals Inc. | &nbsp;&nbsp; 5440 | &nbsp;&nbsp;&nbsp; 47,981<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vericel Corp. | &nbsp;&nbsp; 4064 | &nbsp;&nbsp;&nbsp; 146,345<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *2600413* |
| *Health Care Equipment & Supplies — 2.7%* | *Health Care Equipment & Supplies — 2.7%* | *Health Care Equipment & Supplies — 2.7%* |
| &nbsp;&nbsp;&nbsp; Acme United Corp. | &nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 9029<br>|
| &nbsp;&nbsp;&nbsp; Artivion Inc. | &nbsp;&nbsp; 3936 | &nbsp;&nbsp;&nbsp; 179,521<br> \*<br>|
| &nbsp;&nbsp;&nbsp; AtriCure Inc. | &nbsp;&nbsp; 5056 | &nbsp;&nbsp;&nbsp; 200,015<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Axogen Inc. | &nbsp;&nbsp; 4576 | &nbsp;&nbsp;&nbsp; 149,773<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CONMED Corp. | &nbsp;&nbsp; 3008 | &nbsp;&nbsp;&nbsp; 122125<br>|
| &nbsp;&nbsp;&nbsp; Electromed Inc. | &nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp; 17,705<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Embecta Corp. | &nbsp;&nbsp; 6624 | &nbsp;&nbsp;&nbsp; 78693<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Health Care Equipment & Supplies — continued* | *Health Care Equipment & Supplies — continued* | *Health Care Equipment & Supplies — continued* |
| &nbsp;&nbsp;&nbsp; iRadimed Corp. | &nbsp;&nbsp; 992 | &nbsp;&nbsp;&nbsp; $96502<br>|
| &nbsp;&nbsp;&nbsp; Lantheus Holdings Inc. | &nbsp;&nbsp; 5280 | &nbsp;&nbsp;&nbsp; 351,384<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LeMaitre Vascular Inc. | &nbsp;&nbsp; 1888 | &nbsp;&nbsp;&nbsp; 153117<br>|
| &nbsp;&nbsp;&nbsp; Merit Medical Systems Inc. | &nbsp;&nbsp; 4928 | &nbsp;&nbsp;&nbsp; 434,354<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Pro-Dex Inc. | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 4,925<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SANUWAVE Health Inc. | &nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; 15,278<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Semler Scientific Inc. | &nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 13,211<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tactile Systems Technology Inc. | &nbsp;&nbsp; 2432 | &nbsp;&nbsp;&nbsp; 70,528<br> \*<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *1896160* |
| *Health Care Providers & Services — 2.3%* | *Health Care Providers & Services — 2.3%* | *Health Care Providers & Services — 2.3%* |
| &nbsp;&nbsp;&nbsp; Ardent Health Inc. | &nbsp;&nbsp; 1984 | &nbsp;&nbsp;&nbsp; 17,519<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Community Health Systems Inc. | &nbsp;&nbsp; 13088 | &nbsp;&nbsp;&nbsp; 40,835<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent Inc. | &nbsp;&nbsp; 10144 | &nbsp;&nbsp;&nbsp; 199634<br>|
| &nbsp;&nbsp;&nbsp; CorVel Corp. | &nbsp;&nbsp; 2656 | &nbsp;&nbsp;&nbsp; 179,732<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cross Country Healthcare Inc. | &nbsp;&nbsp; 2816 | &nbsp;&nbsp;&nbsp; 22,810<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Guardian Pharmacy Services Inc., Class A Shares | &nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp; 36,589<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LifeStance Health Group Inc. | &nbsp;&nbsp; 11936 | &nbsp;&nbsp;&nbsp; 84,029<br> \*<br>|
| &nbsp;&nbsp;&nbsp; National HealthCare Corp. | &nbsp;&nbsp; 1152 | &nbsp;&nbsp;&nbsp; 157928<br>|
| &nbsp;&nbsp;&nbsp; National Research Corp. | &nbsp;&nbsp; 1536 | &nbsp;&nbsp;&nbsp; 28831<br>|
| &nbsp;&nbsp;&nbsp; Option Care Health Inc. | &nbsp;&nbsp; 13984 | &nbsp;&nbsp;&nbsp; 445,530<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group Inc. | &nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; 205,344<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Progyny Inc. | &nbsp;&nbsp; 5088 | &nbsp;&nbsp;&nbsp; 130,660<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SBC Medical Group Holdings Inc. | &nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp; 3,172<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sonida Senior Living Inc. | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 12,522<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Viemed Healthcare Inc. | &nbsp;&nbsp; 3680 | &nbsp;&nbsp;&nbsp; 27,342<br> \*<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *1592477* |
| *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* |
| &nbsp;&nbsp;&nbsp; HealthStream Inc. | &nbsp;&nbsp; 1760 | &nbsp;&nbsp;&nbsp; 40603<br>|
| &nbsp;&nbsp;&nbsp; TruBridge Inc. | &nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp; 14,831<br> \*<br>|
| *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *55434* |
| *Life Sciences Tools & Services — 0.0%††* | *Life Sciences Tools & Services — 0.0%††* | *Life Sciences Tools & Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Niagen Bioscience Inc. | &nbsp;&nbsp; 5472 | &nbsp;&nbsp;&nbsp; *34,802*<br> \*<br>|
| *Pharmaceuticals — 2.2%* | *Pharmaceuticals — 2.2%* | *Pharmaceuticals — 2.2%* |
| &nbsp;&nbsp;&nbsp; Avadel Pharmaceuticals PLC | &nbsp;&nbsp; 4672 | &nbsp;&nbsp;&nbsp; 100,682<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Biote Corp., Class A Shares | &nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp; 3,910<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical Inc. | &nbsp;&nbsp; 2848 | &nbsp;&nbsp;&nbsp; 131,863<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CorMedix Inc. | &nbsp;&nbsp; 3456 | &nbsp;&nbsp;&nbsp; 40,193<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings Inc. | &nbsp;&nbsp; 4224 | &nbsp;&nbsp;&nbsp; 158,062<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Indivior PLC | &nbsp;&nbsp; 11392 | &nbsp;&nbsp;&nbsp; 408,745<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Innoviva Inc. | &nbsp;&nbsp; 5632 | &nbsp;&nbsp;&nbsp; 112,584<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Pacira BioSciences Inc. | &nbsp;&nbsp; 3072 | &nbsp;&nbsp;&nbsp; 79,503<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Phibro Animal Health Corp., Class A Shares | &nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp; 78904<br>|
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare Inc. | &nbsp;&nbsp; 5152 | &nbsp;&nbsp;&nbsp; 317,827<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SIGA Technologies Inc. | &nbsp;&nbsp; 4576 | &nbsp;&nbsp;&nbsp; 27959<br>|
| &nbsp;&nbsp;&nbsp; Theravance Biopharma Inc. | &nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp; 31,732<br> \*<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *1491964* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **7671250** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Industrials — 18.5%** | **Industrials — 18.5%** | **Industrials — 18.5%** |
| *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* |
| &nbsp;&nbsp;&nbsp; Byrna Technologies Inc. | &nbsp;&nbsp; 1344 | &nbsp;&nbsp;&nbsp; $22,566<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cadre Holdings Inc. | &nbsp;&nbsp; 2016 | &nbsp;&nbsp;&nbsp; 82333<br>|
| &nbsp;&nbsp;&nbsp; Moog Inc., Class A Shares | &nbsp;&nbsp; 2752 | &nbsp;&nbsp;&nbsp; 670250<br>|
| &nbsp;&nbsp;&nbsp; National Presto Industries Inc. | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 51245<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *826394* |
| *Air Freight & Logistics — 0.3%* | *Air Freight & Logistics — 0.3%* | *Air Freight & Logistics — 0.3%* |
| &nbsp;&nbsp;&nbsp; Hub Group Inc., Class A Shares | &nbsp;&nbsp; 4192 | &nbsp;&nbsp;&nbsp; 178621<br>|
| &nbsp;&nbsp;&nbsp; Radiant Logistics Inc. | &nbsp;&nbsp; 3040 | &nbsp;&nbsp;&nbsp; 19,243<br> \*<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *197864* |
| *Building Products — 1.1%* | *Building Products — 1.1%* | *Building Products — 1.1%* |
| &nbsp;&nbsp;&nbsp; Apogee Enterprises Inc. | &nbsp;&nbsp; 1856 | &nbsp;&nbsp;&nbsp; 67577<br>|
| &nbsp;&nbsp;&nbsp; Griffon Corp. | &nbsp;&nbsp; 3040 | &nbsp;&nbsp;&nbsp; 223896<br>|
| &nbsp;&nbsp;&nbsp; Resideo Technologies Inc. | &nbsp;&nbsp; 12512 | &nbsp;&nbsp;&nbsp; 439,421<br> \*<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *730894* |
| *Commercial Services & Supplies — 2.4%* | *Commercial Services & Supplies — 2.4%* | *Commercial Services & Supplies — 2.4%* |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. | &nbsp;&nbsp; 4160 | &nbsp;&nbsp;&nbsp; 15517<br>|
| &nbsp;&nbsp;&nbsp; BrightView Holdings Inc. | &nbsp;&nbsp; 5504 | &nbsp;&nbsp;&nbsp; 69,736<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Brink's Co. | &nbsp;&nbsp; 4224 | &nbsp;&nbsp;&nbsp; 493068<br>|
| &nbsp;&nbsp;&nbsp; Cimpress PLC | &nbsp;&nbsp; 1920 | &nbsp;&nbsp;&nbsp; 127,853<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CompX International Inc. | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 3723<br>|
| &nbsp;&nbsp;&nbsp; Deluxe Corp. | &nbsp;&nbsp; 4704 | &nbsp;&nbsp;&nbsp; 105040<br>|
| &nbsp;&nbsp;&nbsp; Ennis Inc. | &nbsp;&nbsp; 2816 | &nbsp;&nbsp;&nbsp; 50716<br>|
| &nbsp;&nbsp;&nbsp; HNI Corp. | &nbsp;&nbsp; 5504 | &nbsp;&nbsp;&nbsp; 231388<br>|
| &nbsp;&nbsp;&nbsp; Interface Inc. | &nbsp;&nbsp; 4992 | &nbsp;&nbsp;&nbsp; 139377<br>|
| &nbsp;&nbsp;&nbsp; Liquidity Services Inc. | &nbsp;&nbsp; 2208 | &nbsp;&nbsp;&nbsp; 66,925<br> \*<br>|
| &nbsp;&nbsp;&nbsp; MillerKnoll Inc. | &nbsp;&nbsp; 6400 | &nbsp;&nbsp;&nbsp; 116992<br>|
| &nbsp;&nbsp;&nbsp; NL Industries Inc. | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 4376<br>|
| &nbsp;&nbsp;&nbsp; Quad/Graphics Inc. | &nbsp;&nbsp; 1472 | &nbsp;&nbsp;&nbsp; 9229<br>|
| &nbsp;&nbsp;&nbsp; UniFirst Corp. | &nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp; 246912<br>|
| &nbsp;&nbsp;&nbsp; Virco Mfg. Corp. | &nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp; 6134<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *1686986* |
| *Construction & Engineering — 1.3%* | *Construction & Engineering — 1.3%* | *Construction & Engineering — 1.3%* |
| &nbsp;&nbsp;&nbsp; Bowman Consulting Group Ltd. | &nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp; 41,209<br> \*<br>|
| &nbsp;&nbsp;&nbsp; IES Holdings Inc. | &nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp; 298,768<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Primoris Services Corp. | &nbsp;&nbsp; 4288 | &nbsp;&nbsp;&nbsp; 532312<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *872289* |
| *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Matthews International Corp., Class A Shares | &nbsp;&nbsp; 2592 | &nbsp;&nbsp;&nbsp; *67703*<br>|
| *Electrical Equipment — 0.2%* | *Electrical Equipment — 0.2%* | *Electrical Equipment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Allient Inc. | &nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp; 73960<br>|
| &nbsp;&nbsp;&nbsp; LSI Industries Inc. | &nbsp;&nbsp; 2304 | &nbsp;&nbsp;&nbsp; 42209<br>|
| &nbsp;&nbsp;&nbsp; Preformed Line Products Co. | &nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 46303<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *162472* |
| *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* |
| &nbsp;&nbsp;&nbsp; Covenant Logistics Group Inc. | &nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp; 37380<br>|
| &nbsp;&nbsp;&nbsp; Heartland Express Inc. | &nbsp;&nbsp; 5120 | &nbsp;&nbsp;&nbsp; 46234<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Ground Transportation — continued* | *Ground Transportation — continued* | *Ground Transportation — continued* |
| &nbsp;&nbsp;&nbsp; PAMT Corp. | &nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; $6,185<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Werner Enterprises Inc. | &nbsp;&nbsp; 6848 | &nbsp;&nbsp;&nbsp; 205508<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *295307* |
| *Machinery — 6.6%* | *Machinery — 6.6%* | *Machinery — 6.6%* |
| &nbsp;&nbsp;&nbsp; Alamo Group Inc. | &nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp; 150411<br>|
| &nbsp;&nbsp;&nbsp; Atmus Filtration Technologies Inc. | &nbsp;&nbsp; 7360 | &nbsp;&nbsp;&nbsp; 382058<br>|
| &nbsp;&nbsp;&nbsp; Blue Bird Corp. | &nbsp;&nbsp; 2208 | &nbsp;&nbsp;&nbsp; 103,776<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Douglas Dynamics Inc. | &nbsp;&nbsp; 1632 | &nbsp;&nbsp;&nbsp; 53285<br>|
| &nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | &nbsp;&nbsp; 4320 | &nbsp;&nbsp;&nbsp; 165197<br>|
| &nbsp;&nbsp;&nbsp; ESCO Technologies Inc. | &nbsp;&nbsp; 2592 | &nbsp;&nbsp;&nbsp; 506451<br>|
| &nbsp;&nbsp;&nbsp; Federal Signal Corp. | &nbsp;&nbsp; 4608 | &nbsp;&nbsp;&nbsp; 500383<br>|
| &nbsp;&nbsp;&nbsp; Franklin Electric Co. Inc. | &nbsp;&nbsp; 4160 | &nbsp;&nbsp;&nbsp; 397405<br>|
| &nbsp;&nbsp;&nbsp; Gorman-Rupp Co. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp;&nbsp; 87096<br>|
| &nbsp;&nbsp;&nbsp; Hillenbrand Inc. | &nbsp;&nbsp; 6336 | &nbsp;&nbsp;&nbsp; 200978<br>|
| &nbsp;&nbsp;&nbsp; Kadant Inc. | &nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp; 291860<br>|
| &nbsp;&nbsp;&nbsp; Kennametal Inc. | &nbsp;&nbsp; 3456 | &nbsp;&nbsp;&nbsp; 98185<br>|
| &nbsp;&nbsp;&nbsp; Luxfer Holdings PLC | &nbsp;&nbsp; 2304 | &nbsp;&nbsp;&nbsp; 31173<br>|
| &nbsp;&nbsp;&nbsp; Mueller Water Products Inc., Class A Shares | &nbsp;&nbsp; 13376 | &nbsp;&nbsp;&nbsp; 318616<br>|
| &nbsp;&nbsp;&nbsp; Omega Flex Inc. | &nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp; 13189<br>|
| &nbsp;&nbsp;&nbsp; REV Group Inc. | &nbsp;&nbsp; 4096 | &nbsp;&nbsp;&nbsp; 249078<br>|
| &nbsp;&nbsp;&nbsp; Standex International Corp. | &nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp; 222495<br>|
| &nbsp;&nbsp;&nbsp; Tennant Co. | &nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp; 132070<br>|
| &nbsp;&nbsp;&nbsp; Watts Water Technologies Inc., Class A Shares | &nbsp;&nbsp; 2496 | &nbsp;&nbsp;&nbsp; 688946<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *4592652* |
| *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Costamare Inc. | &nbsp;&nbsp; 4480 | &nbsp;&nbsp;&nbsp; 70739<br>|
| &nbsp;&nbsp;&nbsp; Safe Bulkers Inc. | &nbsp;&nbsp; 5440 | &nbsp;&nbsp;&nbsp; 26221<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *96960* |
| *Professional Services — 3.7%* | *Professional Services — 3.7%* | *Professional Services — 3.7%* |
| &nbsp;&nbsp;&nbsp; Barrett Business Services Inc. | &nbsp;&nbsp; 2496 | &nbsp;&nbsp;&nbsp; 90380<br>|
| &nbsp;&nbsp;&nbsp; CRA International Inc. | &nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp; 122023<br>|
| &nbsp;&nbsp;&nbsp; CSG Systems International Inc. | &nbsp;&nbsp; 3232 | &nbsp;&nbsp;&nbsp; 247862<br>|
| &nbsp;&nbsp;&nbsp; Exponent Inc. | &nbsp;&nbsp; 5024 | &nbsp;&nbsp;&nbsp; 348967<br>|
| &nbsp;&nbsp;&nbsp; Forrester Research Inc. | &nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp; 7,795<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Franklin Covey Co. | &nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp; 20,941<br> \*<br>|
| &nbsp;&nbsp;&nbsp; HireQuest Inc. | &nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; 2691<br>|
| &nbsp;&nbsp;&nbsp; Huron Consulting Group Inc. | &nbsp;&nbsp; 1568 | &nbsp;&nbsp;&nbsp; 271,123<br> \*<br>|
| &nbsp;&nbsp;&nbsp; IBEX Holdings Ltd. | &nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp; 36,653<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ICF International Inc. | &nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp; 152858<br>|
| &nbsp;&nbsp;&nbsp; Innodata Inc. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 122,280<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Insperity Inc. | &nbsp;&nbsp; 3552 | &nbsp;&nbsp;&nbsp; 137533<br>|
| &nbsp;&nbsp;&nbsp; Kelly Services Inc., Class A Shares | &nbsp;&nbsp; 2976 | &nbsp;&nbsp;&nbsp; 26189<br>|
| &nbsp;&nbsp;&nbsp; Kforce Inc. | &nbsp;&nbsp; 2208 | &nbsp;&nbsp;&nbsp; 68271<br>|
| &nbsp;&nbsp;&nbsp; Korn Ferry | &nbsp;&nbsp; 5696 | &nbsp;&nbsp;&nbsp; 376050<br>|
| &nbsp;&nbsp;&nbsp; Legalzoom.com Inc. | &nbsp;&nbsp; 14240 | &nbsp;&nbsp;&nbsp; 141,403<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mistras Group Inc. | &nbsp;&nbsp; 1760 | &nbsp;&nbsp;&nbsp; 22,264<br> \*<br>|
| &nbsp;&nbsp;&nbsp; RCM Technologies Inc. | &nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 7,197<br> \*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Professional Services — continued* | *Professional Services — continued* | *Professional Services — continued* |
| &nbsp;&nbsp;&nbsp; Resources Connection Inc. | &nbsp;&nbsp; 3360 | &nbsp;&nbsp;&nbsp; $16934<br>|
| &nbsp;&nbsp;&nbsp; Upwork Inc. | &nbsp;&nbsp; 11968 | &nbsp;&nbsp;&nbsp; 237,206<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Willdan Group Inc. | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 66,342<br> \*<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *2522962* |
| *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* |
| &nbsp;&nbsp;&nbsp; DXP Enterprises Inc. | &nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp; 133,505<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Global Industrial Co. | &nbsp;&nbsp; 1760 | &nbsp;&nbsp;&nbsp; 51427<br>|
| &nbsp;&nbsp;&nbsp; Karat Packaging Inc. | &nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp; 16611<br>|
| &nbsp;&nbsp;&nbsp; McGrath RentCorp. | &nbsp;&nbsp; 2176 | &nbsp;&nbsp;&nbsp; 228328<br>|
| &nbsp;&nbsp;&nbsp; Rush Enterprises Inc., Class A Shares | &nbsp;&nbsp; 5312 | &nbsp;&nbsp;&nbsp; 286529<br>|
| &nbsp;&nbsp;&nbsp; Rush Enterprises Inc., Class B Shares | &nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp; 43208<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *759608* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **12812091** |
| **Information Technology — 14.6%** | **Information Technology — 14.6%** | **Information Technology — 14.6%** |
| *Communications Equipment — 1.3%* | *Communications Equipment — 1.3%* | *Communications Equipment — 1.3%* |
| &nbsp;&nbsp;&nbsp; Aviat Networks Inc. | &nbsp;&nbsp; 1088 | &nbsp;&nbsp;&nbsp; 23,261<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BK Technologies Corp. | &nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 16,708<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Calix Inc. | &nbsp;&nbsp; 5472 | &nbsp;&nbsp;&nbsp; 289,633<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Extreme Networks Inc. | &nbsp;&nbsp; 6080 | &nbsp;&nbsp;&nbsp; 101,232<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Harmonic Inc. | &nbsp;&nbsp; 11040 | &nbsp;&nbsp;&nbsp; 109,186<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Viavi Solutions Inc. | &nbsp;&nbsp; 19488 | &nbsp;&nbsp;&nbsp; 347,276<br> \*<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *887296* |
| *Electronic Equipment, Instruments & Components — 3.0%* | *Electronic Equipment, Instruments & Components — 3.0%* | *Electronic Equipment, Instruments & Components — 3.0%* |
| &nbsp;&nbsp;&nbsp; Badger Meter Inc. | &nbsp;&nbsp; 2816 | &nbsp;&nbsp;&nbsp; 491139<br>|
| &nbsp;&nbsp;&nbsp; Belden Inc. | &nbsp;&nbsp; 3328 | &nbsp;&nbsp;&nbsp; 387878<br>|
| &nbsp;&nbsp;&nbsp; ePlus Inc.  | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 210480<br>|
| &nbsp;&nbsp;&nbsp; Frequency Electronics Inc. | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 25,843<br> \*<br>|
| &nbsp;&nbsp;&nbsp; M-Tron Industries Inc. | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 8,515<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Napco Security Technologies Inc. | &nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp; 133440<br>|
| &nbsp;&nbsp;&nbsp; OSI Systems Inc. | &nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp; 383,610<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PC Connection Inc. | &nbsp;&nbsp; 992 | &nbsp;&nbsp;&nbsp; 57298<br>|
| &nbsp;&nbsp;&nbsp; Richardson Electronics Ltd. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp;&nbsp; 11489<br>|
| &nbsp;&nbsp;&nbsp; Sanmina Corp. | &nbsp;&nbsp; 2336 | &nbsp;&nbsp;&nbsp; 350,564<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vishay Precision Group Inc. | &nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp; 39,424<br> \*<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *2099680* |
| *IT Services — 0.1%* | *IT Services — 0.1%* | *IT Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Crexendo Inc. | &nbsp;&nbsp; 1088 | &nbsp;&nbsp;&nbsp; 7,040<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hackett Group Inc. | &nbsp;&nbsp; 2432 | &nbsp;&nbsp;&nbsp; 47740<br>|
| &nbsp;&nbsp;&nbsp; Information Services Group Inc. | &nbsp;&nbsp; 3936 | &nbsp;&nbsp;&nbsp; 22750<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *77530* |
| *Semiconductors & Semiconductor Equipment — 1.3%* | *Semiconductors & Semiconductor Equipment — 1.3%* | *Semiconductors & Semiconductor Equipment — 1.3%* |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies Inc. | &nbsp;&nbsp; 3072 | &nbsp;&nbsp;&nbsp; 246,804<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NVE Corp. | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 28478<br>|
| &nbsp;&nbsp;&nbsp; Rambus Inc. | &nbsp;&nbsp; 7232 | &nbsp;&nbsp;&nbsp; 664,549<br> \*<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *939831* |
| *Software — 8.7%* | *Software — 8.7%* | *Software — 8.7%* |
| &nbsp;&nbsp;&nbsp; A10 Networks Inc. | &nbsp;&nbsp; 8608 | &nbsp;&nbsp;&nbsp; 152275<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Software — continued* | *Software — continued* | *Software — continued* |
| &nbsp;&nbsp;&nbsp; ACI Worldwide Inc. | &nbsp;&nbsp; 9440 | &nbsp;&nbsp;&nbsp; $451,326<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Agilysys Inc. | &nbsp;&nbsp; 2368 | &nbsp;&nbsp;&nbsp; 281,413<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Appian Corp., Class A Shares | &nbsp;&nbsp; 2752 | &nbsp;&nbsp;&nbsp; 97,476<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Asana Inc., Class A Shares | &nbsp;&nbsp; 5920 | &nbsp;&nbsp;&nbsp; 81,163<br> \*<br>|
| &nbsp;&nbsp;&nbsp; AvePoint Inc. | &nbsp;&nbsp; 11776 | &nbsp;&nbsp;&nbsp; 163,569<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BlackLine Inc. | &nbsp;&nbsp; 4288 | &nbsp;&nbsp;&nbsp; 237,083<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Box Inc., Class A Shares | &nbsp;&nbsp; 14336 | &nbsp;&nbsp;&nbsp; 428,790<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Clear Secure Inc., Class A Shares | &nbsp;&nbsp; 9792 | &nbsp;&nbsp;&nbsp; 343503<br>|
| &nbsp;&nbsp;&nbsp; Commvault Systems Inc. | &nbsp;&nbsp; 4352 | &nbsp;&nbsp;&nbsp; 545,567<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Consensus Cloud Solutions Inc. | &nbsp;&nbsp; 1760 | &nbsp;&nbsp;&nbsp; 38,403<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Daily Journal Corp. | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 62,377<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Domo Inc., Class B Shares | &nbsp;&nbsp; 3136 | &nbsp;&nbsp;&nbsp; 26,436<br> \*<br>|
| &nbsp;&nbsp;&nbsp; eGain Corp. | &nbsp;&nbsp; 1824 | &nbsp;&nbsp;&nbsp; 18,769<br> \*<br>|
| &nbsp;&nbsp;&nbsp; InterDigital Inc. | &nbsp;&nbsp; 1920 | &nbsp;&nbsp;&nbsp; 611290<br>|
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings Inc. | &nbsp;&nbsp; 4352 | &nbsp;&nbsp;&nbsp; 127,818<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mitek Systems Inc. | &nbsp;&nbsp; 3872 | &nbsp;&nbsp;&nbsp; 40,850<br> \*<br>|
| &nbsp;&nbsp;&nbsp; OneSpan Inc. | &nbsp;&nbsp; 3872 | &nbsp;&nbsp;&nbsp; 49716<br>|
| &nbsp;&nbsp;&nbsp; Ooma Inc. | &nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp; 34,533<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PagerDuty Inc. | &nbsp;&nbsp; 4544 | &nbsp;&nbsp;&nbsp; 59,572<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Progress Software Corp. | &nbsp;&nbsp; 4032 | &nbsp;&nbsp;&nbsp; 173,215<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Qualys Inc. | &nbsp;&nbsp; 4064 | &nbsp;&nbsp;&nbsp; 540,106<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rapid7 Inc. | &nbsp;&nbsp; 4672 | &nbsp;&nbsp;&nbsp; 71,014<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Red Violet Inc. | &nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp; 43738<br>|
| &nbsp;&nbsp;&nbsp; Rimini Street Inc. | &nbsp;&nbsp; 6208 | &nbsp;&nbsp;&nbsp; 24,087<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SEMrush Holdings Inc., Class A Shares | &nbsp;&nbsp; 4192 | &nbsp;&nbsp;&nbsp; 49,843<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sprinklr Inc., Class A Shares | &nbsp;&nbsp; 7712 | &nbsp;&nbsp;&nbsp; 59,999<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SPS Commerce Inc. | &nbsp;&nbsp; 3616 | &nbsp;&nbsp;&nbsp; 322,294<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Varonis Systems Inc. | &nbsp;&nbsp; 9952 | &nbsp;&nbsp;&nbsp; 326,426<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Via Transportation Inc., Class A Shares | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 13,925<br> \*<br>|
| &nbsp;&nbsp;&nbsp; WM Technology Inc. | &nbsp;&nbsp; 8800 | &nbsp;&nbsp;&nbsp; 7,261<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Workiva Inc. | &nbsp;&nbsp; 4896 | &nbsp;&nbsp;&nbsp; 422,280<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yext Inc. | &nbsp;&nbsp; 10176 | &nbsp;&nbsp;&nbsp; 82,019<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *5988136* |
| *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* |
| &nbsp;&nbsp;&nbsp; CompoSecure Inc., Class A Shares | &nbsp;&nbsp; 4672 | &nbsp;&nbsp;&nbsp; 90,076<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CPI Card Group Inc. | &nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; 7,516<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Immersion Corp. | &nbsp;&nbsp; 2848 | &nbsp;&nbsp;&nbsp; 19367<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *116959* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **10109432** |
| **Materials — 2.0%** | **Materials — 2.0%** | **Materials — 2.0%** |
| *Chemicals — 1.2%* | *Chemicals — 1.2%* | *Chemicals — 1.2%* |
| &nbsp;&nbsp;&nbsp; Hawkins Inc. | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 227296<br>|
| &nbsp;&nbsp;&nbsp; Innospec Inc. | &nbsp;&nbsp; 2176 | &nbsp;&nbsp;&nbsp; 166551<br>|
| &nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | &nbsp;&nbsp; 4256 | &nbsp;&nbsp;&nbsp; 399851<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *793698* |
| *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* |
| &nbsp;&nbsp;&nbsp; Greif Inc., Class A Shares | &nbsp;&nbsp; 2304 | &nbsp;&nbsp;&nbsp; 155981<br>|

---

See Notes to Schedules of Investments.

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Franklin Templeton ETF Trust 2025 Quarterly Report

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Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Containers & Packaging — continued* | *Containers & Packaging — continued* | *Containers & Packaging — continued* |
| &nbsp;&nbsp;&nbsp; Greif Inc., Class B Shares | &nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp; $33461<br>|
| &nbsp;&nbsp;&nbsp; Myers Industries Inc. | &nbsp;&nbsp; 3584 | &nbsp;&nbsp;&nbsp; 67093<br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *256535* |
| *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* |
| &nbsp;&nbsp;&nbsp; Caledonia Mining Corp. PLC | &nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp; 37685<br>|
| &nbsp;&nbsp;&nbsp; Ryerson Holding Corp. | &nbsp;&nbsp; 2272 | &nbsp;&nbsp;&nbsp; 57163<br>|
| &nbsp;&nbsp;&nbsp; SunCoke Energy Inc. | &nbsp;&nbsp; 7104 | &nbsp;&nbsp;&nbsp; 51149<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *145997* |
| *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Sylvamo Corp. | &nbsp;&nbsp; 3072 | &nbsp;&nbsp;&nbsp; *147917*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1344147** |
| **Real Estate — 5.7%** | **Real Estate — 5.7%** | **Real Estate — 5.7%** |
| *Diversified REITs — 1.3%* | *Diversified REITs — 1.3%* | *Diversified REITs — 1.3%* |
| &nbsp;&nbsp;&nbsp; American Assets Trust Inc. | &nbsp;&nbsp; 4608 | &nbsp;&nbsp;&nbsp; 87229<br>|
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease Inc. | &nbsp;&nbsp; 19296 | &nbsp;&nbsp;&nbsp; 335172<br>|
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust Inc. | &nbsp;&nbsp; 16320 | &nbsp;&nbsp;&nbsp; 484051<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *906452* |
| *Health Care REITs — 1.3%* | *Health Care REITs — 1.3%* | *Health Care REITs — 1.3%* |
| &nbsp;&nbsp;&nbsp; CareTrust REIT Inc. | &nbsp;&nbsp; 18432 | &nbsp;&nbsp;&nbsp; 666501<br>|
| &nbsp;&nbsp;&nbsp; Community Healthcare Trust Inc. | &nbsp;&nbsp; 2784 | &nbsp;&nbsp;&nbsp; 45713<br>|
| &nbsp;&nbsp;&nbsp; LTC Properties Inc. | &nbsp;&nbsp; 4256 | &nbsp;&nbsp;&nbsp; 146321<br>|
| &nbsp;&nbsp;&nbsp; Strawberry Fields REIT Inc. | &nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp; 7127<br>|
| &nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust | &nbsp;&nbsp; 1344 | &nbsp;&nbsp;&nbsp; 52698<br>|
| *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *918360* |
| *Industrial REITs — 0.5%* | *Industrial REITs — 0.5%* | *Industrial REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; Innovative Industrial Properties Inc. | &nbsp;&nbsp; 2688 | &nbsp;&nbsp;&nbsp; 127303<br>|
| &nbsp;&nbsp;&nbsp; LXP Industrial Trust | &nbsp;&nbsp; 4160 | &nbsp;&nbsp;&nbsp; 206253<br>|
| *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *333556* |
| *Office REITs — 0.7%* | *Office REITs — 0.7%* | *Office REITs — 0.7%* |
| &nbsp;&nbsp;&nbsp; Brandywine Realty Trust | &nbsp;&nbsp; 14144 | &nbsp;&nbsp;&nbsp; 41301<br>|
| &nbsp;&nbsp;&nbsp; COPT Defense Properties | &nbsp;&nbsp; 8160 | &nbsp;&nbsp;&nbsp; 226848<br>|
| &nbsp;&nbsp;&nbsp; NET Lease Office Properties | &nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp; 32186<br>|
| &nbsp;&nbsp;&nbsp; Peakstone Realty Trust | &nbsp;&nbsp; 3104 | &nbsp;&nbsp;&nbsp; 44542<br>|
| &nbsp;&nbsp;&nbsp; Piedmont Realty Trust Inc. | &nbsp;&nbsp; 12320 | &nbsp;&nbsp;&nbsp; 102749<br>|
| &nbsp;&nbsp;&nbsp; Postal Realty Trust Inc., Class A Shares | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 25824<br>|
| *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *473450* |
| *Real Estate Management & Development — 0.7%* | *Real Estate Management & Development — 0.7%* | *Real Estate Management & Development — 0.7%* |
| &nbsp;&nbsp;&nbsp; Compass Inc., Class A Shares | &nbsp;&nbsp; 41344 | &nbsp;&nbsp;&nbsp; 437,006<br> \*<br>|
| &nbsp;&nbsp;&nbsp; RMR Group Inc., Class A Shares | &nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp; 25271<br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Realty Investors Inc. | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 7,503<br> \*<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *469780* |
| *Residential REITs — 0.3%* | *Residential REITs — 0.3%* | *Residential REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; Centerspace | &nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp; 51241<br>|
| &nbsp;&nbsp;&nbsp; Elme Communities | &nbsp;&nbsp; 7712 | &nbsp;&nbsp;&nbsp; 134189<br>|
| *Total Residential REITs* | *Total Residential REITs* | &nbsp;&nbsp; *185430* |
| *Retail REITs — 0.6%* | *Retail REITs — 0.6%* | *Retail REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; SITE Centers Corp. | &nbsp;&nbsp; 3872 | &nbsp;&nbsp;&nbsp; 24858<br>|

---

See Notes to Schedules of Investments.

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Franklin Templeton ETF Trust 2025 Quarterly Report

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Retail REITs — continued* | *Retail REITs — continued* | *Retail REITs — continued* | *Retail REITs — continued* |
| &nbsp;&nbsp;&nbsp; Tanger Inc. | &nbsp;&nbsp;&nbsp; Tanger Inc. | &nbsp;&nbsp; 11744 | &nbsp;&nbsp;&nbsp; $391897<br>|
| *Total Retail REITs* | *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *416755* |
| *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust Inc. | &nbsp;&nbsp;&nbsp; Four Corners Property Trust Inc. | &nbsp;&nbsp; 9760 | &nbsp;&nbsp;&nbsp; *225066*<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **3928849** |
| **Utilities — 5.6%** | **Utilities — 5.6%** | **Utilities — 5.6%** | **Utilities — 5.6%** |
| *Electric Utilities — 1.9%* | *Electric Utilities — 1.9%* | *Electric Utilities — 1.9%* | *Electric Utilities — 1.9%* |
| &nbsp;&nbsp;&nbsp; MGE Energy Inc. | &nbsp;&nbsp;&nbsp; MGE Energy Inc. | &nbsp;&nbsp; 3104 | &nbsp;&nbsp;&nbsp; 243415<br>|
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | &nbsp;&nbsp;&nbsp; Portland General Electric Co. | &nbsp;&nbsp; 9088 | &nbsp;&nbsp;&nbsp; 436133<br>|
| &nbsp;&nbsp;&nbsp; TXNM Energy Inc. | &nbsp;&nbsp;&nbsp; TXNM Energy Inc. | &nbsp;&nbsp; 9952 | &nbsp;&nbsp;&nbsp; 585974<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *1265522* |
| *Gas Utilities — 1.6%* | *Gas Utilities — 1.6%* | *Gas Utilities — 1.6%* | *Gas Utilities — 1.6%* |
| &nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | &nbsp;&nbsp; 3840 | &nbsp;&nbsp;&nbsp; 179482<br>|
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings Inc. | &nbsp;&nbsp;&nbsp; Southwest Gas Holdings Inc. | &nbsp;&nbsp; 6176 | &nbsp;&nbsp;&nbsp; 494203<br>|
| &nbsp;&nbsp;&nbsp; Spire Inc. | &nbsp;&nbsp;&nbsp; Spire Inc. | &nbsp;&nbsp; 5408 | &nbsp;&nbsp;&nbsp; 447242<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *1120927* |
| *Multi-Utilities — 1.1%* | *Multi-Utilities — 1.1%* | *Multi-Utilities — 1.1%* | *Multi-Utilities — 1.1%* |
| &nbsp;&nbsp;&nbsp; Avista Corp. | &nbsp;&nbsp;&nbsp; Avista Corp. | &nbsp;&nbsp; 7616 | &nbsp;&nbsp;&nbsp; 293521<br>|
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group Inc. | &nbsp;&nbsp;&nbsp; Northwestern Energy Group Inc. | &nbsp;&nbsp; 6240 | &nbsp;&nbsp;&nbsp; 402729<br>|
| &nbsp;&nbsp;&nbsp; Unitil Corp. | &nbsp;&nbsp;&nbsp; Unitil Corp. | &nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp; 69754<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *766004* |
| *Water Utilities — 1.0%* | *Water Utilities — 1.0%* | *Water Utilities — 1.0%* | *Water Utilities — 1.0%* |
| &nbsp;&nbsp;&nbsp; American States Water Co. | &nbsp;&nbsp;&nbsp; American States Water Co. | &nbsp;&nbsp; 3648 | &nbsp;&nbsp;&nbsp; 264407<br>|
| &nbsp;&nbsp;&nbsp; California Water Service Group | &nbsp;&nbsp;&nbsp; California Water Service Group | &nbsp;&nbsp; 5344 | &nbsp;&nbsp;&nbsp; 231556<br>|
| &nbsp;&nbsp;&nbsp; H2O America | &nbsp;&nbsp;&nbsp; H2O America | &nbsp;&nbsp; 3104 | &nbsp;&nbsp;&nbsp; 152065<br>|
| &nbsp;&nbsp;&nbsp; York Water Co. | &nbsp;&nbsp;&nbsp; York Water Co. | &nbsp;&nbsp; 1536 | &nbsp;&nbsp;&nbsp; 48906<br>|
| *Total Water Utilities* | *Total Water Utilities* | *Total Water Utilities* | &nbsp;&nbsp; *696934* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3849387** |
| **Total Investments before Short-Term Investments (Cost — $63,794,353)** | **Total Investments before Short-Term Investments (Cost — $63,794,353)** | **Total Investments before Short-Term Investments (Cost — $63,794,353)** | &nbsp;&nbsp; **69052015** |
|  | Rate |  |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $582)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 582<br>| &nbsp;&nbsp;&nbsp;&nbsp; **582**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.9% (Cost — $63,794,935)** | **Total Investments — 99.9% (Cost — $63,794,935)** | **Total Investments — 99.9% (Cost — $63,794,935)** | &nbsp;&nbsp; **69052597** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; 73267 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$69125864** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(b)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $582 and the cost was $582 (Note 2).<br>|
| <sup>(c)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| REIT |  | Real Estate Investment Trust |

---

See Notes to Schedules of Investments.

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Franklin Templeton ETF Trust 2025 Quarterly Report

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Schedules of Investments (unaudited) (cont'd)

December 31, 2025

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Micro E-mini Russell 2000 Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $25285 | &nbsp;&nbsp;&nbsp;&nbsp; $24980 | &nbsp;&nbsp;&nbsp; **$(305)** |

---

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

See Notes to Schedules of Investments.

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Franklin Templeton ETF Trust 2025 Quarterly Report

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Notes to Schedules of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin Emerging Market Core Dividend Tilt Index ETF ("Emerging Market Core Dividend Tilt Index ETF"), Franklin International Core Dividend Tilt Index ETF ("International Core Dividend Tilt Index ETF"), Franklin International Dividend Booster Index ETF ("International Dividend Booster Index ETF") (formerly Franklin International Dividend Multiplier Index ETF), Franklin U.S. Core Dividend Tilt Index ETF ("U.S. Core Dividend Tilt Index ETF"), Franklin U.S. Dividend Booster Index ETF ("U.S. Dividend Booster Index ETF") (formerly Franklin U.S. Dividend Multiplier Index ETF) Franklin U.S. Large Cap Multifactor Index ETF ("U.S. Large Cap Multifactor Index ETF"), Franklin U.S. Mid Cap Multifactor Index ETF ("U.S. Mid Cap Multifactor Index ETF") and Franklin U.S. Small Cap Multifactor Index ETF ("U.S. Small Cap Multifactor Index ETF") (the "Funds") are separate diversified investment series of Franklin Templeton ETF Trust (the "Trust"). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

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

Shares of the Emerging Market Core Dividend Tilt Index ETF, International Core Dividend Tilt Index ETF, International Dividend Booster Index ETF, U.S. Core Dividend Tilt Index ETF and U.S. Dividend Booster Index ETF are listed for trading on NYSE Arca. Inc. Shares of the U.S. Large Cap Multifactor Index ETF, U.S.Mid Cap Multifactor Index ETF and U.S. Small Cap Multifactor Index ETF are listed for trading on Cboe BZX Exchange, Inc., a national securities exchange. The market price for a Fund's shares may be different from a Fund's NAV. The Funds issue and redeem shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Funds at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Funds are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Funds at NAV.

Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index.

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

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

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Franklin Templeton ETF Trust 2025 Quarterly Report

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

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

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

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

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

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

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

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

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

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

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Franklin Templeton ETF Trust 2025 Quarterly Report

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

**Emerging Market Core Dividend Tilt Index ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp; $1345305 | &nbsp;&nbsp; $975 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1346280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; 1688431 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 1688431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; 7866790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 7866790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; 1375083 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1375083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp; 1362823 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1362823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 15615903 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15615903 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; 156919 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 156919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Preferred Stocks | &nbsp;&nbsp; 654893 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 654893 |
| Total Long-Term Investments | &nbsp;&nbsp; 30066147 | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 30067122 |
| Short-Term Investments† | &nbsp;&nbsp; 8550 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8550 |
| **Total Investments** | &nbsp;&nbsp; **$30074697** | &nbsp;&nbsp; **$975** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$30075672** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $2153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2153 |
| **Total** | &nbsp;&nbsp; **$30076850** | &nbsp;&nbsp; **$975** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$30077825** |

---

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

---

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

---

**International Core Dividend Tilt Index ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $2024087785 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2024087785 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 9675014 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9675014 |
| Total Long-Term Investments | &nbsp;&nbsp; 2033762799 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2033762799 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments from Cash Collateral Received for Loaned <br> Securities<br>| &nbsp;&nbsp; 13929535 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13929535 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 776688 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 776688 |
| Total Short-Term Investments | &nbsp;&nbsp; 14706223 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14706223 |
| **Total Investments** | &nbsp;&nbsp; **$2048469022** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2048469022** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $38157 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $38157 |
| **Total** | &nbsp;&nbsp; **$2048507179** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2048507179** |

---

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

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

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

**International Dividend Booster Index ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $56678005 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $56678005 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 942754 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 942754 |
| Total Long-Term Investments | &nbsp;&nbsp; 57620759 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57620759 |
| Short-Term Investments† | &nbsp;&nbsp; 13896 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13896 |
| **Total Investments** | &nbsp;&nbsp; **$57634655** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$57634655** |

---

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

† See Schedules of Investments for additional detailed categorizations.

**U.S. Core Dividend Tilt Index ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; $5078787 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $5078787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 103560333 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 103560333 |
| Total Long-Term Investments | &nbsp;&nbsp; 108639120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 108639120 |
| Short-Term Investments† | &nbsp;&nbsp; 31071 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31071 |
| **Total Investments** | &nbsp;&nbsp; **$108670191** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$108670191** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $133 |
| **Total** | &nbsp;&nbsp; **$108670324** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$108670324** |

---

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

---

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

---

**U.S. Dividend Booster Index ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $52777104 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $52777104 |
| Short-Term Investments† | &nbsp;&nbsp; 24076 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24076 |
| **Total Investments** | &nbsp;&nbsp; **$52801180** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$52801180** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $133 |
| **Total** | &nbsp;&nbsp; **$52801313** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$52801313** |

---

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

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

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

**U.S. Large Cap Multifactor Index ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $1686325894 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1686325894 |
| Short-Term Investments† | &nbsp;&nbsp; 739181 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 739181 |
| **Total Investments** | &nbsp;&nbsp; **$1687065075** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1687065075** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $2057 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2057 |
| **Total** | &nbsp;&nbsp; **$1687067132** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1687067132** |

---

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

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

**U.S. Mid Cap Multifactor Index ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $1731520497 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1731520497 |
| Short-Term Investments† | &nbsp;&nbsp; 2871223 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2871223 |
| **Total Investments** | &nbsp;&nbsp; **$1734391720** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1734391720** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $36294 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $36294 |

---

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

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

**U.S. Small Cap Multifactor Index ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $69052015 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $69052015 |
| Short-Term Investments† | &nbsp;&nbsp; 582 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 582 |
| **Total Investments** | &nbsp;&nbsp; **$69052597** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$69052597** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $305 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $305 |

---

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

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

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

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

**2. Transactions with affiliated companies**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Emerging Market Core Dividend <br> Tilt Index ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Emerging Market Core Dividend <br> Tilt Index ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $7 | $1569910 | 1569910 | $1561367 | 1561367 |  | $458 |  | $8550 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 5867654 | 5867654 | 5867654 | 5867654 |  | 39 |  |  |
|  | **$7** | **$7437564** |  | **$7429021** |  | **—** | **$497** | **—** | **$8550** |

---

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| International Core <br> Dividend Tilt Index ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| International Core <br> Dividend Tilt Index ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| $3560250 | $138001480 | 138001480 | $127632195 | 127632195 |  | $14816 |  | $13929535 |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| 441748 | 102520674 | 102520674 | 102185734 | 102185734 |  | 66210 |  | 776688 |
|  | **$4001998** | **$240522154** |  | **$229817929** |  | **—** | **$81026** | **—** | **$14706223** |

---

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| International Dividend Booster <br> Index ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| International Dividend Booster <br> Index ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $13 | $3060664 | 3060664 | $3046781 | 3046781 |  | $781 |  | $13896 |

---

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Core Dividend Tilt Index ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| U.S. Core Dividend Tilt Index ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $34773 | $1928033 | 1928033 | $1931735 | 1931735 |  | $2594 |  | $31071 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 48800 | 48800 | 48800 | 48800 |  |  |  |  |
|  | **$34773** | **$1976833** |  | **$1980535** |  | **—** | **$2594** | **—** | **$31071** |

---

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

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

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Dividend Booster Index ETF  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| U.S. Dividend Booster Index ETF  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $2958 | $1685061 | 1685061 | $1663943 | 1663943 |  | $2730 |  | $24076 |

---

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Large Cap Multifactor <br> Index ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| U.S. Large Cap Multifactor <br> Index ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $401882 | $32492235 | 32492235 | $32154936 | 32154936 |  | $73422 |  | $739181 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| 796250 | 35000617 | 35000617 | 35796867 | 35796867 |  | 13340 |  |  |
|  | **$1198132** | **$67492852** |  | **$67951803** |  | **—** | **$86762** | **—** | **$739181** |

---

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Mid Cap Multifactor <br> Index ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| U.S. Mid Cap Multifactor <br> Index ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $1731422 | $47364948 | 47364948 | $46225147 | 46225147 |  | $75517 |  | $2871223 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| 490875 | 42421784 | 42421784 | 42912659 | 42912659 |  | 5260 |  |  |
|  | **$2222297** | **$89786732** |  | **$89137806** |  | **—** | **$80777** | **—** | **$2871223** |

---

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Small Cap Multifactor Index <br> ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| U.S. Small Cap Multifactor Index <br> ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income/Securities <br>Lending Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $158 | $2551365 | 2551365 | $2550941 | 2550941 |  | $2828 |  | $582 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| 7400 | 8268381 | 8268381 | 8275781 | 8275781 |  | 897 |  |  |
|  | **$7558** | **$10819746** |  | **$10826722** |  | **—** | **$3725** | **—** | **$582** |

---

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

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

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Franklin U.S. Small Cap Multifactor Index ETF

- **b. EDGAR series identifier (if any):** S000057202

- **c. LEI of Series:** 5493007IO11XDXXEQE25

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $69146722.16

**Total Liabilities:** $20817.38

**Net Assets:** $69125904.78

**Cash Not Reported:** $3413.33

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000181970 | -3.73%               | 2.03%                | 0.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $71030.69                | $-2729217.67                               |
| Month 2  | $6871.03                 | $1286914.71                                |
| Month 3  | $-128214.03              | $312338.86                                 |

### Schedule of Portfolio Investments

| Name                             | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHICAGO MERCANTILE EXCHANGE INC. | MICRO EMIN RUS2000                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |         2 | NC      | $-304.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Caledonia Mining Corp PLC        | Caledonia Mining Corp PLC                     | CUSIP: 000000000<br>LEI: 21380093ZBI4BFM75Y51 | Long             | EC               | CORP              | ZA        |      1440 | NS      | $37684.80     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                | Steven Madden Ltd                             | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |      7520 | NS      | $313132.80    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Genesco Inc                      | Genesco Inc                                   | CUSIP: 371532102<br>LEI: 549300VY2Q511P1K5P56 | Long             | EC               | CORP              | US        |       992 | NS      | $24571.84     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc     | Catalyst Pharmaceuticals Inc                  | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     11712 | NS      | $273358.08    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank First Corp                  | Bank First Corp                               | CUSIP: 06211J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       576 | NS      | $70168.32     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc          | Enova International Inc                       | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      2400 | NS      | $377280.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                      | H2O America                                   | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3104 | NS      | $152064.96    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| First Busey Corp                 | First Busey Corp                              | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |      6784 | NS      | $161391.36    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                 | PJT Partners Inc                              | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      1952 | NS      | $326374.40    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Middlefield Banc Corp            | Middlefield Banc Corp                         | CUSIP: 596304204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       544 | NS      | $18789.76     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                     | Sanmina Corp                                  | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      2336 | NS      | $350563.52    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                     | La-Z-Boy Inc                                  | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |      4160 | NS      | $155043.20    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SANUWAVE Health Inc              | SANUWAVE Health Inc                           | CUSIP: 80303D305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       512 | NS      | $15278.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cimpress PLC                     | Cimpress PLC                                  | CUSIP: 000000000<br>LEI: 549300X1IFD75XISOR81 | Long             | EC               | CORP              | IE        |      1920 | NS      | $127852.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                        | TEGNA Inc                                     | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     15136 | NS      | $293789.76    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Biote Corp                       | Biote Corp                                    | CUSIP: 090683103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1504 | NS      | $3910.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc              | Dorman Products Inc                           | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |      2176 | NS      | $268061.44    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Commercial Real Estate Co   | Ares Commercial Real Estate Corp              | CUSIP: 04013V108<br>LEI: 549300ZNO5IWXS443S81 | Long             | EC               | CORP              | US        |      5184 | NS      | $24779.52     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanda Pharmaceuticals Inc        | Vanda Pharmaceuticals Inc                     | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |      5440 | NS      | $47980.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Commerce Corp           | Heritage Commerce Corp                        | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |      5024 | NS      | $60338.24     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust Inc    | Blackstone Mortgage Trust Inc                 | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |     19360 | NS      | $370356.80    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                        | Greif Inc                                     | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      2304 | NS      | $155980.80    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc            | John Wiley & Sons Inc                         | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |      4320 | NS      | $132321.60    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ZipRecruiter Inc                 | ZipRecruiter Inc                              | CUSIP: 98980B103<br>LEI: 549300HLOVNNFCY2IV80 | Long             | EC               | CORP              | US        |      6816 | NS      | $26582.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Virco Mfg. Corp                  | Virco Mfg. Corp                               | CUSIP: 927651109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       960 | NS      | $6134.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Wesson Brands Inc        | Smith & Wesson Brands Inc                     | CUSIP: 831754106<br>LEI: 5493004PFHUPOR1PWN79 | Long             | EC               | CORP              | US        |      3808 | NS      | $37584.96     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Realty Income   | Universal Health Realty Income Trust          | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               | CORP              | US        |      1344 | NS      | $52698.24     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyco Group Inc                  | Weyco Group Inc                               | CUSIP: 962149100<br>LEI: 549300I10J38MHJELM87 | Long             | EC               | CORP              | US        |       608 | NS      | $18598.72     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Peakstone Realty Trust           | Peakstone Realty Trust                        | CUSIP: 39818P799<br>LEI: 549300EZQXWQI2YL1T80 | Long             | EC               | CORP              | US        |      3104 | NS      | $44542.40     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Playtika Holding Corp            | Playtika Holding Corp                         | CUSIP: 72815L107<br>LEI: 254900E35Z4TKA4UFG64 | Long             | EC               | CORP              | IL        |      4960 | NS      | $19592.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc    | Academy Sports & Outdoors Inc                 | CUSIP: 00402L107<br>LEI: 529900HST589BD301M91 | Long             | EC               | CORP              | US        |      6272 | NS      | $313349.12    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Industrial Co             | Global Industrial Co                          | CUSIP: 37892E102<br>LEI: 5493000GO8Z3HEWCGE46 | Long             | EC               | CORP              | US        |      1760 | NS      | $51427.20     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                    | Frontdoor Inc                                 | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      6752 | NS      | $389522.88    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                     | Sylvamo Corp                                  | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |      3072 | NS      | $147916.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc          | Goosehead Insurance Inc                       | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |      1824 | NS      | $134337.60    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                  | Alamo Group Inc                               | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |       896 | NS      | $150411.52    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bassett Furniture Industries I   | Bassett Furniture Industries Inc              | CUSIP: 070203104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       672 | NS      | $11262.72     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Organogenesis Holdings Inc       | Organogenesis Holdings Inc                    | CUSIP: 68621F102<br>LEI: 549300RLC2O821TU6941 | Long             | EC               | CORP              | US        |      7552 | NS      | $39119.36     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Daily Journal Corp               | Daily Journal Corp                            | CUSIP: 233912104<br>LEI: 2549004ASTNVLR8YWZ33 | Long             | EC               | CORP              | US        |       128 | NS      | $62376.96     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Matthews International Corp      | Matthews International Corp                   | CUSIP: 577128101<br>LEI: 549300ZVC5O0ATML6U61 | Long             | EC               | CORP              | US        |      2592 | NS      | $67703.04     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Parke Bancorp Inc                | Parke Bancorp Inc                             | CUSIP: 700885106<br>LEI: 5493000JF1TWXVD0CR78 | Long             | EC               | CORP              | US        |       896 | NS      | $22435.84     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EverQuote Inc                    | EverQuote Inc                                 | CUSIP: 30041R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2784 | NS      | $75168.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Radiant Logistics Inc            | Radiant Logistics Inc                         | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               | CORP              | US        |      3040 | NS      | $19243.20     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Community Bancorp In   | Northeast Community Bancorp Inc               | CUSIP: 664121100<br>LEI: 5493007BRYL8596Q9L26 | Long             | EC               | CORP              | US        |      1120 | NS      | $25323.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| National Presto Industries Inc   | National Presto Industries Inc                | CUSIP: 637215104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       480 | NS      | $51244.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc        | American Assets Trust Inc                     | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4608 | NS      | $87229.44     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Flex Inc                   | Omega Flex Inc                                | CUSIP: 682095104<br>LEI: 254900V3UM4PIXLDNU54 | Long             | EC               | CORP              | US        |       448 | NS      | $13189.12     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corp/VA                | Universal Corp/VA                             | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |      2528 | NS      | $133352.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| WM Technology Inc                | WM Technology Inc                             | CUSIP: 92971A109<br>LEI: 549300APSNIYJ4PTIL34 | Long             | EC               | CORP              | US        |      8800 | NS      | $7260.88      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc            | LeMaitre Vascular Inc                         | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |      1888 | NS      | $153116.80    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                        | Calix Inc                                     | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      5472 | NS      | $289632.96    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Covey Co                | Franklin Covey Co                             | CUSIP: 353469109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1248 | NS      | $20941.44     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Thryv Holdings Inc               | Thryv Holdings Inc                            | CUSIP: 886029206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1728 | NS      | $10454.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext Inc                         | Yext Inc                                      | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |     10176 | NS      | $82018.56     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ACRES Commercial Realty Corp     | ACRES Commercial Realty Corp                  | CUSIP: 00489Q102<br>LEI: 549300RUJWPCMY4JFR46 | Long             | EC               | CORP              | US        |       416 | NS      | $8877.44      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Upwork Inc                       | Upwork Inc                                    | CUSIP: 91688F104<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | EC               | CORP              | US        |     11968 | NS      | $237205.76    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc                 | Clear Secure Inc                              | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9792 | NS      | $343503.36    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AtriCure Inc                     | AtriCure Inc                                  | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               | CORP              | US        |      5056 | NS      | $200015.36    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Niagen Bioscience Inc            | Niagen Bioscience Inc                         | CUSIP: 171077407<br>LEI: 529900OPI7B8JPXCVS70 | Long             | EC               | CORP              | US        |      5472 | NS      | $34801.92     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMrush Holdings Inc             | SEMrush Holdings Inc                          | CUSIP: 81686C104<br>LEI: 254900WQEX0OLGK16D27 | Long             | EC               | CORP              | US        |      4192 | NS      | $49842.88     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Figs Inc                         | Figs Inc                                      | CUSIP: 30260D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10656 | NS      | $121052.16    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CorVel Corp                      | CorVel Corp                                   | CUSIP: 221006109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2656 | NS      | $179731.52    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc    | Selective Insurance Group Inc                 | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      5888 | NS      | $492648.96    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Papa John's International Inc    | Papa John's International Inc                 | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               | CORP              | US        |      3168 | NS      | $121936.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MiMedx Group Inc                 | MiMedx Group Inc                              | CUSIP: 602496101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13600 | NS      | $92072.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Appian Corp                      | Appian Corp                                   | CUSIP: 03782L101<br>LEI: 529900NIARIFW7HGU386 | Long             | EC               | CORP              | US        |      2752 | NS      | $97475.84     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack in the Box Inc              | Jack in the Box Inc                           | CUSIP: 466367109<br>LEI: 5493002OJW26P0SUUP68 | Long             | EC               | CORP              | US        |      1696 | NS      | $32139.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| IBEX Holdings Ltd                | IBEX Holdings Ltd                             | CUSIP: 000000000<br>LEI: 5493000GRFLPVYU2CX17 | Long             | EC               | CORP              | US        |       960 | NS      | $36652.80     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                     | Innoviva Inc                                  | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |      5632 | NS      | $112583.68    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc     | Adtalem Global Education Inc                  | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      3424 | NS      | $354281.28    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HireQuest Inc                    | HireQuest Inc                                 | CUSIP: 433535101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       256 | NS      | $2690.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Preformed Line Products Co       | Preformed Line Products Co                    | CUSIP: 740444104<br>LEI: 549300EYH53XDJID2098 | Long             | EC               | CORP              | US        |       224 | NS      | $46303.04     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc          | Postal Realty Trust Inc                       | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |      1600 | NS      | $25824.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonos Inc                        | Sonos Inc                                     | CUSIP: 83570H108<br>LEI: 549300WEPU6075I77M08 | Long             | EC               | CORP              | US        |     11104 | NS      | $194986.24    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies In   | Napco Security Technologies Inc               | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |      3200 | NS      | $133440.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                       | Belden Inc                                    | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |      3328 | NS      | $387878.40    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc           | Option Care Health Inc                        | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     13984 | NS      | $445530.24    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                 | SPS Commerce Inc                              | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      3616 | NS      | $322294.08    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Strawberry Fields REIT Inc       | Strawberry Fields REIT Inc                    | CUSIP: 863182101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       544 | NS      | $7126.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FitLife Brands Inc               | FitLife Brands Inc                            | CUSIP: 33817P405<br>LEI: 549300A8X02SIUSI3V40 | Long             | EC               | CORP              | US        |       288 | NS      | $4685.76      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMC Networks Inc                 | AMC Networks Inc                              | CUSIP: 00164V103<br>LEI: 549300VGG9K75226LR46 | Long             | EC               | CORP              | US        |      3008 | NS      | $28636.16     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                    | Hub Group Inc                                 | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4192 | NS      | $178621.12    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                     | Vericel Corp                                  | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |      4064 | NS      | $146344.64    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Innodata Inc                     | Innodata Inc                                  | CUSIP: 457642205<br>LEI: L9O7MPYIT56T6KBE0R95 | Long             | EC               | CORP              | US        |      2400 | NS      | $122280.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                      | Progyny Inc                                   | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5088 | NS      | $130659.84    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Bancorp Inc                 | Home Bancorp Inc                              | CUSIP: 43689E107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       608 | NS      | $35142.40     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp       | Sensient Technologies Corp                    | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |      4256 | NS      | $399851.20    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc               | Enact Holdings Inc                            | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |      3456 | NS      | $136995.84    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Grocers by Vitamin Cot   | Natural Grocers by Vitamin Cottage Inc        | CUSIP: 63888U108<br>LEI: 529900P4OTXDGBUS3O87 | Long             | EC               | CORP              | US        |      1184 | NS      | $29659.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| iRadimed Corp                    | iRadimed Corp                                 | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |       992 | NS      | $96501.76     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LNG Ltd                     | FLEX LNG Ltd                                  | CUSIP: 000000000<br>LEI: 21380084THHU3MPC3647 | Long             | EC               | CORP              | BM        |      2272 | NS      | $56686.40     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine World Wide Inc         | Wolverine World Wide Inc                      | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |      7552 | NS      | $137068.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc            | SIGA Technologies Inc                         | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4576 | NS      | $27959.36     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                    | Interface Inc                                 | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |      4992 | NS      | $139376.64    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Acushnet Holdings Corp           | Acushnet Holdings Corp                        | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |      3104 | NS      | $247761.28    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Consumer Portfolio Services In   | Consumer Portfolio Services Inc               | CUSIP: 210502100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       928 | NS      | $8658.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CPI Card Group Inc               | CPI Card Group Inc                            | CUSIP: 12634H200<br>LEI: 54930087HHJ1VWIJK062 | Long             | EC               | CORP              | US        |       512 | NS      | $7516.16      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                | Shoe Carnival Inc                             | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1632 | NS      | $27548.16     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCO Brands Corp                 | ACCO Brands Corp                              | CUSIP: 00081T108<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | EC               | CORP              | US        |      4160 | NS      | $15516.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co          | Central Garden & Pet Co                       | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |       864 | NS      | $27777.60     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals Inc     | Ironwood Pharmaceuticals Inc                  | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |      7392 | NS      | $24911.04     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc    | Consensus Cloud Solutions Inc                 | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1760 | NS      | $38403.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc         | Franklin Electric Co Inc                      | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |      4160 | NS      | $397404.80    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Group of Cos Inc        | Superior Group of Cos Inc                     | CUSIP: 868358102<br>LEI: UOX145EEO0TB0ZWX2152 | Long             | EC               | CORP              | US        |      1024 | NS      | $9912.32      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc             | Rush Enterprises Inc                          | CUSIP: 781846308<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |       768 | NS      | $43207.68     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SBC Medical Group Holdings Inc   | SBC Medical Group Holdings Inc                | CUSIP: 73245B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       736 | NS      | $3172.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc       | Vishay Precision Group Inc                    | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1024 | NS      | $39424.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolve Group Inc                | Revolve Group Inc                             | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4352 | NS      | $131386.88    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc         | Resources Connection Inc                      | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3360 | NS      | $16934.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Marin Bancorp            | Bank of Marin Bancorp                         | CUSIP: 063425102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1248 | NS      | $32460.48     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LifeStance Health Group Inc      | LifeStance Health Group Inc                   | CUSIP: 53228F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11936 | NS      | $84029.44     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Protalix BioTherapeutics Inc     | Protalix BioTherapeutics Inc                  | CUSIP: 74365A309<br>LEI: 549300SDVB3GP4XDFM60 | Long             | EC               | CORP              | IL        |      4768 | NS      | $8582.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwestern Energy Group Inc    | Northwestern Energy Group Inc                 | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |      6240 | NS      | $402729.60    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| First Community Bankshares Inc   | First Community Bankshares Inc                | CUSIP: 31983A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1440 | NS      | $48571.20     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordic American Tankers Ltd      | Nordic American Tankers Ltd                   | CUSIP: 000000000<br>LEI: 213800W4T8AMPKIPIU94 | Long             | EC               | CORP              | NO        |     14528 | NS      | $49976.32     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PAMT CORP                        | PAMT CORP                                     | CUSIP: 693149106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       512 | NS      | $6184.96      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc           | Liquidity Services Inc                        | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |      2208 | NS      | $66924.48     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowhead Specialty Holdings Inc   | Bowhead Specialty Holdings Inc                | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1280 | NS      | $36531.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc       | Mueller Water Products Inc                    | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     13376 | NS      | $318616.32    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc                | PC Connection Inc                             | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |       992 | NS      | $57297.92     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RealReal Inc/The                 | RealReal Inc/The                              | CUSIP: 88339P101<br>LEI: 549300O00VUGT4H1PE90 | Long             | EC               | CORP              | US        |      8288 | NS      | $130784.64    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ermenegildo Zegna NV             | Ermenegildo Zegna NV                          | CUSIP: 000000000<br>LEI: 8156003760472AA7E269 | Long             | EC               | CORP              | IT        |      4320 | NS      | $44280.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tootsie Roll Industries Inc      | Tootsie Roll Industries Inc                   | CUSIP: 890516107<br>LEI: 529900SBKOV9XX4M4Q35 | Long             | EC               | CORP              | US        |      1312 | NS      | $48058.56     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                | RMR Group Inc/The                             | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |      1696 | NS      | $25270.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DXP Enterprises Inc/TX           | DXP Enterprises Inc/TX                        | CUSIP: 233377407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1216 | NS      | $133504.64    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| National Research Corp           | National Research Corp                        | CUSIP: 637372202<br>LEI: 549300FQIORB6GZCYT15 | Long             | EC               | CORP              | US        |      1536 | NS      | $28830.72     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corp                  | Scholastic Corp                               | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2176 | NS      | $64474.88     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust In   | Four Corners Property Trust Inc               | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |      9760 | NS      | $225065.60    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                  | MillerKnoll Inc                               | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |      6400 | NS      | $116992.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Insperity Inc                    | Insperity Inc                                 | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               | CORP              | US        |      3552 | NS      | $137533.44    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd          | G-III Apparel Group Ltd                       | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |      3776 | NS      | $109352.96    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America          | Oil-Dri Corp of America                       | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |       896 | NS      | $43850.24     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co     | Portland General Electric Co                  | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |      9088 | NS      | $436133.12    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust             | LXP Industrial Trust                          | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |      4160 | NS      | $206252.80    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus Inc                        | ePlus Inc                                     | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |      2400 | NS      | $210480.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| First Business Financial Servi   | First Business Financial Services Inc         | CUSIP: 319390100<br>LEI: 549300BXKLW2T50TKU95 | Long             | EC               | CORP              | US        |       736 | NS      | $39964.80     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The         | Chefs' Warehouse Inc/The                      | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |      2592 | NS      | $161559.36    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Crexendo Inc                     | Crexendo Inc                                  | CUSIP: 226552107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1088 | NS      | $7039.36      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust          | Brandywine Realty Trust                       | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |     14144 | NS      | $41300.48     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| First United Corp                | First United Corp                             | CUSIP: 33741H107<br>LEI: 549300G54QPXQLB4KN58 | Long             | EC               | CORP              | US        |       416 | NS      | $15575.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I   | Prestige Consumer Healthcare Inc              | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5152 | NS      | $317826.88    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods Inc         | United Natural Foods Inc                      | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |      5792 | NS      | $195016.64    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Beach Brands Holding    | Hamilton Beach Brands Holding Co              | CUSIP: 40701T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       672 | NS      | $11054.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                      | Avista Corp                                   | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      7616 | NS      | $293520.64    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| JAKKS Pacific Inc                | JAKKS Pacific Inc                             | CUSIP: 47012E403<br>LEI: 549300UEF3348JRXQ295 | Long             | EC               | CORP              | US        |       832 | NS      | $14044.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank7 Corp                       | Bank7 Corp                                    | CUSIP: 06652N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       384 | NS      | $15736.32     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Teekay Tankers Ltd               | Teekay Tankers Ltd                            | CUSIP: 000000000<br>LEI: 549300DE8ZAIYS2T6Q22 | Long             | EC               | CORP              | CA        |      2176 | NS      | $116241.92    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc            | ICF International Inc                         | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |      1792 | NS      | $152857.60    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                       | Tennant Co                                    | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |      1792 | NS      | $132070.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| John B Sanfilippo & Son Inc      | John B Sanfilippo & Son Inc                   | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |       800 | NS      | $56480.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc/The            | Hackett Group Inc/The                         | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |      2432 | NS      | $47740.16     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CorMedix Inc                     | CorMedix Inc                                  | CUSIP: 21900C308<br>LEI: 5299006YIA3L0MBW8358 | Long             | EC               | CORP              | US        |      3456 | NS      | $40193.28     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                     | Artivion Inc                                  | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |      3936 | NS      | $179520.96    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NerdWallet Inc                   | NerdWallet Inc                                | CUSIP: 64082B102<br>LEI: 254900FJ2Y4SH71DJ379 | Long             | EC               | CORP              | US        |      3872 | NS      | $52465.60     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Mistras Group Inc                | Mistras Group Inc                             | CUSIP: 60649T107<br>LEI: 5493000CMNXVLND3FU73 | Long             | EC               | CORP              | US        |      1760 | NS      | $22264.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp      | Grocery Outlet Holding Corp                   | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7104 | NS      | $71750.40     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurinia Pharmaceuticals Inc      | Aurinia Pharmaceuticals Inc                   | CUSIP: 05156V102<br>LEI: 5299008YP2BW4570ML28 | Long             | EC               | CORP              | CA        |      5600 | NS      | $89320.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Avadel Pharmaceuticals PLC       | Avadel Pharmaceuticals PLC                    | CUSIP: 000000000<br>LEI: 549300E27PTSG2RHC762 | Long             | EC               | CORP              | IE        |      4672 | NS      | $100681.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings I   | Harmony Biosciences Holdings Inc              | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4224 | NS      | $158062.08    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vita Coco Co Inc/The             | Vita Coco Co Inc/The                          | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |      3936 | NS      | $208647.36    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc                 | IES Holdings Inc                              | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |       768 | NS      | $298767.36    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Via Transportation Inc           | Via Transportation Inc                        | CUSIP: 92556W104<br>LEI: 5493008VI9XI9EV3A861 | Long             | EC               | CORP              | US        |       480 | NS      | $13924.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Information Services Group Inc   | Information Services Group Inc                | CUSIP: 45675Y104<br>LEI: 549300ZUNI6DQ0G8Q273 | Long             | EC               | CORP              | US        |      3936 | NS      | $22750.08     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc               | Kontoor Brands Inc                            | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |      6272 | NS      | $383156.48    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services C   | Lincoln Educational Services Corp             | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |      3264 | NS      | $78825.60     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc           | Pacira BioSciences Inc                        | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3072 | NS      | $79503.36     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                     | Griffon Corp                                  | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |      3040 | NS      | $223896.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Rimini Street Inc                | Rimini Street Inc                             | CUSIP: 76674Q107<br>LEI: 54930042ITIRGVM4HY55 | Long             | EC               | CORP              | US        |      6208 | NS      | $24087.04     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ibotta Inc                       | Ibotta Inc                                    | CUSIP: 451051106<br>LEI: 54930026OZD4IQ7YR615 | Long             | EC               | CORP              | US        |      1120 | NS      | $25457.60     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Asana Inc                        | Asana Inc                                     | CUSIP: 04342Y104<br>LEI: 254900X7UAJNMLPLZ510 | Long             | EC               | CORP              | US        |      5920 | NS      | $81163.20     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                     | Carter's Inc                                  | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |      2880 | NS      | $93398.40     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp           | Primoris Services Corp                        | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      4288 | NS      | $532312.32    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem In   | First Interstate BancSystem Inc               | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |      7008 | NS      | $242476.80    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem   | Artisan Partners Asset Management Inc         | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |      5952 | NS      | $242484.48    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc              | Mister Car Wash Inc                           | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7008 | NS      | $38964.48     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                 | InterDigital Inc                              | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1920 | NS      | $611289.60    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc        | Haverty Furniture Cos Inc                     | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |      1568 | NS      | $36628.48     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc      | Pediatrix Medical Group Inc                   | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9600 | NS      | $205344.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigel Pharmaceuticals Inc        | Rigel Pharmaceuticals Inc                     | CUSIP: 766559702<br>LEI: 529900KPTNUS5J8K9K66 | Long             | EC               | CORP              | US        |      1824 | NS      | $78121.92     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CompX International Inc          | CompX International Inc                       | CUSIP: 20563P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       160 | NS      | $3723.20      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers Inc              | Scorpio Tankers Inc                           | CUSIP: 000000000<br>LEI: 549300NVJUH16NXG8K87 | Long             | EC               | CORP              | MC        |      4032 | NS      | $204946.56    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc           | Energizer Holdings Inc                        | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |      6656 | NS      | $132387.84    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc            | Semler Scientific Inc                         | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |       864 | NS      | $13210.56     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lovesac Co/The                   | Lovesac Co/The                                | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1216 | NS      | $17936.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Portillo's Inc                   | Portillo's Inc                                | CUSIP: 73642K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5952 | NS      | $27022.08     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cable One Inc                    | Cable One Inc                                 | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Long             | EC               | CORP              | US        |       352 | NS      | $39723.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexpoint Real Estate Finance I   | Nexpoint Real Estate Finance Inc              | CUSIP: 65342V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       768 | NS      | $10813.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Medallion Financial Corp         | Medallion Financial Corp                      | CUSIP: 583928106<br>LEI: 549300FJ4FMGJ2C34Y48 | Long             | EC               | CORP              | US        |      1504 | NS      | $15476.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                      | Unitil Corp                                   | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1440 | NS      | $69753.60     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries Inc               | LSI Industries Inc                            | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |      2304 | NS      | $42209.28     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Pro-Dex Inc                      | Pro-Dex Inc                                   | CUSIP: 74265M205<br>LEI: 529900EB2AJA079NT411 | Long             | EC               | CORP              | US        |       128 | NS      | $4925.44      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Mortgage Investment Trust    | TPG Mortgage Investment Trust Inc             | CUSIP: 001228501<br>LEI: 549300SNP0PBR2XTFR48 | Long             | EC               | CORP              | US        |      2016 | NS      | $17176.32     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| York Water Co/The                | York Water Co/The                             | CUSIP: 987184108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1536 | NS      | $48906.24     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co           | Abercrombie & Fitch Co                        | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |      5312 | NS      | $668621.44    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CONMED Corp                      | CONMED Corp                                   | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |      3008 | NS      | $122124.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| RCM Technologies Inc             | RCM Technologies Inc                          | CUSIP: 749360400<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       352 | NS      | $7196.64      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Quad/Graphics Inc                | Quad/Graphics Inc                             | CUSIP: 747301109<br>LEI: W2D68G5NJH4X0NW8PT65 | Long             | EC               | CORP              | US        |      1472 | NS      | $9229.44      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc              | Varonis Systems Inc                           | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |      9952 | NS      | $326425.60    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc     | Cass Information Systems Inc                  | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |      1056 | NS      | $43845.12     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions    | Donnelley Financial Solutions Inc             | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      2272 | NS      | $106079.68    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co         | American States Water Co                      | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      3648 | NS      | $264407.04    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                      | Workiva Inc                                   | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |      4896 | NS      | $422280.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Violet Inc                   | Red Violet Inc                                | CUSIP: 75704L104<br>LEI: 549300T4EGADG881UU63 | Long             | EC               | CORP              | US        |       768 | NS      | $43737.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NET Lease Office Properties      | NET Lease Office Properties                   | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1248 | NS      | $32185.92     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Karat Packaging Inc              | Karat Packaging Inc                           | CUSIP: 48563L101<br>LEI: 549300JYUKCQP3P8D632 | Long             | EC               | CORP              | US        |       736 | NS      | $16611.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sleep Number Corp                | Sleep Number Corp                             | CUSIP: 83125X103<br>LEI: 529900W0TZQLBT2DSS66 | Long             | EC               | CORP              | US        |      1760 | NS      | $14889.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc                | GCM Grosvenor Inc                             | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4384 | NS      | $49626.88     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Axogen Inc                       | Axogen Inc                                    | CUSIP: 05463X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4576 | NS      | $149772.48    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Atlantic Real Estate F   | Chicago Atlantic Real Estate Finance Inc      | CUSIP: 167239102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1568 | NS      | $19223.68     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The       | Cheesecake Factory Inc/The                    | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |      6016 | NS      | $303687.68    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                | ACI Worldwide Inc                             | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |      9440 | NS      | $451326.40    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Petroleum Corp         | Evolution Petroleum Corp                      | CUSIP: 30049A107<br>LEI: 549300P9ZXGJZ6SSM116 | Long             | EC               | CORP              | US        |      2688 | NS      | $9515.52      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardian Pharmacy Services Inc   | Guardian Pharmacy Services Inc                | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1216 | NS      | $36589.44     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion Inc               | Garrett Motion Inc                            | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | CH        |      7488 | NS      | $130515.84    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks Inc               | Aviat Networks Inc                            | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |      1088 | NS      | $23261.44     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| National Beverage Corp           | National Beverage Corp                        | CUSIP: 635017106<br>LEI: 549300O9MZIQJI8TGV17 | Long             | EC               | CORP              | US        |      2496 | NS      | $79597.44     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                  | NBT Bancorp Inc                               | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4960 | NS      | $205939.20    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tompkins Financial Corp          | Tompkins Financial Corp                       | CUSIP: 890110109<br>LEI: 254900QDQ6V0QJ0Z2348 | Long             | EC               | CORP              | US        |      1248 | NS      | $90504.96     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SFL Corp Ltd                     | SFL Corp Ltd                                  | CUSIP: 000000000<br>LEI: 549300RLYYPSB0C7RH77 | Long             | EC               | CORP              | NO        |     11040 | NS      | $86222.40     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ennis Inc                        | Ennis Inc                                     | CUSIP: 293389102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2816 | NS      | $50716.16     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corp              | Ladder Capital Corp                           | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |      5120 | NS      | $56268.80     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc          | Strategic Education Inc                       | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |      2144 | NS      | $171948.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| J Jill Inc                       | J Jill Inc                                    | CUSIP: 46620W201<br>LEI: 529900I19PJIF8MIDL12 | Long             | EC               | CORP              | US        |       704 | NS      | $9658.88      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                  | OSI Systems Inc                               | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |      1504 | NS      | $383610.24    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                     | Archrock Inc                                  | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     13504 | NS      | $351374.08    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                       | Stride Inc                                    | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |      4000 | NS      | $259720.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Amicus Therapeutics Inc          | Amicus Therapeutics Inc                       | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |     22464 | NS      | $319887.36    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc         | Resideo Technologies Inc                      | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     12512 | NS      | $439421.44    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                     | Alkermes PLC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     17472 | NS      | $488866.56    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Puma Biotechnology Inc           | Puma Biotechnology Inc                        | CUSIP: 74587V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4448 | NS      | $26465.60     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                    | REV Group Inc                                 | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |      4096 | NS      | $249077.76    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin' Brands Inc              | Bloomin' Brands Inc                           | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |     10560 | NS      | $65155.20     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| XPEL Inc                         | XPEL Inc                                      | CUSIP: 98379L100<br>LEI: 549300KWSE3IGXLJNW66 | Long             | EC               | CORP              | US        |      2208 | NS      | $110201.28    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chimera Investment Corp          | Chimera Investment Corp                       | CUSIP: 16934Q802<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EC               | CORP              | US        |      5696 | NS      | $70801.28     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                       | Rambus Inc                                    | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      7232 | NS      | $664548.48    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| BK Technologies Corp             | BK Technologies Corp                          | CUSIP: 05587G203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       224 | NS      | $16708.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelzoo                        | Travelzoo                                     | CUSIP: 89421Q205<br>LEI: 5493003SM75HBCOOU310 | Long             | EC               | CORP              | US        |       352 | NS      | $2506.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| World Acceptance Corp            | World Acceptance Corp                         | CUSIP: 981419104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       384 | NS      | $53909.76     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Group SGHC Ltd             | Super Group SGHC Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     13120 | NS      | $156784.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc                 | HealthStream Inc                              | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |      1760 | NS      | $40603.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Indivior PLC                     | Indivior PLC                                  | CUSIP: 000000000<br>LEI: 213800V3NCQTY7IED471 | Long             | EC               | CORP              | GB        |     11392 | NS      | $408744.96    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc             | Palomar Holdings Inc                          | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      1696 | NS      | $228552.96    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp                | SITE Centers Corp                             | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |      3872 | NS      | $24858.24     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp   | Central Pacific Financial Corp                | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |      2368 | NS      | $73786.88     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Build-A-Bear Workshop Inc        | Build-A-Bear Workshop Inc                     | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |      1472 | NS      | $90189.44     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Caleres Inc                      | Caleres Inc                                   | CUSIP: 129500104<br>LEI: JFU6RQQJ8Z1CPOLBXQ18 | Long             | EC               | CORP              | US        |      3456 | NS      | $42059.52     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc       | Huron Consulting Group Inc                    | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |      1568 | NS      | $271122.88    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| International Money Express In   | International Money Express Inc               | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3360 | NS      | $51609.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                      | Allient Inc                                   | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |      1376 | NS      | $73960.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc            | Oxford Industries Inc                         | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |      1600 | NS      | $54720.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc     | Cross Country Healthcare Inc                  | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |      2816 | NS      | $22809.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc               | CareTrust REIT Inc                            | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     18432 | NS      | $666501.12    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc     | Collegium Pharmaceutical Inc                  | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |      2848 | NS      | $131862.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                 | Elme Communities                              | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |      7712 | NS      | $134188.80    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bancorp Inc                | Eagle Bancorp Inc                             | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |      2656 | NS      | $56891.52     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc            | CRA International Inc                         | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       608 | NS      | $122022.56    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Bancshares Inc         | Northwest Bancshares Inc                      | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11648 | NS      | $139776.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc             | Rush Enterprises Inc                          | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |      5312 | NS      | $286529.28    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc              | Cal-Maine Foods Inc                           | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      4896 | NS      | $389574.72    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Riverview Bancorp Inc            | Riverview Bancorp Inc                         | CUSIP: 769397100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1280 | NS      | $6425.60      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Shutterstock Inc                 | Shutterstock Inc                              | CUSIP: 825690100<br>LEI: 529900G2TDIS56V0LO22 | Long             | EC               | CORP              | US        |      2592 | NS      | $49507.20     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co     | Northwest Natural Holding Co                  | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |      3840 | NS      | $179481.60    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Playstudios Inc                  | Playstudios Inc                               | CUSIP: 72815G108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7296 | NS      | $4753.34      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr   | Essential Properties Realty Trust Inc         | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     16320 | NS      | $484051.20    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonida Senior Living Inc         | Sonida Senior Living Inc                      | CUSIP: 140475203<br>LEI: 254900YX6LQ8K1N8PZ90 | Long             | EC               | CORP              | US        |       384 | NS      | $12522.24     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iHeartMedia Inc                  | iHeartMedia Inc                               | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5536 | NS      | $23029.76     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Myriad Genetics Inc              | Myriad Genetics Inc                           | CUSIP: 62855J104<br>LEI: 52990044IHUOUMETT163 | Long             | EC               | CORP              | US        |      6304 | NS      | $38769.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properti   | Innovative Industrial Properties Inc          | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |      2688 | NS      | $127303.68    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Electromed Inc                   | Electromed Inc                                | CUSIP: 285409108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       608 | NS      | $17704.96     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Domo Inc                         | Domo Inc                                      | CUSIP: 257554105<br>LEI: 549300X57AGT5JULJ761 | Long             | EC               | CORP              | US        |      3136 | NS      | $26436.48     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc   | Community Healthcare Trust Inc                | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |      2784 | NS      | $45713.28     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathan's Famous Inc              | Nathan's Famous Inc                           | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |       288 | NS      | $26948.16     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc    | CSG Systems International Inc                 | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |      3232 | NS      | $247862.08    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Dynamics Inc             | Douglas Dynamics Inc                          | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |      1632 | NS      | $53284.80     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                     | Cargurus Inc                                  | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |      8064 | NS      | $309254.40    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA Pharmaceuticals Inc       | ACADIA Pharmaceuticals Inc                    | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |     13696 | NS      | $365820.16    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate    | Apollo Commercial Real Estate Finance Inc     | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               | CORP              | US        |     12352 | NS      | $119567.36    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| fuboTV Inc                       | fuboTV Inc                                    | CUSIP: 35953D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15520 | NS      | $39110.40     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Gas Services Inc          | Kodiak Gas Services Inc                       | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6208 | NS      | $232179.20    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Theravance Biopharma Inc         | Theravance Biopharma Inc                      | CUSIP: 000000000<br>LEI: 5493007VTSXP4Z6MIW52 | Long             | EC               | CORP              | KY        |      1696 | NS      | $31732.16     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Medifast Inc                     | Medifast Inc                                  | CUSIP: 58470H101<br>LEI: 5299000YHQJ21T5KKI80 | Long             | EC               | CORP              | US        |       928 | NS      | $9911.04      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NL Industries Inc                | NL Industries Inc                             | CUSIP: 629156407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       800 | NS      | $4376.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp       | Standex International Corp                    | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      1024 | NS      | $222494.72    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Escalade Inc                     | Escalade Inc                                  | CUSIP: 296056104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       928 | NS      | $12518.72     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprinklr Inc                     | Sprinklr Inc                                  | CUSIP: 85208T107<br>LEI: 254900AR04RJ2BQO5S78 | Long             | EC               | CORP              | US        |      7712 | NS      | $59999.36     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Flywire Corp                     | Flywire Corp                                  | CUSIP: 302492103<br>LEI: 54930055DSV7NNY4VY66 | Long             | EC               | CORP              | US        |      8320 | NS      | $117811.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc           | FirstCash Holdings Inc                        | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3712 | NS      | $591618.56    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc                 | DHT Holdings Inc                              | CUSIP: 000000000<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | BM        |      6432 | NS      | $78534.72     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cricut Inc                       | Cricut Inc                                    | CUSIP: 22658D100<br>LEI: 254900R3DKAJ28MC0Q39 | Long             | EC               | CORP              | US        |      4032 | NS      | $19958.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc        | Merit Medical Systems Inc                     | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      4928 | NS      | $434353.92    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc        | International Seaways Inc                     | CUSIP: 000000000<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               | CORP              | US        |      3904 | NS      | $189539.20    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                   | Dorian LPG Ltd                                | CUSIP: 000000000<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | US        |      1824 | NS      | $44396.16     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Byrna Technologies Inc           | Byrna Technologies Inc                        | CUSIP: 12448X201<br>LEI: 529900SOEI1AVJ951E85 | Long             | EC               | CORP              | US        |      1344 | NS      | $22565.76     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart Inc                   | PriceSmart Inc                                | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |      2752 | NS      | $337587.84    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Weis Markets Inc                 | Weis Markets Inc                              | CUSIP: 948849104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1664 | NS      | $106645.76    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Westwood Holdings Group Inc      | Westwood Holdings Group Inc                   | CUSIP: 961765104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       352 | NS      | $6057.92      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Village Super Market Inc         | Village Super Market Inc                      | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |      1152 | NS      | $40775.04     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc          | CNO Financial Group Inc                       | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |      9568 | NS      | $406352.96    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Legalzoom.com Inc                | Legalzoom.com Inc                             | CUSIP: 52466B103<br>LEI: 5493000L8EBF74Y9JZ48 | Long             | EC               | CORP              | US        |     14240 | NS      | $141403.20    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Herbalife Ltd                    | Herbalife Ltd                                 | CUSIP: 000000000<br>LEI: 549300BA7TYPBSZZIA41 | Long             | EC               | CORP              | US        |      7840 | NS      | $101057.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc        | USANA Health Sciences Inc                     | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |      1248 | NS      | $24498.24     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifevantage Corp                 | Lifevantage Corp                              | CUSIP: 53222K205<br>LEI: 5493001Z5YYT109QZ980 | Long             | EC               | CORP              | US        |       864 | NS      | $5322.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies    | Atmus Filtration Technologies Inc             | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7360 | NS      | $382057.60    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive Inc             | Sonic Automotive Inc                          | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |      1408 | NS      | $87098.88     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nature's Sunshine Products Inc   | Nature's Sunshine Products Inc                | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1728 | NS      | $37290.24     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                 | Movado Group Inc                              | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |      1696 | NS      | $34971.52     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                        | Spire Inc                                     | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |      5408 | NS      | $447241.60    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                 | Essent Group Ltd                              | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |     11040 | NS      | $717710.40    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ategrity Specialty Holdings LL   | Ategrity Specialty Holdings LLC               | CUSIP: 04681Y103<br>LEI: 549300KMIVG4HUBDUF07 | Long             | EC               | CORP              | US        |       352 | NS      | $7395.52      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| German American Bancorp Inc      | German American Bancorp Inc                   | CUSIP: 373865104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1792 | NS      | $70210.56     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| McGrath RentCorp                 | McGrath RentCorp                              | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |      2176 | NS      | $228327.68    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                         | HNI Corp                                      | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |      5504 | NS      | $231388.16    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Costamare Inc                    | Costamare Inc                                 | CUSIP: 000000000<br>LEI: 5299003L6NPTZ25LN818 | Long             | EC               | CORP              | MC        |      4480 | NS      | $70739.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc      | Fresh Del Monte Produce Inc                   | CUSIP: 000000000<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | US        |      2624 | NS      | $93493.12     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc           | Apogee Enterprises Inc                        | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |      1856 | NS      | $67576.96     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PagerDuty Inc                    | PagerDuty Inc                                 | CUSIP: 69553P100<br>LEI: 549300U1SB749EDAGH21 | Long             | EC               | CORP              | US        |      4544 | NS      | $59571.84     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                      | Hawkins Inc                                   | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |      1600 | NS      | $227296.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Spok Holdings Inc                | Spok Holdings Inc                             | CUSIP: 84863T106<br>LEI: 549300HXXANIVN2ICC89 | Long             | EC               | CORP              | US        |      1952 | NS      | $25746.88     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc        | Sally Beauty Holdings Inc                     | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     12288 | NS      | $175226.88    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| J & J Snack Foods Corp           | J & J Snack Foods Corp                        | CUSIP: 466032109<br>LEI: 894500IGP1Y2ZQFQMJ83 | Long             | EC               | CORP              | US        |      1376 | NS      | $124349.12    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| First Capital Inc                | First Capital Inc                             | CUSIP: 31942S104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       224 | NS      | $13260.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                   | Brink's Co/The                                | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |      4224 | NS      | $493067.52    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                       | Korn Ferry                                    | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |      5696 | NS      | $376049.92    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Telephone and Data Systems Inc   | Telephone and Data Systems Inc                | CUSIP: 879433829<br>LEI: 5299003YZW5BE2NNLO37 | Long             | EC               | CORP              | US        |      9088 | NS      | $372608.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                        | Monro Inc                                     | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3104 | NS      | $62204.16     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc                  | Vital Farms Inc                               | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |      3136 | NS      | $100163.84    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties          | COPT Defense Properties                       | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |      8160 | NS      | $226848.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                      | Centerspace                                   | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |       768 | NS      | $51240.96     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc     | Protagonist Therapeutics Inc                  | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4800 | NS      | $419232.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                  | City Holding Co                               | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1216 | NS      | $144947.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp        | California Resources Corp                     | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      6080 | NS      | $271836.80    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp                   | Blue Bird Corp                                | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |      2208 | NS      | $103776.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc                 | A10 Networks Inc                              | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |      8608 | NS      | $152275.52    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc           | Forrester Research Inc                        | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |       960 | NS      | $7795.20      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc                   | MGE Energy Inc                                | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3104 | NS      | $243415.68    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Turning Point Brands Inc         | Turning Point Brands Inc                      | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |      1600 | NS      | $173440.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc         | Broadstone Net Lease Inc                      | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |     19296 | NS      | $335171.52    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifeway Foods Inc                | Lifeway Foods Inc                             | CUSIP: 531914109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       384 | NS      | $9304.32      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightView Holdings Inc          | BrightView Holdings Inc                       | CUSIP: 10948C107<br>LEI: 549300F8QN8YHVI7L866 | Long             | EC               | CORP              | US        |      5504 | NS      | $69735.68     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TruBridge Inc                    | TruBridge Inc                                 | CUSIP: 205306103<br>LEI: 5493005Q6CJC78TGL805 | Long             | EC               | CORP              | US        |       672 | NS      | $14831.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| National HealthCare Corp         | National HealthCare Corp                      | CUSIP: 635906100<br>LEI: 254900PTS11LS1JS2752 | Long             | EC               | CORP              | US        |      1152 | NS      | $157927.68    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackLine Inc                    | BlackLine Inc                                 | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |      4288 | NS      | $237083.52    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                   | Buckle Inc/The                                | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |      3552 | NS      | $189747.84    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Paren   | Concentra Group Holdings Parent Inc           | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10144 | NS      | $199633.92    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp           | Progress Software Corp                        | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |      4032 | NS      | $173214.72    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens & Northern Corp         | Citizens & Northern Corp                      | CUSIP: 172922106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1632 | NS      | $32917.44     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                     | Winmark Corp                                  | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       224 | NS      | $90706.56     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co        | Edgewell Personal Care Co                     | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |      4320 | NS      | $73656.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc           | Group 1 Automotive Inc                        | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      1120 | NS      | $440496.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp            | Ardmore Shipping Corp                         | CUSIP: 000000000<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | IE        |      3424 | NS      | $36260.16     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpan Inc                      | OneSpan Inc                                   | CUSIP: 68287N100<br>LEI: 984500E502E6DC354D26 | Long             | EC               | CORP              | US        |      3872 | NS      | $49716.48     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Seven Hills Realty Trust         | Seven Hills Realty Trust                      | CUSIP: 81784E101<br>LEI: 549300ESBDZ3SA3OEX38 | Long             | EC               | CORP              | US        |      1504 | NS      | $13385.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Flexsteel Industries Inc         | Flexsteel Industries Inc                      | CUSIP: 339382103<br>LEI: 894500J5Y3ZZOOJXXN24 | Long             | EC               | CORP              | US        |       320 | NS      | $12636.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Real Estate Finance Trust    | KKR Real Estate Finance Trust Inc             | CUSIP: 48251K100<br>LEI: 549300K23AYZDZ2REL62 | Long             | EC               | CORP              | US        |      6688 | NS      | $54975.36     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc           | Patrick Industries Inc                        | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      2752 | NS      | $298399.36    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc      | Monarch Casino & Resort Inc                   | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      1472 | NS      | $140870.40    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Ltd              | Signet Jewelers Ltd                           | CUSIP: 000000000<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | US        |      3808 | NS      | $315607.04    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Sto   | Cracker Barrel Old Country Store Inc          | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |      2656 | NS      | $67462.40     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                 | Acme United Corp                              | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |       224 | NS      | $9029.44      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                 | UniFirst Corp/MA                              | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |      1280 | NS      | $246912.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Victoria's Secret & Co           | Victoria's Secret & Co                        | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |      5216 | NS      | $282550.72    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Kelly Services Inc               | Kelly Services Inc                            | CUSIP: 488152208<br>LEI: 25490035B2ZPL6RM1974 | Long             | EC               | CORP              | US        |      2976 | NS      | $26188.80     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                     | Innospec Inc                                  | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      2176 | NS      | $166551.04    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp        | Phibro Animal Health Corp                     | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      2112 | NS      | $78904.32     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                   | LCI Industries                                | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |      2144 | NS      | $260152.96    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Safe Bulkers Inc                 | Safe Bulkers Inc                              | CUSIP: 000000000<br>LEI: 549300V6ZM2HJJYQQO85 | Long             | EC               | CORP              | MC        |      5440 | NS      | $26220.80     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc             | Myers Industries Inc                          | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |      3584 | NS      | $67092.48     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Envela Corp                      | Envela Corp                                   | CUSIP: 29402E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       480 | NS      | $6422.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Savers Value Village Inc         | Savers Value Village Inc                      | CUSIP: 80517M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2496 | NS      | $23312.64     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corp             | Mercury General Corp                          | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |      2528 | NS      | $237783.68    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Company/The             | Marzetti Company/The                          | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      1824 | NS      | $299902.08    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                 | Badger Meter Inc                              | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      2816 | NS      | $491138.56    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp             | Ryerson Holding Corp                          | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |      2272 | NS      | $57163.52     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc    | Barrett Business Services Inc                 | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |      2496 | NS      | $90380.16     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunrise Realty Trust Inc         | Sunrise Realty Trust Inc                      | CUSIP: 867981102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       448 | NS      | $4224.64      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc            | Jackson Financial Inc                         | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      6944 | NS      | $740577.60    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CompoSecure Inc                  | CompoSecure Inc                               | CUSIP: 20459V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4672 | NS      | $90076.16     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagseguro Digital Ltd            | Pagseguro Digital Ltd                         | CUSIP: 000000000<br>LEI: 391200VY4YW47I4HGH62 | Long             | EC               | CORP              | BR        |     11488 | NS      | $110744.32    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| United Security Bancshares/Fre   | United Security Bancshares/Fresno CA          | CUSIP: 911460103<br>LEI: 549300J2H2JYVXXP3J32 | Long             | EC               | CORP              | US        |       960 | NS      | $9667.20      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Riley Exploration Permian Inc    | Riley Exploration Permian Inc                 | CUSIP: 76665T102<br>LEI: 5493008CUBI02XP43Q95 | Long             | EC               | CORP              | US        |      1280 | NS      | $33792.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Gorman-Rupp Co/The               | Gorman-Rupp Co/The                            | CUSIP: 383082104<br>LEI: 254900WVLPOIWPGJPA07 | Long             | EC               | CORP              | US        |      1824 | NS      | $87096.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Gambling.com Group Ltd           | Gambling.com Group Ltd                        | CUSIP: 000000000<br>LEI: 254900PUNXQ3N26IMU63 | Long             | EC               | CORP              | JE        |      1696 | NS      | $9260.16      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemung Financial Corp           | Chemung Financial Corp                        | CUSIP: 164024101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       384 | NS      | $21427.20     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardent Health Inc                | Ardent Health Inc                             | CUSIP: 03980N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1984 | NS      | $17518.72     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc                | Willdan Group Inc                             | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |       640 | NS      | $66342.40     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc                         | Moog Inc                                      | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      2752 | NS      | $670249.60    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Richardson Electronics Ltd/Uni   | Richardson Electronics Ltd/United States      | CUSIP: 763165107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1056 | NS      | $11489.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadre Holdings Inc               | Cadre Holdings Inc                            | CUSIP: 12763L105<br>LEI: 2549006IKQEWJ8M7CB97 | Long             | EC               | CORP              | US        |      2016 | NS      | $82333.44     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc                | Upbound Group Inc                             | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |      5792 | NS      | $101707.52    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group   | California Water Service Group                | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      5344 | NS      | $231555.52    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc            | Lantheus Holdings Inc                         | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |      5280 | NS      | $351384.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Mama's Creations Inc             | Mama's Creations Inc                          | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3072 | NS      | $41441.28     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Regional Management Corp         | Regional Management Corp                      | CUSIP: 75902K106<br>LEI: 549300S5O87W87JW4146 | Long             | EC               | CORP              | US        |      1088 | NS      | $42160.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Marine Products Corp             | Marine Products Corp                          | CUSIP: 568427108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       896 | NS      | $7848.96      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                         | Yelp Inc                                      | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |      6592 | NS      | $200330.88    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Nu Skin Enterprises Inc          | Nu Skin Enterprises Inc                       | CUSIP: 67018T105<br>LEI: 54930050DETB6CP71D38 | Long             | EC               | CORP              | US        |      5824 | NS      | $56026.88     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc      | Rush Street Interactive Inc                   | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6624 | NS      | $128704.32    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Embecta Corp                     | Embecta Corp                                  | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |      6624 | NS      | $78693.12     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute    | Universal Technical Institute Inc             | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |      4352 | NS      | $113717.76    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc                          | Box Inc                                       | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |     14336 | NS      | $428789.76    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc            | Commvault Systems Inc                         | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      4352 | NS      | $545566.72    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Lument Finance Trust Inc         | Lument Finance Trust Inc                      | CUSIP: 55025L108<br>LEI: 5493002OB7SJ4MVQY666 | Long             | EC               | CORP              | US        |      3264 | NS      | $4602.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc        | Ethan Allen Interiors Inc                     | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2624 | NS      | $59932.16     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc     | BioCryst Pharmaceuticals Inc                  | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |     16064 | NS      | $125299.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc           | Genworth Financial Inc                        | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |     38720 | NS      | $349641.60    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcontinental Realty Invest   | Transcontinental Realty Investors Inc         | CUSIP: 893617209<br>LEI: 549300A8Z1XO0M0QRS82 | Long             | EC               | CORP              | US        |       128 | NS      | $7503.36      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp              | Federal Signal Corp                           | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      4608 | NS      | $500382.72    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Insurance Group Ltd     | Hamilton Insurance Group Ltd                  | CUSIP: 000000000<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | BM        |      3616 | NS      | $100886.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Health Systems Inc     | Community Health Systems Inc                  | CUSIP: 203668108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13088 | NS      | $40834.56     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fennec Pharmaceuticals Inc       | Fennec Pharmaceuticals Inc                    | CUSIP: 31447P100<br>LEI: 5299003IE70ITO2CBM73 | Long             | EC               | CORP              | US        |      2112 | NS      | $16262.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Value Line Inc                   | Value Line Inc                                | CUSIP: 920437100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        66 | NS      | $2536.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ohio Valley Banc Corp            | Ohio Valley Banc Corp                         | CUSIP: 677719106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       160 | NS      | $6396.80      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Missouri Bancorp Inc    | Southern Missouri Bancorp Inc                 | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       768 | NS      | $45404.16     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| M-Tron Industries Inc            | M-Tron Industries Inc                         | CUSIP: 55380K109<br>LEI: 529900ECYL9SLLCSE931 | Long             | EC               | CORP              | US        |       160 | NS      | $8515.20      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                     | Agilysys Inc                                  | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |      2368 | NS      | $281413.12    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc                 | Interparfums Inc                              | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2208 | NS      | $187304.64    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneCo Ltd                      | StoneCo Ltd                                   | CUSIP: 000000000<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | BR        |     16416 | NS      | $242792.64    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp          | Enerpac Tool Group Corp                       | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |      4320 | NS      | $165196.80    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Slide Insurance Holdings Inc     | Slide Insurance Holdings Inc                  | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               | CORP              | US        |      1280 | NS      | $24934.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Werner Enterprises Inc           | Werner Enterprises Inc                        | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |      6848 | NS      | $205508.48    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Inc                      | Compass Inc                                   | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |     41344 | NS      | $437006.08    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc               | Ingles Markets Inc                            | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |      1472 | NS      | $100905.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Covenant Logistics Group Inc     | Covenant Logistics Group Inc                  | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1696 | NS      | $37379.84     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                  | TXNM Energy Inc                               | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |      9952 | NS      | $585973.76    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc              | Viavi Solutions Inc                           | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |     19488 | NS      | $347276.16    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Nicolet Bankshares Inc           | Nicolet Bankshares Inc                        | CUSIP: 65406E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       864 | NS      | $104803.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Designer Brands Inc              | Designer Brands Inc                           | CUSIP: 250565108<br>LEI: 549300X8J6FI8PPRK859 | Long             | EC               | CORP              | US        |      2944 | NS      | $21873.92     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In   | Installed Building Products Inc               | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      2144 | NS      | $556132.16    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ooma Inc                         | Ooma Inc                                      | CUSIP: 683416101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2944 | NS      | $34533.12     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Viemed Healthcare Inc            | Viemed Healthcare Inc                         | CUSIP: 92663R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3680 | NS      | $27342.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bladex                           | Banco Latinoamericano de Comercio Exterior SA | CUSIP: 000000000<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | PA        |      2624 | NS      | $117030.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                       | Kadant Inc                                    | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |      1024 | NS      | $291860.48    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc             | Extreme Networks Inc                          | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |      6080 | NS      | $101232.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc               | LTC Properties Inc                            | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |      4256 | NS      | $146321.28    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express Inc            | Heartland Express Inc                         | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |      5120 | NS      | $46233.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education Inc           | Laureate Education Inc                        | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |      8512 | NS      | $286599.04    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc/AR           | Home BancShares Inc/AR                        | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18592 | NS      | $516485.76    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                       | Tanger Inc                                    | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     11744 | NS      | $391897.28    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Arena Group Holdings Inc/The     | Arena Group Holdings Inc/The                  | CUSIP: 040044109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       896 | NS      | $3584.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co          | Central Garden & Pet Co                       | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      4896 | NS      | $142914.24    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc     | Watts Water Technologies Inc                  | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |      2496 | NS      | $688945.92    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc            | ESCO Technologies Inc                         | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      2592 | NS      | $506450.88    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp          | Perdoceo Education Corp                       | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |      7840 | NS      | $229947.20    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc           | Northern Oil & Gas Inc                        | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |      8672 | NS      | $186187.84    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| eGain Corp                       | eGain Corp                                    | CUSIP: 28225C806<br>LEI: 25490048ASFEJOENUI20 | Long             | EC               | CORP              | US        |      1824 | NS      | $18768.96     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                   | Kennametal Inc                                | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |      3456 | NS      | $98184.96     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc                     | AvePoint Inc                                  | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11776 | NS      | $163568.64    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp                      | Kohl's Corp                                   | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |      4928 | NS      | $100580.48    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Deluxe Corp                      | Deluxe Corp                                   | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |      4704 | NS      | $105040.32    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NVE Corp                         | NVE Corp                                      | CUSIP: 629445206<br>LEI: 5299003C1ATTWX8X0112 | Long             | EC               | CORP              | US        |       480 | NS      | $28478.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA    | Preferred Bank/Los Angeles CA                 | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      1152 | NS      | $108783.36    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                       | Kforce Inc                                    | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |      2208 | NS      | $68271.36     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| IDT Corp                         | IDT Corp                                      | CUSIP: 448947507<br>LEI: 549300JNTN7ZMJDFCL56 | Long             | EC               | CORP              | US        |      1632 | NS      | $83574.72     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Torrid Holdings Inc              | Torrid Holdings Inc                           | CUSIP: 89142B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1952 | NS      | $1909.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Realty Trust Inc        | Piedmont Realty Trust Inc                     | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12320 | NS      | $102748.80    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology Inc   | Tactile Systems Technology Inc                | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |      2432 | NS      | $70528.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Donegal Group Inc                | Donegal Group Inc                             | CUSIP: 257701201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1088 | NS      | $21738.24     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc     | Bread Financial Holdings Inc                  | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |      3776 | NS      | $279537.28    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG RE Finance Trust Inc         | TPG RE Finance Trust Inc                      | CUSIP: 87266M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6976 | NS      | $60063.36     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Luxfer Holdings PLC              | Luxfer Holdings PLC                           | CUSIP: 000000000<br>LEI: 21380045UF5SJYZOXE41 | Long             | EC               | CORP              | US        |      2304 | NS      | $31173.12     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Frequency Electronics Inc        | Frequency Electronics Inc                     | CUSIP: 358010106<br>LEI: 549300S56SO2JB5JBE31 | Long             | EC               | CORP              | US        |       480 | NS      | $25843.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Immersion Corp                   | Immersion Corp                                | CUSIP: 452521107<br>LEI: 529900AKNC1UAMQ2YB35 | Long             | EC               | CORP              | US        |      2848 | NS      | $19366.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American Public Education Inc    | American Public Education Inc                 | CUSIP: 02913V103<br>LEI: 254900GZNX6TJQGM4S17 | Long             | EC               | CORP              | US        |      1408 | NS      | $53222.40     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Rapid7 Inc                       | Rapid7 Inc                                    | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Long             | EC               | CORP              | US        |      4672 | NS      | $71014.40     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc             | Urban Outfitters Inc                          | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |      4032 | NS      | $303448.32    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Kearny Financial Corp/MD         | Kearny Financial Corp/MD                      | CUSIP: 48716P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4512 | NS      | $33433.92     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc       | Southwest Gas Holdings Inc                    | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |      6176 | NS      | $494203.52    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc               | SunCoke Energy Inc                            | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |      7104 | NS      | $51148.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocky Brands Inc                 | Rocky Brands Inc                              | CUSIP: 774515100<br>LEI: 5299004HQ6GCTW838N96 | Long             | EC               | CORP              | US        |       736 | NS      | $21586.88     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc         | Axcelis Technologies Inc                      | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      3072 | NS      | $246804.48    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TrustCo Bank Corp NY             | TrustCo Bank Corp NY                          | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1792 | NS      | $74063.36     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Zevia PBC                        | Zevia PBC                                     | CUSIP: 98955K104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3456 | NS      | $8017.92      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                     | Exponent Inc                                  | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |      5024 | NS      | $348967.04    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd      | Bowman Consulting Group Ltd                   | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1248 | NS      | $41208.96     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                        | Greif Inc                                     | CUSIP: 397624206<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |       448 | NS      | $33461.12     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                       | Qualys Inc                                    | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      4064 | NS      | $540105.60    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Stock Yards Bancorp Inc          | Stock Yards Bancorp Inc                       | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |      2304 | NS      | $149644.80    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                     | Harmonic Inc                                  | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |     11040 | NS      | $109185.60    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LiveRamp Holdings Inc            | LiveRamp Holdings Inc                         | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |      4352 | NS      | $127818.24    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co                         | WD-40 Co                                      | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |      1472 | NS      | $289836.80    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc      | Standard Motor Products Inc                   | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |      2240 | NS      | $82544.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc    | American Eagle Outfitters Inc                 | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |     16064 | NS      | $423607.68    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                  | Hillenbrand Inc                               | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |      6336 | NS      | $200977.92    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Remitly Global Inc               | Remitly Global Inc                            | CUSIP: 75960P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11072 | NS      | $152793.60    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Peoples Bancorp Inc/OH           | Peoples Bancorp Inc/OH                        | CUSIP: 709789101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3328 | NS      | $99939.84     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitek Systems Inc                | Mitek Systems Inc                             | CUSIP: 606710200<br>LEI: 549300ABZAQ3R25XG118 | Long             | EC               | CORP              | US        |      3872 | NS      | $40849.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp          | Magnolia Oil & Gas Corp                       | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15296 | NS      | $334829.44    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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