# EDGAR Filing Document

**Accession Number:** 0001655589
**File Stem:** 0000940400-26-008695
**Filing Date:** 2026-2
**Character Count:** 1035213
**Document Hash:** 66b1e8de78088ea2b91bff1af7bb108a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008695.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008695

**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:** 26687510

**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 FTSE Brazil ETF (Series ID: S000059501)

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

## Nport-Ex

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 100.1%** | **Common Stocks — 100.1%** | **Common Stocks — 100.1%** |
| **Communication Services — 9.1%** | **Communication Services — 9.1%** | **Communication Services — 9.1%** |
| *Diversified Telecommunication Services — 0.8%* | *Diversified Telecommunication Services — 0.8%* | *Diversified Telecommunication Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; China Tower Corp. Ltd., Class H Shares | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; $26733<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 13900 | &nbsp;&nbsp;&nbsp; 57731<br>|
| &nbsp;&nbsp;&nbsp; Converge Information and Communications Technology Solutions Inc. | &nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; 2500<br>|
| &nbsp;&nbsp;&nbsp; Dayamitra Telekomunikasi PT | &nbsp;&nbsp; 52800 | &nbsp;&nbsp;&nbsp; 2216<br>|
| &nbsp;&nbsp;&nbsp; Digital Telecommunications Infrastructure Fund, Class F Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp;&nbsp; 5759<br>|
| &nbsp;&nbsp;&nbsp; Indus Towers Ltd. | &nbsp;&nbsp; 4878 | &nbsp;&nbsp;&nbsp; 22,727<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LG Uplus Corp. | &nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp; 7725<br>|
| &nbsp;&nbsp;&nbsp; NetLink NBN Trust | &nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp; 7654<br>|
| &nbsp;&nbsp;&nbsp; PCCW Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 8325<br>|
| &nbsp;&nbsp;&nbsp; PT Tower Bersama Infrastructure Tbk | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 386<br>|
| &nbsp;&nbsp;&nbsp; Sarana Menara Nusantara Tbk PT | &nbsp;&nbsp; 70800 | &nbsp;&nbsp;&nbsp; 2484<br>|
| &nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | &nbsp;&nbsp; 26400 | &nbsp;&nbsp;&nbsp; 93406<br>|
| &nbsp;&nbsp;&nbsp; Tata Communications Ltd. | &nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 8286<br>|
| &nbsp;&nbsp;&nbsp; Tata Teleservices Maharashtra Ltd. | &nbsp;&nbsp; 1956 | &nbsp;&nbsp;&nbsp; 1,079<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Telekom Malaysia Bhd | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 8332<br>|
| &nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 159600 | &nbsp;&nbsp;&nbsp; 33308<br>|
| &nbsp;&nbsp;&nbsp; True Corp. PCL, NVDR | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 12455<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *301106* |
| *Entertainment — 1.0%* | *Entertainment — 1.0%* | *Entertainment — 1.0%* |
| &nbsp;&nbsp;&nbsp; 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2029<br>|
| &nbsp;&nbsp;&nbsp; Beijing Enlight Media Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2816<br>|
| &nbsp;&nbsp;&nbsp; China Ruyi Holdings Ltd. | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp; 13,506<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Damai Entertainment Holdings Ltd. | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 7,323<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Giant Network Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3721<br>|
| &nbsp;&nbsp;&nbsp; HYBE Co. Ltd. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 17868<br>|
| &nbsp;&nbsp;&nbsp; International Games System Co. Ltd. | &nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp; 19000<br>|
| &nbsp;&nbsp;&nbsp; iQIYI Inc., ADR | &nbsp;&nbsp; 1788 | &nbsp;&nbsp;&nbsp; 3,433<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kakao Games Corp. | &nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 1,614<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kingnet Network Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1880<br>|
| &nbsp;&nbsp;&nbsp; Kingsoft Corp. Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 13154<br>|
| &nbsp;&nbsp;&nbsp; Krafton Inc. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 17,418<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mango Excellent Media Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2099<br>|
| &nbsp;&nbsp;&nbsp; NCSoft Corp. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 6714<br>|
| &nbsp;&nbsp;&nbsp; NetEase Cloud Music Inc. | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 7,169<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NetEase Inc. | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp; 181970<br>|
| &nbsp;&nbsp;&nbsp; Netmarble Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 3416<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pearl Abyss Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 2,648<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 1808 | &nbsp;&nbsp;&nbsp; 31694<br>|
| &nbsp;&nbsp;&nbsp; Wanda Film Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 973<br> \*<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *340445* |
| *Interactive Media & Services — 6.1%* | *Interactive Media & Services — 6.1%* | *Interactive Media & Services — 6.1%* |
| &nbsp;&nbsp;&nbsp; Autohome Inc., ADR | &nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 5075<br>|
| &nbsp;&nbsp;&nbsp; Baidu Inc., Class A Shares | &nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp; 131,779<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bilibili Inc., Class Z Shares | &nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp; 26,766<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Info Edge India Ltd. | &nbsp;&nbsp; 1302 | &nbsp;&nbsp;&nbsp; 19319<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Interactive Media & Services — continued* | *Interactive Media & Services — continued* | *Interactive Media & Services — continued* |
| &nbsp;&nbsp;&nbsp; JOYY Inc., ADR | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; $6605<br>|
| &nbsp;&nbsp;&nbsp; Kakao Corp. | &nbsp;&nbsp; 1128 | &nbsp;&nbsp;&nbsp; 47060<br>|
| &nbsp;&nbsp;&nbsp; Kuaishou Technology | &nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp; 83804<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kunlun Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3,585<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Meitu Inc. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 10792<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NAVER Corp. | &nbsp;&nbsp; 546 | &nbsp;&nbsp;&nbsp; 91913<br>|
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | &nbsp;&nbsp; 22600 | &nbsp;&nbsp;&nbsp; 1739243<br>|
| &nbsp;&nbsp;&nbsp; Weibo Corp., Class A Shares | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 3656<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *2169597* |
| *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* |
| &nbsp;&nbsp;&nbsp; Bluefocus Intelligent Communications Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 1,386<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cheil Worldwide Inc. | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 3936<br>|
| &nbsp;&nbsp;&nbsp; China Literature Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 5,085<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China South Publishing & Media Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 968<br>|
| &nbsp;&nbsp;&nbsp; Elang Mahkota Teknologi Tbk PT | &nbsp;&nbsp; 60600 | &nbsp;&nbsp;&nbsp; 3943<br>|
| &nbsp;&nbsp;&nbsp; Focus Media Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 4435<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 863<br>|
| &nbsp;&nbsp;&nbsp; Leo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1454<br>|
| &nbsp;&nbsp;&nbsp; People.cn Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1638<br>|
| &nbsp;&nbsp;&nbsp; Sun TV Network Ltd. | &nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 2157<br>|
| &nbsp;&nbsp;&nbsp; Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp; 3228 | &nbsp;&nbsp;&nbsp; 3231<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *29096* |
| *Wireless Telecommunication Services — 1.1%* | *Wireless Telecommunication Services — 1.1%* | *Wireless Telecommunication Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 41727<br>|
| &nbsp;&nbsp;&nbsp; Axiata Group Bhd | &nbsp;&nbsp; 16200 | &nbsp;&nbsp;&nbsp; 10060<br>|
| &nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. | &nbsp;&nbsp; 10194 | &nbsp;&nbsp;&nbsp; 238814<br>|
| &nbsp;&nbsp;&nbsp; Bharti Airtel PP Ltd. | &nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 11853<br>|
| &nbsp;&nbsp;&nbsp; Bharti Hexacom Ltd. | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 5675<br>|
| &nbsp;&nbsp;&nbsp; CelcomDigi Bhd | &nbsp;&nbsp; 13800 | &nbsp;&nbsp;&nbsp; 10848<br>|
| &nbsp;&nbsp;&nbsp; China United Network Communications Ltd., Class A Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 6150<br>|
| &nbsp;&nbsp;&nbsp; Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 16862<br>|
| &nbsp;&nbsp;&nbsp; Globe Telecom Inc. | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 3231<br>|
| &nbsp;&nbsp;&nbsp; Indosat Tbk PT | &nbsp;&nbsp; 19200 | &nbsp;&nbsp;&nbsp; 2671<br>|
| &nbsp;&nbsp;&nbsp; Maxis Bhd | &nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp; 9526<br>|
| &nbsp;&nbsp;&nbsp; PLDT Inc. | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 7710<br>|
| &nbsp;&nbsp;&nbsp; StarHub Ltd. | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1568<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 17266<br>|
| &nbsp;&nbsp;&nbsp; Vodafone Idea Ltd. | &nbsp;&nbsp; 96810 | &nbsp;&nbsp;&nbsp; 11,590<br> \*<br>|
| &nbsp;&nbsp;&nbsp; XLSMART Telecom Sejahtera Tbk PT | &nbsp;&nbsp; 16800 | &nbsp;&nbsp;&nbsp; 3778<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *399329* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3239573** |
| **Consumer Discretionary — 12.5%** | **Consumer Discretionary — 12.5%** | **Consumer Discretionary — 12.5%** |
| *Automobile Components — 0.7%* | *Automobile Components — 0.7%* | *Automobile Components — 0.7%* |
| &nbsp;&nbsp;&nbsp; Balkrishna Industries Ltd. | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 7433<br>|
| &nbsp;&nbsp;&nbsp; Bharat Forge Ltd. | &nbsp;&nbsp; 954 | &nbsp;&nbsp;&nbsp; 15607<br>|
| &nbsp;&nbsp;&nbsp; Bosch Ltd. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 12030<br>|
| &nbsp;&nbsp;&nbsp; Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 1768<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* |
| &nbsp;&nbsp;&nbsp; Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; $6760<br>|
| &nbsp;&nbsp;&nbsp; Endurance Technologies Ltd. | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 3458<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Exide Industries Ltd. | &nbsp;&nbsp; 1578 | &nbsp;&nbsp;&nbsp; 6359<br>|
| &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 5568<br>|
| &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 20721<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; 10441<br>|
| &nbsp;&nbsp;&nbsp; Hanon Systems | &nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp; 1,809<br> \*<br>|
| &nbsp;&nbsp;&nbsp; HL Mando Co. Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 5134<br>|
| &nbsp;&nbsp;&nbsp; Huayu Automotive Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3438<br>|
| &nbsp;&nbsp;&nbsp; Huizhou Desay Sv Automotive Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 3447<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; 54375<br>|
| &nbsp;&nbsp;&nbsp; Johnson Electric Holdings Ltd. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 5728<br>|
| &nbsp;&nbsp;&nbsp; Minth Group Ltd. | &nbsp;&nbsp; 2580 | &nbsp;&nbsp;&nbsp; 10514<br>|
| &nbsp;&nbsp;&nbsp; MRF Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 13605<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Joyson Electronic Corp., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2696<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Tuopu Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 6634<br>|
| &nbsp;&nbsp;&nbsp; Sailun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2782<br>|
| &nbsp;&nbsp;&nbsp; Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 16041 | &nbsp;&nbsp;&nbsp; 21406<br>|
| &nbsp;&nbsp;&nbsp; Sona Blw Precision Forgings Ltd. | &nbsp;&nbsp; 1668 | &nbsp;&nbsp;&nbsp; 8897<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tube Investments of India Ltd. | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 11343<br>|
| &nbsp;&nbsp;&nbsp; UNO Minda Ltd. | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 9442<br>|
| &nbsp;&nbsp;&nbsp; Wanxiang Qianchao Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2957<br>|
| &nbsp;&nbsp;&nbsp; Weifu High-Technology Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1096<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1376<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *256824* |
| *Automobiles — 3.0%* | *Automobiles — 3.0%* | *Automobiles — 3.0%* |
| &nbsp;&nbsp;&nbsp; Anhui Jianghuai Automobile Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 4,255<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BAIC BluePark New Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2,071<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BAIC Motor Corp. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 2,232<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bajaj Auto Ltd. | &nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp; 25572<br>|
| &nbsp;&nbsp;&nbsp; Brilliance China Automotive Holdings Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 6244<br>|
| &nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class A Shares | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 21000<br>|
| &nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class H Shares | &nbsp;&nbsp; 13427 | &nbsp;&nbsp;&nbsp; 164484<br>|
| &nbsp;&nbsp;&nbsp; China Motor Corp. | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 1492<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Changan Automobile Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 4078<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Changan Automobile Co. Ltd., Class B Shares | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 3941<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Qianli Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2,741<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Dongfeng Motor Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp; 8,839<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Eicher Motors Ltd. | &nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp; 39540<br>|
| &nbsp;&nbsp;&nbsp; Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp; 52894<br>|
| &nbsp;&nbsp;&nbsp; Great Wall Motor Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3891<br>|
| &nbsp;&nbsp;&nbsp; Great Wall Motor Co. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 17691<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Automobile Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2104<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Automobile Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 6306<br>|
| &nbsp;&nbsp;&nbsp; Hero MotoCorp Ltd. | &nbsp;&nbsp; 474 | &nbsp;&nbsp;&nbsp; 30435<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Motor Co. | &nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; 101266<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Motor India Ltd. | &nbsp;&nbsp; 528 | &nbsp;&nbsp;&nbsp; 13500<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Automobiles — continued* | *Automobiles — continued* | *Automobiles — continued* |
| &nbsp;&nbsp;&nbsp; Kia Corp. | &nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; $73052<br>|
| &nbsp;&nbsp;&nbsp; Li Auto Inc., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 34,993<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 3396 | &nbsp;&nbsp;&nbsp; 140148<br>|
| &nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 89170<br>|
| &nbsp;&nbsp;&nbsp; NIO Inc., Class A Shares | &nbsp;&nbsp; 6360 | &nbsp;&nbsp;&nbsp; 33,469<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SAIC Motor Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 5233<br>|
| &nbsp;&nbsp;&nbsp; Seres Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 8665<br>|
| &nbsp;&nbsp;&nbsp; Tata Motors Passenger Vehicles Ltd. | &nbsp;&nbsp; 7507 | &nbsp;&nbsp;&nbsp; 30682<br>|
| &nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. | &nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp; 35261<br>|
| &nbsp;&nbsp;&nbsp; XPeng Inc., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 55,051<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yadea Group Holdings Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 6135<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Yulon Motor Co. Ltd. | &nbsp;&nbsp; 1878 | &nbsp;&nbsp;&nbsp; 1981<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Leapmotor Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 14,992<br> \*<sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *1043408* |
| *Broadline Retail — 4.8%* | *Broadline Retail — 4.8%* | *Broadline Retail — 4.8%* |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | &nbsp;&nbsp; 65200 | &nbsp;&nbsp;&nbsp; 1196192<br>|
| &nbsp;&nbsp;&nbsp; CCOOP Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 1,934<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Central Retail Corp. PCL, NVDR | &nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp; 5828<br>|
| &nbsp;&nbsp;&nbsp; GoTo Gojek Tokopedia Tbk PT | &nbsp;&nbsp; 2943000 | &nbsp;&nbsp;&nbsp; 11,295<br> \*<br>|
| &nbsp;&nbsp;&nbsp; JD.com Inc., Class A Shares | &nbsp;&nbsp; 9300 | &nbsp;&nbsp;&nbsp; 133344<br>|
| &nbsp;&nbsp;&nbsp; Lotte Shopping Co. Ltd. | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 2114<br>|
| &nbsp;&nbsp;&nbsp; MINISO Group Holding Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 5612<br>|
| &nbsp;&nbsp;&nbsp; momo.com Inc. | &nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; 1776<br>|
| &nbsp;&nbsp;&nbsp; PDD Holdings Inc., ADR | &nbsp;&nbsp; 2772 | &nbsp;&nbsp;&nbsp; 314,317<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp; 14223<br>|
| &nbsp;&nbsp;&nbsp; Vishal Mega Mart Ltd. | &nbsp;&nbsp; 7584 | &nbsp;&nbsp;&nbsp; 11,507<br> \*<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *1698142* |
| *Distributors — 0.0%††* | *Distributors — 0.0%††* | *Distributors — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Wuchan Zhongda Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1437<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang China Commodities City Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 4113<br>|
| *Total Distributors* | *Total Distributors* | &nbsp;&nbsp; *5550* |
| *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 29305<br>|
| &nbsp;&nbsp;&nbsp; TAL Education Group, ADR | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 16,365<br> \*<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *45670* |
| *Hotels, Restaurants & Leisure — 2.2%* | *Hotels, Restaurants & Leisure — 2.2%* | *Hotels, Restaurants & Leisure — 2.2%* |
| &nbsp;&nbsp;&nbsp; Asset World Corp. PCL, NVDR | &nbsp;&nbsp; 27600 | &nbsp;&nbsp;&nbsp; 1857<br>|
| &nbsp;&nbsp;&nbsp; Bloomberry Resorts Corp. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp;&nbsp; 466<br>|
| &nbsp;&nbsp;&nbsp; Eternal Ltd. | &nbsp;&nbsp; 16584 | &nbsp;&nbsp;&nbsp; 51,304<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 7860 | &nbsp;&nbsp;&nbsp; 38697<br>|
| &nbsp;&nbsp;&nbsp; Genting Bhd | &nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp; 5805<br>|
| &nbsp;&nbsp;&nbsp; Genting Malaysia Bhd | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 3016<br>|
| &nbsp;&nbsp;&nbsp; Genting Singapore Ltd. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp;&nbsp; 11501<br>|
| &nbsp;&nbsp;&nbsp; H World Group Ltd. | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 34134<br>|
| &nbsp;&nbsp;&nbsp; Haidilao International Holding Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 10985<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hanjin Kal Corp. | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 7231<br>|
| &nbsp;&nbsp;&nbsp; Indian Hotels Co. Ltd. | &nbsp;&nbsp; 3096 | &nbsp;&nbsp;&nbsp; 25450<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; ITC Hotels Ltd. | &nbsp;&nbsp; 4128 | &nbsp;&nbsp;&nbsp; $9,068<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Jollibee Foods Corp. | &nbsp;&nbsp; 1740 | &nbsp;&nbsp;&nbsp; 5324<br>|
| &nbsp;&nbsp;&nbsp; Jubilant Foodworks Ltd. | &nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp; 8763<br>|
| &nbsp;&nbsp;&nbsp; Kangwon Land Inc. | &nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp; 5446<br>|
| &nbsp;&nbsp;&nbsp; Meituan, Class B Shares | &nbsp;&nbsp; 19300 | &nbsp;&nbsp;&nbsp; 256,143<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MGM China Holdings Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 4042<br>|
| &nbsp;&nbsp;&nbsp; Minor International PCL, NVDR | &nbsp;&nbsp; 13800 | &nbsp;&nbsp;&nbsp; 10644<br>|
| &nbsp;&nbsp;&nbsp; NagaCorp Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 3592<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd. | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 18131<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Jinjiang International Hotels Co. Ltd., Class B Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 806<br>|
| &nbsp;&nbsp;&nbsp; Shangri-La Asia Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 2441<br>|
| &nbsp;&nbsp;&nbsp; SJM Holdings Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 3,715<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Songcheng Performance Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 704<br>|
| &nbsp;&nbsp;&nbsp; Swiggy Ltd. | &nbsp;&nbsp; 3960 | &nbsp;&nbsp;&nbsp; 17,018<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 13838<br>|
| &nbsp;&nbsp;&nbsp; TravelSky Technology Ltd., Class H Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 5283<br>|
| &nbsp;&nbsp;&nbsp; Trip.com Group Ltd. | &nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp; 153029<br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 3663<br>|
| &nbsp;&nbsp;&nbsp; Yum China Holdings Inc. | &nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp; 61564<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *773660* |
| *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* |
| &nbsp;&nbsp;&nbsp; Coway Co. Ltd. | &nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 11944<br>|
| &nbsp;&nbsp;&nbsp; Dixon Technologies India Ltd. | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 17773<br>|
| &nbsp;&nbsp;&nbsp; Ecovacs Robotics Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 2312<br>|
| &nbsp;&nbsp;&nbsp; Gree Electric Appliances Inc. of Zhuhai, Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 6915<br>|
| &nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 6728<br>|
| &nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd., Class H Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 26203<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou GreatStar Industrial Co. Ltd. | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 1950<br>|
| &nbsp;&nbsp;&nbsp; Hisense Home Appliances Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 2978<br>|
| &nbsp;&nbsp;&nbsp; LG Electronics Inc. | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 24497<br>|
| &nbsp;&nbsp;&nbsp; Man Wah Holdings Ltd. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 2818<br>|
| &nbsp;&nbsp;&nbsp; Midea Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 26194<br>|
| &nbsp;&nbsp;&nbsp; Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 6894<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen MTC Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1914<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Changhong Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1564<br>|
| &nbsp;&nbsp;&nbsp; Whirlpool of India Ltd. | &nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 2521<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *143205* |
| *Leisure Products — 0.0%††* | *Leisure Products — 0.0%††* | *Leisure Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Giant Manufacturing Co. Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; *3536*<br>|
| *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; China Tourism Group Duty Free Corp. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 8129<br>|
| &nbsp;&nbsp;&nbsp; China Tourism Group Duty Free Corp. Ltd., Class H Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 6078<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 9551<br>|
| &nbsp;&nbsp;&nbsp; FSN E-Commerce Ventures Ltd. | &nbsp;&nbsp; 4260 | &nbsp;&nbsp;&nbsp; 12,567<br> \*<br>|
| &nbsp;&nbsp;&nbsp; HLA Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1040<br>|
| &nbsp;&nbsp;&nbsp; Home Product Center PCL, NVDR | &nbsp;&nbsp; 18600 | &nbsp;&nbsp;&nbsp; 3926<br>|
| &nbsp;&nbsp;&nbsp; Hotai Motor Co. Ltd. | &nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp; 17855<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* |
| &nbsp;&nbsp;&nbsp; Hotel Shilla Co. Ltd. | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; $3,715<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Metro Brands Ltd. | &nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 2579<br>|
| &nbsp;&nbsp;&nbsp; MR DIY Group M Bhd | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp; 4298<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petronas Dagangan Bhd | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 5902<br>|
| &nbsp;&nbsp;&nbsp; Pop Mart International Group Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 57876<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PTT Oil & Retail Business PCL, NVDR | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 3799<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 882<br>|
| &nbsp;&nbsp;&nbsp; Topsports International Holdings Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 4486<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trent Ltd. | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 31422<br>|
| &nbsp;&nbsp;&nbsp; Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 4479<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *178584* |
| *Textiles, Apparel & Luxury Goods — 0.8%* | *Textiles, Apparel & Luxury Goods — 0.8%* | *Textiles, Apparel & Luxury Goods — 0.8%* |
| &nbsp;&nbsp;&nbsp; ANTA Sports Products Ltd. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 49674<br>|
| &nbsp;&nbsp;&nbsp; Bata India Ltd. | &nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 2644<br>|
| &nbsp;&nbsp;&nbsp; Bosideng International Holdings Ltd. | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp; 9168<br>|
| &nbsp;&nbsp;&nbsp; Eclat Textile Co. Ltd. | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 8077<br>|
| &nbsp;&nbsp;&nbsp; F&F Co. Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 2282<br>|
| &nbsp;&nbsp;&nbsp; Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 1620 | &nbsp;&nbsp;&nbsp; 6007<br>|
| &nbsp;&nbsp;&nbsp; Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 1416 | &nbsp;&nbsp;&nbsp; 7646<br>|
| &nbsp;&nbsp;&nbsp; Lao Feng Xiang Co. Ltd., Class B Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 4144<br>|
| &nbsp;&nbsp;&nbsp; Laopu Gold Co. Ltd., Class H Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 15880<br>|
| &nbsp;&nbsp;&nbsp; Li Ning Co. Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 21588<br>|
| &nbsp;&nbsp;&nbsp; Misto Holdings Corp. | &nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 3379<br>|
| &nbsp;&nbsp;&nbsp; Page Industries Ltd. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 7219<br>|
| &nbsp;&nbsp;&nbsp; Pou Chen Corp. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 5757<br>|
| &nbsp;&nbsp;&nbsp; PRADA SpA | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 10407<br>|
| &nbsp;&nbsp;&nbsp; Relaxo Footwears Ltd. | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 1269<br>|
| &nbsp;&nbsp;&nbsp; Samsonite Group SA | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 13806<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 23588<br>|
| &nbsp;&nbsp;&nbsp; Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1,753<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Titan Co. Ltd. | &nbsp;&nbsp; 1338 | &nbsp;&nbsp;&nbsp; 60313<br>|
| &nbsp;&nbsp;&nbsp; Vedant Fashions Ltd. | &nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 1516<br>|
| &nbsp;&nbsp;&nbsp; Xtep International Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 4093<br>|
| &nbsp;&nbsp;&nbsp; Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 6155<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *266365* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **4414944** |
| **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** |
| *Beverages — 0.8%* | *Beverages — 0.8%* | *Beverages — 0.8%* |
| &nbsp;&nbsp;&nbsp; Anhui Gujing Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 1900<br>|
| &nbsp;&nbsp;&nbsp; Anhui Gujing Distillery Co. Ltd., Class B Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 6733<br>|
| &nbsp;&nbsp;&nbsp; Beijing Yanjing Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1931<br>|
| &nbsp;&nbsp;&nbsp; Budweiser Brewing Co. APAC Ltd. | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp; 6436<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carabao Group PCL, NVDR | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1657<br>|
| &nbsp;&nbsp;&nbsp; China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 20212<br>|
| &nbsp;&nbsp;&nbsp; Eastroc Beverage Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 7662<br>|
| &nbsp;&nbsp;&nbsp; Fraser & Neave Holdings Bhd | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 5249<br>|
| &nbsp;&nbsp;&nbsp; Hite Jinro Co. Ltd. | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 1536<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Beverages — continued* | *Beverages — continued* | *Beverages — continued* |
| &nbsp;&nbsp;&nbsp; Jiangsu King's Luck Brewery JSC Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; $2990<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Yanghe Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 5221<br>|
| &nbsp;&nbsp;&nbsp; Kweichow Moutai Co. Ltd., Class A Shares | &nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 65111<br>|
| &nbsp;&nbsp;&nbsp; Luzhou Laojiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 6660<br>|
| &nbsp;&nbsp;&nbsp; Nongfu Spring Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 36107<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Osotspa PCL, NVDR | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 2759<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 9840<br>|
| &nbsp;&nbsp;&nbsp; Thai Beverage PCL | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 9658<br>|
| &nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 3507<br>|
| &nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd., Class H Shares | &nbsp;&nbsp; 2208 | &nbsp;&nbsp;&nbsp; 13821<br>|
| &nbsp;&nbsp;&nbsp; United Breweries Ltd. | &nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 4222<br>|
| &nbsp;&nbsp;&nbsp; United Spirits Ltd. | &nbsp;&nbsp; 1086 | &nbsp;&nbsp;&nbsp; 17444<br>|
| &nbsp;&nbsp;&nbsp; Varun Beverages Ltd. | &nbsp;&nbsp; 4910 | &nbsp;&nbsp;&nbsp; 26760<br>|
| &nbsp;&nbsp;&nbsp; Wuliangye Yibin Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 18213<br>|
| &nbsp;&nbsp;&nbsp; Yantai Changyu Pioneer Wine Co. Ltd., Class B Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1238<br>|
| &nbsp;&nbsp;&nbsp; ZJLD Group Inc. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 2676<br> <sup>(a)</sup><br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *279543* |
| *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* |
| &nbsp;&nbsp;&nbsp; 99 Speed Mart Retail Holdings Bhd | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 5070<br>|
| &nbsp;&nbsp;&nbsp; Alibaba Health Information Technology Ltd. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 11,679<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Avenue Supermarts Ltd. | &nbsp;&nbsp; 528 | &nbsp;&nbsp;&nbsp; 22,219<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Berli Jucker PCL, NVDR | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 1097<br>|
| &nbsp;&nbsp;&nbsp; BGF retail Co. Ltd. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 2182<br>|
| &nbsp;&nbsp;&nbsp; CP ALL PCL, NVDR | &nbsp;&nbsp; 19800 | &nbsp;&nbsp;&nbsp; 27339<br>|
| &nbsp;&nbsp;&nbsp; CP Axtra PCL, NVDR | &nbsp;&nbsp; 5913 | &nbsp;&nbsp;&nbsp; 2947<br>|
| &nbsp;&nbsp;&nbsp; DFI Retail Group Holdings Ltd., Registered Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 4740<br>|
| &nbsp;&nbsp;&nbsp; Dongsuh Cos. Inc. | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 2237<br>|
| &nbsp;&nbsp;&nbsp; East Buy Holding Ltd. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 3,453<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; E-MART Inc. | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 3725<br>|
| &nbsp;&nbsp;&nbsp; GS Retail Co. Ltd. | &nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 1688<br>|
| &nbsp;&nbsp;&nbsp; JD Health International Inc. | &nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp; 27,809<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Olam Group Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 2239<br>|
| &nbsp;&nbsp;&nbsp; Ping An Healthcare and Technology Co. Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 6,512<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; President Chain Store Corp. | &nbsp;&nbsp; 1880 | &nbsp;&nbsp;&nbsp; 13253<br>|
| &nbsp;&nbsp;&nbsp; Puregold Price Club Inc. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 2325<br>|
| &nbsp;&nbsp;&nbsp; Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 75300 | &nbsp;&nbsp;&nbsp; 8919<br>|
| &nbsp;&nbsp;&nbsp; Sun Art Retail Group Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 2000<br>|
| &nbsp;&nbsp;&nbsp; Yifeng Pharmacy Chain Co. Ltd., Class A Shares | &nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp; 983<br>|
| &nbsp;&nbsp;&nbsp; Yonghui Superstores Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 1,613<br> \*<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *154029* |
| *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; 100 | &nbsp;&nbsp;&nbsp; 1136<br>|
| &nbsp;&nbsp;&nbsp; AWL Agri Business Ltd. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp;&nbsp; 2,788<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Britannia Industries Ltd. | &nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp; 28585<br>|
| &nbsp;&nbsp;&nbsp; Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 8303<br>|
| &nbsp;&nbsp;&nbsp; Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 25800 | &nbsp;&nbsp;&nbsp; 6978<br>|
| &nbsp;&nbsp;&nbsp; China Feihe Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 6259<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 FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Food Products — continued* | *Food Products — continued* | *Food Products — continued* |
| &nbsp;&nbsp;&nbsp; China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; $22987<br>|
| &nbsp;&nbsp;&nbsp; CJ CheilJedang Corp. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 4332<br>|
| &nbsp;&nbsp;&nbsp; First Pacific Co. Ltd. | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp; 6126<br>|
| &nbsp;&nbsp;&nbsp; Foshan Haitian Flavouring & Food Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 6365<br>|
| &nbsp;&nbsp;&nbsp; Fujian Sunner Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1422<br>|
| &nbsp;&nbsp;&nbsp; Guangdong Haid Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 4760<br>|
| &nbsp;&nbsp;&nbsp; Heilongjiang Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1285<br>|
| &nbsp;&nbsp;&nbsp; Henan Shuanghui Investment & Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 4551<br>|
| &nbsp;&nbsp;&nbsp; Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp; 3836<br>|
| &nbsp;&nbsp;&nbsp; Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 16800 | &nbsp;&nbsp;&nbsp; 6826<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Yili Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 7375<br>|
| &nbsp;&nbsp;&nbsp; IOI Corp. Bhd | &nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp; 10054<br>|
| &nbsp;&nbsp;&nbsp; Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 8871<br>|
| &nbsp;&nbsp;&nbsp; Marico Ltd. | &nbsp;&nbsp; 1896 | &nbsp;&nbsp;&nbsp; 15834<br>|
| &nbsp;&nbsp;&nbsp; Mayora Indah Tbk PT | &nbsp;&nbsp; 13800 | &nbsp;&nbsp;&nbsp; 1763<br>|
| &nbsp;&nbsp;&nbsp; Monde Nissin Corp. | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 1715<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Muyuan Foods Co. Ltd., Class A Shares | &nbsp;&nbsp; 1596 | &nbsp;&nbsp;&nbsp; 11565<br>|
| &nbsp;&nbsp;&nbsp; Nestle India Ltd. | &nbsp;&nbsp; 2616 | &nbsp;&nbsp;&nbsp; 37488<br>|
| &nbsp;&nbsp;&nbsp; Nestle Malaysia Bhd | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 6742<br>|
| &nbsp;&nbsp;&nbsp; New Hope Liuhe Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1585<br>|
| &nbsp;&nbsp;&nbsp; NongShim Co. Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 3603<br>|
| &nbsp;&nbsp;&nbsp; Orion Corp. | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 6163<br>|
| &nbsp;&nbsp;&nbsp; Otoki Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1604<br>|
| &nbsp;&nbsp;&nbsp; Patanjali Foods Ltd. | &nbsp;&nbsp; 1224 | &nbsp;&nbsp;&nbsp; 7429<br>|
| &nbsp;&nbsp;&nbsp; PPB Group Bhd | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 6541<br>|
| &nbsp;&nbsp;&nbsp; QL Resources Bhd | &nbsp;&nbsp; 5700 | &nbsp;&nbsp;&nbsp; 5324<br>|
| &nbsp;&nbsp;&nbsp; Samyang Foods Co. Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 10254<br>|
| &nbsp;&nbsp;&nbsp; SD Guthrie Bhd | &nbsp;&nbsp; 13200 | &nbsp;&nbsp;&nbsp; 18639<br>|
| &nbsp;&nbsp;&nbsp; Tata Consumer Products Ltd. | &nbsp;&nbsp; 2370 | &nbsp;&nbsp;&nbsp; 31431<br>|
| &nbsp;&nbsp;&nbsp; Thai Union Group PCL, NVDR | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 3657<br>|
| &nbsp;&nbsp;&nbsp; Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 9088<br>|
| &nbsp;&nbsp;&nbsp; Uni-President China Holdings Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 4178<br>|
| &nbsp;&nbsp;&nbsp; Uni-President Enterprises Corp. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 44169<br>|
| &nbsp;&nbsp;&nbsp; Universal Robina Corp. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 3432<br>|
| &nbsp;&nbsp;&nbsp; Want Want China Holdings Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 7154<br>|
| &nbsp;&nbsp;&nbsp; Wens Foodstuff Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 4353<br>|
| &nbsp;&nbsp;&nbsp; WH Group Ltd. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 30075<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wilmar International Ltd. | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp; 15807<br>|
| &nbsp;&nbsp;&nbsp; Yihai International Holding Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 3238<br>|
| &nbsp;&nbsp;&nbsp; Yihai Kerry Arawana Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2471<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *438141* |
| *Household Products — 0.0%††* | *Household Products — 0.0%††* | *Household Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Blue Moon Group Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 1037<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Unilever Indonesia Tbk PT | &nbsp;&nbsp; 22800 | &nbsp;&nbsp;&nbsp; 3555<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *4592* |
| *Personal Care Products — 0.5%* | *Personal Care Products — 0.5%* | *Personal Care Products — 0.5%* |
| &nbsp;&nbsp;&nbsp; Amorepacific Corp. | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 8959<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Personal Care Products — continued* | *Personal Care Products — continued* | *Personal Care Products — continued* |
| &nbsp;&nbsp;&nbsp; Amorepacific Holdings Corp. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; $1789<br>|
| &nbsp;&nbsp;&nbsp; By-health Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1032<br>|
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp; 11224<br>|
| &nbsp;&nbsp;&nbsp; Dabur India Ltd. | &nbsp;&nbsp; 2148 | &nbsp;&nbsp;&nbsp; 12035<br>|
| &nbsp;&nbsp;&nbsp; Emami Ltd. | &nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp; 4199<br>|
| &nbsp;&nbsp;&nbsp; Giant Biogene Holding Co. Ltd | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 8551<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Godrej Consumer Products Ltd. | &nbsp;&nbsp; 1452 | &nbsp;&nbsp;&nbsp; 19745<br>|
| &nbsp;&nbsp;&nbsp; Hengan International Group Co. Ltd. | &nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp; 7886<br>|
| &nbsp;&nbsp;&nbsp; Hindustan Unilever Ltd. | &nbsp;&nbsp; 3234 | &nbsp;&nbsp;&nbsp; 83330<br>|
| &nbsp;&nbsp;&nbsp; Kwality Wall's India Ltd. | &nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp; 1403<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; LG H&H Co. Ltd. | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 6460<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *166613* |
| *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* |
| &nbsp;&nbsp;&nbsp; Godfrey Phillips India Ltd. | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 4610<br>|
| &nbsp;&nbsp;&nbsp; Gudang Garam Tbk PT | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1511<br>|
| &nbsp;&nbsp;&nbsp; ITC Ltd. | &nbsp;&nbsp; 10962 | &nbsp;&nbsp;&nbsp; 49151<br>|
| &nbsp;&nbsp;&nbsp; KT&G Corp. | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 37879<br>|
| &nbsp;&nbsp;&nbsp; RLX Technology Inc., ADR | &nbsp;&nbsp; 2466 | &nbsp;&nbsp;&nbsp; 5746<br>|
| &nbsp;&nbsp;&nbsp; Smoore International Holdings Ltd. | &nbsp;&nbsp; 6540 | &nbsp;&nbsp;&nbsp; 10007<br> <sup>(a)</sup><br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *108904* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1151822** |
| **Energy — 3.1%** | **Energy — 3.1%** | **Energy — 3.1%** |
| *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; China Oilfield Services Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1207<br>|
| &nbsp;&nbsp;&nbsp; China Oilfield Services Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 5388<br>|
| &nbsp;&nbsp;&nbsp; CNOOC Energy Technology & Services Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 990<br>|
| &nbsp;&nbsp;&nbsp; Dialog Group Bhd | &nbsp;&nbsp; 16200 | &nbsp;&nbsp;&nbsp; 6707<br>|
| &nbsp;&nbsp;&nbsp; Offshore Oil Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 944<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *15236* |
| *Oil, Gas & Consumable Fuels — 3.0%* | *Oil, Gas & Consumable Fuels — 3.0%* | *Oil, Gas & Consumable Fuels — 3.0%* |
| &nbsp;&nbsp;&nbsp; Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 35400 | &nbsp;&nbsp;&nbsp; 3843<br>|
| &nbsp;&nbsp;&nbsp; Banpu PCL, NVDR | &nbsp;&nbsp; 28200 | &nbsp;&nbsp;&nbsp; 4404<br>|
| &nbsp;&nbsp;&nbsp; Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 7170 | &nbsp;&nbsp;&nbsp; 30633<br>|
| &nbsp;&nbsp;&nbsp; Bukit Asam Tbk PT | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 1662<br>|
| &nbsp;&nbsp;&nbsp; China Coal Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 3208<br>|
| &nbsp;&nbsp;&nbsp; China Coal Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 11505<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Energy Shipping Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp; 2702<br>|
| &nbsp;&nbsp;&nbsp; China Petroleum & Chemical Corp., Class A Shares | &nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp; 9031<br>|
| &nbsp;&nbsp;&nbsp; China Petroleum & Chemical Corp., Class H Shares | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp; 50399<br>|
| &nbsp;&nbsp;&nbsp; China Shenhua Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 10444<br>|
| &nbsp;&nbsp;&nbsp; China Shenhua Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 59819<br>|
| &nbsp;&nbsp;&nbsp; China Suntien Green Energy Corp. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 3037<br>|
| &nbsp;&nbsp;&nbsp; Coal India Ltd. | &nbsp;&nbsp; 8292 | &nbsp;&nbsp;&nbsp; 36811<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Energy Transportation Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2008<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Energy Transportation Co. Ltd., Class H Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 4933<br>|
| &nbsp;&nbsp;&nbsp; Dian Swastatika Sentosa Tbk PT | &nbsp;&nbsp; 4476 | &nbsp;&nbsp;&nbsp; 27,111<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Formosa Petrochemical Corp. | &nbsp;&nbsp; 4360 | &nbsp;&nbsp;&nbsp; 6633<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Guanghui Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; $1269<br>|
| &nbsp;&nbsp;&nbsp; HD Hyundai Co. Ltd. | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 19628<br>|
| &nbsp;&nbsp;&nbsp; Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 3456 | &nbsp;&nbsp;&nbsp; 19189<br>|
| &nbsp;&nbsp;&nbsp; Indian Oil Corp. Ltd. | &nbsp;&nbsp; 13704 | &nbsp;&nbsp;&nbsp; 25380<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Dian Tou Energy Corp. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2399<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Yitai Coal Co. Ltd., Class B Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 6876<br>|
| &nbsp;&nbsp;&nbsp; Jizhong Energy Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 925<br>|
| &nbsp;&nbsp;&nbsp; Mangalore Refinery & Petrochemicals Ltd. | &nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp; 1,137<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 14142 | &nbsp;&nbsp;&nbsp; 37822<br>|
| &nbsp;&nbsp;&nbsp; Oil India Ltd. | &nbsp;&nbsp; 1998 | &nbsp;&nbsp;&nbsp; 9433<br>|
| &nbsp;&nbsp;&nbsp; Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 61200 | &nbsp;&nbsp;&nbsp; 8,588<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PetroChina Co. Ltd., Class A Shares | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 10738<br>|
| &nbsp;&nbsp;&nbsp; PetroChina Co. Ltd., Class H Shares | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp; 81824<br>|
| &nbsp;&nbsp;&nbsp; Petronet LNG Ltd. | &nbsp;&nbsp; 2748 | &nbsp;&nbsp;&nbsp; 8686<br>|
| &nbsp;&nbsp;&nbsp; Pingdingshan Tianan Coal Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 677<br>|
| &nbsp;&nbsp;&nbsp; PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 17216<br>|
| &nbsp;&nbsp;&nbsp; PTT PCL, NVDR | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp; 45707<br>|
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd. | &nbsp;&nbsp; 24870 | &nbsp;&nbsp;&nbsp; 434536<br>|
| &nbsp;&nbsp;&nbsp; Semirara Mining & Power Corp. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 1441<br>|
| &nbsp;&nbsp;&nbsp; Shaanxi Coal Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp; 7636<br>|
| &nbsp;&nbsp;&nbsp; Shan Xi Hua Yang Group New Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1420<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Coking Coal Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1656<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2029<br>|
| &nbsp;&nbsp;&nbsp; SK Innovation Co. Ltd. | &nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; 18125<br>|
| &nbsp;&nbsp;&nbsp; S-Oil Corp. | &nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 8,988<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Thai Oil PCL, NVDR | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 4799<br>|
| &nbsp;&nbsp;&nbsp; United Energy Group Ltd. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp; 1357<br>|
| &nbsp;&nbsp;&nbsp; United Tractors Tbk PT | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 9553<br>|
| &nbsp;&nbsp;&nbsp; Yankuang Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1860 | &nbsp;&nbsp;&nbsp; 3504<br>|
| &nbsp;&nbsp;&nbsp; Yankuang Energy Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp; 14461<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *1075182* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1090418** |
| **Financials — 20.2%** | **Financials — 20.2%** | **Financials — 20.2%** |
| *Banks — 12.8%* | *Banks — 12.8%* | *Banks — 12.8%* |
| &nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp; 26407<br>|
| &nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 114000 | &nbsp;&nbsp;&nbsp; 84656<br>|
| &nbsp;&nbsp;&nbsp; Alliance Bank Malaysia Bhd | &nbsp;&nbsp; 3494 | &nbsp;&nbsp;&nbsp; 4348<br>|
| &nbsp;&nbsp;&nbsp; AMMB Holdings Bhd | &nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp; 16338<br>|
| &nbsp;&nbsp;&nbsp; AU Small Finance Bank Ltd. | &nbsp;&nbsp; 1332 | &nbsp;&nbsp;&nbsp; 14738<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axis Bank Ltd. | &nbsp;&nbsp; 8370 | &nbsp;&nbsp;&nbsp; 118213<br>|
| &nbsp;&nbsp;&nbsp; Bandhan Bank Ltd. | &nbsp;&nbsp; 2718 | &nbsp;&nbsp;&nbsp; 4410<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bangkok Bank PCL, NVDR | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 9684<br>|
| &nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT | &nbsp;&nbsp; 179100 | &nbsp;&nbsp;&nbsp; 86731<br>|
| &nbsp;&nbsp;&nbsp; Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 158400 | &nbsp;&nbsp;&nbsp; 48446<br>|
| &nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp; 11793<br>|
| &nbsp;&nbsp;&nbsp; Bank of Baroda | &nbsp;&nbsp; 3720 | &nbsp;&nbsp;&nbsp; 12247<br>|
| &nbsp;&nbsp;&nbsp; Bank of Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 4711<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Bank of Changsha Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; $1668<br>|
| &nbsp;&nbsp;&nbsp; Bank of Chengdu Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2771<br>|
| &nbsp;&nbsp;&nbsp; Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 13200 | &nbsp;&nbsp;&nbsp; 10836<br>|
| &nbsp;&nbsp;&nbsp; Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 252000 | &nbsp;&nbsp;&nbsp; 144398<br>|
| &nbsp;&nbsp;&nbsp; Bank of Communications Co. Ltd., Class A Shares | &nbsp;&nbsp; 14300 | &nbsp;&nbsp;&nbsp; 14853<br>|
| &nbsp;&nbsp;&nbsp; Bank of Communications Co. Ltd., Class H Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp; 19888<br>|
| &nbsp;&nbsp;&nbsp; Bank of East Asia Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 6161<br>|
| &nbsp;&nbsp;&nbsp; Bank of Guiyang Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1009<br>|
| &nbsp;&nbsp;&nbsp; Bank of Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 3940<br>|
| &nbsp;&nbsp;&nbsp; Bank of India | &nbsp;&nbsp; 3162 | &nbsp;&nbsp;&nbsp; 5061<br>|
| &nbsp;&nbsp;&nbsp; Bank of Jiangsu Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 8046<br>|
| &nbsp;&nbsp;&nbsp; Bank of Maharashtra | &nbsp;&nbsp; 5826 | &nbsp;&nbsp;&nbsp; 4022<br>|
| &nbsp;&nbsp;&nbsp; Bank of Nanjing Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 5895<br>|
| &nbsp;&nbsp;&nbsp; Bank of Ningbo Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 7244<br>|
| &nbsp;&nbsp;&nbsp; Bank of Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 6077<br>|
| &nbsp;&nbsp;&nbsp; Bank of the Philippine Islands | &nbsp;&nbsp; 6900 | &nbsp;&nbsp;&nbsp; 13616<br>|
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 241200 | &nbsp;&nbsp;&nbsp; 52941<br>|
| &nbsp;&nbsp;&nbsp; Bank Syariah Indonesia Tbk PT | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 1605<br>|
| &nbsp;&nbsp;&nbsp; BDO Unibank Inc. | &nbsp;&nbsp; 8220 | &nbsp;&nbsp;&nbsp; 18806<br>|
| &nbsp;&nbsp;&nbsp; BNK Financial Group Inc. | &nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp; 10312<br>|
| &nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp; 65839<br>|
| &nbsp;&nbsp;&nbsp; Canara Bank | &nbsp;&nbsp; 6612 | &nbsp;&nbsp;&nbsp; 11396<br>|
| &nbsp;&nbsp;&nbsp; Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 26006 | &nbsp;&nbsp;&nbsp; 16926<br>|
| &nbsp;&nbsp;&nbsp; China Bohai Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 1,465<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China CITIC Bank Corp. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 3971<br>|
| &nbsp;&nbsp;&nbsp; China CITIC Bank Corp. Ltd., Class H Shares | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 26749<br>|
| &nbsp;&nbsp;&nbsp; China Construction Bank Corp., Class A Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp; 7445<br>|
| &nbsp;&nbsp;&nbsp; China Construction Bank Corp., Class H Shares | &nbsp;&nbsp; 318000 | &nbsp;&nbsp;&nbsp; 314180<br>|
| &nbsp;&nbsp;&nbsp; China Everbright Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 13200 | &nbsp;&nbsp;&nbsp; 6600<br>|
| &nbsp;&nbsp;&nbsp; China Everbright Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 5612<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 32570<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp; 94970<br>|
| &nbsp;&nbsp;&nbsp; China Minsheng Banking Corp. Ltd., Class A Shares | &nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp; 5597<br>|
| &nbsp;&nbsp;&nbsp; China Minsheng Banking Corp. Ltd., Class H Shares | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 13633<br>|
| &nbsp;&nbsp;&nbsp; China Zheshang Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 2613<br>|
| &nbsp;&nbsp;&nbsp; China Zheshang Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 3885<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 2777<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 4741<br>|
| &nbsp;&nbsp;&nbsp; CIMB Group Holdings Bhd | &nbsp;&nbsp; 30600 | &nbsp;&nbsp;&nbsp; 62210<br>|
| &nbsp;&nbsp;&nbsp; CNPC Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 3301<br>|
| &nbsp;&nbsp;&nbsp; CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp; 105447<br>|
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | &nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp; 319929<br>|
| &nbsp;&nbsp;&nbsp; E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 55652 | &nbsp;&nbsp;&nbsp; 59778<br>|
| &nbsp;&nbsp;&nbsp; Far Eastern International Bank | &nbsp;&nbsp; 7029 | &nbsp;&nbsp;&nbsp; 2875<br>|
| &nbsp;&nbsp;&nbsp; Federal Bank Ltd. | &nbsp;&nbsp; 6540 | &nbsp;&nbsp;&nbsp; 19435<br>|
| &nbsp;&nbsp;&nbsp; First Financial Holding Co. Ltd. | &nbsp;&nbsp; 39050 | &nbsp;&nbsp;&nbsp; 36539<br>|
| &nbsp;&nbsp;&nbsp; Hana Financial Group Inc. | &nbsp;&nbsp; 978 | &nbsp;&nbsp;&nbsp; 63885<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; $47331<br>|
| &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. | &nbsp;&nbsp; 41358 | &nbsp;&nbsp;&nbsp; 456101<br>|
| &nbsp;&nbsp;&nbsp; Hong Leong Bank Bhd | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 13094<br>|
| &nbsp;&nbsp;&nbsp; Hong Leong Financial Group Bhd | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2818<br>|
| &nbsp;&nbsp;&nbsp; Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 33703 | &nbsp;&nbsp;&nbsp; 33252<br>|
| &nbsp;&nbsp;&nbsp; Huaxia Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 4724<br>|
| &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. | &nbsp;&nbsp; 19254 | &nbsp;&nbsp;&nbsp; 287677<br>|
| &nbsp;&nbsp;&nbsp; IDBI Bank Ltd. | &nbsp;&nbsp; 1848 | &nbsp;&nbsp;&nbsp; 2118<br>|
| &nbsp;&nbsp;&nbsp; IDFC First Bank Ltd. | &nbsp;&nbsp; 15360 | &nbsp;&nbsp;&nbsp; 14630<br>|
| &nbsp;&nbsp;&nbsp; iM Financial Group Co. Ltd. | &nbsp;&nbsp; 516 | &nbsp;&nbsp;&nbsp; 5570<br>|
| &nbsp;&nbsp;&nbsp; Indian Bank | &nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp; 8999<br>|
| &nbsp;&nbsp;&nbsp; IndusInd Bank Ltd. | &nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp; 9,577<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 20400 | &nbsp;&nbsp;&nbsp; 23177<br>|
| &nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 294000 | &nbsp;&nbsp;&nbsp; 237587<br>|
| &nbsp;&nbsp;&nbsp; Industrial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 18103<br>|
| &nbsp;&nbsp;&nbsp; Industrial Bank of Korea | &nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp; 13525<br>|
| &nbsp;&nbsp;&nbsp; KakaoBank Corp. | &nbsp;&nbsp; 702 | &nbsp;&nbsp;&nbsp; 10526<br>|
| &nbsp;&nbsp;&nbsp; Kasikornbank PCL, NVDR | &nbsp;&nbsp; 6400 | &nbsp;&nbsp;&nbsp; 39511<br>|
| &nbsp;&nbsp;&nbsp; KB Financial Group Inc. | &nbsp;&nbsp; 1302 | &nbsp;&nbsp;&nbsp; 112707<br>|
| &nbsp;&nbsp;&nbsp; Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 3990 | &nbsp;&nbsp;&nbsp; 97713<br>|
| &nbsp;&nbsp;&nbsp; Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 21600 | &nbsp;&nbsp;&nbsp; 19368<br>|
| &nbsp;&nbsp;&nbsp; Malayan Banking Bhd | &nbsp;&nbsp; 27600 | &nbsp;&nbsp;&nbsp; 71278<br>|
| &nbsp;&nbsp;&nbsp; Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 43260 | &nbsp;&nbsp;&nbsp; 55072<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 6720 | &nbsp;&nbsp;&nbsp; 7824<br>|
| &nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 184386<br>|
| &nbsp;&nbsp;&nbsp; Ping An Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 8827<br>|
| &nbsp;&nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., Class A Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 7027<br>|
| &nbsp;&nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., Class H Shares | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 24606<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Public Bank Bhd | &nbsp;&nbsp; 53400 | &nbsp;&nbsp;&nbsp; 59743<br>|
| &nbsp;&nbsp;&nbsp; Punjab National Bank | &nbsp;&nbsp; 8586 | &nbsp;&nbsp;&nbsp; 11805<br>|
| &nbsp;&nbsp;&nbsp; RBL Bank Ltd. | &nbsp;&nbsp; 1722 | &nbsp;&nbsp;&nbsp; 6050<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RHB Bank Bhd | &nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp; 14820<br>|
| &nbsp;&nbsp;&nbsp; SCB X PCL, NVDR | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 26472<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Commercial & Savings Bank Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 15506<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Pudong Development Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 14971<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 3993<br>|
| &nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 1542 | &nbsp;&nbsp;&nbsp; 82316<br>|
| &nbsp;&nbsp;&nbsp; SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp; 38230<br>|
| &nbsp;&nbsp;&nbsp; State Bank of India | &nbsp;&nbsp; 6738 | &nbsp;&nbsp;&nbsp; 73633<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Business Bank | &nbsp;&nbsp; 25440 | &nbsp;&nbsp;&nbsp; 12955<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 37080 | &nbsp;&nbsp;&nbsp; 28677<br>|
| &nbsp;&nbsp;&nbsp; TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp; 8463<br>|
| &nbsp;&nbsp;&nbsp; TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp; 50642<br>|
| &nbsp;&nbsp;&nbsp; Union Bank of India Ltd. | &nbsp;&nbsp; 5418 | &nbsp;&nbsp;&nbsp; 9269<br>|
| &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 122683<br>|
| &nbsp;&nbsp;&nbsp; Woori Financial Group Inc. | &nbsp;&nbsp; 2442 | &nbsp;&nbsp;&nbsp; 47465<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Yes Bank Ltd. | &nbsp;&nbsp; 63882 | &nbsp;&nbsp;&nbsp; $15,352<br> \*<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *4536412* |
| *Capital Markets — 1.9%* | *Capital Markets — 1.9%* | *Capital Markets — 1.9%* |
| &nbsp;&nbsp;&nbsp; 360 ONE WAM Ltd. | &nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp; 12578<br>|
| &nbsp;&nbsp;&nbsp; Authum Investment & Infrastucture Ltd. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 3556<br>|
| &nbsp;&nbsp;&nbsp; Beijing Compass Technology Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 3,750<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BSE Ltd. | &nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp; 21262<br>|
| &nbsp;&nbsp;&nbsp; Caitong Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1499<br>|
| &nbsp;&nbsp;&nbsp; Capital Securities Corp. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 4573<br>|
| &nbsp;&nbsp;&nbsp; Central Depository Services India Ltd. | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 6168<br>|
| &nbsp;&nbsp;&nbsp; Changjiang Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2102<br>|
| &nbsp;&nbsp;&nbsp; China Cinda Asset Management Co. Ltd., Class H Shares | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp; 6907<br>|
| &nbsp;&nbsp;&nbsp; China CITIC Financial Asset Management Co. Ltd., Class H Shares | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp; 7,678<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Everbright Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 4630<br>|
| &nbsp;&nbsp;&nbsp; China Galaxy Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 4054<br>|
| &nbsp;&nbsp;&nbsp; China Galaxy Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 15463<br>|
| &nbsp;&nbsp;&nbsp; China Great Wall Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1754<br>|
| &nbsp;&nbsp;&nbsp; China International Capital Corp. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 4513<br>|
| &nbsp;&nbsp;&nbsp; China International Capital Corp. Ltd., Class H Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 12069<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Merchants Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 5721<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2149<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CITIC Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 14808<br>|
| &nbsp;&nbsp;&nbsp; CITIC Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 21122<br>|
| &nbsp;&nbsp;&nbsp; CRISIL Ltd. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 3750<br>|
| &nbsp;&nbsp;&nbsp; CSC Financial Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 4602<br>|
| &nbsp;&nbsp;&nbsp; CSC Financial Co. Ltd., Class H Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 4949<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dongxing Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2386<br>|
| &nbsp;&nbsp;&nbsp; East Money Information Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 13948<br>|
| &nbsp;&nbsp;&nbsp; Everbright Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3017<br>|
| &nbsp;&nbsp;&nbsp; First Capital Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1181<br>|
| &nbsp;&nbsp;&nbsp; Founder Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 2682<br>|
| &nbsp;&nbsp;&nbsp; GF Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 5679<br>|
| &nbsp;&nbsp;&nbsp; GF Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 8145<br>|
| &nbsp;&nbsp;&nbsp; Guolian Minsheng Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2623<br>|
| &nbsp;&nbsp;&nbsp; Guosen Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 3383<br>|
| &nbsp;&nbsp;&nbsp; Guosheng Securities Inc., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1,448<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Guotai Haitong Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp; 10776<br>|
| &nbsp;&nbsp;&nbsp; Guotai Haitong Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 10528 | &nbsp;&nbsp;&nbsp; 22507<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Guoyuan Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1436<br>|
| &nbsp;&nbsp;&nbsp; HDFC Asset Management Co. Ltd. | &nbsp;&nbsp; 708 | &nbsp;&nbsp;&nbsp; 21049<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hithink RoyalFlush Information Network Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 9232<br>|
| &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp; 225179<br>|
| &nbsp;&nbsp;&nbsp; Hongta Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1408<br>|
| &nbsp;&nbsp;&nbsp; Huaan Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1166<br>|
| &nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp; 6421<br>|
| &nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 11606<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Industrial Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 2551<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; J-Yuan Trust Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; $1,216<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 16837<br>|
| &nbsp;&nbsp;&nbsp; Minmetals Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 954<br>|
| &nbsp;&nbsp;&nbsp; Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 11671<br>|
| &nbsp;&nbsp;&nbsp; Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 534 | &nbsp;&nbsp;&nbsp; 5084<br>|
| &nbsp;&nbsp;&nbsp; Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 11151<br>|
| &nbsp;&nbsp;&nbsp; Nanjing Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1362<br>|
| &nbsp;&nbsp;&nbsp; NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 7031<br>|
| &nbsp;&nbsp;&nbsp; Nippon Life India Asset Management Ltd. | &nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp; 5990<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northeast Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 801<br>|
| &nbsp;&nbsp;&nbsp; Orient Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 3748<br>|
| &nbsp;&nbsp;&nbsp; Orient Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 2109<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1,060<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Samsung Securities Co. Ltd. | &nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 11,934<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SDIC Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1973<br>|
| &nbsp;&nbsp;&nbsp; Sealand Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1093<br>|
| &nbsp;&nbsp;&nbsp; Shaanxi International Trust Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 890<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1030<br>|
| &nbsp;&nbsp;&nbsp; Shenwan Hongyuan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp; 4983<br>|
| &nbsp;&nbsp;&nbsp; Shenwan Hongyuan Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; 3749<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 39564<br>|
| &nbsp;&nbsp;&nbsp; Sinolink Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1599<br>|
| &nbsp;&nbsp;&nbsp; SooChow Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1558<br>|
| &nbsp;&nbsp;&nbsp; Southwest Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 1540<br>|
| &nbsp;&nbsp;&nbsp; Tianfeng Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 1,430<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Western Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1356<br>|
| &nbsp;&nbsp;&nbsp; Xiangcai Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 951<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 2613<br>|
| &nbsp;&nbsp;&nbsp; Zheshang Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1858<br>|
| &nbsp;&nbsp;&nbsp; Zhongtai Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 2235<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *676850* |
| *Consumer Finance — 0.8%* | *Consumer Finance — 0.8%* | *Consumer Finance — 0.8%* |
| &nbsp;&nbsp;&nbsp; Bajaj Finance Ltd. | &nbsp;&nbsp; 10252 | &nbsp;&nbsp;&nbsp; 112558<br>|
| &nbsp;&nbsp;&nbsp; Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp; 372 | &nbsp;&nbsp;&nbsp; 7503<br>|
| &nbsp;&nbsp;&nbsp; Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 1554 | &nbsp;&nbsp;&nbsp; 29431<br>|
| &nbsp;&nbsp;&nbsp; Krungthai Card PCL, NVDR | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 3499<br>|
| &nbsp;&nbsp;&nbsp; Lufax Holding Ltd., ADR | &nbsp;&nbsp; 1164 | &nbsp;&nbsp;&nbsp; 2,980<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp; 2310 | &nbsp;&nbsp;&nbsp; 10358<br>|
| &nbsp;&nbsp;&nbsp; Muangthai Capital PCL, NVDR | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 2400<br>|
| &nbsp;&nbsp;&nbsp; Muthoot Finance Ltd. | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 16540<br>|
| &nbsp;&nbsp;&nbsp; Poonawalla Fincorp Ltd. | &nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp; 5,029<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Qfin Holdings Inc., ADR | &nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 7862<br>|
| &nbsp;&nbsp;&nbsp; Samsung Card Co. Ltd. | &nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 3492<br>|
| &nbsp;&nbsp;&nbsp; SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 1122 | &nbsp;&nbsp;&nbsp; 10757<br>|
| &nbsp;&nbsp;&nbsp; Shriram Finance Ltd. | &nbsp;&nbsp; 4542 | &nbsp;&nbsp;&nbsp; 50342<br>|
| &nbsp;&nbsp;&nbsp; Sundaram Finance Ltd. | &nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 14812<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *277563* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Financial Services — 0.8%* | *Financial Services — 0.8%* | *Financial Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; Aditya Birla Capital Ltd. | &nbsp;&nbsp; 2238 | &nbsp;&nbsp;&nbsp; $8,907<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bajaj Finserv Ltd. | &nbsp;&nbsp; 1386 | &nbsp;&nbsp;&nbsp; 31457<br>|
| &nbsp;&nbsp;&nbsp; Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 12099<br>|
| &nbsp;&nbsp;&nbsp; Bajaj Housing Finance Ltd. | &nbsp;&nbsp; 3564 | &nbsp;&nbsp;&nbsp; 3,740<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Chailease Holding Co. Ltd. | &nbsp;&nbsp; 5386 | &nbsp;&nbsp;&nbsp; 18084<br>|
| &nbsp;&nbsp;&nbsp; Far East Horizon Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 6198<br>|
| &nbsp;&nbsp;&nbsp; Housing & Urban Development Corp. Ltd. | &nbsp;&nbsp; 1884 | &nbsp;&nbsp;&nbsp; 4782<br>|
| &nbsp;&nbsp;&nbsp; Indian Railway Finance Corp. Ltd. | &nbsp;&nbsp; 6576 | &nbsp;&nbsp;&nbsp; 9118<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Indian Renewable Energy Development Agency Ltd. | &nbsp;&nbsp; 2592 | &nbsp;&nbsp;&nbsp; 4,035<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Financial Leasing Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1578<br>|
| &nbsp;&nbsp;&nbsp; Jio Financial Services Ltd. | &nbsp;&nbsp; 11394 | &nbsp;&nbsp;&nbsp; 37391<br>|
| &nbsp;&nbsp;&nbsp; Kakaopay Corp. | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 3,681<br> \*<br>|
| &nbsp;&nbsp;&nbsp; L&T Finance Ltd. | &nbsp;&nbsp; 2982 | &nbsp;&nbsp;&nbsp; 10483<br>|
| &nbsp;&nbsp;&nbsp; LIC Housing Finance Ltd. | &nbsp;&nbsp; 1086 | &nbsp;&nbsp;&nbsp; 6519<br>|
| &nbsp;&nbsp;&nbsp; Meritz Financial Group Inc. | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 21198<br>|
| &nbsp;&nbsp;&nbsp; One 97 Communications Ltd. | &nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp; 21,504<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Piramal Finance Ltd. | &nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp; 7,568<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Power Finance Corp. Ltd. | &nbsp;&nbsp; 5238 | &nbsp;&nbsp;&nbsp; 20712<br>|
| &nbsp;&nbsp;&nbsp; REC Ltd. | &nbsp;&nbsp; 4608 | &nbsp;&nbsp;&nbsp; 18293<br>|
| &nbsp;&nbsp;&nbsp; Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 39128 | &nbsp;&nbsp;&nbsp; 48940<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *296287* |
| *Insurance — 3.9%* | *Insurance — 3.9%* | *Insurance — 3.9%* |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. | &nbsp;&nbsp; 38400 | &nbsp;&nbsp;&nbsp; 394188<br>|
| &nbsp;&nbsp;&nbsp; Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 86848<br>|
| &nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 94978<br>|
| &nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 10808<br>|
| &nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; 43415<br>|
| &nbsp;&nbsp;&nbsp; China Reinsurance Group Corp., Class H Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp; 5180<br>|
| &nbsp;&nbsp;&nbsp; China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 11526<br>|
| &nbsp;&nbsp;&nbsp; DB Insurance Co. Ltd. | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 14743<br>|
| &nbsp;&nbsp;&nbsp; Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 30325 | &nbsp;&nbsp;&nbsp; 92749<br>|
| &nbsp;&nbsp;&nbsp; General Insurance Corp. of India | &nbsp;&nbsp; 1158 | &nbsp;&nbsp;&nbsp; 4906<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hanwha Life Insurance Co. Ltd. | &nbsp;&nbsp; 1002 | &nbsp;&nbsp;&nbsp; 2,264<br> \*<br>|
| &nbsp;&nbsp;&nbsp; HDFC Life Insurance Co. Ltd. | &nbsp;&nbsp; 3444 | &nbsp;&nbsp;&nbsp; 28733<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Marine & Fire Insurance Co. Ltd. | &nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 4,233<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ICICI Lombard General Insurance Co. Ltd. | &nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 18861<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ICICI Prudential Life Insurance Co. Ltd. | &nbsp;&nbsp; 1362 | &nbsp;&nbsp;&nbsp; 10126<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 54600 | &nbsp;&nbsp;&nbsp; 29976<br>|
| &nbsp;&nbsp;&nbsp; Max Financial Services Ltd. | &nbsp;&nbsp; 948 | &nbsp;&nbsp;&nbsp; 17,633<br> \*<br>|
| &nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 5991<br>|
| &nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 25138<br>|
| &nbsp;&nbsp;&nbsp; New India Assurance Co. Ltd. | &nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp; 1477<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PB Fintech Ltd. | &nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp; 24,983<br> \*<br>|
| &nbsp;&nbsp;&nbsp; People's Insurance Co. Group of China Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 3847<br>|
| &nbsp;&nbsp;&nbsp; People's Insurance Co. Group of China Ltd., Class H Shares | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 26017<br>|
| &nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp; 54649<br>|
| &nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 29399<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd., Class H Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp; $200887<br>|
| &nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 39331<br>|
| &nbsp;&nbsp;&nbsp; Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 31,508<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SBI Life Insurance Co. Ltd. | &nbsp;&nbsp; 1578 | &nbsp;&nbsp;&nbsp; 35726<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Star Health & Allied Insurance Co. Ltd. | &nbsp;&nbsp; 888 | &nbsp;&nbsp;&nbsp; 4,495<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sunshine Insurance Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 4486<br>|
| &nbsp;&nbsp;&nbsp; Thai Life Insurance PCL, NVDR | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 2274<br>|
| &nbsp;&nbsp;&nbsp; ZhongAn Online P&C Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 7,442<br> \*<sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *1368817* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **7155929** |
| **Health Care — 3.7%** | **Health Care — 3.7%** | **Health Care — 3.7%** |
| *Biotechnology — 1.1%* | *Biotechnology — 1.1%* | *Biotechnology — 1.1%* |
| &nbsp;&nbsp;&nbsp; 3SBio Inc. | &nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp; 20193<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Akeso Inc. | &nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp; 37,746<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alteogen Inc. | &nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 44,933<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Beijing Tiantan Biological Products Corp. Ltd., Class A Shares | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 1685<br>|
| &nbsp;&nbsp;&nbsp; Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A Shares | &nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; 1,951<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BeOne Medicines Ltd., Class H Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 69,108<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Biocon Ltd. | &nbsp;&nbsp; 2178 | &nbsp;&nbsp;&nbsp; 9545<br>|
| &nbsp;&nbsp;&nbsp; Celltrion Inc. | &nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp; 67849<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Zhifei Biological Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 1892<br>|
| &nbsp;&nbsp;&nbsp; Green Cross Corp. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 1987<br>|
| &nbsp;&nbsp;&nbsp; Hualan Biological Engineering Inc., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1301<br>|
| &nbsp;&nbsp;&nbsp; Imeik Technology Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 2843<br>|
| &nbsp;&nbsp;&nbsp; Innovent Biologics Inc. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 58,778<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PharmaEssentia Corp. | &nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp; 15407<br>|
| &nbsp;&nbsp;&nbsp; Remegen Co. Ltd., Class H Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 4,625<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Samsung Episholdings Co. Ltd. | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 11,863<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Junshi Biosciences Co. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3,290<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shanghai RAAS Blood Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1635<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 10,078<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SK Bioscience Co. Ltd. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 3,212<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Walvax Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 938<br>|
| &nbsp;&nbsp;&nbsp; Yili Chuanning Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 872<br>|
| &nbsp;&nbsp;&nbsp; Zai Lab Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 6,313<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *378044* |
| *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Hartalega Holdings Bhd | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp; 1,610<br> \*<br>|
| &nbsp;&nbsp;&nbsp; HLB Inc. | &nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp; 15,657<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Jafron Biomedical Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 564<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 1642<br>|
| &nbsp;&nbsp;&nbsp; Lepu Medical Technology Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1359<br>|
| &nbsp;&nbsp;&nbsp; Microport Scientific Corp. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 5,838<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shandong Weigao Group Medical Polymer Co. Ltd., Class H Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; 6192<br>|
| &nbsp;&nbsp;&nbsp; Shanghai United Imaging Healthcare Co. Ltd., Class A Shares | &nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 3884<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 10914<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 2418<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan 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; Top Glove Corp. Bhd | &nbsp;&nbsp; 16200 | &nbsp;&nbsp;&nbsp; $2575<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *52653* |
| *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Aier Eye Hospital Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2455 | &nbsp;&nbsp;&nbsp; 3862<br>|
| &nbsp;&nbsp;&nbsp; Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp; 28678<br>|
| &nbsp;&nbsp;&nbsp; Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp; 23891<br>|
| &nbsp;&nbsp;&nbsp; Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 11998<br>|
| &nbsp;&nbsp;&nbsp; Dr Lal PathLabs Ltd. | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 4751<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fortis Healthcare Ltd. | &nbsp;&nbsp; 1758 | &nbsp;&nbsp;&nbsp; 17291<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2213<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 2276<br>|
| &nbsp;&nbsp;&nbsp; Hanmi Science Co. ltd | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 1812<br>|
| &nbsp;&nbsp;&nbsp; Huadong Medicine Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3391<br>|
| &nbsp;&nbsp;&nbsp; Hygeia Healthcare Holdings Co. Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1,915<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; IHH Healthcare Bhd | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp; 24581<br>|
| &nbsp;&nbsp;&nbsp; Jinxin Fertility Group Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 2,752<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jointown Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1606 | &nbsp;&nbsp;&nbsp; 1178<br>|
| &nbsp;&nbsp;&nbsp; Max Healthcare Institute Ltd. | &nbsp;&nbsp; 2706 | &nbsp;&nbsp;&nbsp; 31465<br>|
| &nbsp;&nbsp;&nbsp; Meinian Onehealth Healthcare Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 908<br>|
| &nbsp;&nbsp;&nbsp; Narayana Hrudayalaya Ltd. | &nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 5305<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Pharmaceuticals Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3070<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Pharmaceuticals Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 3509<br>|
| &nbsp;&nbsp;&nbsp; Sinopharm Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 11988<br>|
| &nbsp;&nbsp;&nbsp; Topchoice Medical Corp., Class A Shares | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 806<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *187640* |
| *Life Sciences Tools & Services — 0.6%* | *Life Sciences Tools & Services — 0.6%* | *Life Sciences Tools & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Divi's Laboratories Ltd. | &nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp; 33286<br>|
| &nbsp;&nbsp;&nbsp; Genscript Biotech Corp. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 6,383<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Tigermed Consulting Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 2437<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Tigermed Consulting Co. Ltd., Class H Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3279<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pharmaron Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2444<br>|
| &nbsp;&nbsp;&nbsp; Pharmaron Beijing Co. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3020<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd. | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 49,419<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Syngene International Ltd. | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 4780<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 10389<br>|
| &nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd., Class H Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 22825<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WuXi Biologics Cayman Inc. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp; 52,511<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WuXi XDC Cayman Inc. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 11,707<br> \*<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *202480* |
| *Pharmaceuticals — 1.4%* | *Pharmaceuticals — 1.4%* | *Pharmaceuticals — 1.4%* |
| &nbsp;&nbsp;&nbsp; Ajanta Pharma Ltd. | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 4991<br>|
| &nbsp;&nbsp;&nbsp; Alkem Laboratories Ltd. | &nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 8455<br>|
| &nbsp;&nbsp;&nbsp; Aurobindo Pharma Ltd. | &nbsp;&nbsp; 1008 | &nbsp;&nbsp;&nbsp; 13267<br>|
| &nbsp;&nbsp;&nbsp; Beijing Tong Ren Tang Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2773<br>|
| &nbsp;&nbsp;&nbsp; Caliway Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 19,732<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Celltrion Pharm Inc. | &nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 2957<br>|
| &nbsp;&nbsp;&nbsp; Changchun High-Tech Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 1326<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; China Medical System Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; $9944<br>|
| &nbsp;&nbsp;&nbsp; China Resources Double Crane Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1572<br>|
| &nbsp;&nbsp;&nbsp; China Resources Pharmaceutical Group Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 3430<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp; 1908<br>|
| &nbsp;&nbsp;&nbsp; China Traditional Chinese Medicine Holdings Co. Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 3222<br>|
| &nbsp;&nbsp;&nbsp; Cipla Ltd. | &nbsp;&nbsp; 2028 | &nbsp;&nbsp;&nbsp; 34100<br>|
| &nbsp;&nbsp;&nbsp; CSPC Innovation Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3101<br>|
| &nbsp;&nbsp;&nbsp; CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 32492<br>|
| &nbsp;&nbsp;&nbsp; Dong-E-E-Jiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 1406<br>|
| &nbsp;&nbsp;&nbsp; Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 2184 | &nbsp;&nbsp;&nbsp; 30894<br>|
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 4458<br>|
| &nbsp;&nbsp;&nbsp; Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp; 11820<br>|
| &nbsp;&nbsp;&nbsp; Haisco Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 2941<br>|
| &nbsp;&nbsp;&nbsp; Hanmi Pharm Co. Ltd. | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 7531<br>|
| &nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group Co. Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 18542<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HUTCHMED China Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 5,298<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ipca Laboratories Ltd. | &nbsp;&nbsp; 516 | &nbsp;&nbsp;&nbsp; 8146<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 15362<br>|
| &nbsp;&nbsp;&nbsp; Joincare Pharmaceutical Group Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 993<br>|
| &nbsp;&nbsp;&nbsp; Kalbe Farma Tbk PT | &nbsp;&nbsp; 64800 | &nbsp;&nbsp;&nbsp; 4683<br>|
| &nbsp;&nbsp;&nbsp; Laurus Labs Ltd. | &nbsp;&nbsp; 1308 | &nbsp;&nbsp;&nbsp; 16125<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Livzon Pharmaceutical Group Inc., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 987<br>|
| &nbsp;&nbsp;&nbsp; Livzon Pharmaceutical Group Inc., Class H Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2199<br>|
| &nbsp;&nbsp;&nbsp; Lupin Ltd. | &nbsp;&nbsp; 882 | &nbsp;&nbsp;&nbsp; 20701<br>|
| &nbsp;&nbsp;&nbsp; Luye Pharma Group Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 2,112<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mankind Pharma Ltd. | &nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 10264<br>|
| &nbsp;&nbsp;&nbsp; Oneness Biotech Co. Ltd. | &nbsp;&nbsp; 1461 | &nbsp;&nbsp;&nbsp; 2,585<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Allist Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 2000<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2277<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 5023<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 2840<br>|
| &nbsp;&nbsp;&nbsp; Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 1516<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Biokin Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 4,629<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Kelun Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2523<br>|
| &nbsp;&nbsp;&nbsp; Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 28584<br>|
| &nbsp;&nbsp;&nbsp; SK Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 9,341<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp; 74391<br>|
| &nbsp;&nbsp;&nbsp; Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 16449<br>|
| &nbsp;&nbsp;&nbsp; Yuhan Corp. | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 15917<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Baiyao Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 4879<br>|
| &nbsp;&nbsp;&nbsp; Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 4836<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Huahai Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1459<br>|
| &nbsp;&nbsp;&nbsp; Zydus Lifesciences Ltd. | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 9156<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *496137* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1316954** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Industrials — 8.9%** | **Industrials — 8.9%** | **Industrials — 8.9%** |
| *Aerospace & Defense — 0.8%* | *Aerospace & Defense — 0.8%* | *Aerospace & Defense — 0.8%* |
| &nbsp;&nbsp;&nbsp; AECC Aero-Engine Control Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; $1221<br>|
| &nbsp;&nbsp;&nbsp; AECC Aviation Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 4015<br>|
| &nbsp;&nbsp;&nbsp; AviChina Industry & Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 6121<br>|
| &nbsp;&nbsp;&nbsp; Avicopter PLC, Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 1035<br>|
| &nbsp;&nbsp;&nbsp; Bharat Dynamics Ltd. | &nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp; 5678<br>|
| &nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. | &nbsp;&nbsp; 13038 | &nbsp;&nbsp;&nbsp; 57966<br>|
| &nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 82306<br>|
| &nbsp;&nbsp;&nbsp; Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 10196<br>|
| &nbsp;&nbsp;&nbsp; Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp; 33692<br>|
| &nbsp;&nbsp;&nbsp; Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; 20489<br>|
| &nbsp;&nbsp;&nbsp; Kuang-Chi Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 4,192<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 14028<br>|
| &nbsp;&nbsp;&nbsp; Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 7979<br>|
| &nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 35356<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *284274* |
| *Air Freight & Logistics — 0.3%* | *Air Freight & Logistics — 0.3%* | *Air Freight & Logistics — 0.3%* |
| &nbsp;&nbsp;&nbsp; CJ Logistics Corp. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 1970<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 17301<br>|
| &nbsp;&nbsp;&nbsp; J&T Global Express Ltd. | &nbsp;&nbsp; 21600 | &nbsp;&nbsp;&nbsp; 29,000<br> \*<br>|
| &nbsp;&nbsp;&nbsp; JD Logistics Inc. | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp; 9,683<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SF Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 8235<br>|
| &nbsp;&nbsp;&nbsp; SF Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 5347<br>|
| &nbsp;&nbsp;&nbsp; Sinotrans Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1042<br>|
| &nbsp;&nbsp;&nbsp; Sinotrans Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 3738<br>|
| &nbsp;&nbsp;&nbsp; YTO Express Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2823<br>|
| &nbsp;&nbsp;&nbsp; ZTO Express Cayman Inc. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 31278<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *110417* |
| *Automobile Components — 0.0%††* | *Automobile Components — 0.0%††* | *Automobile Components — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Schaeffler India Ltd. | &nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; *5956*<br>|
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Astral Ltd. | &nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp; 7137<br>|
| &nbsp;&nbsp;&nbsp; Beijing New Building Materials PLC, Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2147<br>|
| &nbsp;&nbsp;&nbsp; Blue Star Ltd. | &nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp; 9050<br>|
| &nbsp;&nbsp;&nbsp; China Lesso Group Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 3577<br>|
| &nbsp;&nbsp;&nbsp; Xinyi Glass Holdings Ltd. | &nbsp;&nbsp; 6400 | &nbsp;&nbsp;&nbsp; 6800<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *28711* |
| *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; 12000 | &nbsp;&nbsp;&nbsp; 7431<br>|
| &nbsp;&nbsp;&nbsp; Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp; 8363<br>|
| &nbsp;&nbsp;&nbsp; KEPCO Plant Service & Engineering Co. Ltd. | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 2884<br>|
| &nbsp;&nbsp;&nbsp; S-1 Corp. | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 3604<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Secom Co. Ltd. | &nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 2887<br>|
| &nbsp;&nbsp;&nbsp; Zhefu Holding Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1073<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *26242* |
| *Construction & Engineering — 0.7%* | *Construction & Engineering — 0.7%* | *Construction & Engineering — 0.7%* |
| &nbsp;&nbsp;&nbsp; China Communications Services Corp. Ltd., Class H Shares | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp; 4605<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Construction & Engineering — continued* | *Construction & Engineering — continued* | *Construction & Engineering — continued* |
| &nbsp;&nbsp;&nbsp; China Conch Venture Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; $7246<br>|
| &nbsp;&nbsp;&nbsp; China Energy Engineering Corp. Ltd., Class A Shares | &nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp; 3434<br>|
| &nbsp;&nbsp;&nbsp; China Energy Engineering Corp. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 1634<br>|
| &nbsp;&nbsp;&nbsp; China National Chemical Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1942<br>|
| &nbsp;&nbsp;&nbsp; China Railway Group Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 4650<br>|
| &nbsp;&nbsp;&nbsp; China Railway Group Ltd., Class H Shares | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 8857<br>|
| &nbsp;&nbsp;&nbsp; China State Construction Engineering Corp. Ltd., Class A Shares | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp; 8379<br>|
| &nbsp;&nbsp;&nbsp; China State Construction International Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 7023<br>|
| &nbsp;&nbsp;&nbsp; Gamuda Bhd | &nbsp;&nbsp; 18600 | &nbsp;&nbsp;&nbsp; 22826<br>|
| &nbsp;&nbsp;&nbsp; GS Engineering & Construction Corp. | &nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp; 3364<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 13139<br>|
| &nbsp;&nbsp;&nbsp; IJM Corp. Bhd | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 6713<br>|
| &nbsp;&nbsp;&nbsp; IRB Infrastructure Developers Ltd. | &nbsp;&nbsp; 7494 | &nbsp;&nbsp;&nbsp; 3506<br>|
| &nbsp;&nbsp;&nbsp; Larsen & Toubro Ltd. | &nbsp;&nbsp; 2460 | &nbsp;&nbsp;&nbsp; 111765<br>|
| &nbsp;&nbsp;&nbsp; Metallurgical Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 2042<br>|
| &nbsp;&nbsp;&nbsp; Metallurgical Corp. of China Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 2821<br>|
| &nbsp;&nbsp;&nbsp; Power Construction Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 3576<br>|
| &nbsp;&nbsp;&nbsp; Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 2160 | &nbsp;&nbsp;&nbsp; 8586<br>|
| &nbsp;&nbsp;&nbsp; Samsung E&A Co. Ltd. | &nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp; 9316<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Construction Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 1139<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Tunnel Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1116<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen SED Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1663<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Road and Bridge Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2566<br>|
| &nbsp;&nbsp;&nbsp; Sinoma International Engineering Co., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 893<br>|
| &nbsp;&nbsp;&nbsp; Sinopec Engineering Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 5905<br>|
| &nbsp;&nbsp;&nbsp; Voltas Ltd. | &nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp; 12903<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *261609* |
| *Electrical Equipment — 2.0%* | *Electrical Equipment — 2.0%* | *Electrical Equipment — 2.0%* |
| &nbsp;&nbsp;&nbsp; ABB India Ltd. | &nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 11044<br>|
| &nbsp;&nbsp;&nbsp; Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 4692 | &nbsp;&nbsp;&nbsp; 15006<br>|
| &nbsp;&nbsp;&nbsp; Bizlink Holding Inc. | &nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 31444<br>|
| &nbsp;&nbsp;&nbsp; CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 2406 | &nbsp;&nbsp;&nbsp; 17344<br>|
| &nbsp;&nbsp;&nbsp; China XD Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2347<br>|
| &nbsp;&nbsp;&nbsp; CNGR Advanced Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 1859<br>|
| &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 63140<br>|
| &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 19484<br>|
| &nbsp;&nbsp;&nbsp; Dongfang Electric Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 4174<br>|
| &nbsp;&nbsp;&nbsp; Dongfang Electric Corp. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3854<br>|
| &nbsp;&nbsp;&nbsp; Doosan Enerbility Co. Ltd. | &nbsp;&nbsp; 1608 | &nbsp;&nbsp;&nbsp; 84,053<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ecopro BM Co. Ltd. | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 17,707<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ecopro Co. Ltd. | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 22691<br>|
| &nbsp;&nbsp;&nbsp; Ecopro Materials Co. Ltd. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 3,472<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Eve Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 5653<br>|
| &nbsp;&nbsp;&nbsp; Fangda Carbon New Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 978<br>|
| &nbsp;&nbsp;&nbsp; Fortune Electric Co. Ltd. | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; 13391<br>|
| &nbsp;&nbsp;&nbsp; GE Vernova T&D India Ltd. | &nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp; 15474<br>|
| &nbsp;&nbsp;&nbsp; GEM Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1437<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electrical Equipment — continued* | *Electrical Equipment — continued* | *Electrical Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Goldwind Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; $3507<br>|
| &nbsp;&nbsp;&nbsp; Goldwind Science & Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 4135<br>|
| &nbsp;&nbsp;&nbsp; Goneo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 1638<br>|
| &nbsp;&nbsp;&nbsp; Gotion High-tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3362<br>|
| &nbsp;&nbsp;&nbsp; Havells India Ltd. | &nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp; 13507<br>|
| &nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 41909<br>|
| &nbsp;&nbsp;&nbsp; Hitachi Energy India Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 9778<br>|
| &nbsp;&nbsp;&nbsp; Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 22254<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Zhongtian Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3115<br>|
| &nbsp;&nbsp;&nbsp; KEI Industries Ltd. | &nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 11314<br>|
| &nbsp;&nbsp;&nbsp; L&F Co. Ltd. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 6,344<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LG Energy Solution Ltd. | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 38,371<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LS Corp. | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 8326<br>|
| &nbsp;&nbsp;&nbsp; LS Electric Co. Ltd. | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 17243<br>|
| &nbsp;&nbsp;&nbsp; Ming Yang Smart Energy Group Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1245<br>|
| &nbsp;&nbsp;&nbsp; NARI Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 7730<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Deye Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 3112<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Orient Wires & Cables Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 1712<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Sanxing Medical Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 1319<br>|
| &nbsp;&nbsp;&nbsp; Polycab India Ltd. | &nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 15767<br>|
| &nbsp;&nbsp;&nbsp; POSCO Future M Co. Ltd. | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 15,577<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Qingdao TGOOD Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2207<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Electric Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 4,441<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Electric Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 5,967<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Moons' Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 2073<br>|
| &nbsp;&nbsp;&nbsp; Shihlin Electric & Engineering Corp. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 5411<br>|
| &nbsp;&nbsp;&nbsp; Siemens Energy India Ltd. | &nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 9,400<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SK IE Technology Co. Ltd. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 1,774<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sungrow Power Supply Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 14703<br>|
| &nbsp;&nbsp;&nbsp; Sunwoda Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2248<br>|
| &nbsp;&nbsp;&nbsp; Suzlon Energy Ltd. | &nbsp;&nbsp; 39600 | &nbsp;&nbsp;&nbsp; 23,206<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tatung Co. Ltd. | &nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp; 3715<br>|
| &nbsp;&nbsp;&nbsp; TBEA Co. Ltd., Class A Shares | &nbsp;&nbsp; 1820 | &nbsp;&nbsp;&nbsp; 5794<br>|
| &nbsp;&nbsp;&nbsp; Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 10694<br>|
| &nbsp;&nbsp;&nbsp; Voltronic Power Technology Corp. | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 7726<br>|
| &nbsp;&nbsp;&nbsp; Walsin Lihwa Corp. | &nbsp;&nbsp; 11194 | &nbsp;&nbsp;&nbsp; 11329<br>|
| &nbsp;&nbsp;&nbsp; Wolong Electric Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 5065<br>|
| &nbsp;&nbsp;&nbsp; Xuji Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 1473<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Chint Electrics Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2397<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Huayou Cobalt Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 5868<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *691308* |
| *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Hanwha Vision Co. Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; *3,927*<br> \*<br>|
| *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* |
| &nbsp;&nbsp;&nbsp; Beijing-Shanghai High Speed Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp; 8411<br>|
| &nbsp;&nbsp;&nbsp; BTS Group Holdings PCL, NVDR | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp; 2,388<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp; 8977<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Ground Transportation — continued* | *Ground Transportation — continued* | *Ground Transportation — continued* |
| &nbsp;&nbsp;&nbsp; Container Corp. of India Ltd. | &nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp; $7271<br>|
| &nbsp;&nbsp;&nbsp; Daqin Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 4436<br>|
| &nbsp;&nbsp;&nbsp; Full Truck Alliance Co. Ltd., ADR | &nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp; 30044<br>|
| &nbsp;&nbsp;&nbsp; Guangshen Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 784<br>|
| &nbsp;&nbsp;&nbsp; MTR Corp. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 22972<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *85283* |
| *Industrial Conglomerates — 1.5%* | *Industrial Conglomerates — 1.5%* | *Industrial Conglomerates — 1.5%* |
| &nbsp;&nbsp;&nbsp; 3M India Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 4688<br>|
| &nbsp;&nbsp;&nbsp; Apar Industries Ltd. | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 5586<br>|
| &nbsp;&nbsp;&nbsp; Astra International Tbk PT | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 29653<br>|
| &nbsp;&nbsp;&nbsp; Ayala Corp. | &nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp; 8114<br>|
| &nbsp;&nbsp;&nbsp; China Baoan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 847<br>|
| &nbsp;&nbsp;&nbsp; CITIC Ltd. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 27890<br>|
| &nbsp;&nbsp;&nbsp; CJ Corp. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 5731<br>|
| &nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 9500 | &nbsp;&nbsp;&nbsp; 64627<br>|
| &nbsp;&nbsp;&nbsp; CTF Services Ltd. | &nbsp;&nbsp; 4400 | &nbsp;&nbsp;&nbsp; 4223<br>|
| &nbsp;&nbsp;&nbsp; DMCI Holdings Inc. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp;&nbsp; 2472<br>|
| &nbsp;&nbsp;&nbsp; Doosan Co. Ltd. | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 13012<br>|
| &nbsp;&nbsp;&nbsp; Far Eastern New Century Corp. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 10617<br>|
| &nbsp;&nbsp;&nbsp; Fosun International Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 5065<br>|
| &nbsp;&nbsp;&nbsp; Godrej Industries Ltd. | &nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 1,606<br> \*<br>|
| &nbsp;&nbsp;&nbsp; GS Holdings Corp. | &nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 6097<br>|
| &nbsp;&nbsp;&nbsp; GT Capital Holdings Inc. | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 3641<br>|
| &nbsp;&nbsp;&nbsp; Hanwha Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 5778<br>|
| &nbsp;&nbsp;&nbsp; Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 5263<br>|
| &nbsp;&nbsp;&nbsp; Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 44453<br>|
| &nbsp;&nbsp;&nbsp; JG Summit Holdings Inc. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp; 4583<br>|
| &nbsp;&nbsp;&nbsp; Keppel Ltd. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 38631<br>|
| &nbsp;&nbsp;&nbsp; LG Corp. | &nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp; 17814<br>|
| &nbsp;&nbsp;&nbsp; Lotte Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 1873<br>|
| &nbsp;&nbsp;&nbsp; LT Group Inc. | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 1809<br>|
| &nbsp;&nbsp;&nbsp; Samsung C&T Corp. | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 47882<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 1849<br>|
| &nbsp;&nbsp;&nbsp; Siemens Ltd. | &nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp; 10838<br>|
| &nbsp;&nbsp;&nbsp; Sime Darby Bhd | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; 7947<br>|
| &nbsp;&nbsp;&nbsp; SK Inc. | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 23503<br>|
| &nbsp;&nbsp;&nbsp; SK Square Co. Ltd. | &nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 84,301<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sunway Bhd | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 12464<br>|
| &nbsp;&nbsp;&nbsp; Swire Pacific Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 8055<br>|
| &nbsp;&nbsp;&nbsp; Swire Pacific Ltd., Class B Shares | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp; 3726<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *514638* |
| *Machinery — 1.6%* | *Machinery — 1.6%* | *Machinery — 1.6%* |
| &nbsp;&nbsp;&nbsp; AIA Engineering Ltd. | &nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 5096<br>|
| &nbsp;&nbsp;&nbsp; Airtac International Group | &nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp; 15983<br>|
| &nbsp;&nbsp;&nbsp; Ashok Leyland Ltd. | &nbsp;&nbsp; 10608 | &nbsp;&nbsp;&nbsp; 21149<br>|
| &nbsp;&nbsp;&nbsp; China CSSC Holdings Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 11436<br>|
| &nbsp;&nbsp;&nbsp; China International Marine Containers Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 867<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Machinery — continued* | *Machinery — continued* | *Machinery — continued* |
| &nbsp;&nbsp;&nbsp; China International Marine Containers Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; $3604<br>|
| &nbsp;&nbsp;&nbsp; Cochin Shipyard Ltd. | &nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp; 5732<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CRRC Corp. Ltd., Class A Shares | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 7035<br>|
| &nbsp;&nbsp;&nbsp; CRRC Corp. Ltd., Class H Shares | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 13829<br>|
| &nbsp;&nbsp;&nbsp; Cummins India Ltd. | &nbsp;&nbsp; 498 | &nbsp;&nbsp;&nbsp; 24570<br>|
| &nbsp;&nbsp;&nbsp; Doosan Bobcat Inc. | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 6969<br>|
| &nbsp;&nbsp;&nbsp; Escorts Kubota Ltd. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 4221<br>|
| &nbsp;&nbsp;&nbsp; FAW Jiefang Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 583<br>|
| &nbsp;&nbsp;&nbsp; Guangxi Liugong Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1020<br>|
| &nbsp;&nbsp;&nbsp; Haitian International Holdings Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 5694<br>|
| &nbsp;&nbsp;&nbsp; Han's Laser Technology Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3541<br>|
| &nbsp;&nbsp;&nbsp; Hanwha Ocean Co. Ltd. | &nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp; 36,433<br> \*<br>|
| &nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 39574<br>|
| &nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 6448<br>|
| &nbsp;&nbsp;&nbsp; HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 45770<br>|
| &nbsp;&nbsp;&nbsp; Hiwin Technologies Corp. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 7409<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp; 34435<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Hengli Hydraulic Co. Ltd., Class A Shares | &nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp; 7810<br>|
| &nbsp;&nbsp;&nbsp; Keda Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1192<br>|
| &nbsp;&nbsp;&nbsp; Samsung Heavy Industries Co. Ltd. | &nbsp;&nbsp; 2304 | &nbsp;&nbsp;&nbsp; 38,545<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sany Heavy Equipment International Holdings Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5563<br>|
| &nbsp;&nbsp;&nbsp; Sany Heavy Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 7265<br>|
| &nbsp;&nbsp;&nbsp; Seatrium Ltd. | &nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp; 13101<br>|
| &nbsp;&nbsp;&nbsp; Shandong Himile Mechanical Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 3632<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Mechanical and Electrical Industry Co. Ltd., Class B Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1908<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Zhenhua Heavy Industries Co. Ltd., Class B Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 1163<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 8634<br>|
| &nbsp;&nbsp;&nbsp; Siasun Robot & Automation Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1,564<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 10646<br>|
| &nbsp;&nbsp;&nbsp; Tata Motors Ltd. | &nbsp;&nbsp; 7507 | &nbsp;&nbsp;&nbsp; 34,704<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 57750<br>|
| &nbsp;&nbsp;&nbsp; Thermax Ltd. | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 3632<br>|
| &nbsp;&nbsp;&nbsp; Tian Di Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1002<br>|
| &nbsp;&nbsp;&nbsp; Weichai Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 4436<br>|
| &nbsp;&nbsp;&nbsp; Weichai Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 16953<br>|
| &nbsp;&nbsp;&nbsp; XCMG Construction Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 5973<br>|
| &nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 24355<br>|
| &nbsp;&nbsp;&nbsp; Yutong Bus Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2811<br>|
| &nbsp;&nbsp;&nbsp; ZCZL Industrial Technology Group Co. Ltd. | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2110<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 4755<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Sanhua Intelligent Controls Co. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 5908<br>|
| &nbsp;&nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., Class H Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 8700<br>|
| &nbsp;&nbsp;&nbsp; Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 2967<br>|
| &nbsp;&nbsp;&nbsp; Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 5974<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *584451* |
| *Marine Transportation — 0.4%* | *Marine Transportation — 0.4%* | *Marine Transportation — 0.4%* |
| &nbsp;&nbsp;&nbsp; COSCO Shipping Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 7829<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Marine Transportation — continued* | *Marine Transportation — continued* | *Marine Transportation — continued* |
| &nbsp;&nbsp;&nbsp; COSCO Shipping Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; $15899<br>|
| &nbsp;&nbsp;&nbsp; Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 4020 | &nbsp;&nbsp;&nbsp; 24309<br>|
| &nbsp;&nbsp;&nbsp; HMM Co. Ltd. | &nbsp;&nbsp; 978 | &nbsp;&nbsp;&nbsp; 13918<br>|
| &nbsp;&nbsp;&nbsp; MISC Bhd | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 13839<br>|
| &nbsp;&nbsp;&nbsp; Orient Overseas International Ltd. | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 9667<br>|
| &nbsp;&nbsp;&nbsp; Pan Ocean Co. Ltd. | &nbsp;&nbsp; 954 | &nbsp;&nbsp;&nbsp; 2550<br>|
| &nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 17897<br>|
| &nbsp;&nbsp;&nbsp; U-Ming Marine Transport Corp. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 2883<br>|
| &nbsp;&nbsp;&nbsp; Wan Hai Lines Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 10533<br>|
| &nbsp;&nbsp;&nbsp; Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp; 11700<br>|
| &nbsp;&nbsp;&nbsp; Yangzijiang Maritime Development Ltd. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 4,050<br> \*<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *135074* |
| *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* |
| &nbsp;&nbsp;&nbsp; Air China Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 4,833<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Air China Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 5,450<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cathay Pacific Airways Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 7985<br>|
| &nbsp;&nbsp;&nbsp; China Airlines Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 7715<br>|
| &nbsp;&nbsp;&nbsp; China Eastern Airlines Corp. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 4,642<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Eastern Airlines Corp. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 8,217<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Southern Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 4,131<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Southern Airlines Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 4,486<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Eva Airways Corp. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 13959<br>|
| &nbsp;&nbsp;&nbsp; Hainan Airlines Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 3,112<br> \*<br>|
| &nbsp;&nbsp;&nbsp; InterGlobe Aviation Ltd. | &nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp; 38842<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Juneyao Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1279<br>|
| &nbsp;&nbsp;&nbsp; Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp; 10801<br>|
| &nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 26874<br>|
| &nbsp;&nbsp;&nbsp; Spring Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 2557<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *144883* |
| *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kanzhun Ltd., ADR | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 24456<br>|
| &nbsp;&nbsp;&nbsp; L&T Technology Services Ltd. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 5064<br> <sup>(a)</sup><br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *29520* |
| *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; Adani Enterprises Ltd. | &nbsp;&nbsp; 948 | &nbsp;&nbsp;&nbsp; 23623<br>|
| &nbsp;&nbsp;&nbsp; BOC Aviation Ltd. | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 5612<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 1083<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Development Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 1619<br>|
| &nbsp;&nbsp;&nbsp; Posco International Corp. | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 5991<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Coal International Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 867<br>|
| &nbsp;&nbsp;&nbsp; Xiamen C & D Inc., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 795<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *39590* |
| *Transportation Infrastructure — 0.6%* | *Transportation Infrastructure — 0.6%* | *Transportation Infrastructure — 0.6%* |
| &nbsp;&nbsp;&nbsp; Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 2688 | &nbsp;&nbsp;&nbsp; 43957<br>|
| &nbsp;&nbsp;&nbsp; Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 13800 | &nbsp;&nbsp;&nbsp; 23215<br>|
| &nbsp;&nbsp;&nbsp; Anhui Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 3361<br>|
| &nbsp;&nbsp;&nbsp; Bangkok Expressway & Metro PCL, NVDR | &nbsp;&nbsp; 22200 | &nbsp;&nbsp;&nbsp; 3770<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Transportation Infrastructure — continued* | *Transportation Infrastructure — continued* | *Transportation Infrastructure — continued* |
| &nbsp;&nbsp;&nbsp; Beijing Capital International Airport Co. Ltd., Class H Shares | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp; $2,837<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2599<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 4380 | &nbsp;&nbsp;&nbsp; 8520<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 4161 | &nbsp;&nbsp;&nbsp; 2994<br>|
| &nbsp;&nbsp;&nbsp; GMR Airports Ltd. | &nbsp;&nbsp; 9738 | &nbsp;&nbsp;&nbsp; 11,308<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hutchison Port Holdings Trust | &nbsp;&nbsp; 19800 | &nbsp;&nbsp;&nbsp; 4356<br>|
| &nbsp;&nbsp;&nbsp; International Container Terminal Services Inc. | &nbsp;&nbsp; 4020 | &nbsp;&nbsp;&nbsp; 38743<br>|
| &nbsp;&nbsp;&nbsp; Jasa Marga Persero Tbk PT | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 1104<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Expressway Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1041<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 5134<br>|
| &nbsp;&nbsp;&nbsp; JSW Infrastructure Ltd. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp; 3993<br>|
| &nbsp;&nbsp;&nbsp; Liaoning Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 1238<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Zhoushan Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 936<br>|
| &nbsp;&nbsp;&nbsp; SATS Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 8888<br>|
| &nbsp;&nbsp;&nbsp; Shandong Hi-speed Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 838<br>|
| &nbsp;&nbsp;&nbsp; Shanghai International Airport Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 4224<br>|
| &nbsp;&nbsp;&nbsp; Shanghai International Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 2329<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Expressway Corp. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1827<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 6668<br>|
| &nbsp;&nbsp;&nbsp; SIA Engineering Co. Ltd. | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1680<br>|
| &nbsp;&nbsp;&nbsp; Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 5347<br>|
| &nbsp;&nbsp;&nbsp; TangShan Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 990<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 5527<br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *197424* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **3143307** |
| **Information Technology — 30.4%** | **Information Technology — 30.4%** | **Information Technology — 30.4%** |
| *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* |
| &nbsp;&nbsp;&nbsp; Accton Technology Corp. | &nbsp;&nbsp; 1836 | &nbsp;&nbsp;&nbsp; 69243<br>|
| &nbsp;&nbsp;&nbsp; BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 12966<br>|
| &nbsp;&nbsp;&nbsp; Fiberhome Telecommunication Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 1838<br>|
| &nbsp;&nbsp;&nbsp; Glarun Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2429<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Haige Communications Group Inc. Co., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1354<br>|
| &nbsp;&nbsp;&nbsp; Hengtong Optic-electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2126<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Sunway Communication Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 3553<br>|
| &nbsp;&nbsp;&nbsp; Suzhou TFC Optical Communication Co. Ltd., Class A Shares | &nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp; 8610<br>|
| &nbsp;&nbsp;&nbsp; VTech Holdings Ltd. | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 4729<br>|
| &nbsp;&nbsp;&nbsp; Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H Shares | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 9963<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Yealink Network Technology Corp. Ltd., Class A Shares | &nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 2145<br>|
| &nbsp;&nbsp;&nbsp; Zhongji Innolight Co. Ltd., Class A Shares | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 24470<br>|
| &nbsp;&nbsp;&nbsp; ZTE Corp., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 6506<br>|
| &nbsp;&nbsp;&nbsp; ZTE Corp., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 8369<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *158301* |
| *Electronic Equipment, Instruments & Components — 3.6%* | *Electronic Equipment, Instruments & Components — 3.6%* | *Electronic Equipment, Instruments & Components — 3.6%* |
| &nbsp;&nbsp;&nbsp; AAC Technologies Holdings Inc. | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp; 12526<br>|
| &nbsp;&nbsp;&nbsp; AUO Corp. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp; 9357<br>|
| &nbsp;&nbsp;&nbsp; Avary Holding Shenzhen Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 4348<br>|
| &nbsp;&nbsp;&nbsp; BOE Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp; 6876<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* |
| &nbsp;&nbsp;&nbsp; BOE Technology Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; $1337<br>|
| &nbsp;&nbsp;&nbsp; Chaozhou Three-Circle Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3933<br>|
| &nbsp;&nbsp;&nbsp; China Railway Signal & Communication Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1567<br>|
| &nbsp;&nbsp;&nbsp; China Railway Signal & Communication Corp. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 2567<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chroma ATE Inc. | &nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp; 32065<br>|
| &nbsp;&nbsp;&nbsp; Delta Electronics Inc. | &nbsp;&nbsp; 7040 | &nbsp;&nbsp;&nbsp; 215767<br>|
| &nbsp;&nbsp;&nbsp; Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp; 56010<br>|
| &nbsp;&nbsp;&nbsp; E Ink Holdings Inc. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 18905<br>|
| &nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. | &nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; 53716<br>|
| &nbsp;&nbsp;&nbsp; Eoptolink Technology Inc. Ltd., Class A Shares | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 17285<br>|
| &nbsp;&nbsp;&nbsp; Everdisplay Optronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 1,143<br> \*<br>|
| &nbsp;&nbsp;&nbsp; FIT Hon Teng Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 3,816<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foxconn Industrial Internet Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 26669<br>|
| &nbsp;&nbsp;&nbsp; Foxconn Technology Co. Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp; 6873<br>|
| &nbsp;&nbsp;&nbsp; Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 4292<br>|
| &nbsp;&nbsp;&nbsp; GoerTek Inc., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 4939<br>|
| &nbsp;&nbsp;&nbsp; Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 26238<br>|
| &nbsp;&nbsp;&nbsp; Hengdian Group DMEGC Magnetics Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1676<br>|
| &nbsp;&nbsp;&nbsp; Hgtech Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 3410<br>|
| &nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 44400 | &nbsp;&nbsp;&nbsp; 325717<br>|
| &nbsp;&nbsp;&nbsp; Honeywell Automation India Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2920<br>|
| &nbsp;&nbsp;&nbsp; Innolux Corp. | &nbsp;&nbsp; 26400 | &nbsp;&nbsp;&nbsp; 14326<br>|
| &nbsp;&nbsp;&nbsp; IRICO Display Devices Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1,116<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kaynes Technology India Ltd. | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 5,358<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kingboard Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 11316<br>|
| &nbsp;&nbsp;&nbsp; Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 5084<br>|
| &nbsp;&nbsp;&nbsp; Largan Precision Co. Ltd. | &nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 27792<br>|
| &nbsp;&nbsp;&nbsp; Lens Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 7806<br>|
| &nbsp;&nbsp;&nbsp; Leyard Optoelectronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 543<br>|
| &nbsp;&nbsp;&nbsp; LG Display Co. Ltd. | &nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp; 8,854<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LG Innotek Co. Ltd. | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 10159<br>|
| &nbsp;&nbsp;&nbsp; Lingyi iTech Guangdong Co., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 5343<br>|
| &nbsp;&nbsp;&nbsp; Lotes Co. Ltd. | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 12365<br>|
| &nbsp;&nbsp;&nbsp; Luxshare Precision Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 19499<br>|
| &nbsp;&nbsp;&nbsp; Maxscend Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp; 3035<br>|
| &nbsp;&nbsp;&nbsp; Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp; 5983<br>|
| &nbsp;&nbsp;&nbsp; OFILM Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1,826<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 36111<br>|
| &nbsp;&nbsp;&nbsp; Samsung SDI Co. Ltd. | &nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 41158<br>|
| &nbsp;&nbsp;&nbsp; Shengyi Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 2797<br>|
| &nbsp;&nbsp;&nbsp; Shengyi Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 9208<br>|
| &nbsp;&nbsp;&nbsp; Shennan Circuits Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 6656<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Kaifa Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2173<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Kinwong Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 3141<br>|
| &nbsp;&nbsp;&nbsp; Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 20212<br>|
| &nbsp;&nbsp;&nbsp; SUPCON Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; 1513<br>|
| &nbsp;&nbsp;&nbsp; Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 7277<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* |
| &nbsp;&nbsp;&nbsp; Synnex Technology International Corp. | &nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp; $8477<br>|
| &nbsp;&nbsp;&nbsp; TCL Technology Group Corp., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 3512<br>|
| &nbsp;&nbsp;&nbsp; Tianma Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 776<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Unimicron Technology Corp. | &nbsp;&nbsp; 4920 | &nbsp;&nbsp;&nbsp; 34449<br>|
| &nbsp;&nbsp;&nbsp; Unisplendour Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 4229<br>|
| &nbsp;&nbsp;&nbsp; Venture Corp. Ltd. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 11773<br>|
| &nbsp;&nbsp;&nbsp; Victory Giant Technology Huizhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 12360<br>|
| &nbsp;&nbsp;&nbsp; Walsin Technology Corp. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 4468<br>|
| &nbsp;&nbsp;&nbsp; WPG Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 11114<br>|
| &nbsp;&nbsp;&nbsp; WT Microelectronics Co. Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 8720<br>|
| &nbsp;&nbsp;&nbsp; Wuhan Guide Infrared Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2,522<br> \*<br>|
| &nbsp;&nbsp;&nbsp; WUS Printed Circuit Kunshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 6281<br>|
| &nbsp;&nbsp;&nbsp; Yageo Corp. | &nbsp;&nbsp; 5728 | &nbsp;&nbsp;&nbsp; 42112<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Crystal-Optech Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2159<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Dahua Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3256<br>|
| &nbsp;&nbsp;&nbsp; Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 2620 | &nbsp;&nbsp;&nbsp; 11841<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *1282652* |
| *IT Services — 1.9%* | *IT Services — 1.9%* | *IT Services — 1.9%* |
| &nbsp;&nbsp;&nbsp; Beijing Sinnet Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1075<br>|
| &nbsp;&nbsp;&nbsp; Beijing Ultrapower Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 990<br>|
| &nbsp;&nbsp;&nbsp; Coforge Ltd. | &nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp; 22869<br>|
| &nbsp;&nbsp;&nbsp; DHC Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1573<br>|
| &nbsp;&nbsp;&nbsp; GDS Holdings Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 12,989<br> \*<br>|
| &nbsp;&nbsp;&nbsp; HCL Technologies Ltd. | &nbsp;&nbsp; 3864 | &nbsp;&nbsp;&nbsp; 69787<br>|
| &nbsp;&nbsp;&nbsp; Hexaware Technologies Ltd. | &nbsp;&nbsp; 564 | &nbsp;&nbsp;&nbsp; 4804<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Autoever Corp. | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 5531<br>|
| &nbsp;&nbsp;&nbsp; Infosys Ltd. | &nbsp;&nbsp; 12852 | &nbsp;&nbsp;&nbsp; 230989<br>|
| &nbsp;&nbsp;&nbsp; LG CNS Co. Ltd. | &nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 5882<br>|
| &nbsp;&nbsp;&nbsp; LTIMindtree Ltd. | &nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp; 23477<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mphasis Ltd. | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 14906<br>|
| &nbsp;&nbsp;&nbsp; Persistent Systems Ltd. | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 26796<br>|
| &nbsp;&nbsp;&nbsp; Posco DX Co. Ltd. | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 4071<br>|
| &nbsp;&nbsp;&nbsp; Range Intelligent Computing Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 4539<br>|
| &nbsp;&nbsp;&nbsp; Samsung SDS Co. Ltd. | &nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 17144<br>|
| &nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. | &nbsp;&nbsp; 3726 | &nbsp;&nbsp;&nbsp; 132915<br>|
| &nbsp;&nbsp;&nbsp; Tata Technologies Ltd. | &nbsp;&nbsp; 654 | &nbsp;&nbsp;&nbsp; 4679<br>|
| &nbsp;&nbsp;&nbsp; Tech Mahindra Ltd. | &nbsp;&nbsp; 2286 | &nbsp;&nbsp;&nbsp; 40463<br>|
| &nbsp;&nbsp;&nbsp; Wangsu Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 881<br>|
| &nbsp;&nbsp;&nbsp; Wipro Ltd. | &nbsp;&nbsp; 10440 | &nbsp;&nbsp;&nbsp; 30582<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *656942* |
| *Semiconductors & Semiconductor Equipment — 17.6%* | *Semiconductors & Semiconductor Equipment — 17.6%* | *Semiconductors & Semiconductor Equipment — 17.6%* |
| &nbsp;&nbsp;&nbsp; Advanced Micro-Fabrication Equipment Inc. China, Class A Shares | &nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 9573<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alchip Technologies Ltd. | &nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp; 33290<br>|
| &nbsp;&nbsp;&nbsp; ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 95670<br>|
| &nbsp;&nbsp;&nbsp; ASMedia Technology Inc. | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 5391<br>|
| &nbsp;&nbsp;&nbsp; ASMPT Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 11941<br>|
| &nbsp;&nbsp;&nbsp; ASPEED Technology Inc. | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 24492<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Cambricon Technologies Corp. Ltd., Class A Shares | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; $23,305<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Resources Microelectronics Ltd., Class A Shares | &nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp; 2991<br>|
| &nbsp;&nbsp;&nbsp; Daqo New Energy Corp., ADR | &nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 4,603<br> \*<br>|
| &nbsp;&nbsp;&nbsp; eMemory Technology Inc. | &nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp; 13545<br>|
| &nbsp;&nbsp;&nbsp; Flat Glass Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1,347<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Flat Glass Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 2,423<br> \*<br>|
| &nbsp;&nbsp;&nbsp; GalaxyCore Inc., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2569<br>|
| &nbsp;&nbsp;&nbsp; GCL Technology Holdings Ltd. | &nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp; 13,074<br> \*<br>|
| &nbsp;&nbsp;&nbsp; GigaDevice Semiconductor Inc., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 6139<br>|
| &nbsp;&nbsp;&nbsp; Global Unichip Corp. | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 20289<br>|
| &nbsp;&nbsp;&nbsp; Globalwafers Co. Ltd. | &nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp; 12146<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou First Applied Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp; 1268<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Silan Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2442<br>|
| &nbsp;&nbsp;&nbsp; Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 13796<br>|
| &nbsp;&nbsp;&nbsp; Hua Hong Semiconductor Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 19,092<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hygon Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 19290<br>|
| &nbsp;&nbsp;&nbsp; JA Solar Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1136 | &nbsp;&nbsp;&nbsp; 1,864<br> \*<br>|
| &nbsp;&nbsp;&nbsp; JCET Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3162<br>|
| &nbsp;&nbsp;&nbsp; Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 26209<br>|
| &nbsp;&nbsp;&nbsp; Jinko Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 2,909<br> \*<br>|
| &nbsp;&nbsp;&nbsp; King Yuan Electronics Co. Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 31508<br>|
| &nbsp;&nbsp;&nbsp; LONGi Green Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 6,258<br> \*<br>|
| &nbsp;&nbsp;&nbsp; MediaTek Inc. | &nbsp;&nbsp; 5320 | &nbsp;&nbsp;&nbsp; 242122<br>|
| &nbsp;&nbsp;&nbsp; Montage Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp; 5164<br>|
| &nbsp;&nbsp;&nbsp; Nanya Technology Corp. | &nbsp;&nbsp; 4090 | &nbsp;&nbsp;&nbsp; 25,123<br> \*<br>|
| &nbsp;&nbsp;&nbsp; National Silicon Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3,720<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NAURA Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 13154<br>|
| &nbsp;&nbsp;&nbsp; Novatek Microelectronics Corp. | &nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp; 24996<br>|
| &nbsp;&nbsp;&nbsp; OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 7215<br>|
| &nbsp;&nbsp;&nbsp; Parade Technologies Ltd. | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 5576<br>|
| &nbsp;&nbsp;&nbsp; Powerchip Semiconductor Manufacturing Corp. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 15,105<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Powertech Technology Inc. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 13214<br>|
| &nbsp;&nbsp;&nbsp; Premier Energies Ltd. | &nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp; 3204<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 28014<br>|
| &nbsp;&nbsp;&nbsp; Rockchip Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 2554<br>|
| &nbsp;&nbsp;&nbsp; Sanan Optoelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 3644<br>|
| &nbsp;&nbsp;&nbsp; SG Micro Corp., Class A Shares | &nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp; 2488<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Aiko Solar Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1,152<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Fudan Microelectronics Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 5823<br>|
| &nbsp;&nbsp;&nbsp; Silergy Corp. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp; 7679<br>|
| &nbsp;&nbsp;&nbsp; Sino-American Silicon Products Inc. | &nbsp;&nbsp; 2160 | &nbsp;&nbsp;&nbsp; 7321<br>|
| &nbsp;&nbsp;&nbsp; SK hynix Inc. | &nbsp;&nbsp; 1974 | &nbsp;&nbsp;&nbsp; 892072<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 88654 | &nbsp;&nbsp;&nbsp; 4373377<br>|
| &nbsp;&nbsp;&nbsp; TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1,473<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tianshui Huatian Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1886<br>|
| &nbsp;&nbsp;&nbsp; TongFu Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3241<br>|
| &nbsp;&nbsp;&nbsp; Tongwei Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3,528<br> \*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Trina Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp; $1,849<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Unigroup Guoxin Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp; 3602<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Microelectronics Corp. | &nbsp;&nbsp; 42320 | &nbsp;&nbsp;&nbsp; 66334<br>|
| &nbsp;&nbsp;&nbsp; Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 3929 | &nbsp;&nbsp;&nbsp; 11517<br>|
| &nbsp;&nbsp;&nbsp; Verisilicon Microelectronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 3,925<br> \*<br>|
| &nbsp;&nbsp;&nbsp; WAAREE Energies Ltd. | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 9907<br>|
| &nbsp;&nbsp;&nbsp; Win Semiconductors Corp. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp; 7339<br>|
| &nbsp;&nbsp;&nbsp; Winbond Electronics Corp. | &nbsp;&nbsp; 10734 | &nbsp;&nbsp;&nbsp; 28,218<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 16500 | &nbsp;&nbsp;&nbsp; 6296<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3159<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *6245577* |
| *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* |
| &nbsp;&nbsp;&nbsp; 360 Security Technology Inc., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 3841<br>|
| &nbsp;&nbsp;&nbsp; Beijing Kingsoft Office Software Inc., Class A Shares | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 5631<br>|
| &nbsp;&nbsp;&nbsp; Beijing Shiji Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 931<br>|
| &nbsp;&nbsp;&nbsp; China National Software & Service Co. Ltd., Class A Shares | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp; 1,725<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Empyrean Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 3047<br>|
| &nbsp;&nbsp;&nbsp; Horizon Robotics | &nbsp;&nbsp; 32400 | &nbsp;&nbsp;&nbsp; 36,049<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hundsun Technologies Inc., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2592<br>|
| &nbsp;&nbsp;&nbsp; Iflytek Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 4323<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Hoperun Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 2128<br>|
| &nbsp;&nbsp;&nbsp; Kingdee International Software Group Co. Ltd. | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp; 18,782<br> \*<br>|
| &nbsp;&nbsp;&nbsp; KPIT Technologies Ltd. | &nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp; 7201<br>|
| &nbsp;&nbsp;&nbsp; NavInfo Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 774<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Newland Digital Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2434<br>|
| &nbsp;&nbsp;&nbsp; Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 7697<br>|
| &nbsp;&nbsp;&nbsp; SenseTime Group Inc., Class B Shares | &nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp; 28,830<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 792 | &nbsp;&nbsp;&nbsp; 2350<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., Class B Shares | &nbsp;&nbsp; 2880 | &nbsp;&nbsp;&nbsp; 2943<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Stonehill Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1,828<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tata Elxsi Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 7347<br>|
| &nbsp;&nbsp;&nbsp; Thunder Software Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 1934<br>|
| &nbsp;&nbsp;&nbsp; Yonyou Network Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2,280<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *144667* |
| *Technology Hardware, Storage & Peripherals — 6.4%* | *Technology Hardware, Storage & Peripherals — 6.4%* | *Technology Hardware, Storage & Peripherals — 6.4%* |
| &nbsp;&nbsp;&nbsp; Acer Inc. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 10083<br>|
| &nbsp;&nbsp;&nbsp; Advantech Co. Ltd. | &nbsp;&nbsp; 1740 | &nbsp;&nbsp;&nbsp; 15949<br>|
| &nbsp;&nbsp;&nbsp; Anker Innovations Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 3278<br>|
| &nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 1224 | &nbsp;&nbsp;&nbsp; 58823<br>|
| &nbsp;&nbsp;&nbsp; Asustek Computer Inc. | &nbsp;&nbsp; 2520 | &nbsp;&nbsp;&nbsp; 43951<br>|
| &nbsp;&nbsp;&nbsp; Catcher Technology Co. Ltd. | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp; 13107<br>|
| &nbsp;&nbsp;&nbsp; Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 2260 | &nbsp;&nbsp;&nbsp; 8415<br>|
| &nbsp;&nbsp;&nbsp; China Greatwall Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2,477<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Compal Electronics Inc. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 11610<br>|
| &nbsp;&nbsp;&nbsp; Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 2040 | &nbsp;&nbsp;&nbsp; 16199<br>|
| &nbsp;&nbsp;&nbsp; GRG Banking Equipment Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1187<br>|
| &nbsp;&nbsp;&nbsp; HTC Corp. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 3,758<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 FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Technology Hardware, Storage & Peripherals — continued* | *Technology Hardware, Storage & Peripherals — continued* | *Technology Hardware, Storage & Peripherals — continued* |
| &nbsp;&nbsp;&nbsp; Huaqin Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; $3900<br>|
| &nbsp;&nbsp;&nbsp; IEIT Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 5725<br>|
| &nbsp;&nbsp;&nbsp; Inventec Corp. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 12288<br>|
| &nbsp;&nbsp;&nbsp; King Slide Works Co. Ltd. | &nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 27928<br>|
| &nbsp;&nbsp;&nbsp; Legend Holdings Corp., Class H Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 2,738<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lenovo Group Ltd. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 32122<br>|
| &nbsp;&nbsp;&nbsp; Lite-On Technology Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp;&nbsp; 35385<br>|
| &nbsp;&nbsp;&nbsp; Micro-Star International Co. Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 7340<br>|
| &nbsp;&nbsp;&nbsp; Ninestar Corp., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1,738<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Pegatron Corp. | &nbsp;&nbsp; 7170 | &nbsp;&nbsp;&nbsp; 15654<br>|
| &nbsp;&nbsp;&nbsp; Quanta Computer Inc. | &nbsp;&nbsp; 9580 | &nbsp;&nbsp;&nbsp; 82932<br>|
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 17136 | &nbsp;&nbsp;&nbsp; 1426265<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Longsys Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 3,508<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Transsion Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp; 3545<br>|
| &nbsp;&nbsp;&nbsp; Transcend Information Inc. | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 4491<br>|
| &nbsp;&nbsp;&nbsp; Tsinghua Tongfang Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1,534<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Wistron Corp. | &nbsp;&nbsp; 11346 | &nbsp;&nbsp;&nbsp; 54346<br>|
| &nbsp;&nbsp;&nbsp; Wiwynn Corp. | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 51387<br>|
| &nbsp;&nbsp;&nbsp; Xiaomi Corp., Class B Shares | &nbsp;&nbsp; 62400 | &nbsp;&nbsp;&nbsp; 315,066<br> \*<sup>(a)</sup><br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *2276729* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **10764868** |
| **Materials — 4.5%** | **Materials — 4.5%** | **Materials — 4.5%** |
| *Chemicals — 1.4%* | *Chemicals — 1.4%* | *Chemicals — 1.4%* |
| &nbsp;&nbsp;&nbsp; Aarti Industries Ltd. | &nbsp;&nbsp; 798 | &nbsp;&nbsp;&nbsp; 3320<br>|
| &nbsp;&nbsp;&nbsp; Asian Paints Ltd. | &nbsp;&nbsp; 1656 | &nbsp;&nbsp;&nbsp; 51027<br>|
| &nbsp;&nbsp;&nbsp; Avia Avian Tbk PT | &nbsp;&nbsp; 38600 | &nbsp;&nbsp;&nbsp; 1169<br>|
| &nbsp;&nbsp;&nbsp; Barito Pacific Tbk PT | &nbsp;&nbsp; 74400 | &nbsp;&nbsp;&nbsp; 14,590<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bayer CropScience Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 2434<br>|
| &nbsp;&nbsp;&nbsp; Berger Paints India Ltd. | &nbsp;&nbsp; 912 | &nbsp;&nbsp;&nbsp; 5444<br>|
| &nbsp;&nbsp;&nbsp; Castrol India Ltd. | &nbsp;&nbsp; 1842 | &nbsp;&nbsp;&nbsp; 3946<br>|
| &nbsp;&nbsp;&nbsp; Coromandel International Ltd. | &nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp; 11045<br>|
| &nbsp;&nbsp;&nbsp; Deepak Nitrite Ltd. | &nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 4508<br>|
| &nbsp;&nbsp;&nbsp; Eternal Materials Co. Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 3905<br>|
| &nbsp;&nbsp;&nbsp; Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 12260<br>|
| &nbsp;&nbsp;&nbsp; Formosa Plastics Corp. | &nbsp;&nbsp; 15120 | &nbsp;&nbsp;&nbsp; 18767<br>|
| &nbsp;&nbsp;&nbsp; Ganfeng Lithium Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 5406<br>|
| &nbsp;&nbsp;&nbsp; Ganfeng Lithium Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 12014<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Tinci Materials Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3983<br>|
| &nbsp;&nbsp;&nbsp; Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 5384<br>|
| &nbsp;&nbsp;&nbsp; Hanwha Solutions Corp. | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 7256<br>|
| &nbsp;&nbsp;&nbsp; Hengli Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 5810<br>|
| &nbsp;&nbsp;&nbsp; Hengyi Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1852<br>|
| &nbsp;&nbsp;&nbsp; Hoshine Silicon Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 1510<br>|
| &nbsp;&nbsp;&nbsp; Huafon Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1891<br>|
| &nbsp;&nbsp;&nbsp; Hubei Xingfa Chemicals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2973<br>|
| &nbsp;&nbsp;&nbsp; Indorama Ventures PCL, NVDR | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp; 3373<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Berun Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1279<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* |
| &nbsp;&nbsp;&nbsp; Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; $1657<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Eastern Shenghong Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2,808<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kansai Nerolac Paints Ltd. | &nbsp;&nbsp; 798 | &nbsp;&nbsp;&nbsp; 2090<br>|
| &nbsp;&nbsp;&nbsp; KCC Corp. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 5254<br>|
| &nbsp;&nbsp;&nbsp; Kingfa Sci & Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3359<br>|
| &nbsp;&nbsp;&nbsp; Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 4525<br>|
| &nbsp;&nbsp;&nbsp; LB Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1683<br>|
| &nbsp;&nbsp;&nbsp; LG Chem Ltd. | &nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 38835<br>|
| &nbsp;&nbsp;&nbsp; Linde India Ltd. | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 4373<br>|
| &nbsp;&nbsp;&nbsp; Lotte Chemical Corp. | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 3514<br>|
| &nbsp;&nbsp;&nbsp; Luxi Chemical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1424<br>|
| &nbsp;&nbsp;&nbsp; Meihua Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1742<br>|
| &nbsp;&nbsp;&nbsp; Nan Ya Plastics Corp. | &nbsp;&nbsp; 17920 | &nbsp;&nbsp;&nbsp; 34334<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Shanshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1,161<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ningxia Baofeng Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 6750<br>|
| &nbsp;&nbsp;&nbsp; Petronas Chemicals Group Bhd | &nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; 8587<br>|
| &nbsp;&nbsp;&nbsp; PI Industries Ltd. | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 10376<br>|
| &nbsp;&nbsp;&nbsp; Pidilite Industries Ltd. | &nbsp;&nbsp; 1146 | &nbsp;&nbsp;&nbsp; 18901<br>|
| &nbsp;&nbsp;&nbsp; PTT Global Chemical PCL, NVDR | &nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp; 5199<br>|
| &nbsp;&nbsp;&nbsp; Qinghai Salt Lake Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 7,262<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rongsheng Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 3050 | &nbsp;&nbsp;&nbsp; 5117<br>|
| &nbsp;&nbsp;&nbsp; Satellite Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3040<br>|
| &nbsp;&nbsp;&nbsp; Shandong Hualu Hengsheng Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2702<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Putailai New Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2350<br>|
| &nbsp;&nbsp;&nbsp; Sinoma Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3124<br>|
| &nbsp;&nbsp;&nbsp; Sinopec Shanghai Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 717<br>|
| &nbsp;&nbsp;&nbsp; Sinopec Shanghai Petrochemical Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 2112<br>|
| &nbsp;&nbsp;&nbsp; SKC Co. Ltd. | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 5,218<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Skshu Paint Co. Ltd., Class A Shares | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 1299<br>|
| &nbsp;&nbsp;&nbsp; Solar Industries India Ltd. | &nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 12268<br>|
| &nbsp;&nbsp;&nbsp; SRF Ltd. | &nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp; 17859<br>|
| &nbsp;&nbsp;&nbsp; Supreme Industries Ltd. | &nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp; 8284<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 3043<br>|
| &nbsp;&nbsp;&nbsp; Tianqi Lithium Corp., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 4,760<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tianqi Lithium Corp., Class H Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 2,624<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tongkun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1479<br>|
| &nbsp;&nbsp;&nbsp; UPL Ltd. | &nbsp;&nbsp; 2076 | &nbsp;&nbsp;&nbsp; 18366<br>|
| &nbsp;&nbsp;&nbsp; Wanhua Chemical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 10986<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Energy New Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 3,246<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Yuntianhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2872<br>|
| &nbsp;&nbsp;&nbsp; Zangge Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 4837<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Juhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 3853<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Longsheng Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1833<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang NHU Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 4331<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *475300* |
| *Construction Materials — 0.6%* | *Construction Materials — 0.6%* | *Construction Materials — 0.6%* |
| &nbsp;&nbsp;&nbsp; ACC Ltd. | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 5568<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Construction Materials — continued* | *Construction Materials — continued* | *Construction Materials — continued* |
| &nbsp;&nbsp;&nbsp; Ambuja Cements Ltd. | &nbsp;&nbsp; 2970 | &nbsp;&nbsp;&nbsp; $18384<br>|
| &nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3758<br>|
| &nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd., Class H Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 12765<br>|
| &nbsp;&nbsp;&nbsp; Asia Cement Corp. | &nbsp;&nbsp; 8640 | &nbsp;&nbsp;&nbsp; 10229<br>|
| &nbsp;&nbsp;&nbsp; China Jushi Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2940<br>|
| &nbsp;&nbsp;&nbsp; China National Building Material Co. Ltd., Class H Shares | &nbsp;&nbsp; 13500 | &nbsp;&nbsp;&nbsp; 8880<br>|
| &nbsp;&nbsp;&nbsp; China Resources Building Materials Technology Holdings Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 2390<br>|
| &nbsp;&nbsp;&nbsp; CSG Holding Co. Ltd., Class B Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 1055<br>|
| &nbsp;&nbsp;&nbsp; Dalmia Bharat Ltd. | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 6686<br>|
| &nbsp;&nbsp;&nbsp; Grasim Industries Ltd. | &nbsp;&nbsp; 1296 | &nbsp;&nbsp;&nbsp; 40792<br>|
| &nbsp;&nbsp;&nbsp; Huaxin Building Materials Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1389<br>|
| &nbsp;&nbsp;&nbsp; Indocement Tunggal Prakarsa Tbk PT | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 1614<br>|
| &nbsp;&nbsp;&nbsp; JK Cement Ltd. | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 8123<br>|
| &nbsp;&nbsp;&nbsp; Semen Indonesia Persero Tbk PT | &nbsp;&nbsp; 13200 | &nbsp;&nbsp;&nbsp; 2090<br>|
| &nbsp;&nbsp;&nbsp; Shree Cement Ltd. | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 10644<br>|
| &nbsp;&nbsp;&nbsp; Siam Cement PCL, NVDR | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 13979<br>|
| &nbsp;&nbsp;&nbsp; TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp; 17721<br>|
| &nbsp;&nbsp;&nbsp; UltraTech Cement Ltd. | &nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp; 57426<br>|
| *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *226433* |
| *Containers & Packaging — 0.0%††* | *Containers & Packaging — 0.0%††* | *Containers & Packaging — 0.0%††* |
| &nbsp;&nbsp;&nbsp; SCG Packaging PCL, NVDR | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; *1954*<br>|
| *Metals & Mining — 2.5%* | *Metals & Mining — 2.5%* | *Metals & Mining — 2.5%* |
| &nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 6303<br>|
| &nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp; 21890<br>|
| &nbsp;&nbsp;&nbsp; Amman Mineral Internasional PT | &nbsp;&nbsp; 43200 | &nbsp;&nbsp;&nbsp; 16,645<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Angang Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 652<br> \*<br>|
| &nbsp;&nbsp;&nbsp; APL Apollo Tubes Ltd. | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 14055<br>|
| &nbsp;&nbsp;&nbsp; Baoshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp; 7044<br>|
| &nbsp;&nbsp;&nbsp; Chifeng Jilong Gold Mining Co. Ltd., Class H Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 4588<br>|
| &nbsp;&nbsp;&nbsp; China Hongqiao Group Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 50291<br>|
| &nbsp;&nbsp;&nbsp; China Northern Rare Earth Group High-Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 7929<br>|
| &nbsp;&nbsp;&nbsp; China Rare Earth Resources and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3,992<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Steel Corp. | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp; 25397<br>|
| &nbsp;&nbsp;&nbsp; Citic Pacific Special Steel Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1480 | &nbsp;&nbsp;&nbsp; 3471<br>|
| &nbsp;&nbsp;&nbsp; CMOC Group Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 13754<br>|
| &nbsp;&nbsp;&nbsp; CMOC Group Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 29663<br>|
| &nbsp;&nbsp;&nbsp; Guangdong HEC Technology Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3,856<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2361<br>|
| &nbsp;&nbsp;&nbsp; Hesteel Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 1191<br>|
| &nbsp;&nbsp;&nbsp; Hindalco Industries Ltd. | &nbsp;&nbsp; 5304 | &nbsp;&nbsp;&nbsp; 52326<br>|
| &nbsp;&nbsp;&nbsp; Hindustan Zinc Ltd. | &nbsp;&nbsp; 1614 | &nbsp;&nbsp;&nbsp; 10998<br>|
| &nbsp;&nbsp;&nbsp; Huaibei Mining Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 955<br>|
| &nbsp;&nbsp;&nbsp; Hunan Valin Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 1932<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Steel Co. | &nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp; 6337<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia BaoTou Steel Union Co. Ltd., Class A Shares | &nbsp;&nbsp; 12600 | &nbsp;&nbsp;&nbsp; 4296<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia ERDOS Resources Co. Ltd., Class B Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 2472<br>|
| &nbsp;&nbsp;&nbsp; Jiangxi Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 4721<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* |
| &nbsp;&nbsp;&nbsp; Jiangxi Copper Co. Ltd., Class H Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; $22036<br>|
| &nbsp;&nbsp;&nbsp; Jindal Stainless Ltd. | &nbsp;&nbsp; 1116 | &nbsp;&nbsp;&nbsp; 10421<br>|
| &nbsp;&nbsp;&nbsp; Jindal Steel Ltd. | &nbsp;&nbsp; 1332 | &nbsp;&nbsp;&nbsp; 15617<br>|
| &nbsp;&nbsp;&nbsp; Jinduicheng Molybdenum Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 2679<br>|
| &nbsp;&nbsp;&nbsp; JSW Steel Ltd. | &nbsp;&nbsp; 3186 | &nbsp;&nbsp;&nbsp; 41289<br>|
| &nbsp;&nbsp;&nbsp; Korea Zinc Co. Ltd. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 16444<br>|
| &nbsp;&nbsp;&nbsp; Lloyds Metals & Energy Ltd. | &nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp; 5380<br>|
| &nbsp;&nbsp;&nbsp; Maanshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1,088<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Merdeka Copper Gold Tbk PT | &nbsp;&nbsp; 46200 | &nbsp;&nbsp;&nbsp; 6,317<br> \*<br>|
| &nbsp;&nbsp;&nbsp; MMG Ltd. | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp; 18,028<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Nanjing Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1356<br>|
| &nbsp;&nbsp;&nbsp; National Aluminium Co. Ltd. | &nbsp;&nbsp; 3340 | &nbsp;&nbsp;&nbsp; 11680<br>|
| &nbsp;&nbsp;&nbsp; NMDC Ltd. | &nbsp;&nbsp; 12708 | &nbsp;&nbsp;&nbsp; 11759<br>|
| &nbsp;&nbsp;&nbsp; Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 1,066<br> \*<br>|
| &nbsp;&nbsp;&nbsp; POSCO Holdings Inc. | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 57166<br>|
| &nbsp;&nbsp;&nbsp; Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 12600 | &nbsp;&nbsp;&nbsp; 22107<br>|
| &nbsp;&nbsp;&nbsp; Shandong Gold Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 6655<br>|
| &nbsp;&nbsp;&nbsp; Shandong Gold Mining Co. Ltd., Class H Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 13336<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shandong Nanshan Aluminum Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 2775<br>|
| &nbsp;&nbsp;&nbsp; Shanjin International Gold Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 3137<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Meijin Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 808<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Taigang Stainless Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1,261<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shenghe Resources Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1851<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1006<br>|
| &nbsp;&nbsp;&nbsp; Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 4517<br>|
| &nbsp;&nbsp;&nbsp; Steel Authority of India Ltd. | &nbsp;&nbsp; 5238 | &nbsp;&nbsp;&nbsp; 8566<br>|
| &nbsp;&nbsp;&nbsp; Tata Steel Ltd. | &nbsp;&nbsp; 30198 | &nbsp;&nbsp;&nbsp; 60504<br>|
| &nbsp;&nbsp;&nbsp; Tianshan Aluminum Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 4173<br>|
| &nbsp;&nbsp;&nbsp; Tongling Nonferrous Metals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 3100<br>|
| &nbsp;&nbsp;&nbsp; Trimegah Bangun Persada Tbk PT | &nbsp;&nbsp; 31200 | &nbsp;&nbsp;&nbsp; 2105<br>|
| &nbsp;&nbsp;&nbsp; Vale Indonesia Tbk PT | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 1676<br>|
| &nbsp;&nbsp;&nbsp; Vedanta Ltd. | &nbsp;&nbsp; 5916 | &nbsp;&nbsp;&nbsp; 39783<br>|
| &nbsp;&nbsp;&nbsp; Western Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2376<br>|
| &nbsp;&nbsp;&nbsp; Xiamen Tungsten Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3530<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Aluminium Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 5646<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Chihong Zinc&Germanium Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1257<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1763<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Tin Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2397<br>|
| &nbsp;&nbsp;&nbsp; Zhaojin Mining Industry Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 23696<br>|
| &nbsp;&nbsp;&nbsp; Zhongjin Gold Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 6024<br>|
| &nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 26668<br>|
| &nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp; 100793<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *870955* |
| *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Indah Kiat Pulp & Paper Tbk PT | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 4282<br>|
| &nbsp;&nbsp;&nbsp; Lee & Man Paper Manufacturing Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 2158<br>|
| &nbsp;&nbsp;&nbsp; Nine Dragons Paper Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 4,556<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 FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Paper & Forest Products — continued* | *Paper & Forest Products — continued* | *Paper & Forest Products — continued* |
| &nbsp;&nbsp;&nbsp; Shandong Sun Paper Industry JSC Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; $1354<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *12350* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1586992** |
| **Real Estate — 2.2%** | **Real Estate — 2.2%** | **Real Estate — 2.2%** |
| *Diversified REITs — 0.2%* | *Diversified REITs — 0.2%* | *Diversified REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 21736 | &nbsp;&nbsp;&nbsp; 40396<br>|
| &nbsp;&nbsp;&nbsp; Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 9602<br>|
| &nbsp;&nbsp;&nbsp; Suntec Real Estate Investment Trust | &nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp; 8734<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *58732* |
| *Hotel & Resort REITs — 0.0%††* | *Hotel & Resort REITs — 0.0%††* | *Hotel & Resort REITs — 0.0%††* |
| &nbsp;&nbsp;&nbsp; CapitaLand Ascott Trust | &nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; *7129*<br>|
| *Industrial REITs — 0.2%* | *Industrial REITs — 0.2%* | *Industrial REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | &nbsp;&nbsp; 13800 | &nbsp;&nbsp;&nbsp; 30368<br>|
| &nbsp;&nbsp;&nbsp; Frasers Logistics & Commercial Trust | &nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; 7428<br>|
| &nbsp;&nbsp;&nbsp; Mapletree Industrial Trust | &nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp; 12616<br>|
| &nbsp;&nbsp;&nbsp; Mapletree Logistics Trust | &nbsp;&nbsp; 12600 | &nbsp;&nbsp;&nbsp; 12933<br>|
| *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *63345* |
| *Office REITs — 0.1%* | *Office REITs — 0.1%* | *Office REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Champion REIT | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 1966<br>|
| &nbsp;&nbsp;&nbsp; Embassy Office Parks REIT | &nbsp;&nbsp; 3132 | &nbsp;&nbsp;&nbsp; 15169<br>|
| &nbsp;&nbsp;&nbsp; Keppel REIT | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 6824<br>|
| *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *23959* |
| *Real Estate Management & Development — 1.6%* | *Real Estate Management & Development — 1.6%* | *Real Estate Management & Development — 1.6%* |
| &nbsp;&nbsp;&nbsp; Ayala Land Inc. | &nbsp;&nbsp; 25200 | &nbsp;&nbsp;&nbsp; 9616<br>|
| &nbsp;&nbsp;&nbsp; Bumi Serpong Damai Tbk PT | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp; 619<br> \*<br>|
| &nbsp;&nbsp;&nbsp; C&D International Investment Group Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 4021<br>|
| &nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 17701<br>|
| &nbsp;&nbsp;&nbsp; Central Pattana PCL, NVDR | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 15783<br>|
| &nbsp;&nbsp;&nbsp; China Jinmao Holdings Group Ltd. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp; 3731<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 2971<br>|
| &nbsp;&nbsp;&nbsp; China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 18886<br>|
| &nbsp;&nbsp;&nbsp; China Resources Land Ltd. | &nbsp;&nbsp; 10300 | &nbsp;&nbsp;&nbsp; 35994<br>|
| &nbsp;&nbsp;&nbsp; China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 13240<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Vanke Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 1,999<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Vanke Co. Ltd., Class H Shares | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 3,034<br> \*<br>|
| &nbsp;&nbsp;&nbsp; City Developments Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 7465<br>|
| &nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp; 33341<br>|
| &nbsp;&nbsp;&nbsp; Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp; 6198<br>|
| &nbsp;&nbsp;&nbsp; DLF Ltd. | &nbsp;&nbsp; 2364 | &nbsp;&nbsp;&nbsp; 18080<br>|
| &nbsp;&nbsp;&nbsp; Gemdale Corp., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 526<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Godrej Properties Ltd. | &nbsp;&nbsp; 516 | &nbsp;&nbsp;&nbsp; 11,507<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Greenland Holdings Corp. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 713<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Greentown China Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 3265<br>|
| &nbsp;&nbsp;&nbsp; Hainan Airport Infrastructure Co. Ltd., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 2291<br>|
| &nbsp;&nbsp;&nbsp; Hang Lung Group Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 5874<br>|
| &nbsp;&nbsp;&nbsp; Hang Lung Properties Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 7743<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Binjiang Real Estate Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1728<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* |
| &nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; $18077<br>|
| &nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 25020<br>|
| &nbsp;&nbsp;&nbsp; Hopson Development Holdings Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 1,613<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hysan Development Co. Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 4856<br>|
| &nbsp;&nbsp;&nbsp; KE Holdings Inc., ADR | &nbsp;&nbsp; 2218 | &nbsp;&nbsp;&nbsp; 34956<br>|
| &nbsp;&nbsp;&nbsp; Kerry Properties Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 5211<br>|
| &nbsp;&nbsp;&nbsp; Land & Houses PCL, NVDR | &nbsp;&nbsp; 25800 | &nbsp;&nbsp;&nbsp; 3095<br>|
| &nbsp;&nbsp;&nbsp; Lodha Developers Ltd. | &nbsp;&nbsp; 1044 | &nbsp;&nbsp;&nbsp; 12328<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Longfor Group Holdings Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 9898<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Megaworld Corp. | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp; 849<br>|
| &nbsp;&nbsp;&nbsp; New World Development Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 5,604<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Oberoi Realty Ltd. | &nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp; 7918<br>|
| &nbsp;&nbsp;&nbsp; Phoenix Mills Ltd. | &nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp; 14353<br>|
| &nbsp;&nbsp;&nbsp; Poly Developments and Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 3146<br>|
| &nbsp;&nbsp;&nbsp; Poly Property Services Co. Ltd., Class H Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2457<br>|
| &nbsp;&nbsp;&nbsp; Prestige Estates Projects Ltd. | &nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp; 10327<br>|
| &nbsp;&nbsp;&nbsp; Ruentex Development Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 5691<br>|
| &nbsp;&nbsp;&nbsp; Seazen Group Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 3,161<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Seazen Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1,199<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 883<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Lingang Holdings Corp. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 1006<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 680<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 1925<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 3774<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Overseas Chinese Town Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 853<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | &nbsp;&nbsp; 13300 | &nbsp;&nbsp;&nbsp; 17463<br>|
| &nbsp;&nbsp;&nbsp; SM Prime Holdings Inc. | &nbsp;&nbsp; 37200 | &nbsp;&nbsp;&nbsp; 14385<br>|
| &nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 5064 | &nbsp;&nbsp;&nbsp; 61612<br>|
| &nbsp;&nbsp;&nbsp; Swire Properties Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 9704<br>|
| &nbsp;&nbsp;&nbsp; UOL Group Ltd. | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 12233<br>|
| &nbsp;&nbsp;&nbsp; Wharf Holdings Ltd. | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 10055<br>|
| &nbsp;&nbsp;&nbsp; Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 18948<br>|
| &nbsp;&nbsp;&nbsp; Yango Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Youngor Fashion Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1307<br>|
| &nbsp;&nbsp;&nbsp; Yuexiu Property Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 3053<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *553966* |
| *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Link REIT | &nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; *42847*<br>|
| *Specialized REITs — 0.0%††* | *Specialized REITs — 0.0%††* | *Specialized REITs — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Keppel DC REIT | &nbsp;&nbsp; 7128 | &nbsp;&nbsp;&nbsp; *12471*<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **762449** |
| **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** |
| *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* |
| &nbsp;&nbsp;&nbsp; Adani Energy Solutions Ltd. | &nbsp;&nbsp; 1212 | &nbsp;&nbsp;&nbsp; 13,854<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 14801<br>|
| &nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 53652<br>|
| &nbsp;&nbsp;&nbsp; Korea Electric Power Corp. | &nbsp;&nbsp; 948 | &nbsp;&nbsp;&nbsp; 31061<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Manila Electric Co. | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; $7025<br>|
| &nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 35427<br>|
| &nbsp;&nbsp;&nbsp; Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 16512 | &nbsp;&nbsp;&nbsp; 48610<br>|
| &nbsp;&nbsp;&nbsp; SJVN Ltd. | &nbsp;&nbsp; 2814 | &nbsp;&nbsp;&nbsp; 2341<br>|
| &nbsp;&nbsp;&nbsp; Tata Power Co. Ltd. | &nbsp;&nbsp; 6294 | &nbsp;&nbsp;&nbsp; 26582<br>|
| &nbsp;&nbsp;&nbsp; Tenaga Nasional Bhd | &nbsp;&nbsp; 16200 | &nbsp;&nbsp;&nbsp; 54772<br>|
| &nbsp;&nbsp;&nbsp; Torrent Power Ltd. | &nbsp;&nbsp; 702 | &nbsp;&nbsp;&nbsp; 10206<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *298331* |
| *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; Adani Total Gas Ltd. | &nbsp;&nbsp; 846 | &nbsp;&nbsp;&nbsp; 5334<br>|
| &nbsp;&nbsp;&nbsp; Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 6132<br>|
| &nbsp;&nbsp;&nbsp; China Gas Holdings Ltd. | &nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; 9472<br>|
| &nbsp;&nbsp;&nbsp; China Resources Gas Group Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 8719<br>|
| &nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 26672<br>|
| &nbsp;&nbsp;&nbsp; ENN Natural Gas Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3569<br>|
| &nbsp;&nbsp;&nbsp; GAIL India Ltd. | &nbsp;&nbsp; 9750 | &nbsp;&nbsp;&nbsp; 18676<br>|
| &nbsp;&nbsp;&nbsp; Gujarat Gas Ltd. | &nbsp;&nbsp; 654 | &nbsp;&nbsp;&nbsp; 2999<br>|
| &nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp; 37826<br>|
| &nbsp;&nbsp;&nbsp; Indraprastha Gas Ltd. | &nbsp;&nbsp; 2724 | &nbsp;&nbsp;&nbsp; 5897<br>|
| &nbsp;&nbsp;&nbsp; Korea Gas Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 2783<br>|
| &nbsp;&nbsp;&nbsp; Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp; 13364<br>|
| &nbsp;&nbsp;&nbsp; Perusahaan Gas Negara Tbk PT | &nbsp;&nbsp; 30600 | &nbsp;&nbsp;&nbsp; 3505<br>|
| &nbsp;&nbsp;&nbsp; Petronas Gas Bhd | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 16093<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *161041* |
| *Independent Power and Renewable Electricity Producers — 0.9%* | *Independent Power and Renewable Electricity Producers — 0.9%* | *Independent Power and Renewable Electricity Producers — 0.9%* |
| &nbsp;&nbsp;&nbsp; Aboitiz Power Corp. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 3141<br>|
| &nbsp;&nbsp;&nbsp; ACEN Corp. | &nbsp;&nbsp; 35400 | &nbsp;&nbsp;&nbsp; 1637<br>|
| &nbsp;&nbsp;&nbsp; Adani Green Energy Ltd. | &nbsp;&nbsp; 1132 | &nbsp;&nbsp;&nbsp; 12,785<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Adani Power Ltd. | &nbsp;&nbsp; 19122 | &nbsp;&nbsp;&nbsp; 30,421<br> \*<br>|
| &nbsp;&nbsp;&nbsp; An Hui Wenergy Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 683<br>|
| &nbsp;&nbsp;&nbsp; CECEP Solar Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 763<br>|
| &nbsp;&nbsp;&nbsp; CECEP Wind-Power Corp., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 761<br>|
| &nbsp;&nbsp;&nbsp; CGN Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 3232<br>|
| &nbsp;&nbsp;&nbsp; CGN Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp; 13552<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Longyuan Power Group Corp. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 10237<br>|
| &nbsp;&nbsp;&nbsp; China National Nuclear Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 7436<br>|
| &nbsp;&nbsp;&nbsp; China Power International Development Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 4980<br>|
| &nbsp;&nbsp;&nbsp; China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 16012<br>|
| &nbsp;&nbsp;&nbsp; China Three Gorges Renewables Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 4922<br>|
| &nbsp;&nbsp;&nbsp; China Yangtze Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp; 25710<br>|
| &nbsp;&nbsp;&nbsp; Datang International Power Generation Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 1200<br>|
| &nbsp;&nbsp;&nbsp; Datang International Power Generation Co. Ltd., Class H Shares | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 3407<br>|
| &nbsp;&nbsp;&nbsp; Electricity Generating PCL, NVDR | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 2171<br>|
| &nbsp;&nbsp;&nbsp; Fujian Funeng Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1628<br>|
| &nbsp;&nbsp;&nbsp; GD Power Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 3466<br>|
| &nbsp;&nbsp;&nbsp; Global Power Synergy PCL, NVDR | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 2742<br>|
| &nbsp;&nbsp;&nbsp; Guangdong Electric Power Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 874<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Independent Power and Renewable Electricity Producers — continued* | *Independent Power and Renewable Electricity Producers — continued* | *Independent Power and Renewable Electricity Producers — continued* | *Independent Power and Renewable Electricity Producers — continued* |
| &nbsp;&nbsp;&nbsp; Gulf Development PCL, NVDR | &nbsp;&nbsp;&nbsp; Gulf Development PCL, NVDR | &nbsp;&nbsp; 16219 | &nbsp;&nbsp;&nbsp; $21,493<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Huadian Power International Corp. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Huadian Power International Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 1706<br>|
| &nbsp;&nbsp;&nbsp; Huadian Power International Corp. Ltd., Class H Shares | &nbsp;&nbsp;&nbsp; Huadian Power International Corp. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 3137<br>|
| &nbsp;&nbsp;&nbsp; Huaneng Lancang River Hydropower Inc., Class A Shares | &nbsp;&nbsp;&nbsp; Huaneng Lancang River Hydropower Inc., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 2342<br>|
| &nbsp;&nbsp;&nbsp; Huaneng Power International Inc., Class A Shares | &nbsp;&nbsp;&nbsp; Huaneng Power International Inc., Class A Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 3206<br>|
| &nbsp;&nbsp;&nbsp; Huaneng Power International Inc., Class H Shares | &nbsp;&nbsp;&nbsp; Huaneng Power International Inc., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp; 10307<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1155<br>|
| &nbsp;&nbsp;&nbsp; JSW Energy Ltd. | &nbsp;&nbsp;&nbsp; JSW Energy Ltd. | &nbsp;&nbsp; 1950 | &nbsp;&nbsp;&nbsp; 10467<br>|
| &nbsp;&nbsp;&nbsp; NHPC Ltd. | &nbsp;&nbsp;&nbsp; NHPC Ltd. | &nbsp;&nbsp; 11610 | &nbsp;&nbsp;&nbsp; 10233<br>|
| &nbsp;&nbsp;&nbsp; NLC India Ltd. | &nbsp;&nbsp;&nbsp; NLC India Ltd. | &nbsp;&nbsp; 1278 | &nbsp;&nbsp;&nbsp; 3558<br>|
| &nbsp;&nbsp;&nbsp; NTPC Green Energy Ltd. | &nbsp;&nbsp;&nbsp; NTPC Green Energy Ltd. | &nbsp;&nbsp; 3510 | &nbsp;&nbsp;&nbsp; 3,692<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NTPC Ltd. | &nbsp;&nbsp;&nbsp; NTPC Ltd. | &nbsp;&nbsp; 17298 | &nbsp;&nbsp;&nbsp; 63425<br>|
| &nbsp;&nbsp;&nbsp; Ratch Group PCL, NVDR | &nbsp;&nbsp;&nbsp; Ratch Group PCL, NVDR | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 2809<br>|
| &nbsp;&nbsp;&nbsp; SDIC Power Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; SDIC Power Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 4511<br>|
| &nbsp;&nbsp;&nbsp; Shaanxi Energy Investment Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Shaanxi Energy Investment Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 800<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Shanghai Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 3442<br>|
| &nbsp;&nbsp;&nbsp; Shenergy Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Shenergy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1338<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Shenzhen Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1121<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Chuantou Energy Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Sichuan Chuantou Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 3585<br>|
| &nbsp;&nbsp;&nbsp; Wintime Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Wintime Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 1,350<br> \*<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; 2400 | &nbsp;&nbsp;&nbsp; 1702<br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *307139* |
| *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. | &nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 14043<br>|
| &nbsp;&nbsp;&nbsp; YTL Corp. Bhd | &nbsp;&nbsp;&nbsp; YTL Corp. Bhd | &nbsp;&nbsp; 13920 | &nbsp;&nbsp;&nbsp; 6998<br>|
| &nbsp;&nbsp;&nbsp; YTL Power International Bhd | &nbsp;&nbsp;&nbsp; YTL Power International Bhd | &nbsp;&nbsp; 9720 | &nbsp;&nbsp;&nbsp; 7928<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *28969* |
| *Water Utilities — 0.0%††* | *Water Utilities — 0.0%††* | *Water Utilities — 0.0%††* | *Water Utilities — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 1031<br>|
| &nbsp;&nbsp;&nbsp; Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp;&nbsp; Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 3793<br>|
| &nbsp;&nbsp;&nbsp; Chengdu Xingrong Environment Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Chengdu Xingrong Environment Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1233<br>|
| &nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. | &nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 10468<br>|
| *Total Water Utilities* | *Total Water Utilities* | *Total Water Utilities* | &nbsp;&nbsp; *16525* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **812005** |
| **Total Common Stocks (Cost — $24,355,491)** | **Total Common Stocks (Cost — $24,355,491)** | **Total Common Stocks (Cost — $24,355,491)** | &nbsp;&nbsp;&nbsp; **35439261**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** |
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| *Automobiles — 0.1%* | *Automobiles — 0.1%* | *Automobiles — 0.1%* | *Automobiles — 0.1%* |
| &nbsp;&nbsp;&nbsp; Hyundai Motor Co.  | &nbsp;&nbsp; 1.214% | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 11154<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Motor Co., Series 2  | &nbsp;&nbsp; 1.176% | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 18587<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd.  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3480 | &nbsp;&nbsp;&nbsp; 394<br> <sup>(b)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *30135* |
| *Household Durables — 0.0%††* | *Household Durables — 0.0%††* | *Household Durables — 0.0%††* | *Household Durables — 0.0%††* |
| &nbsp;&nbsp;&nbsp; LG Electronics Inc.  | &nbsp;&nbsp; 1.031% | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; *2222*<br> <sup>(e)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **32357** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate |  | Shares | Value |
| **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** |
| *Personal Care Products — 0.0%††* | *Personal Care Products — 0.0%††* | *Personal Care Products — 0.0%††* | *Personal Care Products — 0.0%††* | *Personal Care Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Amorepacific Corp.  | &nbsp;&nbsp; 2.583% |  | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; $1275<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; LG H&H Co. Ltd.  | &nbsp;&nbsp; 0.882% |  | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 945<br> <sup>(e)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2220** |
| **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** |
| *Insurance — 0.0%††* | *Insurance — 0.0%††* | *Insurance — 0.0%††* | *Insurance — 0.0%††* | *Insurance — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. Ltd.  | &nbsp;&nbsp; 5.034% |  | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; **3145**<br> <sup>(e)</sup><br>|
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Industrial Conglomerates — 0.0%††* | *Industrial Conglomerates — 0.0%††* | *Industrial Conglomerates — 0.0%††* | *Industrial Conglomerates — 0.0%††* | *Industrial Conglomerates — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Hanwha Corp.  | &nbsp;&nbsp; 2.319% |  | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; **1985**<br> <sup>(e)</sup><br>|
| **Information Technology — 0.5%** | **Information Technology — 0.5%** | **Information Technology — 0.5%** | **Information Technology — 0.5%** | **Information Technology — 0.5%** |
| *Technology Hardware, Storage & Peripherals — 0.5%* | *Technology Hardware, Storage & Peripherals — 0.5%* | *Technology Hardware, Storage & Peripherals — 0.5%* | *Technology Hardware, Storage & Peripherals — 0.5%* | *Technology Hardware, Storage & Peripherals — 0.5%* |
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd.  | &nbsp;&nbsp; 0.415% |  | &nbsp;&nbsp; 2964 | &nbsp;&nbsp;&nbsp;&nbsp; **183533**<br> <sup>(e)</sup><br>|
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| *Chemicals — 0.0%††* | *Chemicals — 0.0%††* | *Chemicals — 0.0%††* | *Chemicals — 0.0%††* | *Chemicals — 0.0%††* |
| &nbsp;&nbsp;&nbsp; LG Chem Ltd.  | &nbsp;&nbsp; 0.632% |  | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; **3459**<br> <sup>(e)</sup><br>|
| **Total Preferred Stocks (Cost — $138,642)** | **Total Preferred Stocks (Cost — $138,642)** | **Total Preferred Stocks (Cost — $138,642)** | **Total Preferred Stocks (Cost — $138,642)** | &nbsp;&nbsp; **226699** |
|  |  | Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** |
| *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Unimicron Technology Corp. |  | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; **364**<br> <sup>(b)</sup><br>|
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Office REITs — 0.0%††* | *Office REITs — 0.0%††* | *Office REITs — 0.0%††* | *Office REITs — 0.0%††* | *Office REITs — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Keppel REIT |  | &nbsp;&nbsp; 1/12/26 | &nbsp;&nbsp; 2070 | &nbsp;&nbsp;&nbsp; **24**<br> \*<sup>(b)</sup><br>|
| **Total Rights (Cost — $0)** | **Total Rights (Cost — $0)** | **Total Rights (Cost — $0)** | **Total Rights (Cost — $0)** | &nbsp;&nbsp; **388** |
| **Total Investments before Short-Term Investments (Cost — $24,494,133)** | **Total Investments before Short-Term Investments (Cost — $24,494,133)** | **Total Investments before Short-Term Investments (Cost — $24,494,133)** | **Total Investments before Short-Term Investments (Cost — $24,494,133)** | &nbsp;&nbsp; **35666348** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $480)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 480<br>| &nbsp;&nbsp;&nbsp;&nbsp; **480**<br> <sup>(f)(g)(h)</sup><br>|
| **Total Investments — 100.7% (Cost — $24,494,613)** | **Total Investments — 100.7% (Cost — $24,494,613)** | **Total Investments — 100.7% (Cost — $24,494,613)** | **Total Investments — 100.7% (Cost — $24,494,613)** | &nbsp;&nbsp; **35666828** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.7)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.7)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.7)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.7)% | &nbsp;&nbsp;&nbsp; (258310)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$35408518** |

---

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

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Asia ex Japan ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(c)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(d)</sup> | Value is less than $1. |
| <sup>(e)</sup> | The rate shown represents the yield as of December 31, 2025. |
| <sup>(f)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(g)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $480 and the cost was $480 (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:** |
| ADR |  | American Depositary Receipts |
| JSC |  | Joint Stock Company |
| NVDR |  | Non-Voting Depositary Receipt |
| REIT |  | Real Estate Investment Trust |

---

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 FTSE Australia 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 — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** |
| *Diversified Telecommunication Services — 1.0%* | *Diversified Telecommunication Services — 1.0%* | *Diversified Telecommunication Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Telstra Group Ltd. | &nbsp;&nbsp; 199680 | &nbsp;&nbsp;&nbsp; $648473<br>|
| &nbsp;&nbsp;&nbsp; TPG Telecom Ltd. | &nbsp;&nbsp; 19488 | &nbsp;&nbsp;&nbsp; 49253<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *697726* |
| *Interactive Media & Services — 1.2%* | *Interactive Media & Services — 1.2%* | *Interactive Media & Services — 1.2%* |
| &nbsp;&nbsp;&nbsp; CAR Group Ltd. | &nbsp;&nbsp; 17952 | &nbsp;&nbsp;&nbsp; 368237<br>|
| &nbsp;&nbsp;&nbsp; REA Group Ltd. | &nbsp;&nbsp; 2352 | &nbsp;&nbsp;&nbsp; 287635<br>|
| &nbsp;&nbsp;&nbsp; SEEK Ltd. | &nbsp;&nbsp; 17088 | &nbsp;&nbsp;&nbsp; 263455<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *919327* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1617053** |
| **Consumer Discretionary — 7.3%** | **Consumer Discretionary — 7.3%** | **Consumer Discretionary — 7.3%** |
| *Broadline Retail — 4.2%* | *Broadline Retail — 4.2%* | *Broadline Retail — 4.2%* |
| &nbsp;&nbsp;&nbsp; Harvey Norman Holdings Ltd. | &nbsp;&nbsp; 25632 | &nbsp;&nbsp;&nbsp; 118624<br>|
| &nbsp;&nbsp;&nbsp; Wesfarmers Ltd. | &nbsp;&nbsp; 56448 | &nbsp;&nbsp;&nbsp; 3052417<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *3171041* |
| *Hotels, Restaurants & Leisure — 2.6%* | *Hotels, Restaurants & Leisure — 2.6%* | *Hotels, Restaurants & Leisure — 2.6%* |
| &nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | &nbsp;&nbsp; 27408 | &nbsp;&nbsp;&nbsp; 1063357<br>|
| &nbsp;&nbsp;&nbsp; Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp; 3216 | &nbsp;&nbsp;&nbsp; 45036<br>|
| &nbsp;&nbsp;&nbsp; Flight Centre Travel Group Ltd. | &nbsp;&nbsp; 8304 | &nbsp;&nbsp;&nbsp; 83118<br>|
| &nbsp;&nbsp;&nbsp; Light & Wonder Inc., CDI | &nbsp;&nbsp; 4128 | &nbsp;&nbsp;&nbsp; 433,752<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. | &nbsp;&nbsp; 110016 | &nbsp;&nbsp;&nbsp; 378559<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *2003822* |
| *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; JB Hi-Fi Ltd. | &nbsp;&nbsp; 5424 | &nbsp;&nbsp;&nbsp; *348027*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **5522890** |
| **Consumer Staples — 3.7%** | **Consumer Staples — 3.7%** | **Consumer Staples — 3.7%** |
| *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* |
| &nbsp;&nbsp;&nbsp; Treasury Wine Estates Ltd. | &nbsp;&nbsp; 39600 | &nbsp;&nbsp;&nbsp; *138374*<br>|
| *Consumer Staples Distribution & Retail — 3.2%* | *Consumer Staples Distribution & Retail — 3.2%* | *Consumer Staples Distribution & Retail — 3.2%* |
| &nbsp;&nbsp;&nbsp; Coles Group Ltd. | &nbsp;&nbsp; 66816 | &nbsp;&nbsp;&nbsp; 955286<br>|
| &nbsp;&nbsp;&nbsp; Endeavour Group Ltd. | &nbsp;&nbsp; 75744 | &nbsp;&nbsp;&nbsp; 184866<br>|
| &nbsp;&nbsp;&nbsp; Metcash Ltd. | &nbsp;&nbsp; 53808 | &nbsp;&nbsp;&nbsp; 118410<br>|
| &nbsp;&nbsp;&nbsp; Woolworths Group Ltd. | &nbsp;&nbsp; 60864 | &nbsp;&nbsp;&nbsp; 1192450<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *2451012* |
| *Food Products — 0.3%* | *Food Products — 0.3%* | *Food Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; a2 Milk Co. Ltd. | &nbsp;&nbsp; 34752 | &nbsp;&nbsp;&nbsp; *213436*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2802822** |
| **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; Ampol Ltd. | &nbsp;&nbsp; 11952 | &nbsp;&nbsp;&nbsp; 254488<br>|
| &nbsp;&nbsp;&nbsp; Beach Energy Ltd. | &nbsp;&nbsp; 73104 | &nbsp;&nbsp;&nbsp; 57280<br>|
| &nbsp;&nbsp;&nbsp; New Hope Corp. Ltd. | &nbsp;&nbsp; 22368 | &nbsp;&nbsp;&nbsp; 60112<br>|
| &nbsp;&nbsp;&nbsp; Santos Ltd. | &nbsp;&nbsp; 162336 | &nbsp;&nbsp;&nbsp; 667926<br>|
| &nbsp;&nbsp;&nbsp; Whitehaven Coal Ltd. | &nbsp;&nbsp; 39216 | &nbsp;&nbsp;&nbsp; 202672<br>|
| &nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | &nbsp;&nbsp; 94800 | &nbsp;&nbsp;&nbsp; 1491298<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Australia 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; Yancoal Australia Ltd. | &nbsp;&nbsp; 19056 | &nbsp;&nbsp;&nbsp; $63029<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2796805** |
| **Financials — 37.5%** | **Financials — 37.5%** | **Financials — 37.5%** |
| *Banks — 28.5%* | *Banks — 28.5%* | *Banks — 28.5%* |
| &nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | &nbsp;&nbsp; 148848 | &nbsp;&nbsp;&nbsp; 3607081<br>|
| &nbsp;&nbsp;&nbsp; Bank of Queensland Ltd. | &nbsp;&nbsp; 32400 | &nbsp;&nbsp;&nbsp; 141087<br>|
| &nbsp;&nbsp;&nbsp; Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 28176 | &nbsp;&nbsp;&nbsp; 197662<br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | &nbsp;&nbsp; 83664 | &nbsp;&nbsp;&nbsp; 8958413<br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | &nbsp;&nbsp; 153024 | &nbsp;&nbsp;&nbsp; 4317483<br>|
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. | &nbsp;&nbsp; 171120 | &nbsp;&nbsp;&nbsp; 4404698<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *21626424* |
| *Capital Markets — 4.3%* | *Capital Markets — 4.3%* | *Capital Markets — 4.3%* |
| &nbsp;&nbsp;&nbsp; ASX Ltd. | &nbsp;&nbsp; 9696 | &nbsp;&nbsp;&nbsp; 332599<br>|
| &nbsp;&nbsp;&nbsp; GQG Partners Inc., CDI | &nbsp;&nbsp; 37680 | &nbsp;&nbsp;&nbsp; 43846<br>|
| &nbsp;&nbsp;&nbsp; HUB24 Ltd. | &nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp; 249548<br>|
| &nbsp;&nbsp;&nbsp; Insignia Financial Ltd. | &nbsp;&nbsp; 25392 | &nbsp;&nbsp;&nbsp; 77,213<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | &nbsp;&nbsp; 17136 | &nbsp;&nbsp;&nbsp; 2321995<br>|
| &nbsp;&nbsp;&nbsp; Magellan Financial Group Ltd. | &nbsp;&nbsp; 8256 | &nbsp;&nbsp;&nbsp; 54945<br>|
| &nbsp;&nbsp;&nbsp; Netwealth Group Ltd. | &nbsp;&nbsp; 5904 | &nbsp;&nbsp;&nbsp; 101065<br>|
| &nbsp;&nbsp;&nbsp; Perpetual Ltd. | &nbsp;&nbsp; 5520 | &nbsp;&nbsp;&nbsp; 68688<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *3249899* |
| *Financial Services — 0.9%* | *Financial Services — 0.9%* | *Financial Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; AMP Ltd. | &nbsp;&nbsp; 125376 | &nbsp;&nbsp;&nbsp; 152165<br>|
| &nbsp;&nbsp;&nbsp; Challenger Ltd. | &nbsp;&nbsp; 25152 | &nbsp;&nbsp;&nbsp; 157830<br>|
| &nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 14448 | &nbsp;&nbsp;&nbsp; 357831<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *667826* |
| *Insurance — 3.8%* | *Insurance — 3.8%* | *Insurance — 3.8%* |
| &nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. | &nbsp;&nbsp; 113088 | &nbsp;&nbsp;&nbsp; 601794<br>|
| &nbsp;&nbsp;&nbsp; Medibank Private Ltd. | &nbsp;&nbsp; 137712 | &nbsp;&nbsp;&nbsp; 439881<br>|
| &nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | &nbsp;&nbsp; 75648 | &nbsp;&nbsp;&nbsp; 1003368<br>|
| &nbsp;&nbsp;&nbsp; Steadfast Group Ltd. | &nbsp;&nbsp; 52512 | &nbsp;&nbsp;&nbsp; 184893<br>|
| &nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | &nbsp;&nbsp; 54192 | &nbsp;&nbsp;&nbsp; 637834<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *2867770* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **28411919** |
| **Health Care — 6.6%** | **Health Care — 6.6%** | **Health Care — 6.6%** |
| *Biotechnology — 3.8%* | *Biotechnology — 3.8%* | *Biotechnology — 3.8%* |
| &nbsp;&nbsp;&nbsp; CSL Ltd. | &nbsp;&nbsp; 24192 | &nbsp;&nbsp;&nbsp; 2785264<br>|
| &nbsp;&nbsp;&nbsp; Telix Pharmaceuticals Ltd. | &nbsp;&nbsp; 12624 | &nbsp;&nbsp;&nbsp; 94,285<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *2879549* |
| *Health Care Equipment & Supplies — 1.0%* | *Health Care Equipment & Supplies — 1.0%* | *Health Care Equipment & Supplies — 1.0%* |
| &nbsp;&nbsp;&nbsp; Ansell Ltd. | &nbsp;&nbsp; 7152 | &nbsp;&nbsp;&nbsp; 166974<br>|
| &nbsp;&nbsp;&nbsp; Cochlear Ltd. | &nbsp;&nbsp; 3264 | &nbsp;&nbsp;&nbsp; 567352<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *734326* |
| *Health Care Providers & Services — 1.3%* | *Health Care Providers & Services — 1.3%* | *Health Care Providers & Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; Ramsay Health Care Ltd. | &nbsp;&nbsp; 9264 | &nbsp;&nbsp;&nbsp; 212265<br>|
| &nbsp;&nbsp;&nbsp; Sigma Healthcare Ltd. | &nbsp;&nbsp; 214944 | &nbsp;&nbsp;&nbsp; 421406<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Australia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* |
| &nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | &nbsp;&nbsp; 23424 | &nbsp;&nbsp;&nbsp; $353175<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *986846* |
| *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* |
| &nbsp;&nbsp;&nbsp; Pro Medicus Ltd. | &nbsp;&nbsp; 2640 | &nbsp;&nbsp;&nbsp; *388838*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4989559** |
| **Industrials — 7.1%** | **Industrials — 7.1%** | **Industrials — 7.1%** |
| *Commercial Services & Supplies — 1.9%* | *Commercial Services & Supplies — 1.9%* | *Commercial Services & Supplies — 1.9%* |
| &nbsp;&nbsp;&nbsp; Brambles Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp;&nbsp; 1047264<br>|
| &nbsp;&nbsp;&nbsp; Cleanaway Waste Management Ltd. | &nbsp;&nbsp; 111984 | &nbsp;&nbsp;&nbsp; 193412<br>|
| &nbsp;&nbsp;&nbsp; Downer EDI Ltd. | &nbsp;&nbsp; 33504 | &nbsp;&nbsp;&nbsp; 177620<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *1418296* |
| *Construction & Engineering — 0.3%* | *Construction & Engineering — 0.3%* | *Construction & Engineering — 0.3%* |
| &nbsp;&nbsp;&nbsp; Worley Ltd. | &nbsp;&nbsp; 24144 | &nbsp;&nbsp;&nbsp; *202382*<br>|
| *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* |
| &nbsp;&nbsp;&nbsp; Aurizon Holdings Ltd. | &nbsp;&nbsp; 87360 | &nbsp;&nbsp;&nbsp; *212634*<br>|
| *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* |
| &nbsp;&nbsp;&nbsp; Qantas Airways Ltd. | &nbsp;&nbsp; 36720 | &nbsp;&nbsp;&nbsp; *254172*<br>|
| *Professional Services — 1.3%* | *Professional Services — 1.3%* | *Professional Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; ALS Ltd. | &nbsp;&nbsp; 24912 | &nbsp;&nbsp;&nbsp; 366141<br>|
| &nbsp;&nbsp;&nbsp; Computershare Ltd. | &nbsp;&nbsp; 26352 | &nbsp;&nbsp;&nbsp; 599936<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *966077* |
| *Trading Companies & Distributors — 0.5%* | *Trading Companies & Distributors — 0.5%* | *Trading Companies & Distributors — 0.5%* |
| &nbsp;&nbsp;&nbsp; Reece Ltd. | &nbsp;&nbsp; 12960 | &nbsp;&nbsp;&nbsp; 115808<br>|
| &nbsp;&nbsp;&nbsp; SGH Ltd. | &nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; 297362<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *413170* |
| *Transportation Infrastructure — 2.5%* | *Transportation Infrastructure — 2.5%* | *Transportation Infrastructure — 2.5%* |
| &nbsp;&nbsp;&nbsp; Atlas Arteria Ltd. | &nbsp;&nbsp; 50592 | &nbsp;&nbsp;&nbsp; 164638<br>|
| &nbsp;&nbsp;&nbsp; Qube Holdings Ltd. | &nbsp;&nbsp; 83952 | &nbsp;&nbsp;&nbsp; 267041<br>|
| &nbsp;&nbsp;&nbsp; Transurban Group | &nbsp;&nbsp; 155088 | &nbsp;&nbsp;&nbsp; 1469604<br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *1901283* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **5368014** |
| **Information Technology — 2.1%** | **Information Technology — 2.1%** | **Information Technology — 2.1%** |
| *IT Services — 0.4%* | *IT Services — 0.4%* | *IT Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; NEXTDC Ltd. | &nbsp;&nbsp; 31824 | &nbsp;&nbsp;&nbsp; *265,910*<br> \*<br>|
| *Software — 1.7%* | *Software — 1.7%* | *Software — 1.7%* |
| &nbsp;&nbsp;&nbsp; Technology One Ltd. | &nbsp;&nbsp; 14736 | &nbsp;&nbsp;&nbsp; 274755<br>|
| &nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | &nbsp;&nbsp; 9312 | &nbsp;&nbsp;&nbsp; 425116<br>|
| &nbsp;&nbsp;&nbsp; Xero Ltd. | &nbsp;&nbsp; 7728 | &nbsp;&nbsp;&nbsp; 587,592<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *1287463* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1553373** |
| **Materials — 21.3%** | **Materials — 21.3%** | **Materials — 21.3%** |
| *Chemicals — 0.7%* | *Chemicals — 0.7%* | *Chemicals — 0.7%* |
| &nbsp;&nbsp;&nbsp; Dyno Nobel Ltd. | &nbsp;&nbsp; 82608 | &nbsp;&nbsp;&nbsp; 176830<br>|
| &nbsp;&nbsp;&nbsp; Orica Ltd. | &nbsp;&nbsp; 23376 | &nbsp;&nbsp;&nbsp; 378483<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *555313* |
| *Construction Materials — 0.8%* | *Construction Materials — 0.8%* | *Construction Materials — 0.8%* |
| &nbsp;&nbsp;&nbsp; James Hardie Industries PLC, CDI | &nbsp;&nbsp; 28176 | &nbsp;&nbsp;&nbsp; *580,209*<br> \*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Australia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* |
| &nbsp;&nbsp;&nbsp; Orora Ltd. | &nbsp;&nbsp; 58032 | &nbsp;&nbsp;&nbsp; $*85524*<br>|
| *Metals & Mining — 19.7%* | *Metals & Mining — 19.7%* | *Metals & Mining — 19.7%* |
| &nbsp;&nbsp;&nbsp; BHP Group Ltd. | &nbsp;&nbsp; 245328 | &nbsp;&nbsp;&nbsp; 7442025<br>|
| &nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. | &nbsp;&nbsp; 21744 | &nbsp;&nbsp;&nbsp; 349015<br>|
| &nbsp;&nbsp;&nbsp; Deterra Royalties Ltd. | &nbsp;&nbsp; 20688 | &nbsp;&nbsp;&nbsp; 56149<br>|
| &nbsp;&nbsp;&nbsp; Evolution Mining Ltd. | &nbsp;&nbsp; 100464 | &nbsp;&nbsp;&nbsp; 849489<br>|
| &nbsp;&nbsp;&nbsp; Fortescue Ltd. | &nbsp;&nbsp; 79296 | &nbsp;&nbsp;&nbsp; 1163856<br>|
| &nbsp;&nbsp;&nbsp; IGO Ltd. | &nbsp;&nbsp; 33648 | &nbsp;&nbsp;&nbsp; 183,993<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Iluka Resources Ltd. | &nbsp;&nbsp; 21216 | &nbsp;&nbsp;&nbsp; 81916<br>|
| &nbsp;&nbsp;&nbsp; Lynas Rare Earths Ltd. | &nbsp;&nbsp; 44880 | &nbsp;&nbsp;&nbsp; 372,307<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mineral Resources Ltd. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp; 304,612<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | &nbsp;&nbsp; 69072 | &nbsp;&nbsp;&nbsp; 1231201<br>|
| &nbsp;&nbsp;&nbsp; PLS Group Ltd. | &nbsp;&nbsp; 155904 | &nbsp;&nbsp;&nbsp; 438,730<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | &nbsp;&nbsp; 18480 | &nbsp;&nbsp;&nbsp; 1809319<br>|
| &nbsp;&nbsp;&nbsp; Sims Ltd. | &nbsp;&nbsp; 7872 | &nbsp;&nbsp;&nbsp; 94438<br>|
| &nbsp;&nbsp;&nbsp; South32 Ltd. | &nbsp;&nbsp; 224448 | &nbsp;&nbsp;&nbsp; 532836<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *14909886* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **16130932** |
| **Real Estate — 6.6%** | **Real Estate — 6.6%** | **Real Estate — 6.6%** |
| *Diversified REITs — 1.9%* | *Diversified REITs — 1.9%* | *Diversified REITs — 1.9%* |
| &nbsp;&nbsp;&nbsp; Charter Hall Group | &nbsp;&nbsp; 23472 | &nbsp;&nbsp;&nbsp; 382699<br>|
| &nbsp;&nbsp;&nbsp; GPT Group | &nbsp;&nbsp; 96288 | &nbsp;&nbsp;&nbsp; 348016<br>|
| &nbsp;&nbsp;&nbsp; Mirvac Group | &nbsp;&nbsp; 197232 | &nbsp;&nbsp;&nbsp; 269625<br>|
| &nbsp;&nbsp;&nbsp; Stockland | &nbsp;&nbsp; 120624 | &nbsp;&nbsp;&nbsp; 460910<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *1461250* |
| *Industrial REITs — 2.7%* | *Industrial REITs — 2.7%* | *Industrial REITs — 2.7%* |
| &nbsp;&nbsp;&nbsp; Goodman Group | &nbsp;&nbsp; 99216 | &nbsp;&nbsp;&nbsp; *2049704*<br>|
| *Office REITs — 0.3%* | *Office REITs — 0.3%* | *Office REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; Dexus | &nbsp;&nbsp; 52896 | &nbsp;&nbsp;&nbsp; *244447*<br>|
| *Real Estate Management & Development — 0.2%* | *Real Estate Management & Development — 0.2%* | *Real Estate Management & Development — 0.2%* |
| &nbsp;&nbsp;&nbsp; Lendlease Corp. Ltd. | &nbsp;&nbsp; 33840 | &nbsp;&nbsp;&nbsp; *117344*<br>|
| *Retail REITs — 1.5%* | *Retail REITs — 1.5%* | *Retail REITs — 1.5%* |
| &nbsp;&nbsp;&nbsp; Region Group | &nbsp;&nbsp; 57648 | &nbsp;&nbsp;&nbsp; 90340<br>|
| &nbsp;&nbsp;&nbsp; Scentre Group | &nbsp;&nbsp; 260448 | &nbsp;&nbsp;&nbsp; 729455<br>|
| &nbsp;&nbsp;&nbsp; Vicinity Ltd. | &nbsp;&nbsp; 191904 | &nbsp;&nbsp;&nbsp; 327606<br>|
| *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *1147401* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5020146** |
| **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** |
| *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* |
| &nbsp;&nbsp;&nbsp; Origin Energy Ltd. | &nbsp;&nbsp; 85728 | &nbsp;&nbsp;&nbsp; *656857*<br>|
| *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; APA Group | &nbsp;&nbsp; 62256 | &nbsp;&nbsp;&nbsp; *372393*<br>|
| *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; AGL Energy Ltd. | &nbsp;&nbsp; 30144 | &nbsp;&nbsp;&nbsp; *187145*<br>|
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1216395** |
| **Total Investments before Short-Term Investments (Cost — $72,365,347)** | **Total Investments before Short-Term Investments (Cost — $72,365,347)** | &nbsp;&nbsp; **75429908** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Australia ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $7,066)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 7066<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$7066**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.7% (Cost — $72,372,413)** | **Total Investments — 99.7% (Cost — $72,372,413)** | **Total Investments — 99.7% (Cost — $72,372,413)** | &nbsp;&nbsp; **75436974** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp;&nbsp; 262479 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$75699453** |

---

&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 $7,066 and the cost was $7,066 (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:** |
| CDI |  | Clearing House Electronic Subregister System Depositary Interest |

---

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:** |  |  |  |  |  |
| SPI 200 Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $143128 | &nbsp;&nbsp;&nbsp;&nbsp; $144640 | &nbsp;&nbsp;&nbsp; **$1512** |

---

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 FTSE Brazil ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 70.3%** | **Common Stocks — 70.3%** | **Common Stocks — 70.3%** |
| **Communication Services — 1.9%** | **Communication Services — 1.9%** | **Communication Services — 1.9%** |
| *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; Telefonica Brasil SA | &nbsp;&nbsp; 479500 | &nbsp;&nbsp;&nbsp; $*2896382*<br>|
| *Wireless Telecommunication Services — 0.8%* | *Wireless Telecommunication Services — 0.8%* | *Wireless Telecommunication Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; TIM SA | &nbsp;&nbsp; 520600 | &nbsp;&nbsp;&nbsp; *2027393*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **4923775** |
| **Consumer Discretionary — 3.3%** | **Consumer Discretionary — 3.3%** | **Consumer Discretionary — 3.3%** |
| *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* |
| &nbsp;&nbsp;&nbsp; Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp; 333605 | &nbsp;&nbsp;&nbsp; *1418495*<br>|
| *Specialty Retail — 2.8%* | *Specialty Retail — 2.8%* | *Specialty Retail — 2.8%* |
| &nbsp;&nbsp;&nbsp; Cosan SA | &nbsp;&nbsp; 753500 | &nbsp;&nbsp;&nbsp; 731,533<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Lojas Renner SA | &nbsp;&nbsp; 630200 | &nbsp;&nbsp;&nbsp; 1546820<br>|
| &nbsp;&nbsp;&nbsp; Ultrapar Participacoes SA | &nbsp;&nbsp; 452100 | &nbsp;&nbsp;&nbsp; 1724329<br>|
| &nbsp;&nbsp;&nbsp; Vibra Energia SA | &nbsp;&nbsp; 726100 | &nbsp;&nbsp;&nbsp; 3356378<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *7359060* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **8777555** |
| **Consumer Staples — 5.8%** | **Consumer Staples — 5.8%** | **Consumer Staples — 5.8%** |
| *Beverages — 2.7%* | *Beverages — 2.7%* | *Beverages — 2.7%* |
| &nbsp;&nbsp;&nbsp; Ambev SA | &nbsp;&nbsp; 2794800 | &nbsp;&nbsp;&nbsp; *7068922*<br>|
| *Consumer Staples Distribution & Retail — 1.9%* | *Consumer Staples Distribution & Retail — 1.9%* | *Consumer Staples Distribution & Retail — 1.9%* |
| &nbsp;&nbsp;&nbsp; Grupo Mateus SA | &nbsp;&nbsp; 315100 | &nbsp;&nbsp;&nbsp; 259337<br>|
| &nbsp;&nbsp;&nbsp; Raia Drogasil SA | &nbsp;&nbsp; 835700 | &nbsp;&nbsp;&nbsp; 3576288<br>|
| &nbsp;&nbsp;&nbsp; Sendas Distribuidora S/A | &nbsp;&nbsp; 863100 | &nbsp;&nbsp;&nbsp; 1146652<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *4982277* |
| *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* |
| &nbsp;&nbsp;&nbsp; M Dias Branco SA | &nbsp;&nbsp; 68500 | &nbsp;&nbsp;&nbsp; 299514<br>|
| &nbsp;&nbsp;&nbsp; MBRF Global Foods Co. SA | &nbsp;&nbsp; 506900 | &nbsp;&nbsp;&nbsp; 1848234<br>|
| &nbsp;&nbsp;&nbsp; SLC Agricola SA | &nbsp;&nbsp; 109600 | &nbsp;&nbsp;&nbsp; 321015<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *2468763* |
| *Personal Care Products — 0.3%* | *Personal Care Products — 0.3%* | *Personal Care Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Natura Cosmeticos SA | &nbsp;&nbsp; 561700 | &nbsp;&nbsp;&nbsp; *763,660*<br> \*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **15283622** |
| **Energy — 7.2%** | **Energy — 7.2%** | **Energy — 7.2%** |
| *Oil, Gas & Consumable Fuels — 7.2%* | *Oil, Gas & Consumable Fuels — 7.2%* | *Oil, Gas & Consumable Fuels — 7.2%* |
| &nbsp;&nbsp;&nbsp; Brava Energia | &nbsp;&nbsp; 260300 | &nbsp;&nbsp;&nbsp; 799,936<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 2370100 | &nbsp;&nbsp;&nbsp; 14087168<br>|
| &nbsp;&nbsp;&nbsp; PRIO SA | &nbsp;&nbsp; 520600 | &nbsp;&nbsp;&nbsp; 3,935,080<br> \*<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **18822184** |
| **Financials — 12.0%** | **Financials — 12.0%** | **Financials — 12.0%** |
| *Banks — 4.1%* | *Banks — 4.1%* | *Banks — 4.1%* |
| &nbsp;&nbsp;&nbsp; Banco Bradesco SA | &nbsp;&nbsp; 945300 | &nbsp;&nbsp;&nbsp; 2691123<br>|
| &nbsp;&nbsp;&nbsp; Banco do Brasil SA | &nbsp;&nbsp; 1096000 | &nbsp;&nbsp;&nbsp; 4384200<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander Brasil SA | &nbsp;&nbsp; 260300 | &nbsp;&nbsp;&nbsp; 1617924<br>|
| &nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA | &nbsp;&nbsp; 328800 | &nbsp;&nbsp;&nbsp; 2181099<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *10874346* |
| *Capital Markets — 6.0%* | *Capital Markets — 6.0%* | *Capital Markets — 6.0%* |
| &nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 3329100 | &nbsp;&nbsp;&nbsp; 8438560<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Brazil ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; Banco BTG Pactual SA | &nbsp;&nbsp; 748500 | &nbsp;&nbsp;&nbsp; $7182103<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *15620663* |
| *Insurance — 1.9%* | *Insurance — 1.9%* | *Insurance — 1.9%* |
| &nbsp;&nbsp;&nbsp; BB Seguridade Participacoes SA | &nbsp;&nbsp; 411000 | &nbsp;&nbsp;&nbsp; 2711374<br>|
| &nbsp;&nbsp;&nbsp; Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 383600 | &nbsp;&nbsp;&nbsp; 1163453<br>|
| &nbsp;&nbsp;&nbsp; Porto Seguro SA | &nbsp;&nbsp; 116500 | &nbsp;&nbsp;&nbsp; 1028138<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *4902965* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **31397974** |
| **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** |
| *Health Care Providers & Services — 2.0%* | *Health Care Providers & Services — 2.0%* | *Health Care Providers & Services — 2.0%* |
| &nbsp;&nbsp;&nbsp; Hapvida Participacoes e Investimentos S/A | &nbsp;&nbsp; 205500 | &nbsp;&nbsp;&nbsp; 552,400<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rede D'Or Sao Luiz SA | &nbsp;&nbsp; 623200 | &nbsp;&nbsp;&nbsp; 4618487<br> <sup>(a)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *5170887* |
| *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* |
| &nbsp;&nbsp;&nbsp; Hypera SA | &nbsp;&nbsp; 191800 | &nbsp;&nbsp;&nbsp; *824637*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5995524** |
| **Industrials — 9.5%** | **Industrials — 9.5%** | **Industrials — 9.5%** |
| *Aerospace & Defense — 2.7%* | *Aerospace & Defense — 2.7%* | *Aerospace & Defense — 2.7%* |
| &nbsp;&nbsp;&nbsp; Embraer SA | &nbsp;&nbsp; 443600 | &nbsp;&nbsp;&nbsp; *7172400*<br>|
| *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; GPS Participacoes e Empreendimentos SA | &nbsp;&nbsp; 287700 | &nbsp;&nbsp;&nbsp;&nbsp; *848440*<br> <sup>(a)</sup><br>|
| *Electrical Equipment — 3.2%* | *Electrical Equipment — 3.2%* | *Electrical Equipment — 3.2%* |
| &nbsp;&nbsp;&nbsp; WEG SA | &nbsp;&nbsp; 945300 | &nbsp;&nbsp;&nbsp; *8368357*<br>|
| *Ground Transportation — 2.5%* | *Ground Transportation — 2.5%* | *Ground Transportation — 2.5%* |
| &nbsp;&nbsp;&nbsp; Localiza Rent a Car SA | &nbsp;&nbsp; 555900 | &nbsp;&nbsp;&nbsp; 4420013<br>|
| &nbsp;&nbsp;&nbsp; Rumo SA | &nbsp;&nbsp; 780900 | &nbsp;&nbsp;&nbsp; 2103396<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *6523409* |
| *Transportation Infrastructure — 0.8%* | *Transportation Infrastructure — 0.8%* | *Transportation Infrastructure — 0.8%* |
| &nbsp;&nbsp;&nbsp; Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 767200 | &nbsp;&nbsp;&nbsp; *2108496*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **25021102** |
| **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** |
| *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* |
| &nbsp;&nbsp;&nbsp; TOTVS SA | &nbsp;&nbsp; 342500 | &nbsp;&nbsp;&nbsp; **2630120**<br>|
| **Materials — 14.0%** | **Materials — 14.0%** | **Materials — 14.0%** |
| *Containers & Packaging — 0.6%* | *Containers & Packaging — 0.6%* | *Containers & Packaging — 0.6%* |
| &nbsp;&nbsp;&nbsp; Klabin SA | &nbsp;&nbsp; 479500 | &nbsp;&nbsp;&nbsp; *1641575*<br>|
| *Metals & Mining — 11.8%* | *Metals & Mining — 11.8%* | *Metals & Mining — 11.8%* |
| &nbsp;&nbsp;&nbsp; Cia Siderurgica Nacional SA | &nbsp;&nbsp; 383600 | &nbsp;&nbsp;&nbsp; 625828<br>|
| &nbsp;&nbsp;&nbsp; CSN Mineracao SA | &nbsp;&nbsp; 274000 | &nbsp;&nbsp;&nbsp; 272512<br>|
| &nbsp;&nbsp;&nbsp; Vale SA | &nbsp;&nbsp; 2287900 | &nbsp;&nbsp;&nbsp; 30044671<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *30943011* |
| *Paper & Forest Products — 1.6%* | *Paper & Forest Products — 1.6%* | *Paper & Forest Products — 1.6%* |
| &nbsp;&nbsp;&nbsp; Suzano SA | &nbsp;&nbsp; 431400 | &nbsp;&nbsp;&nbsp; *4050464*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **36635050** |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |
| *Real Estate Management & Development — 0.8%* | *Real Estate Management & Development — 0.8%* | *Real Estate Management & Development — 0.8%* |
| &nbsp;&nbsp;&nbsp; Allos SA | &nbsp;&nbsp; 191800 | &nbsp;&nbsp;&nbsp; 992995<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Brazil 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; Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp;&nbsp; Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp; 205500 | &nbsp;&nbsp;&nbsp; $1021922<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **2014917** |
| **Utilities — 12.5%** | **Utilities — 12.5%** | **Utilities — 12.5%** | **Utilities — 12.5%** |
| *Electric Utilities — 7.6%* | *Electric Utilities — 7.6%* | *Electric Utilities — 7.6%* | *Electric Utilities — 7.6%* |
| &nbsp;&nbsp;&nbsp; Alupar Investimento SA | &nbsp;&nbsp;&nbsp; Alupar Investimento SA | &nbsp;&nbsp; 191800 | &nbsp;&nbsp;&nbsp; 1111301<br>|
| &nbsp;&nbsp;&nbsp; Axia Energia | &nbsp;&nbsp;&nbsp; Axia Energia | &nbsp;&nbsp; 739800 | &nbsp;&nbsp;&nbsp; 6832662<br>|
| &nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais | &nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais | &nbsp;&nbsp; 41100 | &nbsp;&nbsp;&nbsp; 110255<br>|
| &nbsp;&nbsp;&nbsp; Cia Paranaense de Energia - Copel | &nbsp;&nbsp;&nbsp; Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 1164500 | &nbsp;&nbsp;&nbsp; 2779627<br>|
| &nbsp;&nbsp;&nbsp; CPFL Energia SA | &nbsp;&nbsp;&nbsp; CPFL Energia SA | &nbsp;&nbsp; 123300 | &nbsp;&nbsp;&nbsp; 1199080<br>|
| &nbsp;&nbsp;&nbsp; Energisa S/A | &nbsp;&nbsp;&nbsp; Energisa S/A | &nbsp;&nbsp; 191800 | &nbsp;&nbsp;&nbsp; 1650675<br>|
| &nbsp;&nbsp;&nbsp; Equatorial SA | &nbsp;&nbsp;&nbsp; Equatorial SA | &nbsp;&nbsp; 643900 | &nbsp;&nbsp;&nbsp; 4523956<br>|
| &nbsp;&nbsp;&nbsp; Neoenergia SA | &nbsp;&nbsp;&nbsp; Neoenergia SA | &nbsp;&nbsp; 123300 | &nbsp;&nbsp;&nbsp; 728583<br>|
| &nbsp;&nbsp;&nbsp; Transmissora Alianca de Energia Eletrica S/A | &nbsp;&nbsp;&nbsp; Transmissora Alianca de Energia Eletrica S/A | &nbsp;&nbsp; 137000 | &nbsp;&nbsp;&nbsp; 1052798<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *19988937* |
| *Independent Power and Renewable Electricity Producers — 1.5%* | *Independent Power and Renewable Electricity Producers — 1.5%* | *Independent Power and Renewable Electricity Producers — 1.5%* | *Independent Power and Renewable Electricity Producers — 1.5%* |
| &nbsp;&nbsp;&nbsp; Auren Energia SA | &nbsp;&nbsp;&nbsp; Auren Energia SA | &nbsp;&nbsp; 205500 | &nbsp;&nbsp;&nbsp; 445145<br>|
| &nbsp;&nbsp;&nbsp; Eneva SA | &nbsp;&nbsp;&nbsp; Eneva SA | &nbsp;&nbsp; 589100 | &nbsp;&nbsp;&nbsp; 2,169,449<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Engie Brasil Energia SA | &nbsp;&nbsp;&nbsp; Engie Brasil Energia SA | &nbsp;&nbsp; 232900 | &nbsp;&nbsp;&nbsp; 1333286<br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *3947880* |
| *Water Utilities — 3.4%* | *Water Utilities — 3.4%* | *Water Utilities — 3.4%* | *Water Utilities — 3.4%* |
| &nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp; 301387 | &nbsp;&nbsp;&nbsp; 7336460<br>|
| &nbsp;&nbsp;&nbsp; Cia De Sanena Do Parana | &nbsp;&nbsp;&nbsp; Cia De Sanena Do Parana | &nbsp;&nbsp; 191800 | &nbsp;&nbsp;&nbsp; 1406364<br>|
| *Total Water Utilities* | *Total Water Utilities* | *Total Water Utilities* | &nbsp;&nbsp; *8742824* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **32679641** |
| **Total Common Stocks (Cost — $153,810,834)** | **Total Common Stocks (Cost — $153,810,834)** | **Total Common Stocks (Cost — $153,810,834)** | &nbsp;&nbsp;&nbsp; **184181464**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 27.0%** | **Preferred Stocks — 27.0%** | **Preferred Stocks — 27.0%** | **Preferred Stocks — 27.0%** |
| **Energy — 6.2%** | **Energy — 6.2%** | **Energy — 6.2%** | **Energy — 6.2%** |
| *Oil, Gas & Consumable Fuels — 6.2%* | *Oil, Gas & Consumable Fuels — 6.2%* | *Oil, Gas & Consumable Fuels — 6.2%* | *Oil, Gas & Consumable Fuels — 6.2%* |
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA - Petrobras  | &nbsp;&nbsp; 0.483% | &nbsp;&nbsp; 2904400 | &nbsp;&nbsp;&nbsp;&nbsp; **16335345**<br> <sup>(b)</sup><br>|
| **Financials — 16.7%** | **Financials — 16.7%** | **Financials — 16.7%** | **Financials — 16.7%** |
| *Banks — 16.7%* | *Banks — 16.7%* | *Banks — 16.7%* | *Banks — 16.7%* |
| &nbsp;&nbsp;&nbsp; Banco Bradesco SA  | &nbsp;&nbsp; 0.089% | &nbsp;&nbsp; 3288000 | &nbsp;&nbsp;&nbsp; 10914498<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA  | &nbsp;&nbsp; 0.038% | &nbsp;&nbsp; 3486472 | &nbsp;&nbsp;&nbsp; 24959952<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Itausa SA  | &nbsp;&nbsp; 0.130% | &nbsp;&nbsp; 3740100 | &nbsp;&nbsp;&nbsp; 7971964<br> <sup>(b)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **43846414** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Localiza Rent a Car SA  | &nbsp;&nbsp; — | &nbsp;&nbsp; 21843 | &nbsp;&nbsp;&nbsp; **165,419**<br> \*<br>|
| **Materials — 1.5%** | **Materials — 1.5%** | **Materials — 1.5%** | **Materials — 1.5%** |
| *Chemicals — 0.0%††* | *Chemicals — 0.0%††* | *Chemicals — 0.0%††* | *Chemicals — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Braskem SA, Class A Shares  | &nbsp;&nbsp; — | &nbsp;&nbsp; 123300 | &nbsp;&nbsp;&nbsp; *177,533*<br> \*<br>|
| *Metals & Mining — 1.5%* | *Metals & Mining — 1.5%* | *Metals & Mining — 1.5%* | *Metals & Mining — 1.5%* |
| &nbsp;&nbsp;&nbsp; Gerdau SA  | &nbsp;&nbsp; 1.373% | &nbsp;&nbsp; 808300 | &nbsp;&nbsp;&nbsp; 3007662<br> <sup>(b)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Brazil ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate |  | Shares | Value |
| *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* |
| &nbsp;&nbsp;&nbsp; Metalurgica Gerdau SA  | &nbsp;&nbsp; 1.583% |  | &nbsp;&nbsp; 520600 | &nbsp;&nbsp;&nbsp; $855040<br> <sup>(b)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *3862702* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4040235** |
| **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** |
| *Electric Utilities — 2.5%* | *Electric Utilities — 2.5%* | *Electric Utilities — 2.5%* | *Electric Utilities — 2.5%* | *Electric Utilities — 2.5%* |
| &nbsp;&nbsp;&nbsp; Axia Energia, Class B Shares  | &nbsp;&nbsp; 2.479% |  | &nbsp;&nbsp; 143100 | &nbsp;&nbsp;&nbsp; 1368913<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axia Energia, Class C Shares  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 232901 | &nbsp;&nbsp;&nbsp; 2,087,706<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais  | &nbsp;&nbsp; 0.899% |  | &nbsp;&nbsp; 1027500 | &nbsp;&nbsp;&nbsp; 2100096<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Isa Energia Brasil SA  | &nbsp;&nbsp; 0.773% |  | &nbsp;&nbsp; 178100 | &nbsp;&nbsp;&nbsp; 895091<br> <sup>(b)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **6451806** |
| **Total Preferred Stocks (Cost — $56,925,265)** | **Total Preferred Stocks (Cost — $56,925,265)** | **Total Preferred Stocks (Cost — $56,925,265)** | **Total Preferred Stocks (Cost — $56,925,265)** | &nbsp;&nbsp; **70839219** |
|  |  | Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** |
| *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Smartfit Escola de Ginastica e Danca SA (Cost — $0) |  | &nbsp;&nbsp; 1/14/26 | &nbsp;&nbsp; 8895 | &nbsp;&nbsp;&nbsp; **4,854**<br> \*<br>|
| **Total Investments before Short-Term Investments (Cost — $210,736,099)** | **Total Investments before Short-Term Investments (Cost — $210,736,099)** | **Total Investments before Short-Term Investments (Cost — $210,736,099)** | **Total Investments before Short-Term Investments (Cost — $210,736,099)** | &nbsp;&nbsp; **255025537** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $15,702)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 15702<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15702**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 97.3% (Cost — $210,751,801)** | **Total Investments — 97.3% (Cost — $210,751,801)** | **Total Investments — 97.3% (Cost — $210,751,801)** | **Total Investments — 97.3% (Cost — $210,751,801)** | &nbsp;&nbsp; **255041239** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.7% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.7% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.7% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.7% | &nbsp;&nbsp;&nbsp; 6987173 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$262028412** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | The rate shown represents the yield as of December 31, 2025. |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <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 $15,702 and the cost was $15,702 (Note 2).<br>|
| <sup>(e)</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:** |  |  |  |  |  |
| Bovespa Index | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; 2/26 | &nbsp;&nbsp;&nbsp;&nbsp; $7305141 | &nbsp;&nbsp;&nbsp;&nbsp; $7329322 | &nbsp;&nbsp;&nbsp; **$24181** |

---

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 FTSE Canada ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** |
| *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; BCE Inc. | &nbsp;&nbsp; 62568 | &nbsp;&nbsp;&nbsp; $1494420<br>|
| &nbsp;&nbsp;&nbsp; TELUS Corp. | &nbsp;&nbsp; 103095 | &nbsp;&nbsp;&nbsp; 1360561<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2854981** |
| **Consumer Discretionary — 3.3%** | **Consumer Discretionary — 3.3%** | **Consumer Discretionary — 3.3%** |
| *Automobile Components — 0.5%* | *Automobile Components — 0.5%* | *Automobile Components — 0.5%* |
| &nbsp;&nbsp;&nbsp; Magna International Inc. | &nbsp;&nbsp; 53799 | &nbsp;&nbsp;&nbsp; *2871766*<br>|
| *Broadline Retail — 1.6%* | *Broadline Retail — 1.6%* | *Broadline Retail — 1.6%* |
| &nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., Class A Shares | &nbsp;&nbsp; 9954 | &nbsp;&nbsp;&nbsp; 1263103<br>|
| &nbsp;&nbsp;&nbsp; Dollarama Inc. | &nbsp;&nbsp; 53562 | &nbsp;&nbsp;&nbsp; 8015837<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *9278940* |
| *Hotels, Restaurants & Leisure — 0.8%* | *Hotels, Restaurants & Leisure — 0.8%* | *Hotels, Restaurants & Leisure — 0.8%* |
| &nbsp;&nbsp;&nbsp; Restaurant Brands International Inc. | &nbsp;&nbsp; 65175 | &nbsp;&nbsp;&nbsp; *4453249*<br>|
| *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* |
| &nbsp;&nbsp;&nbsp; Gildan Activewear Inc. | &nbsp;&nbsp; 36498 | &nbsp;&nbsp;&nbsp; *2284270*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **18888225** |
| **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** |
| *Consumer Staples Distribution & Retail — 3.2%* | *Consumer Staples Distribution & Retail — 3.2%* | *Consumer Staples Distribution & Retail — 3.2%* |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 155946 | &nbsp;&nbsp;&nbsp; 8527968<br>|
| &nbsp;&nbsp;&nbsp; George Weston Ltd. | &nbsp;&nbsp; 31758 | &nbsp;&nbsp;&nbsp; 2193810<br>|
| &nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. | &nbsp;&nbsp; 112575 | &nbsp;&nbsp;&nbsp; 5095954<br>|
| &nbsp;&nbsp;&nbsp; Metro Inc. | &nbsp;&nbsp; 39342 | &nbsp;&nbsp;&nbsp; 2835379<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *18653111* |
| *Food Products — 0.3%* | *Food Products — 0.3%* | *Food Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Saputo Inc. | &nbsp;&nbsp; 49533 | &nbsp;&nbsp;&nbsp; *1492766*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **20145877** |
| **Energy — 15.1%** | **Energy — 15.1%** | **Energy — 15.1%** |
| *Oil, Gas & Consumable Fuels — 15.1%* | *Oil, Gas & Consumable Fuels — 15.1%* | *Oil, Gas & Consumable Fuels — 15.1%* |
| &nbsp;&nbsp;&nbsp; ARC Resources Ltd. | &nbsp;&nbsp; 118026 | &nbsp;&nbsp;&nbsp; 2217158<br>|
| &nbsp;&nbsp;&nbsp; Cameco Corp. | &nbsp;&nbsp; 87690 | &nbsp;&nbsp;&nbsp; 8040036<br>|
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | &nbsp;&nbsp; 412380 | &nbsp;&nbsp;&nbsp; 13986173<br>|
| &nbsp;&nbsp;&nbsp; Cenovus Energy Inc. | &nbsp;&nbsp; 278949 | &nbsp;&nbsp;&nbsp; 4725293<br>|
| &nbsp;&nbsp;&nbsp; Enbridge Inc. | &nbsp;&nbsp; 440109 | &nbsp;&nbsp;&nbsp; 21087988<br>|
| &nbsp;&nbsp;&nbsp; Imperial Oil Ltd. | &nbsp;&nbsp; 30573 | &nbsp;&nbsp;&nbsp; 2644790<br>|
| &nbsp;&nbsp;&nbsp; Keyera Corp. | &nbsp;&nbsp; 45978 | &nbsp;&nbsp;&nbsp; 1475858<br>|
| &nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. | &nbsp;&nbsp; 117315 | &nbsp;&nbsp;&nbsp; 4475215<br>|
| &nbsp;&nbsp;&nbsp; Suncor Energy Inc. | &nbsp;&nbsp; 246243 | &nbsp;&nbsp;&nbsp; 10943734<br>|
| &nbsp;&nbsp;&nbsp; TC Energy Corp. | &nbsp;&nbsp; 209508 | &nbsp;&nbsp;&nbsp; 11551789<br>|
| &nbsp;&nbsp;&nbsp; Tourmaline Oil Corp. | &nbsp;&nbsp; 74181 | &nbsp;&nbsp;&nbsp; 3331989<br>|
| &nbsp;&nbsp;&nbsp; Whitecap Resources Inc. | &nbsp;&nbsp; 243636 | &nbsp;&nbsp;&nbsp; 2044001<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **86524024** |
| **Financials — 38.2%** | **Financials — 38.2%** | **Financials — 38.2%** |
| *Banks — 25.5%* | *Banks — 25.5%* | *Banks — 25.5%* |
| &nbsp;&nbsp;&nbsp; Bank of Montreal | &nbsp;&nbsp; 145281 | &nbsp;&nbsp;&nbsp; 18892094<br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia | &nbsp;&nbsp; 251931 | &nbsp;&nbsp;&nbsp; 18605125<br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 189600 | &nbsp;&nbsp;&nbsp; 17210964<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Canada ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; National Bank of Canada | &nbsp;&nbsp; 79158 | &nbsp;&nbsp;&nbsp; $9967873<br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada | &nbsp;&nbsp; 286059 | &nbsp;&nbsp;&nbsp; 48830892<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | &nbsp;&nbsp; 342939 | &nbsp;&nbsp;&nbsp; 32363735<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *145870683* |
| *Capital Markets — 4.5%* | *Capital Markets — 4.5%* | *Capital Markets — 4.5%* |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd., Class A Shares | &nbsp;&nbsp; 77262 | &nbsp;&nbsp;&nbsp; 4052626<br>|
| &nbsp;&nbsp;&nbsp; Brookfield Corp. | &nbsp;&nbsp; 427074 | &nbsp;&nbsp;&nbsp; 19634655<br>|
| &nbsp;&nbsp;&nbsp; TMX Group Ltd. | &nbsp;&nbsp; 55458 | &nbsp;&nbsp;&nbsp; 2113129<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *25800410* |
| *Insurance — 8.2%* | *Insurance — 8.2%* | *Insurance — 8.2%* |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., Toronto Stock Exchange | &nbsp;&nbsp; 4439 | &nbsp;&nbsp;&nbsp; 8471228<br>|
| &nbsp;&nbsp;&nbsp; Great-West Lifeco Inc. | &nbsp;&nbsp; 54984 | &nbsp;&nbsp;&nbsp; 2715205<br>|
| &nbsp;&nbsp;&nbsp; iA Financial Corp. Inc. | &nbsp;&nbsp; 18486 | &nbsp;&nbsp;&nbsp; 2398224<br>|
| &nbsp;&nbsp;&nbsp; Intact Financial Corp. | &nbsp;&nbsp; 36024 | &nbsp;&nbsp;&nbsp; 7509128<br>|
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp. | &nbsp;&nbsp; 344361 | &nbsp;&nbsp;&nbsp; 12520848<br>|
| &nbsp;&nbsp;&nbsp; Power Corp. of Canada | &nbsp;&nbsp; 109020 | &nbsp;&nbsp;&nbsp; 5801940<br>|
| &nbsp;&nbsp;&nbsp; Sun Life Financial Inc. | &nbsp;&nbsp; 113760 | &nbsp;&nbsp;&nbsp; 7110674<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *46527247* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **218198340** |
| **Industrials — 10.7%** | **Industrials — 10.7%** | **Industrials — 10.7%** |
| *Aerospace & Defense — 0.9%* | *Aerospace & Defense — 0.9%* | *Aerospace & Defense — 0.9%* |
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Class A Shares | &nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; 40,251<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Class B Shares | &nbsp;&nbsp; 17301 | &nbsp;&nbsp;&nbsp; 2,947,134<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CAE Inc. | &nbsp;&nbsp; 64227 | &nbsp;&nbsp;&nbsp; 1,955,743<br> \*<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *4943128* |
| *Commercial Services & Supplies — 3.0%* | *Commercial Services & Supplies — 3.0%* | *Commercial Services & Supplies — 3.0%* |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. | &nbsp;&nbsp; 81291 | &nbsp;&nbsp;&nbsp; 2137910<br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Inc. | &nbsp;&nbsp; 53562 | &nbsp;&nbsp;&nbsp; 2303860<br>|
| &nbsp;&nbsp;&nbsp; RB Global Inc. | &nbsp;&nbsp; 37446 | &nbsp;&nbsp;&nbsp; 3860291<br>|
| &nbsp;&nbsp;&nbsp; Waste Connections Inc. | &nbsp;&nbsp; 51666 | &nbsp;&nbsp;&nbsp; 9073164<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *17375225* |
| *Construction & Engineering — 1.6%* | *Construction & Engineering — 1.6%* | *Construction & Engineering — 1.6%* |
| &nbsp;&nbsp;&nbsp; AtkinsRealis Group Inc. | &nbsp;&nbsp; 33417 | &nbsp;&nbsp;&nbsp; 2159946<br>|
| &nbsp;&nbsp;&nbsp; Stantec Inc. | &nbsp;&nbsp; 22989 | &nbsp;&nbsp;&nbsp; 2172194<br>|
| &nbsp;&nbsp;&nbsp; WSP Global Inc. | &nbsp;&nbsp; 26307 | &nbsp;&nbsp;&nbsp; 4769517<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *9101657* |
| *Ground Transportation — 4.6%* | *Ground Transportation — 4.6%* | *Ground Transportation — 4.6%* |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co. | &nbsp;&nbsp; 112812 | &nbsp;&nbsp;&nbsp; 11172153<br>|
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 182253 | &nbsp;&nbsp;&nbsp; 13435467<br>|
| &nbsp;&nbsp;&nbsp; TFI International Inc. | &nbsp;&nbsp; 15642 | &nbsp;&nbsp;&nbsp; 1618917<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *26226537* |
| *Professional Services — 0.6%* | *Professional Services — 0.6%* | *Professional Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Thomson Reuters Corp. | &nbsp;&nbsp; 27729 | &nbsp;&nbsp;&nbsp; *3664092*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **61310639** |
| **Information Technology — 11.0%** | **Information Technology — 11.0%** | **Information Technology — 11.0%** |
| *Electronic Equipment, Instruments & Components — 1.2%* | *Electronic Equipment, Instruments & Components — 1.2%* | *Electronic Equipment, Instruments & Components — 1.2%* |
| &nbsp;&nbsp;&nbsp; Celestica Inc. | &nbsp;&nbsp; 22989 | &nbsp;&nbsp;&nbsp; *6,809,239*<br> \*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Canada ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *IT Services — 7.5%* | *IT Services — 7.5%* | *IT Services — 7.5%* |
| &nbsp;&nbsp;&nbsp; CGI Inc. | &nbsp;&nbsp; 39579 | &nbsp;&nbsp;&nbsp; $3660643<br>|
| &nbsp;&nbsp;&nbsp; Shopify Inc., Class A Shares | &nbsp;&nbsp; 243873 | &nbsp;&nbsp;&nbsp; 39,318,572<br> \*<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *42979215* |
| *Software — 2.3%* | *Software — 2.3%* | *Software — 2.3%* |
| &nbsp;&nbsp;&nbsp; Constellation Software Inc. | &nbsp;&nbsp; 3992 | &nbsp;&nbsp;&nbsp; 9614582<br>|
| &nbsp;&nbsp;&nbsp; Descartes Systems Group Inc. | &nbsp;&nbsp; 17301 | &nbsp;&nbsp;&nbsp; 1,519,762<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Open Text Corp. | &nbsp;&nbsp; 49533 | &nbsp;&nbsp;&nbsp; 1615265<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *12749609* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **62538063** |
| **Materials — 15.1%** | **Materials — 15.1%** | **Materials — 15.1%** |
| *Chemicals — 1.1%* | *Chemicals — 1.1%* | *Chemicals — 1.1%* |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | &nbsp;&nbsp; 98592 | &nbsp;&nbsp;&nbsp; *6093536*<br>|
| *Metals & Mining — 14.0%* | *Metals & Mining — 14.0%* | *Metals & Mining — 14.0%* |
| &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 100725 | &nbsp;&nbsp;&nbsp; 17103594<br>|
| &nbsp;&nbsp;&nbsp; Alamos Gold Inc., Class A Shares | &nbsp;&nbsp; 84135 | &nbsp;&nbsp;&nbsp; 3253077<br>|
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | &nbsp;&nbsp; 342228 | &nbsp;&nbsp;&nbsp; 14927457<br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. | &nbsp;&nbsp; 137460 | &nbsp;&nbsp;&nbsp; 3,690,336<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | &nbsp;&nbsp; 38700 | &nbsp;&nbsp;&nbsp; 8032491<br>|
| &nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., Class A Shares | &nbsp;&nbsp; 158079 | &nbsp;&nbsp;&nbsp; 1,800,192<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kinross Gold Corp. | &nbsp;&nbsp; 244347 | &nbsp;&nbsp;&nbsp; 6891450<br>|
| &nbsp;&nbsp;&nbsp; Lundin Gold Inc. | &nbsp;&nbsp; 19908 | &nbsp;&nbsp;&nbsp; 1655962<br>|
| &nbsp;&nbsp;&nbsp; Lundin Mining Corp. | &nbsp;&nbsp; 138171 | &nbsp;&nbsp;&nbsp; 2973587<br>|
| &nbsp;&nbsp;&nbsp; Pan American Silver Corp. | &nbsp;&nbsp; 83661 | &nbsp;&nbsp;&nbsp; 4343109<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B Shares | &nbsp;&nbsp; 96933 | &nbsp;&nbsp;&nbsp; 4646702<br>|
| &nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | &nbsp;&nbsp; 91482 | &nbsp;&nbsp;&nbsp; 10768948<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *80086905* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **86180441** |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| *Real Estate Management & Development — 0.2%* | *Real Estate Management & Development — 0.2%* | *Real Estate Management & Development — 0.2%* |
| &nbsp;&nbsp;&nbsp; FirstService Corp. | &nbsp;&nbsp; 8295 | &nbsp;&nbsp;&nbsp; **1291678**<br>|
| **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** |
| *Electric Utilities — 1.9%* | *Electric Utilities — 1.9%* | *Electric Utilities — 1.9%* |
| &nbsp;&nbsp;&nbsp; Emera Inc. | &nbsp;&nbsp; 60198 | &nbsp;&nbsp;&nbsp; 2970485<br>|
| &nbsp;&nbsp;&nbsp; Fortis Inc. | &nbsp;&nbsp; 102147 | &nbsp;&nbsp;&nbsp; 5317680<br>|
| &nbsp;&nbsp;&nbsp; Hydro One Ltd. | &nbsp;&nbsp; 64227 | &nbsp;&nbsp;&nbsp; 2560178<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *10848343* |
| *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* |
| &nbsp;&nbsp;&nbsp; AltaGas Ltd. | &nbsp;&nbsp; 59724 | &nbsp;&nbsp;&nbsp; *1823417*<br>|
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **12671760** |
| **Total Common Stocks (Cost — $433,813,048)** | **Total Common Stocks (Cost — $433,813,048)** | &nbsp;&nbsp;&nbsp; **570604028**<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Canada ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  | Expiration <br>Date <br>| Warrants | Value |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** |
| *Software — 0.0%††* | *Software — 0.0%††* | *Software — 0.0%††* | *Software — 0.0%††* | *Software — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Constellation Software Inc. (Cost — $0) |  | &nbsp;&nbsp; 3/31/40 | &nbsp;&nbsp; 3981<br>| &nbsp;&nbsp;&nbsp; **$0**<br> \*<sup>(b)(c)(d)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $433,813,048)** | **Total Investments before Short-Term Investments (Cost — $433,813,048)** | **Total Investments before Short-Term Investments (Cost — $433,813,048)** | **Total Investments before Short-Term Investments (Cost — $433,813,048)** | &nbsp;&nbsp; **570604028** |
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| **Time Deposits — 0.1%** | **Time Deposits — 0.1%** | **Time Deposits — 0.1%** | **Time Deposits — 0.1%** | **Time Deposits — 0.1%** |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Cost — $729,528) | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 1/2/26 | &nbsp;&nbsp; $1000000<br>| &nbsp;&nbsp;&nbsp; **729528**<br>|
|  |  |  | Shares |  |
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $15,011)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 15011<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15011**<br> <sup>(e)(f)(g)</sup><br>|
| **Total Short-Term Investments (Cost — $744,539)** | **Total Short-Term Investments (Cost — $744,539)** | **Total Short-Term Investments (Cost — $744,539)** | **Total Short-Term Investments (Cost — $744,539)** | &nbsp;&nbsp; **744539** |
| **Total Investments — 99.9% (Cost — $434,557,587)** | **Total Investments — 99.9% (Cost — $434,557,587)** | **Total Investments — 99.9% (Cost — $434,557,587)** | **Total Investments — 99.9% (Cost — $434,557,587)** | &nbsp;&nbsp; **571348567** |
| &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; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; 728609 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$572077176** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(c)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(d)</sup> | Value is less than $1. |
| <sup>(e)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(f)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $15,011 and the cost was $15,011 (Note 2).<br>|
| <sup>(g)</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:** |  |  |  |  |  |
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $540045 | &nbsp;&nbsp;&nbsp;&nbsp; $543323 | &nbsp;&nbsp;&nbsp; **$3278** |

---

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 FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Communication Services — 20.4%** | **Communication Services — 20.4%** | **Communication Services — 20.4%** |
| *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; China Tower Corp. Ltd., Class H Shares | &nbsp;&nbsp; 406000 | &nbsp;&nbsp;&nbsp; $*602988*<br> <sup>(a)</sup><br>|
| *Entertainment — 2.4%* | *Entertainment — 2.4%* | *Entertainment — 2.4%* |
| &nbsp;&nbsp;&nbsp; 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 58831<br>|
| &nbsp;&nbsp;&nbsp; Beijing Enlight Media Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 54444<br>|
| &nbsp;&nbsp;&nbsp; Beijing Jetsen Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 13761<br>|
| &nbsp;&nbsp;&nbsp; China Film Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 26125<br>|
| &nbsp;&nbsp;&nbsp; China Ruyi Holdings Ltd. | &nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp; 261,106<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Damai Entertainment Holdings Ltd. | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp; 141,581<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Giant Network Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 71944<br>|
| &nbsp;&nbsp;&nbsp; iQIYI Inc., ADR | &nbsp;&nbsp; 44950 | &nbsp;&nbsp;&nbsp; 86,304<br> \*<sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kingnet Network Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 54519<br>|
| &nbsp;&nbsp;&nbsp; Kingsoft Corp. Ltd. | &nbsp;&nbsp; 92800 | &nbsp;&nbsp;&nbsp; 339080<br>|
| &nbsp;&nbsp;&nbsp; Mango Excellent Media Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 40584<br>|
| &nbsp;&nbsp;&nbsp; NetEase Cloud Music Inc. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 207,901<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NetEase Inc. | &nbsp;&nbsp; 160466 | &nbsp;&nbsp;&nbsp; 4424231<br>|
| &nbsp;&nbsp;&nbsp; Ourpalm Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 12,315<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Perfect World Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 27239<br>|
| &nbsp;&nbsp;&nbsp; Talkweb Information System Co. Ltd., Class A Shares | &nbsp;&nbsp; 7600 | &nbsp;&nbsp;&nbsp; 36,040<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 43732 | &nbsp;&nbsp;&nbsp; 766622<br>|
| &nbsp;&nbsp;&nbsp; Wanda Film Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 28,219<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Daily Digital Culture Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 21372<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Huace Film & Television Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 20741<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *6692959* |
| *Interactive Media & Services — 17.5%* | *Interactive Media & Services — 17.5%* | *Interactive Media & Services — 17.5%* |
| &nbsp;&nbsp;&nbsp; Autohome Inc., ADR | &nbsp;&nbsp; 5452 | &nbsp;&nbsp;&nbsp; 121362<br>|
| &nbsp;&nbsp;&nbsp; Baidu Inc., Class A Shares | &nbsp;&nbsp; 188500 | &nbsp;&nbsp;&nbsp; 3,184,653<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bilibili Inc., Class Z Shares | &nbsp;&nbsp; 24360 | &nbsp;&nbsp;&nbsp; 603,719<br> \*<br>|
| &nbsp;&nbsp;&nbsp; JOYY Inc., ADR | &nbsp;&nbsp; 2436 | &nbsp;&nbsp;&nbsp; 157755<br>|
| &nbsp;&nbsp;&nbsp; Kuaishou Technology | &nbsp;&nbsp; 243600 | &nbsp;&nbsp;&nbsp; 2001442<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kunlun Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 69,301<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Meitu Inc. | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 260808<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | &nbsp;&nbsp; 545835 | &nbsp;&nbsp;&nbsp; 42006188<br>|
| &nbsp;&nbsp;&nbsp; Weibo Corp., Class A Shares | &nbsp;&nbsp; 8120 | &nbsp;&nbsp;&nbsp; 82468<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *48487696* |
| *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* |
| &nbsp;&nbsp;&nbsp; Bluefocus Intelligent Communications Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 38,290<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Literature Ltd. | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 147,454<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China South Publishing & Media Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 18713<br>|
| &nbsp;&nbsp;&nbsp; Chinese Universe Publishing and Media Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 15522<br>|
| &nbsp;&nbsp;&nbsp; Focus Media Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 98600 | &nbsp;&nbsp;&nbsp; 104110<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 25028<br>|
| &nbsp;&nbsp;&nbsp; Leo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 63800 | &nbsp;&nbsp;&nbsp; 51552<br>|
| &nbsp;&nbsp;&nbsp; Oriental Pearl Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 32740<br>|
| &nbsp;&nbsp;&nbsp; People.cn Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 31659<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *465068* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Wireless Telecommunication Services — 0.1%* | *Wireless Telecommunication Services — 0.1%* | *Wireless Telecommunication Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; China United Network Communications Ltd., Class A Shares | &nbsp;&nbsp; 197200 | &nbsp;&nbsp;&nbsp; $*144370*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **56393081** |
| **Consumer Discretionary — 26.5%** | **Consumer Discretionary — 26.5%** | **Consumer Discretionary — 26.5%** |
| *Automobile Components — 0.6%* | *Automobile Components — 0.6%* | *Automobile Components — 0.6%* |
| &nbsp;&nbsp;&nbsp; Anhui Zhongding Sealing Parts Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 38573<br>|
| &nbsp;&nbsp;&nbsp; Bethel Automotive Safety Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 5840 | &nbsp;&nbsp;&nbsp; 42897<br>|
| &nbsp;&nbsp;&nbsp; Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp; 33582<br>|
| &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 107642<br>|
| &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 52600 | &nbsp;&nbsp;&nbsp; 454130<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huayu Automotive Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 66476<br>|
| &nbsp;&nbsp;&nbsp; Huizhou Desay Sv Automotive Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp; 67217<br>|
| &nbsp;&nbsp;&nbsp; Minth Group Ltd. | &nbsp;&nbsp; 64080 | &nbsp;&nbsp;&nbsp; 261144<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Joyson Electronic Corp., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 52117<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Tuopu Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 128266<br>|
| &nbsp;&nbsp;&nbsp; Sailun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 53779<br>|
| &nbsp;&nbsp;&nbsp; Shandong Linglong Tyre Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 24147<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Aerospace Automobile Electromechanical Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 29,166<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Kedali Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 40709<br>|
| &nbsp;&nbsp;&nbsp; Wanxiang Qianchao Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 71462<br>|
| &nbsp;&nbsp;&nbsp; Weifu High-Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 17134<br>|
| &nbsp;&nbsp;&nbsp; Weifu High-Technology Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 31789<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 39911<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *1560141* |
| *Automobiles — 4.0%* | *Automobiles — 4.0%* | *Automobiles — 4.0%* |
| &nbsp;&nbsp;&nbsp; AIMA Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 24679<br>|
| &nbsp;&nbsp;&nbsp; Anhui Jianghuai Automobile Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 82,264<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BAIC BluePark New Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 53,380<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BAIC Motor Corp. Ltd., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 57,527<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Brilliance China Automotive Holdings Ltd. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 120717<br>|
| &nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 487204<br>|
| &nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class H Shares | &nbsp;&nbsp; 324800 | &nbsp;&nbsp;&nbsp; 3978889<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Changan Automobile Co. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 98551<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Changan Automobile Co. Ltd., Class B Shares | &nbsp;&nbsp; 150800 | &nbsp;&nbsp;&nbsp; 82535<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Qianli Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 44,165<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Dongfeng Motor Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 190900 | &nbsp;&nbsp;&nbsp; 216,322<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 549000 | &nbsp;&nbsp;&nbsp; 1262555<br>|
| &nbsp;&nbsp;&nbsp; Great Wall Motor Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 75218<br>|
| &nbsp;&nbsp;&nbsp; Great Wall Motor Co. Ltd., Class H Shares | &nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp; 399036<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Automobile Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 40683<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Automobile Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 121909<br>|
| &nbsp;&nbsp;&nbsp; Li Auto Inc., Class A Shares | &nbsp;&nbsp; 106762 | &nbsp;&nbsp;&nbsp; 889,512<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NIO Inc., Class A Shares | &nbsp;&nbsp; 154280 | &nbsp;&nbsp;&nbsp; 811,885<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SAIC Motor Corp. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 126471<br>|
| &nbsp;&nbsp;&nbsp; Seres Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 201024<br>|
| &nbsp;&nbsp;&nbsp; XPeng Inc., Class A Shares | &nbsp;&nbsp; 127600 | &nbsp;&nbsp;&nbsp; 1,300,836<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yadea Group Holdings Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 169451<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Automobiles — continued* | *Automobiles — continued* | *Automobiles — continued* |
| &nbsp;&nbsp;&nbsp; Zhejiang Leapmotor Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; $362,300<br> \*<sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *11007113* |
| *Broadline Retail — 14.6%* | *Broadline Retail — 14.6%* | *Broadline Retail — 14.6%* |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | &nbsp;&nbsp; 1577600 | &nbsp;&nbsp;&nbsp; 28943442<br>|
| &nbsp;&nbsp;&nbsp; CCOOP Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 127600 | &nbsp;&nbsp;&nbsp; 45,702<br> \*<br>|
| &nbsp;&nbsp;&nbsp; JD.com Inc., Class A Shares | &nbsp;&nbsp; 223300 | &nbsp;&nbsp;&nbsp; 3201681<br>|
| &nbsp;&nbsp;&nbsp; MINISO Group Holding Ltd. | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 162744<br>|
| &nbsp;&nbsp;&nbsp; PDD Holdings Inc., ADR | &nbsp;&nbsp; 66990 | &nbsp;&nbsp;&nbsp; 7,595,996<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 19720 | &nbsp;&nbsp;&nbsp; 348847<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *40298412* |
| *Distributors — 0.0%††* | *Distributors — 0.0%††* | *Distributors — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Wuchan Zhongda Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 37027<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang China Commodities City Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 79522<br>|
| *Total Distributors* | *Total Distributors* | &nbsp;&nbsp; *116549* |
| *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 133400 | &nbsp;&nbsp;&nbsp; 723944<br>|
| &nbsp;&nbsp;&nbsp; Offcn Education Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 15,938<br> \*<br>|
| &nbsp;&nbsp;&nbsp; TAL Education Group, ADR | &nbsp;&nbsp; 36308 | &nbsp;&nbsp;&nbsp; 396,120<br> \*<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *1136002* |
| *Hotels, Restaurants & Leisure — 4.7%* | *Hotels, Restaurants & Leisure — 4.7%* | *Hotels, Restaurants & Leisure — 4.7%* |
| &nbsp;&nbsp;&nbsp; BTG Hotels Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 13918<br>|
| &nbsp;&nbsp;&nbsp; H World Group Ltd. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 824899<br>|
| &nbsp;&nbsp;&nbsp; Haidilao International Holding Ltd. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp;&nbsp; 252650<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Meituan, Class B Shares | &nbsp;&nbsp; 469800 | &nbsp;&nbsp;&nbsp; 6,235,028<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shanghai Jinjiang International Hotels Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 20998<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Jinjiang International Hotels Co. Ltd., Class B Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 23386<br>|
| &nbsp;&nbsp;&nbsp; Songcheng Performance Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 20416<br>|
| &nbsp;&nbsp;&nbsp; Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 334430<br>|
| &nbsp;&nbsp;&nbsp; TravelSky Technology Ltd., Class H Shares | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp; 104339<br>|
| &nbsp;&nbsp;&nbsp; Trip.com Group Ltd. | &nbsp;&nbsp; 52550 | &nbsp;&nbsp;&nbsp; 3740310<br>|
| &nbsp;&nbsp;&nbsp; Yum China Holdings Inc. | &nbsp;&nbsp; 30800 | &nbsp;&nbsp;&nbsp; 1458583<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *13028957* |
| *Household Durables — 0.7%* | *Household Durables — 0.7%* | *Household Durables — 0.7%* |
| &nbsp;&nbsp;&nbsp; Beijing Roborock Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1559 | &nbsp;&nbsp;&nbsp; 33963<br>|
| &nbsp;&nbsp;&nbsp; Ecovacs Robotics Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 67041<br>|
| &nbsp;&nbsp;&nbsp; Gree Electric Appliances Inc. of Zhuhai, Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 133684<br>|
| &nbsp;&nbsp;&nbsp; Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 11849<br>|
| &nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 151757<br>|
| &nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd., Class H Shares | &nbsp;&nbsp; 208800 | &nbsp;&nbsp;&nbsp; 651335<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou GreatStar Industrial Co. Ltd. | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 56538<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Robam Appliances Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 16079<br>|
| &nbsp;&nbsp;&nbsp; Hisense Home Appliances Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp; 77430<br>|
| &nbsp;&nbsp;&nbsp; Hisense Visual Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 40351<br>|
| &nbsp;&nbsp;&nbsp; Jason Furniture Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 25543<br>|
| &nbsp;&nbsp;&nbsp; Midea Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 569717<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen MTC Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 43160<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Changhong Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 45370<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Household Durables — continued* | *Household Durables — continued* | *Household Durables — continued* |
| &nbsp;&nbsp;&nbsp; Zhejiang Supor Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; $36628<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *1960445* |
| *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; China Tourism Group Duty Free Corp. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 157149<br>|
| &nbsp;&nbsp;&nbsp; China Tourism Group Duty Free Corp. Ltd., Class H Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 117513<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HLA Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 35191<br>|
| &nbsp;&nbsp;&nbsp; Pop Mart International Group Ltd. | &nbsp;&nbsp; 58800 | &nbsp;&nbsp;&nbsp; 1417969<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 21314<br>|
| &nbsp;&nbsp;&nbsp; Topsports International Holdings Ltd. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 86737<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 86588<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1922461* |
| *Textiles, Apparel & Luxury Goods — 0.8%* | *Textiles, Apparel & Luxury Goods — 0.8%* | *Textiles, Apparel & Luxury Goods — 0.8%* |
| &nbsp;&nbsp;&nbsp; ANTA Sports Products Ltd. | &nbsp;&nbsp; 109790 | &nbsp;&nbsp;&nbsp; 1136196<br>|
| &nbsp;&nbsp;&nbsp; Bosideng International Holdings Ltd. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp; 199406<br>|
| &nbsp;&nbsp;&nbsp; Lao Feng Xiang Co. Ltd., Class B Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 80110<br>|
| &nbsp;&nbsp;&nbsp; Laopu Gold Co. Ltd., Class H Shares | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 357294<br>|
| &nbsp;&nbsp;&nbsp; Li Ning Co. Ltd. | &nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp; 486929<br>|
| &nbsp;&nbsp;&nbsp; Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 33,886<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Xtep International Holdings Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 79137<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *2372958* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **73403038** |
| **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** |
| *Beverages — 1.7%* | *Beverages — 1.7%* | *Beverages — 1.7%* |
| &nbsp;&nbsp;&nbsp; Anhui Gujing Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp; 41794<br>|
| &nbsp;&nbsp;&nbsp; Anhui Gujing Distillery Co. Ltd., Class B Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 130181<br>|
| &nbsp;&nbsp;&nbsp; Beijing Shunxin Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 12174<br>|
| &nbsp;&nbsp;&nbsp; Beijing Yanjing Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 37326<br>|
| &nbsp;&nbsp;&nbsp; China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 137418 | &nbsp;&nbsp;&nbsp; 462915<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 43409<br>|
| &nbsp;&nbsp;&nbsp; Eastroc Beverage Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2910 | &nbsp;&nbsp;&nbsp; 111477<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Zhujiang Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 15439<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu King's Luck Brewery JSC Ltd., Class A Shares | &nbsp;&nbsp; 7400 | &nbsp;&nbsp;&nbsp; 36873<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Yanghe Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 100944<br>|
| &nbsp;&nbsp;&nbsp; Kweichow Moutai Co. Ltd., Class A Shares | &nbsp;&nbsp; 7750 | &nbsp;&nbsp;&nbsp; 1529115<br>|
| &nbsp;&nbsp;&nbsp; Luzhou Laojiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 149855<br>|
| &nbsp;&nbsp;&nbsp; Nongfu Spring Co. Ltd., Class H Shares | &nbsp;&nbsp; 162400 | &nbsp;&nbsp;&nbsp; 977300<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shanghai Bairun Investment Holding Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 18123<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A Shares | &nbsp;&nbsp; 7420 | &nbsp;&nbsp;&nbsp; 182525<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Swellfun Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 31958<br>|
| &nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 50854<br>|
| &nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd., Class H Shares | &nbsp;&nbsp; 56173 | &nbsp;&nbsp;&nbsp; 351609<br>|
| &nbsp;&nbsp;&nbsp; Wuliangye Yibin Co. Ltd., Class A Shares | &nbsp;&nbsp; 24900 | &nbsp;&nbsp;&nbsp; 377926<br>|
| &nbsp;&nbsp;&nbsp; Yantai Changyu Pioneer Wine Co. Ltd., Class B Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 23935<br>|
| &nbsp;&nbsp;&nbsp; ZJLD Group Inc. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 64680<br> <sup>(a)</sup><br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *4750412* |
| *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Alibaba Health Information Technology Ltd. | &nbsp;&nbsp; 494000 | &nbsp;&nbsp;&nbsp; 320,511<br> \*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Consumer Staples Distribution & Retail — continued* | *Consumer Staples Distribution & Retail — continued* | *Consumer Staples Distribution & Retail — continued* |
| &nbsp;&nbsp;&nbsp; East Buy Holding Ltd. | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; $66,767<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JD Health International Inc. | &nbsp;&nbsp; 89900 | &nbsp;&nbsp;&nbsp; 641,029<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ping An Healthcare and Technology Co. Ltd. | &nbsp;&nbsp; 81200 | &nbsp;&nbsp;&nbsp; 146,887<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Agricultural Power Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 17101<br>|
| &nbsp;&nbsp;&nbsp; Sun Art Retail Group Ltd. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 38674<br>|
| &nbsp;&nbsp;&nbsp; Yifeng Pharmacy Chain Co. Ltd., Class A Shares | &nbsp;&nbsp; 7600 | &nbsp;&nbsp;&nbsp; 23650<br>|
| &nbsp;&nbsp;&nbsp; Yonghui Superstores Co. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 38,972<br> \*<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *1293591* |
| *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* |
| &nbsp;&nbsp;&nbsp; Angel Yeast Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 36346<br>|
| &nbsp;&nbsp;&nbsp; Beijing Dabeinong Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 16619<br>|
| &nbsp;&nbsp;&nbsp; Bright Dairy & Food Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 13445<br>|
| &nbsp;&nbsp;&nbsp; China Feihe Ltd. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp; 181523<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 262000 | &nbsp;&nbsp;&nbsp; 501885<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Fuling Zhacai Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 10728<br>|
| &nbsp;&nbsp;&nbsp; COFCO Sugar Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 28601<br>|
| &nbsp;&nbsp;&nbsp; Foshan Haitian Flavouring & Food Co. Ltd., Class A Shares | &nbsp;&nbsp; 29073 | &nbsp;&nbsp;&nbsp; 154196<br>|
| &nbsp;&nbsp;&nbsp; Fujian Sunner Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 27488<br>|
| &nbsp;&nbsp;&nbsp; Guangdong Haid Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 92036<br>|
| &nbsp;&nbsp;&nbsp; Heilongjiang Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 24845<br>|
| &nbsp;&nbsp;&nbsp; Henan Shuanghui Investment & Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 87981<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Yili Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 166357<br>|
| &nbsp;&nbsp;&nbsp; Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 14583<br>|
| &nbsp;&nbsp;&nbsp; Muyuan Foods Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 252177<br>|
| &nbsp;&nbsp;&nbsp; New Hope Liuhe Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 45968<br>|
| &nbsp;&nbsp;&nbsp; Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 161000 | &nbsp;&nbsp;&nbsp; 243874<br>|
| &nbsp;&nbsp;&nbsp; Uni-President China Holdings Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 121164<br>|
| &nbsp;&nbsp;&nbsp; Want Want China Holdings Ltd. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp; 207454<br>|
| &nbsp;&nbsp;&nbsp; Wens Foodstuff Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 98185<br>|
| &nbsp;&nbsp;&nbsp; Yihai International Holding Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 93891<br>|
| &nbsp;&nbsp;&nbsp; Yihai Kerry Arawana Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 47763<br>|
| &nbsp;&nbsp;&nbsp; Yuan Longping High-tech Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 15555<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *2482664* |
| *Household Products — 0.0%††* | *Household Products — 0.0%††* | *Household Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Blue Moon Group Holdings Ltd. | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; 50112<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; C&S Paper Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 14226<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *64338* |
| *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; By-health Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 19960<br>|
| &nbsp;&nbsp;&nbsp; Giant Biogene Holding Co. Ltd | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 198393<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hengan International Group Co. Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 207901<br>|
| &nbsp;&nbsp;&nbsp; Mao Geping Cosmetics Co. LTD, Class H Shares | &nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp; 89221<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Botanee Bio-Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 32914<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *548389* |
| *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* |
| &nbsp;&nbsp;&nbsp; RLX Technology Inc., ADR | &nbsp;&nbsp; 58290 | &nbsp;&nbsp;&nbsp; 135816<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Tobacco — continued* | *Tobacco — continued* | *Tobacco — continued* |
| &nbsp;&nbsp;&nbsp; Smoore International Holdings Ltd. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; $266248<br> <sup>(a)</sup><br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *402064* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **9541458** |
| **Energy — 2.6%** | **Energy — 2.6%** | **Energy — 2.6%** |
| *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; China Oilfield Services Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 23333<br>|
| &nbsp;&nbsp;&nbsp; China Oilfield Services Ltd., Class H Shares | &nbsp;&nbsp; 152000 | &nbsp;&nbsp;&nbsp; 136504<br>|
| &nbsp;&nbsp;&nbsp; CNOOC Energy Technology & Services Ltd., Class A Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 28718<br>|
| &nbsp;&nbsp;&nbsp; Offshore Oil Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 22809<br>|
| &nbsp;&nbsp;&nbsp; Sinopec Oilfield Service Corp., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 20,865<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yantai Jereh Oilfield Services Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 58856<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *291085* |
| *Oil, Gas & Consumable Fuels — 2.5%* | *Oil, Gas & Consumable Fuels — 2.5%* | *Oil, Gas & Consumable Fuels — 2.5%* |
| &nbsp;&nbsp;&nbsp; China Coal Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 62022<br>|
| &nbsp;&nbsp;&nbsp; China Coal Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 194000 | &nbsp;&nbsp;&nbsp; 247999<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Energy Shipping Co. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 74619<br>|
| &nbsp;&nbsp;&nbsp; China Petroleum & Chemical Corp., Class A Shares | &nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp; 179735<br>|
| &nbsp;&nbsp;&nbsp; China Petroleum & Chemical Corp., Class H Shares | &nbsp;&nbsp; 2028000 | &nbsp;&nbsp;&nbsp; 1216774<br>|
| &nbsp;&nbsp;&nbsp; China Shenhua Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 235575<br>|
| &nbsp;&nbsp;&nbsp; China Shenhua Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 297926 | &nbsp;&nbsp;&nbsp; 1485132<br>|
| &nbsp;&nbsp;&nbsp; China Suntien Green Energy Corp. Ltd., Class H Shares | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 88079<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Energy Transportation Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 48528<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Energy Transportation Co. Ltd., Class H Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 143072<br>|
| &nbsp;&nbsp;&nbsp; Guanghui Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 32706<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Dian Tou Energy Corp. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 69576<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Yitai Coal Co. Ltd., Class B Shares | &nbsp;&nbsp; 75400 | &nbsp;&nbsp;&nbsp; 144014<br>|
| &nbsp;&nbsp;&nbsp; Jizhong Energy Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 17882<br>|
| &nbsp;&nbsp;&nbsp; Oriental Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 13,461<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PetroChina Co. Ltd., Class A Shares | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 259506<br>|
| &nbsp;&nbsp;&nbsp; PetroChina Co. Ltd., Class H Shares | &nbsp;&nbsp; 1836000 | &nbsp;&nbsp;&nbsp; 1976704<br>|
| &nbsp;&nbsp;&nbsp; Pingdingshan Tianan Coal Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 19619<br>|
| &nbsp;&nbsp;&nbsp; Shaanxi Coal Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 63800 | &nbsp;&nbsp;&nbsp; 194875<br>|
| &nbsp;&nbsp;&nbsp; Shan Xi Hua Yang Group New Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 27455<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Coking Coal Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 37343<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 39221<br>|
| &nbsp;&nbsp;&nbsp; Yankuang Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 65562<br>|
| &nbsp;&nbsp;&nbsp; Yankuang Energy Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 279650 | &nbsp;&nbsp;&nbsp; 345633<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *7025092* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **7316177** |
| **Financials — 17.5%** | **Financials — 17.5%** | **Financials — 17.5%** |
| *Banks — 10.5%* | *Banks — 10.5%* | *Banks — 10.5%* |
| &nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 539400 | &nbsp;&nbsp;&nbsp; 593499<br>|
| &nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 2726000 | &nbsp;&nbsp;&nbsp; 2024318<br>|
| &nbsp;&nbsp;&nbsp; Bank of Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 133400 | &nbsp;&nbsp;&nbsp; 104733<br>|
| &nbsp;&nbsp;&nbsp; Bank of Changsha Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 40301<br>|
| &nbsp;&nbsp;&nbsp; Bank of Chengdu Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 66975<br>|
| &nbsp;&nbsp;&nbsp; Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 307400 | &nbsp;&nbsp;&nbsp; 252352<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 6032000 | &nbsp;&nbsp;&nbsp; $3456378<br>|
| &nbsp;&nbsp;&nbsp; Bank of Communications Co. Ltd., Class A Shares | &nbsp;&nbsp; 336400 | &nbsp;&nbsp;&nbsp; 349415<br>|
| &nbsp;&nbsp;&nbsp; Bank of Communications Co. Ltd., Class H Shares | &nbsp;&nbsp; 638000 | &nbsp;&nbsp;&nbsp; 528695<br>|
| &nbsp;&nbsp;&nbsp; Bank of Guiyang Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 24389<br>|
| &nbsp;&nbsp;&nbsp; Bank of Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 88879<br>|
| &nbsp;&nbsp;&nbsp; Bank of Jiangsu Co. Ltd., Class A Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 172838<br>|
| &nbsp;&nbsp;&nbsp; Bank of Nanjing Co. Ltd., Class A Shares | &nbsp;&nbsp; 75400 | &nbsp;&nbsp;&nbsp; 123471<br>|
| &nbsp;&nbsp;&nbsp; Bank of Ningbo Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 163390<br>|
| &nbsp;&nbsp;&nbsp; Bank of Qingdao Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 14891<br>|
| &nbsp;&nbsp;&nbsp; Bank of Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp; 125889<br>|
| &nbsp;&nbsp;&nbsp; Bank of Zhengzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 12830<br>|
| &nbsp;&nbsp;&nbsp; China Bohai Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 28,316<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China CITIC Bank Corp. Ltd., Class A Shares | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp; 95975<br>|
| &nbsp;&nbsp;&nbsp; China CITIC Bank Corp. Ltd., Class H Shares | &nbsp;&nbsp; 812000 | &nbsp;&nbsp;&nbsp; 724003<br>|
| &nbsp;&nbsp;&nbsp; China Construction Bank Corp., Class A Shares | &nbsp;&nbsp; 133400 | &nbsp;&nbsp;&nbsp; 177358<br>|
| &nbsp;&nbsp;&nbsp; China Construction Bank Corp., Class H Shares | &nbsp;&nbsp; 7714000 | &nbsp;&nbsp;&nbsp; 7621335<br>|
| &nbsp;&nbsp;&nbsp; China Everbright Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 284200 | &nbsp;&nbsp;&nbsp; 142101<br>|
| &nbsp;&nbsp;&nbsp; China Everbright Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 135620<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 127600 | &nbsp;&nbsp;&nbsp; 769627<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 333400 | &nbsp;&nbsp;&nbsp; 2261646<br>|
| &nbsp;&nbsp;&nbsp; China Minsheng Banking Corp. Ltd., Class A Shares | &nbsp;&nbsp; 220400 | &nbsp;&nbsp;&nbsp; 120937<br>|
| &nbsp;&nbsp;&nbsp; China Minsheng Banking Corp. Ltd., Class H Shares | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; 292850<br>|
| &nbsp;&nbsp;&nbsp; China Zheshang Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 139200 | &nbsp;&nbsp;&nbsp; 60626<br>|
| &nbsp;&nbsp;&nbsp; China Zheshang Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 93891<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 53680<br>|
| &nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 137483<br>|
| &nbsp;&nbsp;&nbsp; CNPC Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 71794<br>|
| &nbsp;&nbsp;&nbsp; Huaxia Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 92800 | &nbsp;&nbsp;&nbsp; 91338<br>|
| &nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 475600 | &nbsp;&nbsp;&nbsp; 540335<br>|
| &nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 7044000 | &nbsp;&nbsp;&nbsp; 5692396<br>|
| &nbsp;&nbsp;&nbsp; Industrial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 133400 | &nbsp;&nbsp;&nbsp; 402496<br>|
| &nbsp;&nbsp;&nbsp; Ping An Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 121800 | &nbsp;&nbsp;&nbsp; 199104<br>|
| &nbsp;&nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., Class A Shares | &nbsp;&nbsp; 179800 | &nbsp;&nbsp;&nbsp; 140389<br>|
| &nbsp;&nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., Class H Shares | &nbsp;&nbsp; 812000 | &nbsp;&nbsp;&nbsp; 555000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shanghai Pudong Development Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 208800 | &nbsp;&nbsp;&nbsp; 372133<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 63800 | &nbsp;&nbsp;&nbsp; 84915<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *29008591* |
| *Capital Markets — 2.3%* | *Capital Markets — 2.3%* | *Capital Markets — 2.3%* |
| &nbsp;&nbsp;&nbsp; Beijing Compass Technology Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 108,747<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BOC International China Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 37368<br>|
| &nbsp;&nbsp;&nbsp; Caida Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 22170<br>|
| &nbsp;&nbsp;&nbsp; Caitong Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 43475<br>|
| &nbsp;&nbsp;&nbsp; Central China Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 14292<br>|
| &nbsp;&nbsp;&nbsp; Central China Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 16096<br>|
| &nbsp;&nbsp;&nbsp; Changjiang Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 47406<br>|
| &nbsp;&nbsp;&nbsp; China Cinda Asset Management Co. Ltd., Class H Shares | &nbsp;&nbsp; 1044000 | &nbsp;&nbsp;&nbsp; 171686<br>|
| &nbsp;&nbsp;&nbsp; China CITIC Financial Asset Management Co. Ltd., Class H Shares | &nbsp;&nbsp; 1682000 | &nbsp;&nbsp;&nbsp; 179,361<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 FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; China Everbright Ltd. | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp; $87976<br>|
| &nbsp;&nbsp;&nbsp; China Galaxy Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 91438<br>|
| &nbsp;&nbsp;&nbsp; China Galaxy Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 319000 | &nbsp;&nbsp;&nbsp; 411071<br>|
| &nbsp;&nbsp;&nbsp; China Great Wall Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 33903<br>|
| &nbsp;&nbsp;&nbsp; China International Capital Corp. Ltd., Class A Shares | &nbsp;&nbsp; 19500 | &nbsp;&nbsp;&nbsp; 97780<br>|
| &nbsp;&nbsp;&nbsp; China International Capital Corp. Ltd., Class H Shares | &nbsp;&nbsp; 139200 | &nbsp;&nbsp;&nbsp; 349990<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Merchants Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 110616<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 83101<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chinalin Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 12738<br>|
| &nbsp;&nbsp;&nbsp; CITIC Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 75400 | &nbsp;&nbsp;&nbsp; 310136<br>|
| &nbsp;&nbsp;&nbsp; CITIC Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; 510439<br>|
| &nbsp;&nbsp;&nbsp; CSC Financial Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 111223<br>|
| &nbsp;&nbsp;&nbsp; CSC Financial Co. Ltd., Class H Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 95679<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dongxing Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 19500 | &nbsp;&nbsp;&nbsp; 38777<br>|
| &nbsp;&nbsp;&nbsp; East Money Information Co. Ltd., Class A Shares | &nbsp;&nbsp; 98600 | &nbsp;&nbsp;&nbsp; 327445<br>|
| &nbsp;&nbsp;&nbsp; Everbright Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 72916<br>|
| &nbsp;&nbsp;&nbsp; Everbright Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 26498<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Capital Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 34252<br>|
| &nbsp;&nbsp;&nbsp; Founder Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 58333<br>|
| &nbsp;&nbsp;&nbsp; GF Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 109785<br>|
| &nbsp;&nbsp;&nbsp; GF Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 81200 | &nbsp;&nbsp;&nbsp; 183713<br>|
| &nbsp;&nbsp;&nbsp; Guangdong Golden Dragon Development Inc., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 9,988<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 27056<br>|
| &nbsp;&nbsp;&nbsp; Guolian Minsheng Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 33803<br>|
| &nbsp;&nbsp;&nbsp; Guosen Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 76315<br>|
| &nbsp;&nbsp;&nbsp; Guosheng Securities Inc., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 41,980<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Guotai Haitong Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 89058 | &nbsp;&nbsp;&nbsp; 262200<br>|
| &nbsp;&nbsp;&nbsp; Guotai Haitong Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 255200 | &nbsp;&nbsp;&nbsp; 545581<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Guoyuan Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 34692<br>|
| &nbsp;&nbsp;&nbsp; Hithink RoyalFlush Information Network Co. Ltd., Class A Shares | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 133858<br>|
| &nbsp;&nbsp;&nbsp; Huaan Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 28169<br>|
| &nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 156817<br>|
| &nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 280481<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huaxi Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 23134<br>|
| &nbsp;&nbsp;&nbsp; Industrial Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 61657<br>|
| &nbsp;&nbsp;&nbsp; J-Yuan Trust Co. Ltd., Class A Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 28,219<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Minmetals Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 23059<br>|
| &nbsp;&nbsp;&nbsp; Nanjing Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 26325<br>|
| &nbsp;&nbsp;&nbsp; Northeast Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 23233<br>|
| &nbsp;&nbsp;&nbsp; Orient Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 72459<br>|
| &nbsp;&nbsp;&nbsp; Orient Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 92800 | &nbsp;&nbsp;&nbsp; 81551<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 23,906<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SDIC Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 44497<br>|
| &nbsp;&nbsp;&nbsp; Sealand Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 28186<br>|
| &nbsp;&nbsp;&nbsp; Shaanxi International Trust Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 20067<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 24887<br>|
| &nbsp;&nbsp;&nbsp; Shenwan Hongyuan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 139200 | &nbsp;&nbsp;&nbsp; 105099<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; Shenwan Hongyuan Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 139200 | &nbsp;&nbsp;&nbsp; $54367<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sinolink Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 38639<br>|
| &nbsp;&nbsp;&nbsp; SooChow Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 45171<br>|
| &nbsp;&nbsp;&nbsp; Southwest Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 33504<br>|
| &nbsp;&nbsp;&nbsp; SPIC Industry-Finance Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 37634<br>|
| &nbsp;&nbsp;&nbsp; Tianfeng Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 63800 | &nbsp;&nbsp;&nbsp; 38,024<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Western Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 39337<br>|
| &nbsp;&nbsp;&nbsp; Xiangcai Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 27,571<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 197200 | &nbsp;&nbsp;&nbsp; 61337<br>|
| &nbsp;&nbsp;&nbsp; Zheshang Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 44913<br>|
| &nbsp;&nbsp;&nbsp; Zhongtai Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 43209<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *6479335* |
| *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Lufax Holding Ltd., ADR | &nbsp;&nbsp; 27086 | &nbsp;&nbsp;&nbsp; 69,340<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Qfin Holdings Inc., ADR | &nbsp;&nbsp; 9048 | &nbsp;&nbsp;&nbsp; 174355<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *243695* |
| *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Far East Horizon Ltd. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 239645<br>|
| &nbsp;&nbsp;&nbsp; Lakala Payment Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 23666<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *263311* |
| *Insurance — 4.5%* | *Insurance — 4.5%* | *Insurance — 4.5%* |
| &nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 656824 | &nbsp;&nbsp;&nbsp; 2310508<br>|
| &nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 243776<br>|
| &nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 1049194<br>|
| &nbsp;&nbsp;&nbsp; China Reinsurance Group Corp., Class H Shares | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; 125188<br>|
| &nbsp;&nbsp;&nbsp; China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 127600 | &nbsp;&nbsp;&nbsp; 306397<br>|
| &nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 115835<br>|
| &nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp; 607497<br>|
| &nbsp;&nbsp;&nbsp; People's Insurance Co. Group of China Ltd., Class A Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 89244<br>|
| &nbsp;&nbsp;&nbsp; People's Insurance Co. Group of China Ltd., Class H Shares | &nbsp;&nbsp; 754000 | &nbsp;&nbsp;&nbsp; 653883<br>|
| &nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd., Class H Shares | &nbsp;&nbsp; 608000 | &nbsp;&nbsp;&nbsp; 1277944<br>|
| &nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd., Class A Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 682045<br>|
| &nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd., Class H Shares | &nbsp;&nbsp; 569800 | &nbsp;&nbsp;&nbsp; 4769380<br>|
| &nbsp;&nbsp;&nbsp; Sunshine Insurance Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp; 101194<br>|
| &nbsp;&nbsp;&nbsp; ZhongAn Online P&C Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp; 179,846<br> \*<sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *12511931* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **48506863** |
| **Health Care — 5.1%** | **Health Care — 5.1%** | **Health Care — 5.1%** |
| *Biotechnology — 2.0%* | *Biotechnology — 2.0%* | *Biotechnology — 2.0%* |
| &nbsp;&nbsp;&nbsp; 3SBio Inc. | &nbsp;&nbsp; 159000 | &nbsp;&nbsp;&nbsp; 493945<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Akeso Inc. | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 871,074<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Anhui Anke Biotechnology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 15904<br>|
| &nbsp;&nbsp;&nbsp; Beijing Tiantan Biological Products Corp. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 27156<br>|
| &nbsp;&nbsp;&nbsp; Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A Shares | &nbsp;&nbsp; 5821 | &nbsp;&nbsp;&nbsp; 37,478<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BeOne Medicines Ltd., Class H Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 1,603,299<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CanSino Biologics Inc., Class H Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 52,042<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chongqing Zhifei Biological Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 47040<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* |
| &nbsp;&nbsp;&nbsp; Gan & Lee Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; $56563<br>|
| &nbsp;&nbsp;&nbsp; Hualan Biological Engineering Inc., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 25145<br>|
| &nbsp;&nbsp;&nbsp; Imeik Technology Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 2020 | &nbsp;&nbsp;&nbsp; 41014<br>|
| &nbsp;&nbsp;&nbsp; Innovent Biologics Inc. | &nbsp;&nbsp; 142500 | &nbsp;&nbsp;&nbsp; 1,395,982<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Remegen Co. Ltd., Class H Shares | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp; 148,005<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shanghai Junshi Biosciences Co. Ltd., Class A Shares | &nbsp;&nbsp; 4731 | &nbsp;&nbsp;&nbsp; 23,154<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Junshi Biosciences Co. Ltd., Class H Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 63,607<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shanghai RAAS Blood Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 52682<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Kangtai Biological Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 12273<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 241,866<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Walvax Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 18131<br>|
| &nbsp;&nbsp;&nbsp; Yili Chuanning Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 25278<br>|
| &nbsp;&nbsp;&nbsp; Zai Lab Ltd. | &nbsp;&nbsp; 92800 | &nbsp;&nbsp;&nbsp; 162,744<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *5414382* |
| *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; Angelalign Technology Inc. | &nbsp;&nbsp; 4400 | &nbsp;&nbsp;&nbsp; 33692<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; APT Medical Inc., Class A Shares | &nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp; 25268<br>|
| &nbsp;&nbsp;&nbsp; Intco Medical Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 32324<br>|
| &nbsp;&nbsp;&nbsp; Jafron Biomedical Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 16345<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 63501<br>|
| &nbsp;&nbsp;&nbsp; Lepu Medical Technology Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 39412<br>|
| &nbsp;&nbsp;&nbsp; Microport Scientific Corp. | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp; 120,940<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ovctek China Inc., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 12207<br>|
| &nbsp;&nbsp;&nbsp; Shandong Pharmaceutical Glass Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 16561<br>|
| &nbsp;&nbsp;&nbsp; Shandong Weigao Group Medical Polymer Co. Ltd., Class H Shares | &nbsp;&nbsp; 208800 | &nbsp;&nbsp;&nbsp; 134666<br>|
| &nbsp;&nbsp;&nbsp; Shanghai United Imaging Healthcare Co. Ltd., Class A Shares | &nbsp;&nbsp; 5219 | &nbsp;&nbsp;&nbsp; 93838<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp; 199183<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 46741<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *834678* |
| *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Aier Eye Hospital Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 63800 | &nbsp;&nbsp;&nbsp; 100362<br>|
| &nbsp;&nbsp;&nbsp; China Meheco Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 17168<br>|
| &nbsp;&nbsp;&nbsp; China National Accord Medicines Corp. Ltd., Class B Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 9948<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 42777<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 19200 | &nbsp;&nbsp;&nbsp; 43711<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 23566<br>|
| &nbsp;&nbsp;&nbsp; Huadong Medicine Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 65562<br>|
| &nbsp;&nbsp;&nbsp; Hygeia Healthcare Holdings Co. Ltd. | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 55,530<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jinxin Fertility Group Ltd. | &nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp; 62,072<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jointown Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 29781<br>|
| &nbsp;&nbsp;&nbsp; Meinian Onehealth Healthcare Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 21937<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Pharmaceuticals Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 59363<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Pharmaceuticals Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 84800<br>|
| &nbsp;&nbsp;&nbsp; Sinopharm Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 289721<br>|
| &nbsp;&nbsp;&nbsp; Topchoice Medical Corp., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 33413<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *939711* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Winning Health Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; $*21987*<br>|
| *Life Sciences Tools & Services — 1.0%* | *Life Sciences Tools & Services — 1.0%* | *Life Sciences Tools & Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Genscript Biotech Corp. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 185,099<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Tigermed Consulting Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 47115<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Tigermed Consulting Co. Ltd., Class H Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 63399<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Joinn Laboratories China Co. Ltd., Class H Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 30701<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pharmaron Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 47248<br>|
| &nbsp;&nbsp;&nbsp; Pharmaron Beijing Co. Ltd., Class H Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 72989<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 225952<br>|
| &nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd., Class H Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 441287<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WuXi Biologics Cayman Inc. | &nbsp;&nbsp; 305968 | &nbsp;&nbsp;&nbsp; 1,235,901<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WuXi XDC Cayman Inc. | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp; 273,174<br> \*<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *2622865* |
| *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* |
| &nbsp;&nbsp;&nbsp; Apeloa Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 27039<br>|
| &nbsp;&nbsp;&nbsp; Beijing Tong Ren Tang Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 53613<br>|
| &nbsp;&nbsp;&nbsp; Changchun High-Tech Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp; 29171<br>|
| &nbsp;&nbsp;&nbsp; Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 24904<br>|
| &nbsp;&nbsp;&nbsp; China Medical System Holdings Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 192253<br>|
| &nbsp;&nbsp;&nbsp; China Resources Double Crane Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 30396<br>|
| &nbsp;&nbsp;&nbsp; China Resources Pharmaceutical Group Ltd. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 99480<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 47298<br>|
| &nbsp;&nbsp;&nbsp; China Traditional Chinese Medicine Holdings Co. Ltd. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp; 93444<br>|
| &nbsp;&nbsp;&nbsp; CSPC Innovation Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 59945<br>|
| &nbsp;&nbsp;&nbsp; CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 716000 | &nbsp;&nbsp;&nbsp; 775471<br>|
| &nbsp;&nbsp;&nbsp; Dong-E-E-Jiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 40783<br>|
| &nbsp;&nbsp;&nbsp; Haisco Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 42644<br>|
| &nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group Co. Ltd. | &nbsp;&nbsp; 98500 | &nbsp;&nbsp;&nbsp; 456592<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hebei Changshan Biochemical Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 51,602<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 346498<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H Shares | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp; 104,355<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 20051<br>|
| &nbsp;&nbsp;&nbsp; Jilin Aodong Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 32457<br>|
| &nbsp;&nbsp;&nbsp; Joincare Pharmaceutical Group Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 28792<br>|
| &nbsp;&nbsp;&nbsp; Kangmei Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 98600 | &nbsp;&nbsp;&nbsp; 26,981<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Livzon Pharmaceutical Group Inc., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 28635<br>|
| &nbsp;&nbsp;&nbsp; Livzon Pharmaceutical Group Inc., Class H Shares | &nbsp;&nbsp; 13400 | &nbsp;&nbsp;&nbsp; 49100<br>|
| &nbsp;&nbsp;&nbsp; Luye Pharma Group Ltd. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 61,253<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 15007<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Allist Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 4747 | &nbsp;&nbsp;&nbsp; 70831<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 66036<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 72840<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 6700 | &nbsp;&nbsp;&nbsp; 47563<br>|
| &nbsp;&nbsp;&nbsp; Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 28369<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Biokin Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1543 | &nbsp;&nbsp;&nbsp; 71,425<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Kelun Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 48777<br>|
| &nbsp;&nbsp;&nbsp; Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp; 690769<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; Tasly Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; $25045<br>|
| &nbsp;&nbsp;&nbsp; Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 11700<br>|
| &nbsp;&nbsp;&nbsp; Yifan Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 19876<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Baiyao Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 94330<br>|
| &nbsp;&nbsp;&nbsp; Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp; 82214<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Huahai Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 28202<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 14874<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Medicine Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 11517<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 23557<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *4145689* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **13979312** |
| **Industrials — 6.7%** | **Industrials — 6.7%** | **Industrials — 6.7%** |
| *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* |
| &nbsp;&nbsp;&nbsp; AECC Aero-Engine Control Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 35415<br>|
| &nbsp;&nbsp;&nbsp; AECC Aviation Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 99789<br>|
| &nbsp;&nbsp;&nbsp; AviChina Industry & Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 118332<br>|
| &nbsp;&nbsp;&nbsp; Avicopter PLC, Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 30022<br>|
| &nbsp;&nbsp;&nbsp; Kuang-Chi Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 81,035<br> \*<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *364593* |
| *Air Freight & Logistics — 0.8%* | *Air Freight & Logistics — 0.8%* | *Air Freight & Logistics — 0.8%* |
| &nbsp;&nbsp;&nbsp; CMST Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 14010<br>|
| &nbsp;&nbsp;&nbsp; Eastern Air Logistics Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 30595<br>|
| &nbsp;&nbsp;&nbsp; J&T Global Express Ltd. | &nbsp;&nbsp; 522000 | &nbsp;&nbsp;&nbsp; 700,829<br> \*<br>|
| &nbsp;&nbsp;&nbsp; JD Logistics Inc. | &nbsp;&nbsp; 168200 | &nbsp;&nbsp;&nbsp; 246,784<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SF Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 159210<br>|
| &nbsp;&nbsp;&nbsp; SF Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 103369<br>|
| &nbsp;&nbsp;&nbsp; Sinotrans Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 25178<br>|
| &nbsp;&nbsp;&nbsp; Sinotrans Ltd., Class H Shares | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 108422<br>|
| &nbsp;&nbsp;&nbsp; STO Express Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 22303<br>|
| &nbsp;&nbsp;&nbsp; YTO Express Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 54577<br>|
| &nbsp;&nbsp;&nbsp; ZTO Express Cayman Inc. | &nbsp;&nbsp; 37700 | &nbsp;&nbsp;&nbsp; 786113<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *2251390* |
| *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; 11600 | &nbsp;&nbsp;&nbsp; 41498<br>|
| &nbsp;&nbsp;&nbsp; China Lesso Group Holdings Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 34576<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Weixing New Building Materials Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 17334<br>|
| &nbsp;&nbsp;&nbsp; Zhuzhou Kibing Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 14782<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *108190* |
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Beijing Originwater Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 16287<br>|
| &nbsp;&nbsp;&nbsp; China Everbright Environment Group Ltd. | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 179585<br>|
| &nbsp;&nbsp;&nbsp; China Southern Power Grid Energy Efficiency & Clean Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 15223<br>|
| &nbsp;&nbsp;&nbsp; Eternal Asia Supply Chain Management Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 15821<br>|
| &nbsp;&nbsp;&nbsp; Zhefu Holding Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 27654<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Weiming Environment Protection Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 42179<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *296749* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Construction & Engineering — 0.6%* | *Construction & Engineering — 0.6%* | *Construction & Engineering — 0.6%* |
| &nbsp;&nbsp;&nbsp; China Communications Services Corp. Ltd., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; $133534<br>|
| &nbsp;&nbsp;&nbsp; China Conch Venture Holdings Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 140091<br>|
| &nbsp;&nbsp;&nbsp; China Energy Engineering Corp. Ltd., Class A Shares | &nbsp;&nbsp; 226200 | &nbsp;&nbsp;&nbsp; 76157<br>|
| &nbsp;&nbsp;&nbsp; China Energy Engineering Corp. Ltd., Class H Shares | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp; 47393<br>|
| &nbsp;&nbsp;&nbsp; China National Chemical Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 50056<br>|
| &nbsp;&nbsp;&nbsp; China Railway Group Ltd., Class A Shares | &nbsp;&nbsp; 133400 | &nbsp;&nbsp;&nbsp; 103395<br>|
| &nbsp;&nbsp;&nbsp; China Railway Group Ltd., Class H Shares | &nbsp;&nbsp; 366000 | &nbsp;&nbsp;&nbsp; 180096<br>|
| &nbsp;&nbsp;&nbsp; China State Construction Engineering Corp. Ltd., Class A Shares | &nbsp;&nbsp; 261000 | &nbsp;&nbsp;&nbsp; 191825<br>|
| &nbsp;&nbsp;&nbsp; China State Construction International Holdings Ltd. | &nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp; 168541<br>|
| &nbsp;&nbsp;&nbsp; Metallurgical Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 49359<br>|
| &nbsp;&nbsp;&nbsp; Metallurgical Corp. of China Ltd., Class H Shares | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 68183<br>|
| &nbsp;&nbsp;&nbsp; Power Construction Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 110200 | &nbsp;&nbsp;&nbsp; 82098<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Construction Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 22020<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Tunnel Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 26964<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen SED Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 32158<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Road and Bridge Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 66144<br>|
| &nbsp;&nbsp;&nbsp; Sinoma International Engineering Co., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 25901<br>|
| &nbsp;&nbsp;&nbsp; Sinopec Engineering Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 114159<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *1578074* |
| *Electrical Equipment — 1.6%* | *Electrical Equipment — 1.6%* | *Electrical Equipment — 1.6%* |
| &nbsp;&nbsp;&nbsp; Beijing Easpring Material Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 48029<br>|
| &nbsp;&nbsp;&nbsp; China XD Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 52932<br>|
| &nbsp;&nbsp;&nbsp; CNGR Advanced Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 38498<br>|
| &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 27300 | &nbsp;&nbsp;&nbsp; 1436428<br>|
| &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 6700 | &nbsp;&nbsp;&nbsp; 435132<br>|
| &nbsp;&nbsp;&nbsp; Dongfang Electric Corp. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 60526<br>|
| &nbsp;&nbsp;&nbsp; Dongfang Electric Corp. Ltd., Class H Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 111775<br>|
| &nbsp;&nbsp;&nbsp; Eve Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 12500 | &nbsp;&nbsp;&nbsp; 117766<br>|
| &nbsp;&nbsp;&nbsp; Fangda Carbon New Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 23641<br>|
| &nbsp;&nbsp;&nbsp; GEM Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 48627<br>|
| &nbsp;&nbsp;&nbsp; Ginlong Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 59338<br>|
| &nbsp;&nbsp;&nbsp; Goldwind Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 67806<br>|
| &nbsp;&nbsp;&nbsp; Goldwind Science & Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 119912<br>|
| &nbsp;&nbsp;&nbsp; Goneo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 7560 | &nbsp;&nbsp;&nbsp; 44223<br>|
| &nbsp;&nbsp;&nbsp; Gotion High-tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 64997<br>|
| &nbsp;&nbsp;&nbsp; Hunan Yuneng New Energy Battery Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 53729<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Linyang Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 13636<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Zhongtian Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 60227<br>|
| &nbsp;&nbsp;&nbsp; Jiangxi Special Electric Motor Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 16,187<br> \*<br>|
| &nbsp;&nbsp;&nbsp; JL Mag Rare-Earth Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 28344<br>|
| &nbsp;&nbsp;&nbsp; Ming Yang Smart Energy Group Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 36097<br>|
| &nbsp;&nbsp;&nbsp; NARI Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 168118<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Deye Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5969 | &nbsp;&nbsp;&nbsp; 73715<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Orient Wires & Cables Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 49649<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Sanxing Medical Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 38257<br>|
| &nbsp;&nbsp;&nbsp; Qingdao TGOOD Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 21339<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Electric Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 81200 | &nbsp;&nbsp;&nbsp; 100,163<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 FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electrical Equipment — continued* | *Electrical Equipment — continued* | *Electrical Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Shanghai Electric Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; $115,352<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Moons' Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 60119<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Woer Heat-Shrinkable Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 43741<br>|
| &nbsp;&nbsp;&nbsp; Sungrow Power Supply Co. Ltd., Class A Shares | &nbsp;&nbsp; 13240 | &nbsp;&nbsp;&nbsp; 324439<br>|
| &nbsp;&nbsp;&nbsp; Sunwoda Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 43459<br>|
| &nbsp;&nbsp;&nbsp; TBEA Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 92319<br>|
| &nbsp;&nbsp;&nbsp; Titan Wind Energy Suzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 11401<br>|
| &nbsp;&nbsp;&nbsp; Wolong Electric Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 81599<br>|
| &nbsp;&nbsp;&nbsp; Xuji Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 42728<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Chint Electrics Co. Ltd., Class A Shares | &nbsp;&nbsp; 13400 | &nbsp;&nbsp;&nbsp; 53543<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Huayou Cobalt Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 113441<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *4371232* |
| *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* |
| &nbsp;&nbsp;&nbsp; Beijing-Shanghai High Speed Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 278400 | &nbsp;&nbsp;&nbsp; 205411<br>|
| &nbsp;&nbsp;&nbsp; Daqin Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 127600 | &nbsp;&nbsp;&nbsp; 94330<br>|
| &nbsp;&nbsp;&nbsp; Full Truck Alliance Co. Ltd., ADR | &nbsp;&nbsp; 70263 | &nbsp;&nbsp;&nbsp; 753922<br>|
| &nbsp;&nbsp;&nbsp; Guangshen Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 20209<br>|
| &nbsp;&nbsp;&nbsp; Guangshen Railway Co. Ltd., Class H Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 32340<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *1106212* |
| *Industrial Conglomerates — 0.3%* | *Industrial Conglomerates — 0.3%* | *Industrial Conglomerates — 0.3%* |
| &nbsp;&nbsp;&nbsp; China Baoan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 24555<br>|
| &nbsp;&nbsp;&nbsp; CITIC Ltd. | &nbsp;&nbsp; 433000 | &nbsp;&nbsp;&nbsp; 670904<br>|
| &nbsp;&nbsp;&nbsp; Fosun International Ltd. | &nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp; 114234<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 107229<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *916922* |
| *Machinery — 1.5%* | *Machinery — 1.5%* | *Machinery — 1.5%* |
| &nbsp;&nbsp;&nbsp; China CSSC Holdings Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 221099<br>|
| &nbsp;&nbsp;&nbsp; China International Marine Containers Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 25153<br>|
| &nbsp;&nbsp;&nbsp; China International Marine Containers Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 63800 | &nbsp;&nbsp;&nbsp; 76640<br>|
| &nbsp;&nbsp;&nbsp; CRRC Corp. Ltd., Class A Shares | &nbsp;&nbsp; 156600 | &nbsp;&nbsp;&nbsp; 153011<br>|
| &nbsp;&nbsp;&nbsp; CRRC Corp. Ltd., Class H Shares | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 288109<br>|
| &nbsp;&nbsp;&nbsp; Dongguan Yiheda Automation Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 22037<br>|
| &nbsp;&nbsp;&nbsp; FAW Jiefang Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 22535<br>|
| &nbsp;&nbsp;&nbsp; Guangxi Liugong Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 19727<br>|
| &nbsp;&nbsp;&nbsp; Haitian International Holdings Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 165129<br>|
| &nbsp;&nbsp;&nbsp; Han's Laser Technology Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 68454<br>|
| &nbsp;&nbsp;&nbsp; Harbin Boshi Automation Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 13968<br>|
| &nbsp;&nbsp;&nbsp; Hefei Meiya Optoelectronic Technology Inc., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 17093<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Hengli Hydraulic Co. Ltd., Class A Shares | &nbsp;&nbsp; 7780 | &nbsp;&nbsp;&nbsp; 122508<br>|
| &nbsp;&nbsp;&nbsp; Kaishan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 11675<br>|
| &nbsp;&nbsp;&nbsp; Keda Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 23051<br>|
| &nbsp;&nbsp;&nbsp; North Industries Group Red Arrow Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 30,263<br> \*<br>|
| &nbsp;&nbsp;&nbsp; RoboTechnik Intelligent Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 30082<br>|
| &nbsp;&nbsp;&nbsp; Sany Heavy Equipment International Holdings Co. Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 129063<br>|
| &nbsp;&nbsp;&nbsp; Sany Heavy Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 158022<br>|
| &nbsp;&nbsp;&nbsp; Shandong Himile Mechanical Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 70224<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Mechanical and Electrical Industry Co. Ltd., Class B Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 36888<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Machinery — continued* | *Machinery — continued* | *Machinery — continued* |
| &nbsp;&nbsp;&nbsp; Shanghai Zhenhua Heavy Industries Co. Ltd., Class B Shares | &nbsp;&nbsp; 104400 | &nbsp;&nbsp;&nbsp; $28919<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 187787<br>|
| &nbsp;&nbsp;&nbsp; Siasun Robot & Automation Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 30,230<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 205815<br>|
| &nbsp;&nbsp;&nbsp; Tian Di Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 24222<br>|
| &nbsp;&nbsp;&nbsp; Weichai Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 100046<br>|
| &nbsp;&nbsp;&nbsp; Weichai Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 421391<br>|
| &nbsp;&nbsp;&nbsp; XCMG Construction Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 75400 | &nbsp;&nbsp;&nbsp; 125091<br>|
| &nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 220400 | &nbsp;&nbsp;&nbsp; 596417<br>|
| &nbsp;&nbsp;&nbsp; Yantai Eddie Precision Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 15730<br>|
| &nbsp;&nbsp;&nbsp; Yutong Bus Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 81516<br>|
| &nbsp;&nbsp;&nbsp; ZCZL Industrial Technology Group Co. Ltd. | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 40800<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 137880<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Sanhua Intelligent Controls Co. Ltd., Class H Shares | &nbsp;&nbsp; 22800 | &nbsp;&nbsp;&nbsp; 112250<br>|
| &nbsp;&nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 5358 | &nbsp;&nbsp;&nbsp; 39372<br>|
| &nbsp;&nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., Class H Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 168199<br>|
| &nbsp;&nbsp;&nbsp; Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 64540<br>|
| &nbsp;&nbsp;&nbsp; Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 127600 | &nbsp;&nbsp;&nbsp; 127051<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *4211987* |
| *Marine Transportation — 0.2%* | *Marine Transportation — 0.2%* | *Marine Transportation — 0.2%* |
| &nbsp;&nbsp;&nbsp; COSCO Shipping Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 81200 | &nbsp;&nbsp;&nbsp; 176594<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 409841<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *586435* |
| *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* |
| &nbsp;&nbsp;&nbsp; Air China Ltd., Class A Shares | &nbsp;&nbsp; 81200 | &nbsp;&nbsp;&nbsp; 109,004<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Air China Ltd., Class H Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 105,367<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Eastern Airlines Corp. Ltd., Class A Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 99,714<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Eastern Airlines Corp. Ltd., Class H Shares | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 119,152<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Southern Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp; 99,839<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Southern Airlines Co. Ltd., Class H Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 86,737<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hainan Airlines Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 301600 | &nbsp;&nbsp;&nbsp; 78,209<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Juneyao Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 37094<br>|
| &nbsp;&nbsp;&nbsp; Spring Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 49442<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *784558* |
| *Professional Services — 0.2%* | *Professional Services — 0.2%* | *Professional Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Kanzhun Ltd., ADR | &nbsp;&nbsp; 26814 | &nbsp;&nbsp;&nbsp; *546469*<br>|
| *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; Beijing United Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 23267<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 92800 | &nbsp;&nbsp;&nbsp; 33504<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Development Co. Ltd., Class H Shares | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 39121<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 15799<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Coal International Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 16769<br>|
| &nbsp;&nbsp;&nbsp; Xiamen C & D Inc., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 30745<br>|
| &nbsp;&nbsp;&nbsp; Xiamen ITG Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 17924<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *177129* |
| *Transportation Infrastructure — 0.5%* | *Transportation Infrastructure — 0.5%* | *Transportation Infrastructure — 0.5%* |
| &nbsp;&nbsp;&nbsp; Anhui Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp; 47053<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Transportation Infrastructure — continued* | *Transportation Infrastructure — continued* | *Transportation Infrastructure — continued* |
| &nbsp;&nbsp;&nbsp; Beijing Capital International Airport Co. Ltd., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; $82,266<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 67008<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 103900 | &nbsp;&nbsp;&nbsp; 202100<br>|
| &nbsp;&nbsp;&nbsp; COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 92588 | &nbsp;&nbsp;&nbsp; 66614<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Expressway Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 20126<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 148884<br>|
| &nbsp;&nbsp;&nbsp; Liaoning Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 133400 | &nbsp;&nbsp;&nbsp; 30579<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Zhoushan Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 27147<br>|
| &nbsp;&nbsp;&nbsp; Qingdao Port International Co. Ltd., Class H Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 51864<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shandong Hi-speed Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 32407<br>|
| &nbsp;&nbsp;&nbsp; Shanghai International Airport Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 81666<br>|
| &nbsp;&nbsp;&nbsp; Shanghai International Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 54045<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Airport Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 11617<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Expressway Corp. Ltd., Class H Shares | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp; 40193<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 128914<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Yan Tian Port Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 14791<br>|
| &nbsp;&nbsp;&nbsp; TangShan Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 22336<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 152631 | &nbsp;&nbsp;&nbsp; 140600<br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *1270210* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **18570150** |
| **Information Technology — 8.7%** | **Information Technology — 8.7%** | **Information Technology — 8.7%** |
| *Communications Equipment — 0.7%* | *Communications Equipment — 0.7%* | *Communications Equipment — 0.7%* |
| &nbsp;&nbsp;&nbsp; Addsino Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 54,859<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 65500 | &nbsp;&nbsp;&nbsp; 283089<br>|
| &nbsp;&nbsp;&nbsp; Fiberhome Telecommunication Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 53314<br>|
| &nbsp;&nbsp;&nbsp; Glarun Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 46965<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Haige Communications Group Inc. Co., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 39262<br>|
| &nbsp;&nbsp;&nbsp; Hengtong Optic-electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 61648<br>|
| &nbsp;&nbsp;&nbsp; Hytera Communications Corp. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 18,813<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Sunway Communication Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 51519<br>|
| &nbsp;&nbsp;&nbsp; Suzhou TFC Optical Communication Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 168708<br>|
| &nbsp;&nbsp;&nbsp; Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H Shares | &nbsp;&nbsp; 28500 | &nbsp;&nbsp;&nbsp; 189304<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Yealink Network Technology Corp. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 59247<br>|
| &nbsp;&nbsp;&nbsp; Zhongji Innolight Co. Ltd., Class A Shares | &nbsp;&nbsp; 6800 | &nbsp;&nbsp;&nbsp; 594274<br>|
| &nbsp;&nbsp;&nbsp; ZTE Corp., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 157216<br>|
| &nbsp;&nbsp;&nbsp; ZTE Corp., Class H Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 242686<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *2020904* |
| *Electronic Equipment, Instruments & Components — 1.8%* | *Electronic Equipment, Instruments & Components — 1.8%* | *Electronic Equipment, Instruments & Components — 1.8%* |
| &nbsp;&nbsp;&nbsp; Accelink Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 58125<br>|
| &nbsp;&nbsp;&nbsp; Avary Holding Shenzhen Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 84059<br>|
| &nbsp;&nbsp;&nbsp; Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp; 16513<br>|
| &nbsp;&nbsp;&nbsp; BOE Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 139932<br>|
| &nbsp;&nbsp;&nbsp; BOE Technology Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 25842<br>|
| &nbsp;&nbsp;&nbsp; Chaozhou Three-Circle Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 76032<br>|
| &nbsp;&nbsp;&nbsp; China Railway Signal & Communication Corp. Ltd., Class A Shares | &nbsp;&nbsp; 50228 | &nbsp;&nbsp;&nbsp; 39362<br>|
| &nbsp;&nbsp;&nbsp; China Railway Signal & Communication Corp. Ltd., Class H Shares | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 74442<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Zhenhua Group Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 43550<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* |
| &nbsp;&nbsp;&nbsp; Eoptolink Technology Inc. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; $358040<br>|
| &nbsp;&nbsp;&nbsp; Everdisplay Optronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp; 33,155<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Foxconn Industrial Internet Co. Ltd., Class A Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 618727<br>|
| &nbsp;&nbsp;&nbsp; GoerTek Inc., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 95493<br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 32931<br>|
| &nbsp;&nbsp;&nbsp; Hengdian Group DMEGC Magnetics Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 32407<br>|
| &nbsp;&nbsp;&nbsp; Hgtech Co. Ltd., Class A Shares | &nbsp;&nbsp; 6700 | &nbsp;&nbsp;&nbsp; 76148<br>|
| &nbsp;&nbsp;&nbsp; IRICO Display Devices Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 26,964<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kingboard Holdings Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 218781<br>|
| &nbsp;&nbsp;&nbsp; Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 98287<br>|
| &nbsp;&nbsp;&nbsp; Lens Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 150917<br>|
| &nbsp;&nbsp;&nbsp; Lens Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp; 36967<br>|
| &nbsp;&nbsp;&nbsp; Leyard Optoelectronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 15755<br>|
| &nbsp;&nbsp;&nbsp; Lingyi iTech Guangdong Co., Class A Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 116217<br>|
| &nbsp;&nbsp;&nbsp; Luxshare Precision Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 376986<br>|
| &nbsp;&nbsp;&nbsp; Maxscend Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 3032 | &nbsp;&nbsp;&nbsp; 35394<br>|
| &nbsp;&nbsp;&nbsp; OFILM Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 35,299<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Raytron Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2936 | &nbsp;&nbsp;&nbsp; 42400<br>|
| &nbsp;&nbsp;&nbsp; Shanghai BOCHU Electronic Technology Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1659 | &nbsp;&nbsp;&nbsp; 32299<br>|
| &nbsp;&nbsp;&nbsp; Shengyi Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 4161 | &nbsp;&nbsp;&nbsp; 57044<br>|
| &nbsp;&nbsp;&nbsp; Shengyi Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 118677<br>|
| &nbsp;&nbsp;&nbsp; Shennan Circuits Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 193022<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Everwin Precision Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 77279<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Huaqiang Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 20458<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Kaifa Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 42013<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Kinwong Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 60734<br>|
| &nbsp;&nbsp;&nbsp; Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 60700 | &nbsp;&nbsp;&nbsp; 511195<br>|
| &nbsp;&nbsp;&nbsp; SUPCON Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4747 | &nbsp;&nbsp;&nbsp; 33556<br>|
| &nbsp;&nbsp;&nbsp; Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 140680<br>|
| &nbsp;&nbsp;&nbsp; TCL Technology Group Corp., Class A Shares | &nbsp;&nbsp; 127600 | &nbsp;&nbsp;&nbsp; 82996<br>|
| &nbsp;&nbsp;&nbsp; Tianma Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 30,014<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Unisplendour Corp. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 61324<br>|
| &nbsp;&nbsp;&nbsp; Universal Scientific Industrial Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 49857<br>|
| &nbsp;&nbsp;&nbsp; Victory Giant Technology Huizhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 238965<br>|
| &nbsp;&nbsp;&nbsp; Wingtech Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 61,956<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Wuhan Guide Infrared Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 60,950<br> \*<br>|
| &nbsp;&nbsp;&nbsp; WUS Printed Circuit Kunshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 12500 | &nbsp;&nbsp;&nbsp; 130857<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Crystal-Optech Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 41747<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Dahua Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 62953<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *5067301* |
| *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Beijing Sinnet Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 20790<br>|
| &nbsp;&nbsp;&nbsp; Beijing Ultrapower Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 28718<br>|
| &nbsp;&nbsp;&nbsp; China TransInfo Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 19,561<br> \*<br>|
| &nbsp;&nbsp;&nbsp; DHC Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 30413<br>|
| &nbsp;&nbsp;&nbsp; GDS Holdings Ltd., Class A Shares | &nbsp;&nbsp; 75400 | &nbsp;&nbsp;&nbsp; 326,457<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Isoftstone Information Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 39412<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *IT Services — continued* | *IT Services — continued* | *IT Services — continued* |
| &nbsp;&nbsp;&nbsp; Range Intelligent Computing Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; $87748<br>|
| &nbsp;&nbsp;&nbsp; Taiji Computer Corp. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 20350<br>|
| &nbsp;&nbsp;&nbsp; Wangsu Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 25552<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *599001* |
| *Semiconductors & Semiconductor Equipment — 1.9%* | *Semiconductors & Semiconductor Equipment — 1.9%* | *Semiconductors & Semiconductor Equipment — 1.9%* |
| &nbsp;&nbsp;&nbsp; Advanced Micro-Fabrication Equipment Inc. China, Class A Shares | &nbsp;&nbsp; 3819 | &nbsp;&nbsp;&nbsp; 149216<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; All Winner Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 7030 | &nbsp;&nbsp;&nbsp; 42331<br>|
| &nbsp;&nbsp;&nbsp; Amlogic Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 2542 | &nbsp;&nbsp;&nbsp; 31,768<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ASR Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp; 33,731<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bestechnic Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 1034 | &nbsp;&nbsp;&nbsp; 33619<br>|
| &nbsp;&nbsp;&nbsp; Cambricon Technologies Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2715 | &nbsp;&nbsp;&nbsp; 527,270<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Resources Microelectronics Ltd., Class A Shares | &nbsp;&nbsp; 7923 | &nbsp;&nbsp;&nbsp; 60002<br>|
| &nbsp;&nbsp;&nbsp; CSI Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 49558<br>|
| &nbsp;&nbsp;&nbsp; Daqo New Energy Corp., ADR | &nbsp;&nbsp; 3770 | &nbsp;&nbsp;&nbsp; 111,215<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Flat Glass Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 26,042<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Flat Glass Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp; 39,981<br> \*<br>|
| &nbsp;&nbsp;&nbsp; GalaxyCore Inc., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 49658<br>|
| &nbsp;&nbsp;&nbsp; GCL System Integration Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 18,613<br> \*<br>|
| &nbsp;&nbsp;&nbsp; GCL Technology Holdings Ltd. | &nbsp;&nbsp; 2262000 | &nbsp;&nbsp;&nbsp; 308,052<br> \*<br>|
| &nbsp;&nbsp;&nbsp; GigaDevice Semiconductor Inc., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 178031<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Chang Chuan Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 84184<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou First Applied Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 34800<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Lion Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 28,934<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Silan Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 47215<br>|
| &nbsp;&nbsp;&nbsp; Hongyuan Green Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 25,344<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hua Hong Semiconductor Ltd., Class H Shares | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp; 601,388<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hwatsing Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 58054<br>|
| &nbsp;&nbsp;&nbsp; Hygon Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 14558 | &nbsp;&nbsp;&nbsp; 468049<br>|
| &nbsp;&nbsp;&nbsp; Ingenic Semiconductor Co. Ltd., Class A Shares | &nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp; 48615<br>|
| &nbsp;&nbsp;&nbsp; JA Solar Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 19892 | &nbsp;&nbsp;&nbsp; 32,631<br> \*<br>|
| &nbsp;&nbsp;&nbsp; JCET Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 61125<br>|
| &nbsp;&nbsp;&nbsp; Jinko Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 63684 | &nbsp;&nbsp;&nbsp; 51,458<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LONGi Green Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 120,986<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Loongson Technology Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2234 | &nbsp;&nbsp;&nbsp; 42,283<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Montage Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 7309 | &nbsp;&nbsp;&nbsp; 123353<br>|
| &nbsp;&nbsp;&nbsp; National Silicon Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 20996 | &nbsp;&nbsp;&nbsp; 65,094<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NAURA Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4010 | &nbsp;&nbsp;&nbsp; 263743<br>|
| &nbsp;&nbsp;&nbsp; Nexchip Semiconductor Corp., Class A Shares | &nbsp;&nbsp; 12760 | &nbsp;&nbsp;&nbsp; 60674<br>|
| &nbsp;&nbsp;&nbsp; OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp; 131673<br>|
| &nbsp;&nbsp;&nbsp; Piotech Inc., Class A Shares | &nbsp;&nbsp; 1958 | &nbsp;&nbsp;&nbsp; 92571<br>|
| &nbsp;&nbsp;&nbsp; Rockchip Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 74071<br>|
| &nbsp;&nbsp;&nbsp; Sanan Optoelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 70448<br>|
| &nbsp;&nbsp;&nbsp; SG Micro Corp., Class A Shares | &nbsp;&nbsp; 3454 | &nbsp;&nbsp;&nbsp; 33966<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Aiko Solar Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 22,269<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Fudan Microelectronics Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 145564<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Goodix Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 65645<br>|
| &nbsp;&nbsp;&nbsp; Suzhou Maxwell Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 53121<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* |
| &nbsp;&nbsp;&nbsp; TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; $35,606<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tianshui Huatian Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 45578<br>|
| &nbsp;&nbsp;&nbsp; TongFu Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 62654<br>|
| &nbsp;&nbsp;&nbsp; Tongwei Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 85,256<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Trina Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 16066 | &nbsp;&nbsp;&nbsp; 38,094<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Unigroup Guoxin Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 65487<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Nova Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 56666 | &nbsp;&nbsp;&nbsp; 54,312<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Verisilicon Microelectronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 3249 | &nbsp;&nbsp;&nbsp; 63,756<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Xinjiang Daqo New Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 44,572<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp; 132789<br>|
| &nbsp;&nbsp;&nbsp; Yangzhou Yangjie Electronic Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 56505<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 61075<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *5312029* |
| *Software — 1.1%* | *Software — 1.1%* | *Software — 1.1%* |
| &nbsp;&nbsp;&nbsp; 360 Security Technology Inc., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 74254<br>|
| &nbsp;&nbsp;&nbsp; Beijing E-Hualu Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 14,500<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Beijing Kingsoft Office Software Inc., Class A Shares | &nbsp;&nbsp; 2879 | &nbsp;&nbsp;&nbsp; 126656<br>|
| &nbsp;&nbsp;&nbsp; Beijing Shiji Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 26998<br>|
| &nbsp;&nbsp;&nbsp; CETC Cyberspace Security Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 17068<br>|
| &nbsp;&nbsp;&nbsp; China National Software & Service Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 38,473<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Empyrean Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 54841<br>|
| &nbsp;&nbsp;&nbsp; Horizon Robotics | &nbsp;&nbsp; 765600 | &nbsp;&nbsp;&nbsp; 851,814<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hundsun Technologies Inc., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 50106<br>|
| &nbsp;&nbsp;&nbsp; Iflytek Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 125366<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Hoperun Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 41132<br>|
| &nbsp;&nbsp;&nbsp; Kingdee International Software Group Co. Ltd. | &nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp; 442,232<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Longshine Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 25277<br>|
| &nbsp;&nbsp;&nbsp; NavInfo Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 22,461<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Newland Digital Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 23532<br>|
| &nbsp;&nbsp;&nbsp; Sangfor Technologies Inc., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 44546<br>|
| &nbsp;&nbsp;&nbsp; SenseTime Group Inc., Class B Shares | &nbsp;&nbsp; 2378000 | &nbsp;&nbsp;&nbsp; 672,140<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 13603 | &nbsp;&nbsp;&nbsp; 40361<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., Class B Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 71131<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Stonehill Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 41,240<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Infogem Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 33,313<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Kingdom Sci-Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 13,229<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yonyou Network Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 44,074<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *2894744* |
| *Technology Hardware, Storage & Peripherals — 3.0%* | *Technology Hardware, Storage & Peripherals — 3.0%* | *Technology Hardware, Storage & Peripherals — 3.0%* |
| &nbsp;&nbsp;&nbsp; Anker Innovations Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 95052<br>|
| &nbsp;&nbsp;&nbsp; China Greatwall Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 47,896<br> \*<br>|
| &nbsp;&nbsp;&nbsp; GRG Banking Equipment Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 34426<br>|
| &nbsp;&nbsp;&nbsp; Huaqin Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 75400<br>|
| &nbsp;&nbsp;&nbsp; IEIT Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 110683<br>|
| &nbsp;&nbsp;&nbsp; Legend Holdings Corp., Class H Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 59,554<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ninestar Corp., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 33,604<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Longsys Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp; 73,663<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 FTSE China 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; Shenzhen Transsion Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 7125 | &nbsp;&nbsp;&nbsp; $67535<br>|
| &nbsp;&nbsp;&nbsp; Xiaomi Corp., Class B Shares | &nbsp;&nbsp; 1519600 | &nbsp;&nbsp;&nbsp; 7,672,677<br> \*<sup>(a)</sup><br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *8270490* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **24164469** |
| **Materials — 5.2%** | **Materials — 5.2%** | **Materials — 5.2%** |
| *Chemicals — 1.2%* | *Chemicals — 1.2%* | *Chemicals — 1.2%* |
| &nbsp;&nbsp;&nbsp; Canmax Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 45378<br>|
| &nbsp;&nbsp;&nbsp; Cathay Biotech Inc., Class A Shares | &nbsp;&nbsp; 4503 | &nbsp;&nbsp;&nbsp; 32128<br>|
| &nbsp;&nbsp;&nbsp; Chengxin Lithium Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 28,610<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Do-Fluoride New Materials Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 28178<br>|
| &nbsp;&nbsp;&nbsp; Ganfeng Lithium Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 104517<br>|
| &nbsp;&nbsp;&nbsp; Ganfeng Lithium Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 232268<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Guangzhou Tinci Materials Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 76996<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Oxygen Plant Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 24821<br>|
| &nbsp;&nbsp;&nbsp; Haohua Chemical Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 26557<br>|
| &nbsp;&nbsp;&nbsp; Hengli Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 112328<br>|
| &nbsp;&nbsp;&nbsp; Hengyi Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 35797<br>|
| &nbsp;&nbsp;&nbsp; Hoshine Silicon Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 43791<br>|
| &nbsp;&nbsp;&nbsp; Huafon Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 45702<br>|
| &nbsp;&nbsp;&nbsp; Hubei Xingfa Chemicals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 57469<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Berun Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 30911<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 40052<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Eastern Shenghong Co. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 63,343<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Yangnong Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 57660<br>|
| &nbsp;&nbsp;&nbsp; Jiangsu Yoke Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 61574<br>|
| &nbsp;&nbsp;&nbsp; Kingfa Sci & Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 48710<br>|
| &nbsp;&nbsp;&nbsp; LB Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 48810<br>|
| &nbsp;&nbsp;&nbsp; Levima Advanced Materials Corp., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 16461<br>|
| &nbsp;&nbsp;&nbsp; Luxi Chemical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 27538<br>|
| &nbsp;&nbsp;&nbsp; Meihua Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 33670<br>|
| &nbsp;&nbsp;&nbsp; Ningbo Shanshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 33,679<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ningxia Baofeng Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 130493<br>|
| &nbsp;&nbsp;&nbsp; Qinghai Salt Lake Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 140,398<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rongsheng Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 63800 | &nbsp;&nbsp;&nbsp; 107035<br>|
| &nbsp;&nbsp;&nbsp; Satellite Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 58765<br>|
| &nbsp;&nbsp;&nbsp; Shandong Hualu Hengsheng Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 78350<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Putailai New Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 45436<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Capchem Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 43542<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Senior Technology Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 25344<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Hebang Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 22,535<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Yahua Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 20566<br>|
| &nbsp;&nbsp;&nbsp; Sinoma Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 60394<br>|
| &nbsp;&nbsp;&nbsp; Sinopec Shanghai Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 18480<br>|
| &nbsp;&nbsp;&nbsp; Sinopec Shanghai Petrochemical Co. Ltd., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 40835<br>|
| &nbsp;&nbsp;&nbsp; Skshu Paint Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 38448<br>|
| &nbsp;&nbsp;&nbsp; Sunresin New Materials Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 51311<br>|
| &nbsp;&nbsp;&nbsp; Tangshan Sanyou Chemical Industries Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 15431<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* |
| &nbsp;&nbsp;&nbsp; Tianqi Lithium Corp., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; $92,036<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tianqi Lithium Corp., Class H Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 76,081<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tongkun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 42902<br>|
| &nbsp;&nbsp;&nbsp; Valiant Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 12456<br>|
| &nbsp;&nbsp;&nbsp; Wanhua Chemical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 191152<br>|
| &nbsp;&nbsp;&nbsp; Yonfer Agricultural Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 25959<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Energy New Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 47,065<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Yuntianhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 55524<br>|
| &nbsp;&nbsp;&nbsp; Zangge Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 140265<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Juhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 95776<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Longsheng Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 35432<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang NHU Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 83727<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Yongtai Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 20,707<br> \*<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *3173393* |
| *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* |
| &nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 90823<br>|
| &nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd., Class H Shares | &nbsp;&nbsp; 103780 | &nbsp;&nbsp;&nbsp; 294400<br>|
| &nbsp;&nbsp;&nbsp; BBMG Corp., Class A Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 16652<br>|
| &nbsp;&nbsp;&nbsp; BBMG Corp., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 21759<br>|
| &nbsp;&nbsp;&nbsp; BBMG Jidong Cement Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 14658<br>|
| &nbsp;&nbsp;&nbsp; China Jushi Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 71047<br>|
| &nbsp;&nbsp;&nbsp; China National Building Material Co. Ltd., Class H Shares | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp; 228915<br>|
| &nbsp;&nbsp;&nbsp; China Resources Building Materials Technology Holdings Ltd. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 46200<br>|
| &nbsp;&nbsp;&nbsp; CSG Holding Co. Ltd., Class B Shares | &nbsp;&nbsp; 104400 | &nbsp;&nbsp;&nbsp; 22936<br>|
| &nbsp;&nbsp;&nbsp; Huaxin Building Materials Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 40783<br>|
| &nbsp;&nbsp;&nbsp; Huaxin Building Materials Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 67140<br>|
| &nbsp;&nbsp;&nbsp; TianShan Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 22,103<br> \*<br>|
| *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *937416* |
| *Containers & Packaging — 0.0%††* | *Containers & Packaging — 0.0%††* | *Containers & Packaging — 0.0%††* |
| &nbsp;&nbsp;&nbsp; ORG Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 14833<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen YUTO Packaging Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 23690<br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *38523* |
| *Metals & Mining — 3.6%* | *Metals & Mining — 3.6%* | *Metals & Mining — 3.6%* |
| &nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 81200 | &nbsp;&nbsp;&nbsp; 142159<br>|
| &nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd., Class H Shares | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp; 544120<br>|
| &nbsp;&nbsp;&nbsp; Angang Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 16,818<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Angang Steel Co. Ltd., Class H Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 28,167<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Baoshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 133400 | &nbsp;&nbsp;&nbsp; 142384<br>|
| &nbsp;&nbsp;&nbsp; Beijing Shougang Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 20358<br>|
| &nbsp;&nbsp;&nbsp; Chifeng Jilong Gold Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 51918<br>|
| &nbsp;&nbsp;&nbsp; Chifeng Jilong Gold Mining Co. Ltd., Class H Shares | &nbsp;&nbsp; 13400 | &nbsp;&nbsp;&nbsp; 51235<br>|
| &nbsp;&nbsp;&nbsp; China Hongqiao Group Ltd. | &nbsp;&nbsp; 277000 | &nbsp;&nbsp;&nbsp; 1160884<br>|
| &nbsp;&nbsp;&nbsp; China Northern Rare Earth Group High-Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 153294<br>|
| &nbsp;&nbsp;&nbsp; China Rare Earth Resources and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 38,589<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Citic Pacific Special Steel Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 40808<br>|
| &nbsp;&nbsp;&nbsp; CMOC Group Ltd., Class A Shares | &nbsp;&nbsp; 110200 | &nbsp;&nbsp;&nbsp; 315762<br>|
| &nbsp;&nbsp;&nbsp; CMOC Group Ltd., Class H Shares | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp; 778647<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* |
| &nbsp;&nbsp;&nbsp; Guangdong HEC Technology Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; $74,553<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Iron & Steel Co., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 27,122<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 68479<br>|
| &nbsp;&nbsp;&nbsp; Hesteel Co. Ltd., Class A Shares | &nbsp;&nbsp; 81200 | &nbsp;&nbsp;&nbsp; 26873<br>|
| &nbsp;&nbsp;&nbsp; Huaibei Mining Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 27696<br>|
| &nbsp;&nbsp;&nbsp; Hunan Gold Corp. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 35050<br>|
| &nbsp;&nbsp;&nbsp; Hunan Valin Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 37360<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia BaoTou Steel Union Co. Ltd., Class A Shares | &nbsp;&nbsp; 278400 | &nbsp;&nbsp;&nbsp; 94928<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia ERDOS Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 20541<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia ERDOS Resources Co. Ltd., Class B Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 41818<br>|
| &nbsp;&nbsp;&nbsp; Jiangxi Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 136908<br>|
| &nbsp;&nbsp;&nbsp; Jiangxi Copper Co. Ltd., Class H Shares | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp; 506836<br>|
| &nbsp;&nbsp;&nbsp; Jinduicheng Molybdenum Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 51785<br>|
| &nbsp;&nbsp;&nbsp; Maanshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 28,053<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Maanshan Iron & Steel Co. Ltd., Class H Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 37,407<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 63800 | &nbsp;&nbsp;&nbsp; 28,335<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shandong Gold Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 128665<br>|
| &nbsp;&nbsp;&nbsp; Shandong Gold Mining Co. Ltd., Class H Shares | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp; 386741<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shandong Humon Smelting Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 11151<br>|
| &nbsp;&nbsp;&nbsp; Shandong Nanshan Aluminum Co. Ltd., Class A Shares | &nbsp;&nbsp; 81200 | &nbsp;&nbsp;&nbsp; 62587<br>|
| &nbsp;&nbsp;&nbsp; Shanjin International Gold Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 60651<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Meijin Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 23,433<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shanxi Taigang Stainless Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 32,507<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shenghe Resources Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 35781<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 24305<br>|
| &nbsp;&nbsp;&nbsp; Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 87333<br>|
| &nbsp;&nbsp;&nbsp; Sinomine Resource Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 65271<br>|
| &nbsp;&nbsp;&nbsp; Tianshan Aluminum Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 67224<br>|
| &nbsp;&nbsp;&nbsp; Tongling Nonferrous Metals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 81200 | &nbsp;&nbsp;&nbsp; 69916<br>|
| &nbsp;&nbsp;&nbsp; Western Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 68902<br>|
| &nbsp;&nbsp;&nbsp; Western Superconducting Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 3675 | &nbsp;&nbsp;&nbsp; 39267<br>|
| &nbsp;&nbsp;&nbsp; Xiamen Tungsten Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 68238<br>|
| &nbsp;&nbsp;&nbsp; Xinxing Ductile Iron Pipes Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 17367<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Aluminium Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 109154<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 51128<br>|
| &nbsp;&nbsp;&nbsp; Yunnan Tin Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 46334<br>|
| &nbsp;&nbsp;&nbsp; Zhaojin Mining Industry Co. Ltd., Class H Shares | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; 572660<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Hailiang Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 31560<br>|
| &nbsp;&nbsp;&nbsp; Zhongjin Gold Corp. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 97055<br>|
| &nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 127600 | &nbsp;&nbsp;&nbsp; 630144<br>|
| &nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 526000 | &nbsp;&nbsp;&nbsp; 2409862<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *9926123* |
| *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Lee & Man Paper Manufacturing Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 41729<br>|
| &nbsp;&nbsp;&nbsp; Nine Dragons Paper Holdings Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 88,079<br> \*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Paper & Forest Products — continued* | *Paper & Forest Products — continued* | *Paper & Forest Products — continued* |
| &nbsp;&nbsp;&nbsp; Shandong Sun Paper Industry JSC Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; $39262<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *169070* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **14244525** |
| **Real Estate — 1.5%** | **Real Estate — 1.5%** | **Real Estate — 1.5%** |
| *Real Estate Management & Development — 1.5%* | *Real Estate Management & Development — 1.5%* | *Real Estate Management & Development — 1.5%* |
| &nbsp;&nbsp;&nbsp; C&D International Investment Group Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 116619<br>|
| &nbsp;&nbsp;&nbsp; China Jinmao Holdings Group Ltd. | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; 90165<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Property Operation & Service Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 8875<br>|
| &nbsp;&nbsp;&nbsp; China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 71794<br>|
| &nbsp;&nbsp;&nbsp; China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 323500 | &nbsp;&nbsp;&nbsp; 509138<br>|
| &nbsp;&nbsp;&nbsp; China Resources Land Ltd. | &nbsp;&nbsp; 261000 | &nbsp;&nbsp;&nbsp; 912083<br>|
| &nbsp;&nbsp;&nbsp; China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 319974<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Vanke Co. Ltd., Class A Shares | &nbsp;&nbsp; 63800 | &nbsp;&nbsp;&nbsp; 42,503<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China Vanke Co. Ltd., Class H Shares | &nbsp;&nbsp; 191400 | &nbsp;&nbsp;&nbsp; 80,657<br> \*<br>|
| &nbsp;&nbsp;&nbsp; China World Trade Center Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 16469<br>|
| &nbsp;&nbsp;&nbsp; Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 134801<br>|
| &nbsp;&nbsp;&nbsp; Gemdale Corp., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 15,256<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Grandjoy Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 14,060<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Greenland Holdings Corp. Ltd., Class A Shares | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp; 20,691<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Greentown China Holdings Ltd. | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp; 94673<br>|
| &nbsp;&nbsp;&nbsp; Hainan Airport Infrastructure Co. Ltd., Class A Shares | &nbsp;&nbsp; 75400 | &nbsp;&nbsp;&nbsp; 57577<br>|
| &nbsp;&nbsp;&nbsp; Hangzhou Binjiang Real Estate Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 33404<br>|
| &nbsp;&nbsp;&nbsp; Hopson Development Holdings Ltd. | &nbsp;&nbsp; 92800 | &nbsp;&nbsp;&nbsp; 35,649<br> \*<br>|
| &nbsp;&nbsp;&nbsp; KE Holdings Inc., ADR | &nbsp;&nbsp; 54810 | &nbsp;&nbsp;&nbsp; 863806<br>|
| &nbsp;&nbsp;&nbsp; Longfor Group Holdings Ltd. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 191359<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Poly Developments and Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 75400 | &nbsp;&nbsp;&nbsp; 65894<br>|
| &nbsp;&nbsp;&nbsp; Poly Property Services Co. Ltd., Class H Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 47512<br>|
| &nbsp;&nbsp;&nbsp; Quzhou Xin'an Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 32,158<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Seazen Group Ltd. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 61,104<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Seazen Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 34,775<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 17075<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Lingang Holdings Corp. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 29166<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 19718<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp; 34887<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 72958<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Investment Ltd. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 23,547<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Overseas Chinese Town Co. Ltd., Class A Shares | &nbsp;&nbsp; 63800 | &nbsp;&nbsp;&nbsp; 22,668<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yango Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 20300 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Youngor Fashion Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 37891<br>|
| &nbsp;&nbsp;&nbsp; Yuexiu Property Co. Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 59017<br>|
| &nbsp;&nbsp;&nbsp; Zhuhai Huafa Properties Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 10520<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4198443** |
| **Utilities — 2.0%** | **Utilities — 2.0%** | **Utilities — 2.0%** |
| *Gas Utilities — 0.6%* | *Gas Utilities — 0.6%* | *Gas Utilities — 0.6%* |
| &nbsp;&nbsp;&nbsp; Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 39500 | &nbsp;&nbsp;&nbsp; 161481<br>|
| &nbsp;&nbsp;&nbsp; China Gas Holdings Ltd. | &nbsp;&nbsp; 243600 | &nbsp;&nbsp;&nbsp; 240361<br>|
| &nbsp;&nbsp;&nbsp; China Resources Gas Group Ltd. | &nbsp;&nbsp; 81200 | &nbsp;&nbsp;&nbsp; 235979<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Gas Utilities — continued* | *Gas Utilities — continued* | *Gas Utilities — continued* |
| &nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | &nbsp;&nbsp; 63800 | &nbsp;&nbsp;&nbsp; $567221<br>|
| &nbsp;&nbsp;&nbsp; ENN Natural Gas Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 69002<br>|
| &nbsp;&nbsp;&nbsp; Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp; 332195<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Gas Corp. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 16453<br>|
| &nbsp;&nbsp;&nbsp; Towngas Smart Energy Co. Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 57527<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *1680219* |
| *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; Beijing Jingneng Clean Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 33830<br>|
| &nbsp;&nbsp;&nbsp; CECEP Solar Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 18447<br>|
| &nbsp;&nbsp;&nbsp; CECEP Wind-Power Corp., Class A Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 22062<br>|
| &nbsp;&nbsp;&nbsp; CGN Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 62488<br>|
| &nbsp;&nbsp;&nbsp; CGN Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp; 349334<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Green Electricity Investment of Tianjin Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 13644<br>|
| &nbsp;&nbsp;&nbsp; China Longyuan Power Group Corp. Ltd., Class H Shares | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 247395<br>|
| &nbsp;&nbsp;&nbsp; China National Nuclear Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 127600 | &nbsp;&nbsp;&nbsp; 158130<br>|
| &nbsp;&nbsp;&nbsp; China Power International Development Ltd. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp; 144413<br>|
| &nbsp;&nbsp;&nbsp; China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 176000 | &nbsp;&nbsp;&nbsp; 391413<br>|
| &nbsp;&nbsp;&nbsp; China Three Gorges Renewables Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp; 101958<br>|
| &nbsp;&nbsp;&nbsp; China Yangtze Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 150800 | &nbsp;&nbsp;&nbsp; 587433<br>|
| &nbsp;&nbsp;&nbsp; Datang International Power Generation Co. Ltd., Class A Shares | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 34800<br>|
| &nbsp;&nbsp;&nbsp; Datang International Power Generation Co. Ltd., Class H Shares | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; 65873<br>|
| &nbsp;&nbsp;&nbsp; Fujian Funeng Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 31476<br>|
| &nbsp;&nbsp;&nbsp; GD Power Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 110200 | &nbsp;&nbsp;&nbsp; 79572<br>|
| &nbsp;&nbsp;&nbsp; Guangdong Electric Power Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 11018<br>|
| &nbsp;&nbsp;&nbsp; Guangdong Electric Power Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 81200 | &nbsp;&nbsp;&nbsp; 19717<br>|
| &nbsp;&nbsp;&nbsp; Guangxi Guiguan Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 13013<br>|
| &nbsp;&nbsp;&nbsp; Huadian Power International Corp. Ltd., Class A Shares | &nbsp;&nbsp; 63800 | &nbsp;&nbsp;&nbsp; 45337<br>|
| &nbsp;&nbsp;&nbsp; Huadian Power International Corp. Ltd., Class H Shares | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 60656<br>|
| &nbsp;&nbsp;&nbsp; Huaneng Lancang River Hydropower Inc., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 60360<br>|
| &nbsp;&nbsp;&nbsp; Huaneng Power International Inc., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 61989<br>|
| &nbsp;&nbsp;&nbsp; Huaneng Power International Inc., Class H Shares | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp; 256188<br>|
| &nbsp;&nbsp;&nbsp; Hubei Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 33953<br>|
| &nbsp;&nbsp;&nbsp; Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A Shares | &nbsp;&nbsp; 40600 | &nbsp;&nbsp;&nbsp; 26059<br>|
| &nbsp;&nbsp;&nbsp; SDIC Power Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 46400 | &nbsp;&nbsp;&nbsp; 87217<br>|
| &nbsp;&nbsp;&nbsp; Shaanxi Energy Investment Co. Ltd., Class A Shares | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 23208<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 66543<br>|
| &nbsp;&nbsp;&nbsp; Shenergy Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 38789<br>|
| &nbsp;&nbsp;&nbsp; Shenzhen Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 32507<br>|
| &nbsp;&nbsp;&nbsp; Sichuan Chuantou Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 69301<br>|
| &nbsp;&nbsp;&nbsp; Sichuan New Energy Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 19361<br>|
| &nbsp;&nbsp;&nbsp; Wintime Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 150800 | &nbsp;&nbsp;&nbsp; 33,919<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Zhejiang Zheneng Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 41132<br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *3342535* |
| *Water Utilities — 0.2%* | *Water Utilities — 0.2%* | *Water Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 24929<br>|
| &nbsp;&nbsp;&nbsp; Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp; 109986<br>|
| &nbsp;&nbsp;&nbsp; Chengdu Xingrong Environment Co. Ltd., Class A Shares | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 23832<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Water Utilities — continued* | *Water Utilities — continued* | *Water Utilities — continued* | *Water Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. | &nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; $202387<br>|
| &nbsp;&nbsp;&nbsp; Zhongshan Public Utilities Group Co. Ltd., Class A Shares | &nbsp;&nbsp;&nbsp; Zhongshan Public Utilities Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 19361<br>|
| *Total Water Utilities* | *Total Water Utilities* | *Total Water Utilities* | &nbsp;&nbsp; *380495* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **5403249** |
| **Total Investments before Short-Term Investments (Cost — $240,216,107)** | **Total Investments before Short-Term Investments (Cost — $240,216,107)** | **Total Investments before Short-Term Investments (Cost — $240,216,107)** | &nbsp;&nbsp; **275720765** |
|  | Rate |  |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $362,210)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 362210<br>| &nbsp;&nbsp;&nbsp;&nbsp; **362210**<br> <sup>(f)(g)(h)</sup><br>|
| **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** | **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** | **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** | **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $66,800) <br>| &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 66800<br>| &nbsp;&nbsp;&nbsp;&nbsp; **66800**<br> <sup>(f)(g)(h)</sup><br>|
| **Total Short-Term Investments (Cost — $429,010)** | **Total Short-Term Investments (Cost — $429,010)** | **Total Short-Term Investments (Cost — $429,010)** | &nbsp;&nbsp; **429010** |
| **Total Investments — 99.8% (Cost — $240,645,117)** | **Total Investments — 99.8% (Cost — $240,645,117)** | **Total Investments — 99.8% (Cost — $240,645,117)** | &nbsp;&nbsp; **276149775** |
| &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; 462480 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$276612255** |

---

&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> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(d)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(e)</sup> | Value is less than $1. |
| <sup>(f)</sup> | Rate shown 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 $429,010 and the cost was $429,010 (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:** |
| ADR |  | American Depositary Receipts |
| JSC |  | 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>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| MSCI China Index | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $440020 | &nbsp;&nbsp;&nbsp;&nbsp; $439725 | &nbsp;&nbsp;&nbsp; **$(295)** |

---

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 FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Communication Services — 2.9%** | **Communication Services — 2.9%** | **Communication Services — 2.9%** |
| *Diversified Telecommunication Services — 1.9%* | *Diversified Telecommunication Services — 1.9%* | *Diversified Telecommunication Services — 1.9%* |
| &nbsp;&nbsp;&nbsp; BT Group PLC | &nbsp;&nbsp; 47696 | &nbsp;&nbsp;&nbsp; $118075<br>|
| &nbsp;&nbsp;&nbsp; Cellnex Telecom SA | &nbsp;&nbsp; 4784 | &nbsp;&nbsp;&nbsp; 154117<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG | &nbsp;&nbsp; 29376 | &nbsp;&nbsp;&nbsp; 954288<br>|
| &nbsp;&nbsp;&nbsp; Elisa oyj | &nbsp;&nbsp; 1168 | &nbsp;&nbsp;&nbsp; 51770<br>|
| &nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp; 2672 | &nbsp;&nbsp;&nbsp; 24744<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | &nbsp;&nbsp; 31888 | &nbsp;&nbsp;&nbsp; 148905<br>|
| &nbsp;&nbsp;&nbsp; Orange SA | &nbsp;&nbsp; 17616 | &nbsp;&nbsp;&nbsp; 293786<br>|
| &nbsp;&nbsp;&nbsp; Swisscom AG, Registered Shares | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 151094<br>|
| &nbsp;&nbsp;&nbsp; Telecom Italia SpA | &nbsp;&nbsp; 93344 | &nbsp;&nbsp;&nbsp; 56,327<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Telecom Italia SpA, Savings Shares | &nbsp;&nbsp; 51424 | &nbsp;&nbsp;&nbsp; 37,626<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Telefonica SA | &nbsp;&nbsp; 34672 | &nbsp;&nbsp;&nbsp; 142237<br>|
| &nbsp;&nbsp;&nbsp; Telekom Austria AG | &nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp; 7441<br>|
| &nbsp;&nbsp;&nbsp; Telenor ASA | &nbsp;&nbsp; 5360 | &nbsp;&nbsp;&nbsp; 77954<br>|
| &nbsp;&nbsp;&nbsp; Telia Co. AB | &nbsp;&nbsp; 19504 | &nbsp;&nbsp;&nbsp; 83315<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *2301679* |
| *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* |
| &nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 44253<br>|
| &nbsp;&nbsp;&nbsp; Universal Music Group NV | &nbsp;&nbsp; 7968 | &nbsp;&nbsp;&nbsp; 208029<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *252282* |
| *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Auto Trader Group PLC | &nbsp;&nbsp; 7264 | &nbsp;&nbsp;&nbsp; 57294<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rightmove PLC | &nbsp;&nbsp; 6496 | &nbsp;&nbsp;&nbsp; 45400<br>|
| &nbsp;&nbsp;&nbsp; Scout24 SE | &nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 59654<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vend Marketplaces ASA, Class B Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 33311<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *195659* |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| &nbsp;&nbsp;&nbsp; Informa PLC | &nbsp;&nbsp; 10880 | &nbsp;&nbsp;&nbsp; 129366<br>|
| &nbsp;&nbsp;&nbsp; Publicis Groupe SA | &nbsp;&nbsp; 1920 | &nbsp;&nbsp;&nbsp; 199833<br>|
| &nbsp;&nbsp;&nbsp; RTL Group SA | &nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 12300<br>|
| &nbsp;&nbsp;&nbsp; WPP PLC | &nbsp;&nbsp; 9120 | &nbsp;&nbsp;&nbsp; 41400<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *382899* |
| *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Airtel Africa PLC | &nbsp;&nbsp; 5680 | &nbsp;&nbsp;&nbsp; 27137<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tele2 AB, Class B Shares | &nbsp;&nbsp; 4576 | &nbsp;&nbsp;&nbsp; 76715<br>|
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC | &nbsp;&nbsp; 158864 | &nbsp;&nbsp;&nbsp; 211287<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *315139* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3447658** |
| **Consumer Discretionary — 7.9%** | **Consumer Discretionary — 7.9%** | **Consumer Discretionary — 7.9%** |
| *Automobile Components — 0.2%* | *Automobile Components — 0.2%* | *Automobile Components — 0.2%* |
| &nbsp;&nbsp;&nbsp; Aumovio SE | &nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp; 22,996<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp; 186193<br>|
| &nbsp;&nbsp;&nbsp; Continental AG | &nbsp;&nbsp; 912 | &nbsp;&nbsp;&nbsp; 72792<br>|
| &nbsp;&nbsp;&nbsp; Pirelli & C. SpA | &nbsp;&nbsp; 3184 | &nbsp;&nbsp;&nbsp; 21898<br> <sup>(a)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *303879* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Automobiles — 1.2%* | *Automobiles — 1.2%* | *Automobiles — 1.2%* |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | &nbsp;&nbsp; 2464 | &nbsp;&nbsp;&nbsp; $269533<br>|
| &nbsp;&nbsp;&nbsp; Ferrari NV | &nbsp;&nbsp; 1008 | &nbsp;&nbsp;&nbsp; 377292<br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | &nbsp;&nbsp; 6400 | &nbsp;&nbsp;&nbsp; 451515<br>|
| &nbsp;&nbsp;&nbsp; Renault SA | &nbsp;&nbsp; 1568 | &nbsp;&nbsp;&nbsp; 65227<br>|
| &nbsp;&nbsp;&nbsp; Stellantis NV | &nbsp;&nbsp; 18160 | &nbsp;&nbsp;&nbsp; 201785<br>|
| &nbsp;&nbsp;&nbsp; Volkswagen AG | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 29624<br>|
| &nbsp;&nbsp;&nbsp; Volvo Car AB, Class B Shares | &nbsp;&nbsp; 5232 | &nbsp;&nbsp;&nbsp; 17,423<br> \*<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *1412399* |
| *Broadline Retail — 0.7%* | *Broadline Retail — 0.7%* | *Broadline Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Allegro.eu SA | &nbsp;&nbsp; 6752 | &nbsp;&nbsp;&nbsp; 58,257<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Next PLC | &nbsp;&nbsp; 976 | &nbsp;&nbsp;&nbsp; 179587<br>|
| &nbsp;&nbsp;&nbsp; Prosus NV | &nbsp;&nbsp; 10368 | &nbsp;&nbsp;&nbsp; 643539<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *881383* |
| *Distributors — 0.0%††* | *Distributors — 0.0%††* | *Distributors — 0.0%††* |
| &nbsp;&nbsp;&nbsp; D'ieteren Group | &nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; *31812*<br>|
| *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Pearson PLC | &nbsp;&nbsp; 5408 | &nbsp;&nbsp;&nbsp; *76377*<br>|
| *Hotels, Restaurants & Leisure — 1.1%* | *Hotels, Restaurants & Leisure — 1.1%* | *Hotels, Restaurants & Leisure — 1.1%* |
| &nbsp;&nbsp;&nbsp; Accor SA | &nbsp;&nbsp; 1856 | &nbsp;&nbsp;&nbsp; 105109<br>|
| &nbsp;&nbsp;&nbsp; Amadeus IT Group SA | &nbsp;&nbsp; 3744 | &nbsp;&nbsp;&nbsp; 276316<br>|
| &nbsp;&nbsp;&nbsp; Compass Group PLC | &nbsp;&nbsp; 14352 | &nbsp;&nbsp;&nbsp; 456350<br>|
| &nbsp;&nbsp;&nbsp; Delivery Hero SE | &nbsp;&nbsp; 1856 | &nbsp;&nbsp;&nbsp; 49,525<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Entain PLC | &nbsp;&nbsp; 5024 | &nbsp;&nbsp;&nbsp; 51803<br>|
| &nbsp;&nbsp;&nbsp; Evolution AB | &nbsp;&nbsp; 1072 | &nbsp;&nbsp;&nbsp; 73236<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FDJ UNITED | &nbsp;&nbsp; 944 | &nbsp;&nbsp;&nbsp; 26187<br>|
| &nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC | &nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp; 171082<br>|
| &nbsp;&nbsp;&nbsp; Sodexo SA | &nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp; 35311<br>|
| &nbsp;&nbsp;&nbsp; Whitbread PLC | &nbsp;&nbsp; 1456 | &nbsp;&nbsp;&nbsp; 49939<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *1294858* |
| *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* |
| &nbsp;&nbsp;&nbsp; Barratt Redrow PLC | &nbsp;&nbsp; 11280 | &nbsp;&nbsp;&nbsp; 57821<br>|
| &nbsp;&nbsp;&nbsp; Berkeley Group Holdings PLC | &nbsp;&nbsp; 784 | &nbsp;&nbsp;&nbsp; 41169<br>|
| &nbsp;&nbsp;&nbsp; Persimmon PLC | &nbsp;&nbsp; 2640 | &nbsp;&nbsp;&nbsp; 48239<br>|
| &nbsp;&nbsp;&nbsp; SEB SA | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 12043<br>|
| &nbsp;&nbsp;&nbsp; Taylor Wimpey PLC | &nbsp;&nbsp; 30032 | &nbsp;&nbsp;&nbsp; 43424<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *202696* |
| *Specialty Retail — 0.8%* | *Specialty Retail — 0.8%* | *Specialty Retail — 0.8%* |
| &nbsp;&nbsp;&nbsp; Avolta AG | &nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp; 44745<br>|
| &nbsp;&nbsp;&nbsp; Fielmann Group AG | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 10639<br>|
| &nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB, Class B Shares | &nbsp;&nbsp; 4112 | &nbsp;&nbsp;&nbsp; 82920<br>|
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | &nbsp;&nbsp; 9360 | &nbsp;&nbsp;&nbsp; 619337<br>|
| &nbsp;&nbsp;&nbsp; JD Sports Fashion PLC | &nbsp;&nbsp; 20560 | &nbsp;&nbsp;&nbsp; 23357<br>|
| &nbsp;&nbsp;&nbsp; Kingfisher PLC | &nbsp;&nbsp; 14512 | &nbsp;&nbsp;&nbsp; 61037<br>|
| &nbsp;&nbsp;&nbsp; Zalando SE | &nbsp;&nbsp; 1984 | &nbsp;&nbsp;&nbsp; 59,045<br> \*<sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *901080* |
| *Textiles, Apparel & Luxury Goods — 3.6%* | *Textiles, Apparel & Luxury Goods — 3.6%* | *Textiles, Apparel & Luxury Goods — 3.6%* |
| &nbsp;&nbsp;&nbsp; adidas AG | &nbsp;&nbsp; 1408 | &nbsp;&nbsp;&nbsp; 279545<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Textiles, Apparel & Luxury Goods — continued* | *Textiles, Apparel & Luxury Goods — continued* | *Textiles, Apparel & Luxury Goods — continued* |
| &nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; $33290<br>|
| &nbsp;&nbsp;&nbsp; Burberry Group PLC | &nbsp;&nbsp; 2992 | &nbsp;&nbsp;&nbsp; 51,069<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Registered Shares | &nbsp;&nbsp; 4480 | &nbsp;&nbsp;&nbsp; 972905<br>|
| &nbsp;&nbsp;&nbsp; Hermes International SCA | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 717749<br>|
| &nbsp;&nbsp;&nbsp; Kering SA | &nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 209278<br>|
| &nbsp;&nbsp;&nbsp; LPP SA | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 63671<br>|
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 2160 | &nbsp;&nbsp;&nbsp; 1636244<br>|
| &nbsp;&nbsp;&nbsp; Moncler SpA | &nbsp;&nbsp; 1904 | &nbsp;&nbsp;&nbsp; 122810<br>|
| &nbsp;&nbsp;&nbsp; Pandora A/S | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 71209<br>|
| &nbsp;&nbsp;&nbsp; Swatch Group AG, Bearer Shares | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 50969<br>|
| &nbsp;&nbsp;&nbsp; Swatch Group AG, Registered Shares  | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 16703<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *4225442* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **9329926** |
| **Consumer Staples — 8.8%** | **Consumer Staples — 8.8%** | **Consumer Staples — 8.8%** |
| *Beverages — 1.4%* | *Beverages — 1.4%* | *Beverages — 1.4%* |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV | &nbsp;&nbsp; 8096 | &nbsp;&nbsp;&nbsp; 522008<br>|
| &nbsp;&nbsp;&nbsp; Carlsberg AS, Class B Shares | &nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp; 100861<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp; 165108<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola HBC AG | &nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp; 87644<br>|
| &nbsp;&nbsp;&nbsp; Davide Campari-Milano NV | &nbsp;&nbsp; 4752 | &nbsp;&nbsp;&nbsp; 30908<br>|
| &nbsp;&nbsp;&nbsp; Diageo PLC | &nbsp;&nbsp; 18832 | &nbsp;&nbsp;&nbsp; 406166<br>|
| &nbsp;&nbsp;&nbsp; Heineken Holding NV | &nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp; 70354<br>|
| &nbsp;&nbsp;&nbsp; Heineken NV | &nbsp;&nbsp; 2352 | &nbsp;&nbsp;&nbsp; 192643<br>|
| &nbsp;&nbsp;&nbsp; Pernod Ricard SA | &nbsp;&nbsp; 1616 | &nbsp;&nbsp;&nbsp; 138737<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *1714429* |
| *Consumer Staples Distribution & Retail — 0.9%* | *Consumer Staples Distribution & Retail — 0.9%* | *Consumer Staples Distribution & Retail — 0.9%* |
| &nbsp;&nbsp;&nbsp; Axfood AB | &nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp; 28206<br>|
| &nbsp;&nbsp;&nbsp; Carrefour SA | &nbsp;&nbsp; 4784 | &nbsp;&nbsp;&nbsp; 79952<br>|
| &nbsp;&nbsp;&nbsp; Dino Polska SA | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 46,006<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; J Sainsbury PLC | &nbsp;&nbsp; 14448 | &nbsp;&nbsp;&nbsp; 63158<br>|
| &nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | &nbsp;&nbsp; 2320 | &nbsp;&nbsp;&nbsp; 55203<br>|
| &nbsp;&nbsp;&nbsp; Kesko oyj, Class B Shares | &nbsp;&nbsp; 2240 | &nbsp;&nbsp;&nbsp; 50642<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 7584 | &nbsp;&nbsp;&nbsp; 310588<br>|
| &nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC | &nbsp;&nbsp; 17344 | &nbsp;&nbsp;&nbsp; 76984<br>|
| &nbsp;&nbsp;&nbsp; Tesco PLC | &nbsp;&nbsp; 53456 | &nbsp;&nbsp;&nbsp; 317659<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *1028398* |
| *Food Products — 3.0%* | *Food Products — 3.0%* | *Food Products — 3.0%* |
| &nbsp;&nbsp;&nbsp; AAK AB | &nbsp;&nbsp; 1536 | &nbsp;&nbsp;&nbsp; 43953<br>|
| &nbsp;&nbsp;&nbsp; Associated British Foods PLC | &nbsp;&nbsp; 2480 | &nbsp;&nbsp;&nbsp; 70951<br>|
| &nbsp;&nbsp;&nbsp; Barry Callebaut AG, Registered Shares | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 52751<br>|
| &nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 248697<br>|
| &nbsp;&nbsp;&nbsp; Danone SA | &nbsp;&nbsp; 5360 | &nbsp;&nbsp;&nbsp; 483334<br>|
| &nbsp;&nbsp;&nbsp; Emmi AG, Registered Shares | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 14844<br>|
| &nbsp;&nbsp;&nbsp; JDE Peet's NV | &nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp; 49092<br>|
| &nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A Shares | &nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp; 126052<br>|
| &nbsp;&nbsp;&nbsp; Lotus Bakeries NV | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 27658<br>|
| &nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV | &nbsp;&nbsp; 4080 | &nbsp;&nbsp;&nbsp; 65,245<br> \*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Food Products — continued* | *Food Products — continued* | *Food Products — continued* |
| &nbsp;&nbsp;&nbsp; Mowi ASA | &nbsp;&nbsp; 3664 | &nbsp;&nbsp;&nbsp; $88341<br>|
| &nbsp;&nbsp;&nbsp; Nestle SA, Registered Shares | &nbsp;&nbsp; 21408 | &nbsp;&nbsp;&nbsp; 2127695<br>|
| &nbsp;&nbsp;&nbsp; Orkla ASA | &nbsp;&nbsp; 5616 | &nbsp;&nbsp;&nbsp; 62636<br>|
| &nbsp;&nbsp;&nbsp; Salmar ASA | &nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 36241<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *3497490* |
| *Household Products — 0.6%* | *Household Products — 0.6%* | *Household Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Essity AB, Class B Shares | &nbsp;&nbsp; 4960 | &nbsp;&nbsp;&nbsp; 142686<br>|
| &nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | &nbsp;&nbsp; 816 | &nbsp;&nbsp;&nbsp; 62293<br>|
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | &nbsp;&nbsp; 5760 | &nbsp;&nbsp;&nbsp; 465004<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *669983* |
| *Personal Care Products — 1.8%* | *Personal Care Products — 1.8%* | *Personal Care Products — 1.8%* |
| &nbsp;&nbsp;&nbsp; Beiersdorf AG | &nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp; 96820<br>|
| &nbsp;&nbsp;&nbsp; L'Oreal SA | &nbsp;&nbsp; 1936 | &nbsp;&nbsp;&nbsp; 833552<br>|
| &nbsp;&nbsp;&nbsp; Unilever PLC | &nbsp;&nbsp; 18144 | &nbsp;&nbsp;&nbsp; 1185940<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *2116312* |
| *Tobacco — 1.1%* | *Tobacco — 1.1%* | *Tobacco — 1.1%* |
| &nbsp;&nbsp;&nbsp; British American Tobacco PLC | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 1020247<br>|
| &nbsp;&nbsp;&nbsp; Imperial Brands PLC | &nbsp;&nbsp; 6448 | &nbsp;&nbsp;&nbsp; 270507<br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *1290754* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **10317366** |
| **Energy — 4.1%** | **Energy — 4.1%** | **Energy — 4.1%** |
| *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Tenaris SA | &nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp; *57085*<br>|
| *Oil, Gas & Consumable Fuels — 4.0%* | *Oil, Gas & Consumable Fuels — 4.0%* | *Oil, Gas & Consumable Fuels — 4.0%* |
| &nbsp;&nbsp;&nbsp; Aker BP ASA | &nbsp;&nbsp; 2592 | &nbsp;&nbsp;&nbsp; 66015<br>|
| &nbsp;&nbsp;&nbsp; Bollore SE | &nbsp;&nbsp; 5760 | &nbsp;&nbsp;&nbsp; 32431<br>|
| &nbsp;&nbsp;&nbsp; BP PLC | &nbsp;&nbsp; 132672 | &nbsp;&nbsp;&nbsp; 772333<br>|
| &nbsp;&nbsp;&nbsp; Eni SpA | &nbsp;&nbsp; 16976 | &nbsp;&nbsp;&nbsp; 321791<br>|
| &nbsp;&nbsp;&nbsp; Equinor ASA | &nbsp;&nbsp; 5760 | &nbsp;&nbsp;&nbsp; 135337<br>|
| &nbsp;&nbsp;&nbsp; Galp Energia SGPS SA | &nbsp;&nbsp; 3520 | &nbsp;&nbsp;&nbsp; 60481<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke Vopak NV | &nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp; 20642<br>|
| &nbsp;&nbsp;&nbsp; Neste oyj | &nbsp;&nbsp; 3504 | &nbsp;&nbsp;&nbsp; 79877<br>|
| &nbsp;&nbsp;&nbsp; OMV AG | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 66972<br>|
| &nbsp;&nbsp;&nbsp; ORLEN SA | &nbsp;&nbsp; 4928 | &nbsp;&nbsp;&nbsp; 131740<br>|
| &nbsp;&nbsp;&nbsp; Repsol SA | &nbsp;&nbsp; 9280 | &nbsp;&nbsp;&nbsp; 173565<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC | &nbsp;&nbsp; 48928 | &nbsp;&nbsp;&nbsp; 1803210<br>|
| &nbsp;&nbsp;&nbsp; TotalEnergies SE | &nbsp;&nbsp; 15520 | &nbsp;&nbsp;&nbsp; 1013265<br>|
| &nbsp;&nbsp;&nbsp; Var Energi ASA | &nbsp;&nbsp; 6336 | &nbsp;&nbsp;&nbsp; 20729<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *4698388* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **4755473** |
| **Financials — 25.1%** | **Financials — 25.1%** | **Financials — 25.1%** |
| *Banks — 13.9%* | *Banks — 13.9%* | *Banks — 13.9%* |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, CVA | &nbsp;&nbsp; 4896 | &nbsp;&nbsp;&nbsp; 171296<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIB Group PLC | &nbsp;&nbsp; 18096 | &nbsp;&nbsp;&nbsp; 195526<br>|
| &nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 17568 | &nbsp;&nbsp;&nbsp; 188377<br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 47952 | &nbsp;&nbsp;&nbsp; 1129161<br>|
| &nbsp;&nbsp;&nbsp; Banco BPM SpA | &nbsp;&nbsp; 12416 | &nbsp;&nbsp;&nbsp; 189857<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Banco Comercial Portugues SA | &nbsp;&nbsp; 75872 | &nbsp;&nbsp;&nbsp; $79858<br>|
| &nbsp;&nbsp;&nbsp; Banco de Sabadell SA | &nbsp;&nbsp; 42176 | &nbsp;&nbsp;&nbsp; 166681<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA | &nbsp;&nbsp; 125472 | &nbsp;&nbsp;&nbsp; 1483922<br>|
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC | &nbsp;&nbsp; 8128 | &nbsp;&nbsp;&nbsp; 156315<br>|
| &nbsp;&nbsp;&nbsp; Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp; 84888<br>|
| &nbsp;&nbsp;&nbsp; Bankinter SA | &nbsp;&nbsp; 5264 | &nbsp;&nbsp;&nbsp; 87511<br>|
| &nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise, Registered Shares | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 30415<br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC | &nbsp;&nbsp; 117728 | &nbsp;&nbsp;&nbsp; 753667<br>|
| &nbsp;&nbsp;&nbsp; BAWAG Group AG | &nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp; 99387<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | &nbsp;&nbsp; 8384 | &nbsp;&nbsp;&nbsp; 795506<br>|
| &nbsp;&nbsp;&nbsp; BPER Banca SpA | &nbsp;&nbsp; 11760 | &nbsp;&nbsp;&nbsp; 160214<br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA | &nbsp;&nbsp; 30384 | &nbsp;&nbsp;&nbsp; 372725<br>|
| &nbsp;&nbsp;&nbsp; Commerzbank AG | &nbsp;&nbsp; 5696 | &nbsp;&nbsp;&nbsp; 241497<br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA | &nbsp;&nbsp; 7856 | &nbsp;&nbsp;&nbsp; 161925<br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S | &nbsp;&nbsp; 5312 | &nbsp;&nbsp;&nbsp; 266118<br>|
| &nbsp;&nbsp;&nbsp; DNB Bank ASA | &nbsp;&nbsp; 6880 | &nbsp;&nbsp;&nbsp; 192004<br>|
| &nbsp;&nbsp;&nbsp; Erste Group Bank AG | &nbsp;&nbsp; 2368 | &nbsp;&nbsp;&nbsp; 286175<br>|
| &nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 5168 | &nbsp;&nbsp;&nbsp; 134744<br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC | &nbsp;&nbsp; 145280 | &nbsp;&nbsp;&nbsp; 2293709<br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV | &nbsp;&nbsp; 25168 | &nbsp;&nbsp;&nbsp; 709701<br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | &nbsp;&nbsp; 129920 | &nbsp;&nbsp;&nbsp; 903453<br>|
| &nbsp;&nbsp;&nbsp; KBC Group NV | &nbsp;&nbsp; 1920 | &nbsp;&nbsp;&nbsp; 250863<br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | &nbsp;&nbsp; 500688 | &nbsp;&nbsp;&nbsp; 661597<br>|
| &nbsp;&nbsp;&nbsp; mBank SA | &nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 33,068<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 944 | &nbsp;&nbsp;&nbsp; 19718<br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC | &nbsp;&nbsp; 68368 | &nbsp;&nbsp;&nbsp; 599384<br>|
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp | &nbsp;&nbsp; 27488 | &nbsp;&nbsp;&nbsp; 519277<br>|
| &nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 7248 | &nbsp;&nbsp;&nbsp; 171684<br>|
| &nbsp;&nbsp;&nbsp; Raiffeisen Bank International AG | &nbsp;&nbsp; 1088 | &nbsp;&nbsp;&nbsp; 48940<br>|
| &nbsp;&nbsp;&nbsp; Santander Bank Polska SA | &nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 53399<br>|
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Class A Shares | &nbsp;&nbsp; 12784 | &nbsp;&nbsp;&nbsp; 270551<br>|
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Class C Shares | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 2755<br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA | &nbsp;&nbsp; 5968 | &nbsp;&nbsp;&nbsp; 481667<br>|
| &nbsp;&nbsp;&nbsp; Standard Chartered PLC | &nbsp;&nbsp; 15488 | &nbsp;&nbsp;&nbsp; 379561<br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A Shares | &nbsp;&nbsp; 12208 | &nbsp;&nbsp;&nbsp; 177913<br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class B Shares | &nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 7644<br>|
| &nbsp;&nbsp;&nbsp; Swedbank AB, Class A Shares | &nbsp;&nbsp; 6848 | &nbsp;&nbsp;&nbsp; 238523<br>|
| &nbsp;&nbsp;&nbsp; UniCredit SpA | &nbsp;&nbsp; 12944 | &nbsp;&nbsp;&nbsp; 1078132<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *16329308* |
| *Capital Markets — 3.5%* | *Capital Markets — 3.5%* | *Capital Markets — 3.5%* |
| &nbsp;&nbsp;&nbsp; 3i Group PLC | &nbsp;&nbsp; 8144 | &nbsp;&nbsp;&nbsp; 357432<br>|
| &nbsp;&nbsp;&nbsp; Amundi SA | &nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp; 41126<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVC Capital Partners PLC | &nbsp;&nbsp; 1808 | &nbsp;&nbsp;&nbsp; 30365<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Registered Shares | &nbsp;&nbsp; 14992 | &nbsp;&nbsp;&nbsp; 582980<br>|
| &nbsp;&nbsp;&nbsp; Deutsche Boerse AG | &nbsp;&nbsp; 1552 | &nbsp;&nbsp;&nbsp; 407749<br>|
| &nbsp;&nbsp;&nbsp; DWS Group GmbH & Co. KGaA | &nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; 16987<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT AB | &nbsp;&nbsp; 4544 | &nbsp;&nbsp;&nbsp; 179319<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; Euronext NV | &nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp; $113048<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ICG PLC | &nbsp;&nbsp; 2320 | &nbsp;&nbsp;&nbsp; 64095<br>|
| &nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | &nbsp;&nbsp; 1744 | &nbsp;&nbsp;&nbsp; 137363<br>|
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | &nbsp;&nbsp; 4176 | &nbsp;&nbsp;&nbsp; 502827<br>|
| &nbsp;&nbsp;&nbsp; Partners Group Holding AG | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; 225682<br>|
| &nbsp;&nbsp;&nbsp; Schroders PLC | &nbsp;&nbsp; 6240 | &nbsp;&nbsp;&nbsp; 34160<br>|
| &nbsp;&nbsp;&nbsp; St James's Place PLC | &nbsp;&nbsp; 4304 | &nbsp;&nbsp;&nbsp; 80150<br>|
| &nbsp;&nbsp;&nbsp; Swissquote Group Holding SA, Registered Shares | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 59012<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Registered Shares | &nbsp;&nbsp; 26992 | &nbsp;&nbsp;&nbsp; 1259229<br>|
| &nbsp;&nbsp;&nbsp; VZ Holding AG | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 24138<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *4115662* |
| *Financial Services — 1.5%* | *Financial Services — 1.5%* | *Financial Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; Adyen NV | &nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 361,731<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banca Mediolanum SpA | &nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp; 40977<br>|
| &nbsp;&nbsp;&nbsp; Edenred SE | &nbsp;&nbsp; 2016 | &nbsp;&nbsp;&nbsp; 44773<br>|
| &nbsp;&nbsp;&nbsp; Eurazeo SE | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 20031<br>|
| &nbsp;&nbsp;&nbsp; EXOR NV | &nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp; 62625<br>|
| &nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp; 58515<br>|
| &nbsp;&nbsp;&nbsp; Industrivarden AB, Class A Shares | &nbsp;&nbsp; 944 | &nbsp;&nbsp;&nbsp; 42537<br>|
| &nbsp;&nbsp;&nbsp; Industrivarden AB, Class C Shares | &nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp; 59062<br>|
| &nbsp;&nbsp;&nbsp; Investor AB, Class A Shares | &nbsp;&nbsp; 4064 | &nbsp;&nbsp;&nbsp; 144904<br>|
| &nbsp;&nbsp;&nbsp; Investor AB, Class B Shares | &nbsp;&nbsp; 14880 | &nbsp;&nbsp;&nbsp; 533296<br>|
| &nbsp;&nbsp;&nbsp; L E Lundbergforetagen AB, Class B Shares | &nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp; 33735<br>|
| &nbsp;&nbsp;&nbsp; M&G PLC | &nbsp;&nbsp; 17968 | &nbsp;&nbsp;&nbsp; 69217<br>|
| &nbsp;&nbsp;&nbsp; Nexi SpA | &nbsp;&nbsp; 4336 | &nbsp;&nbsp;&nbsp; 21495<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Poste Italiane SpA | &nbsp;&nbsp; 3856 | &nbsp;&nbsp;&nbsp; 97276<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sofina SA | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 37131<br>|
| &nbsp;&nbsp;&nbsp; Wendel SE | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 20080<br>|
| &nbsp;&nbsp;&nbsp; Wise PLC, Class A Shares | &nbsp;&nbsp; 6352 | &nbsp;&nbsp;&nbsp; 76,125<br> \*<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *1723510* |
| *Insurance — 6.2%* | *Insurance — 6.2%* | *Insurance — 6.2%* |
| &nbsp;&nbsp;&nbsp; Admiral Group PLC | &nbsp;&nbsp; 2128 | &nbsp;&nbsp;&nbsp; 90906<br>|
| &nbsp;&nbsp;&nbsp; Aegon Ltd. | &nbsp;&nbsp; 11504 | &nbsp;&nbsp;&nbsp; 89712<br>|
| &nbsp;&nbsp;&nbsp; Ageas SA/NV | &nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp; 105629<br>|
| &nbsp;&nbsp;&nbsp; Allianz SE, Registered Shares | &nbsp;&nbsp; 3264 | &nbsp;&nbsp;&nbsp; 1496945<br>|
| &nbsp;&nbsp;&nbsp; ASR Nederland NV | &nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp; 93408<br>|
| &nbsp;&nbsp;&nbsp; Aviva PLC | &nbsp;&nbsp; 25696 | &nbsp;&nbsp;&nbsp; 236545<br>|
| &nbsp;&nbsp;&nbsp; AXA SA | &nbsp;&nbsp; 14112 | &nbsp;&nbsp;&nbsp; 678865<br>|
| &nbsp;&nbsp;&nbsp; Beazley PLC | &nbsp;&nbsp; 4928 | &nbsp;&nbsp;&nbsp; 55148<br>|
| &nbsp;&nbsp;&nbsp; Generali | &nbsp;&nbsp; 8192 | &nbsp;&nbsp;&nbsp; 343954<br>|
| &nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | &nbsp;&nbsp; 1584 | &nbsp;&nbsp;&nbsp; 47425<br>|
| &nbsp;&nbsp;&nbsp; Hannover Rueck SE | &nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; 160071<br>|
| &nbsp;&nbsp;&nbsp; Helvetia Baloise Holding AG, Registered Shares | &nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp; 181672<br>|
| &nbsp;&nbsp;&nbsp; Hiscox Ltd. | &nbsp;&nbsp; 2784 | &nbsp;&nbsp;&nbsp; 53286<br>|
| &nbsp;&nbsp;&nbsp; Legal & General Group PLC | &nbsp;&nbsp; 47312 | &nbsp;&nbsp;&nbsp; 166665<br>|
| &nbsp;&nbsp;&nbsp; Mapfre SA | &nbsp;&nbsp; 7760 | &nbsp;&nbsp;&nbsp; 39025<br>|
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | &nbsp;&nbsp; 1104 | &nbsp;&nbsp;&nbsp; 728945<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; NN Group NV | &nbsp;&nbsp; 2208 | &nbsp;&nbsp;&nbsp; $170476<br>|
| &nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC | &nbsp;&nbsp; 6304 | &nbsp;&nbsp;&nbsp; 62492<br>|
| &nbsp;&nbsp;&nbsp; Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 4816 | &nbsp;&nbsp;&nbsp; 89402<br>|
| &nbsp;&nbsp;&nbsp; Prudential PLC | &nbsp;&nbsp; 21792 | &nbsp;&nbsp;&nbsp; 335468<br>|
| &nbsp;&nbsp;&nbsp; Sampo oyj, Class A Shares | &nbsp;&nbsp; 20944 | &nbsp;&nbsp;&nbsp; 254094<br>|
| &nbsp;&nbsp;&nbsp; SCOR SE | &nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp; 50226<br>|
| &nbsp;&nbsp;&nbsp; Swiss Life Holding AG, Registered Shares | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 277731<br>|
| &nbsp;&nbsp;&nbsp; Swiss Re AG | &nbsp;&nbsp; 2496 | &nbsp;&nbsp;&nbsp; 418547<br>|
| &nbsp;&nbsp;&nbsp; Talanx AG | &nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; 68430<br>|
| &nbsp;&nbsp;&nbsp; Tryg A/S | &nbsp;&nbsp; 2544 | &nbsp;&nbsp;&nbsp; 66604<br>|
| &nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA | &nbsp;&nbsp; 3184 | &nbsp;&nbsp;&nbsp; 76921<br>|
| &nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 911530<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *7350122* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **29518602** |
| **Health Care — 13.5%** | **Health Care — 13.5%** | **Health Care — 13.5%** |
| *Biotechnology — 0.6%* | *Biotechnology — 0.6%* | *Biotechnology — 0.6%* |
| &nbsp;&nbsp;&nbsp; Argenx SE | &nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; 431,025<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Genmab A/S | &nbsp;&nbsp; 528 | &nbsp;&nbsp;&nbsp; 168,290<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Grifols SA | &nbsp;&nbsp; 2496 | &nbsp;&nbsp;&nbsp; 31366<br>|
| &nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB | &nbsp;&nbsp; 1632 | &nbsp;&nbsp;&nbsp; 58,916<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *689597* |
| *Health Care Equipment & Supplies — 1.7%* | *Health Care Equipment & Supplies — 1.7%* | *Health Care Equipment & Supplies — 1.7%* |
| &nbsp;&nbsp;&nbsp; Alcon AG | &nbsp;&nbsp; 4208 | &nbsp;&nbsp;&nbsp; 336109<br>|
| &nbsp;&nbsp;&nbsp; BioMerieux | &nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp; 47671<br>|
| &nbsp;&nbsp;&nbsp; Carl Zeiss Meditec AG, Bearer Shares | &nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 14281<br>|
| &nbsp;&nbsp;&nbsp; Coloplast A/S, Class B Shares | &nbsp;&nbsp; 1136 | &nbsp;&nbsp;&nbsp; 97602<br>|
| &nbsp;&nbsp;&nbsp; Convatec Group PLC | &nbsp;&nbsp; 14896 | &nbsp;&nbsp;&nbsp; 48727<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Demant A/S | &nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp; 23,281<br> \*<br>|
| &nbsp;&nbsp;&nbsp; DiaSorin SpA | &nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 14184<br>|
| &nbsp;&nbsp;&nbsp; EssilorLuxottica SA | &nbsp;&nbsp; 2432 | &nbsp;&nbsp;&nbsp; 770906<br>|
| &nbsp;&nbsp;&nbsp; Getinge AB, Class B Shares | &nbsp;&nbsp; 1840 | &nbsp;&nbsp;&nbsp; 43671<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke Philips NV | &nbsp;&nbsp; 6496 | &nbsp;&nbsp;&nbsp; 177303<br>|
| &nbsp;&nbsp;&nbsp; Siemens Healthineers AG | &nbsp;&nbsp; 2496 | &nbsp;&nbsp;&nbsp; 131680<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Smith & Nephew PLC | &nbsp;&nbsp; 7184 | &nbsp;&nbsp;&nbsp; 119674<br>|
| &nbsp;&nbsp;&nbsp; Sonova Holding AG, Registered Shares | &nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp; 108746<br>|
| &nbsp;&nbsp;&nbsp; Straumann Holding AG, Registered Shares | &nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp; 109474<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *2043309* |
| *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Amplifon SpA | &nbsp;&nbsp; 1072 | &nbsp;&nbsp;&nbsp; 17311<br>|
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care AG | &nbsp;&nbsp; 1776 | &nbsp;&nbsp;&nbsp; 85018<br>|
| &nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | &nbsp;&nbsp; 3488 | &nbsp;&nbsp;&nbsp; 200646<br>|
| &nbsp;&nbsp;&nbsp; NMC Health PLC | &nbsp;&nbsp; 1159 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *302975* |
| *Life Sciences Tools & Services — 0.5%* | *Life Sciences Tools & Services — 0.5%* | *Life Sciences Tools & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Bachem Holding AG | &nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 14517<br>|
| &nbsp;&nbsp;&nbsp; Eurofins Scientific SE | &nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp; 70354<br>|
| &nbsp;&nbsp;&nbsp; Lonza Group AG, Registered Shares | &nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp; 391004<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Life Sciences Tools & Services — continued* | *Life Sciences Tools & Services — continued* | *Life Sciences Tools & Services — continued* |
| &nbsp;&nbsp;&nbsp; QIAGEN NV | &nbsp;&nbsp; 1808 | &nbsp;&nbsp;&nbsp; $82505<br>|
| &nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 59192<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *617572* |
| *Pharmaceuticals — 10.4%* | *Pharmaceuticals — 10.4%* | *Pharmaceuticals — 10.4%* |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | &nbsp;&nbsp; 12688 | &nbsp;&nbsp;&nbsp; 2353400<br>|
| &nbsp;&nbsp;&nbsp; Bayer AG, Registered Shares | &nbsp;&nbsp; 8320 | &nbsp;&nbsp;&nbsp; 361641<br>|
| &nbsp;&nbsp;&nbsp; Galderma Group AG | &nbsp;&nbsp; 1467 | &nbsp;&nbsp;&nbsp; 300159<br>|
| &nbsp;&nbsp;&nbsp; GSK PLC | &nbsp;&nbsp; 33808 | &nbsp;&nbsp;&nbsp; 829663<br>|
| &nbsp;&nbsp;&nbsp; H Lundbeck A/S | &nbsp;&nbsp; 2208 | &nbsp;&nbsp;&nbsp; 14985<br>|
| &nbsp;&nbsp;&nbsp; H Lundbeck A/S, Class A Shares | &nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp; 2368<br>|
| &nbsp;&nbsp;&nbsp; Haleon PLC | &nbsp;&nbsp; 75328 | &nbsp;&nbsp;&nbsp; 379747<br>|
| &nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 1296 | &nbsp;&nbsp;&nbsp; 27019<br>|
| &nbsp;&nbsp;&nbsp; Ipsen SA | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 40251<br>|
| &nbsp;&nbsp;&nbsp; Merck KGaA | &nbsp;&nbsp; 1088 | &nbsp;&nbsp;&nbsp; 156659<br>|
| &nbsp;&nbsp;&nbsp; Novartis AG, Registered Shares | &nbsp;&nbsp; 16240 | &nbsp;&nbsp;&nbsp; 2246644<br>|
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B Shares | &nbsp;&nbsp; 26960 | &nbsp;&nbsp;&nbsp; 1378819<br>|
| &nbsp;&nbsp;&nbsp; Orion oyj, Class B Shares | &nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp; 65783<br>|
| &nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 912 | &nbsp;&nbsp;&nbsp; 51991<br>|
| &nbsp;&nbsp;&nbsp; Roche Holding AG, Bearer Shares | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 101544<br>|
| &nbsp;&nbsp;&nbsp; Roche Holding AG, Vienna Stock Exchange | &nbsp;&nbsp; 5952 | &nbsp;&nbsp;&nbsp; 2465694<br>|
| &nbsp;&nbsp;&nbsp; Sandoz Group AG | &nbsp;&nbsp; 3504 | &nbsp;&nbsp;&nbsp; 255817<br>|
| &nbsp;&nbsp;&nbsp; Sanofi SA | &nbsp;&nbsp; 9072 | &nbsp;&nbsp;&nbsp; 881350<br>|
| &nbsp;&nbsp;&nbsp; UCB SA | &nbsp;&nbsp; 1008 | &nbsp;&nbsp;&nbsp; 282466<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *12196000* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **15849453** |
| **Industrials — 18.8%** | **Industrials — 18.8%** | **Industrials — 18.8%** |
| *Aerospace & Defense — 4.8%* | *Aerospace & Defense — 4.8%* | *Aerospace & Defense — 4.8%* |
| &nbsp;&nbsp;&nbsp; Airbus SE | &nbsp;&nbsp; 4944 | &nbsp;&nbsp;&nbsp; 1152006<br>|
| &nbsp;&nbsp;&nbsp; BAE Systems PLC | &nbsp;&nbsp; 25440 | &nbsp;&nbsp;&nbsp; 586498<br>|
| &nbsp;&nbsp;&nbsp; Dassault Aviation SA | &nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 46305<br>|
| &nbsp;&nbsp;&nbsp; Hensoldt AG | &nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; 44137<br>|
| &nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA | &nbsp;&nbsp; 3456 | &nbsp;&nbsp;&nbsp; 88603<br>|
| &nbsp;&nbsp;&nbsp; Leonardo SpA  | &nbsp;&nbsp; 3408 | &nbsp;&nbsp;&nbsp; 196764<br>|
| &nbsp;&nbsp;&nbsp; Melrose Industries PLC | &nbsp;&nbsp; 10592 | &nbsp;&nbsp;&nbsp; 83828<br>|
| &nbsp;&nbsp;&nbsp; MTU Aero Engines AG | &nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp; 186943<br>|
| &nbsp;&nbsp;&nbsp; Rheinmetall AG | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 703994<br>|
| &nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | &nbsp;&nbsp; 71760 | &nbsp;&nbsp;&nbsp; 1109989<br>|
| &nbsp;&nbsp;&nbsp; Saab AB, Class B Shares | &nbsp;&nbsp; 3024 | &nbsp;&nbsp;&nbsp; 176346<br>|
| &nbsp;&nbsp;&nbsp; Safran SA | &nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp; 1028285<br>|
| &nbsp;&nbsp;&nbsp; Thales SA | &nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp; 202956<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *5606654* |
| *Air Freight & Logistics — 0.7%* | *Air Freight & Logistics — 0.7%* | *Air Freight & Logistics — 0.7%* |
| &nbsp;&nbsp;&nbsp; Deutsche Post AG | &nbsp;&nbsp; 7824 | &nbsp;&nbsp;&nbsp; 429397<br>|
| &nbsp;&nbsp;&nbsp; DSV A/S | &nbsp;&nbsp; 1616 | &nbsp;&nbsp;&nbsp; 410378<br>|
| &nbsp;&nbsp;&nbsp; InPost SA | &nbsp;&nbsp; 2176 | &nbsp;&nbsp;&nbsp; 26,757<br> \*<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *866532* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Building Products — 1.0%* | *Building Products — 1.0%* | *Building Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B Shares | &nbsp;&nbsp; 8224 | &nbsp;&nbsp;&nbsp; $320171<br>|
| &nbsp;&nbsp;&nbsp; Belimo Holding AG, Registered Shares | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 78864<br>|
| &nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA | &nbsp;&nbsp; 3824 | &nbsp;&nbsp;&nbsp; 390546<br>|
| &nbsp;&nbsp;&nbsp; Geberit AG, Registered Shares | &nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp; 212725<br>|
| &nbsp;&nbsp;&nbsp; Kingspan Group PLC | &nbsp;&nbsp; 1296 | &nbsp;&nbsp;&nbsp; 112863<br>|
| &nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B Shares | &nbsp;&nbsp; 12304 | &nbsp;&nbsp;&nbsp; 47541<br>|
| &nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B Shares | &nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp; 23817<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *1186527* |
| *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC | &nbsp;&nbsp; 21264 | &nbsp;&nbsp;&nbsp; 127990<br>|
| &nbsp;&nbsp;&nbsp; Securitas AB, Class B Shares | &nbsp;&nbsp; 3984 | &nbsp;&nbsp;&nbsp; 63614<br>|
| &nbsp;&nbsp;&nbsp; SPIE SA | &nbsp;&nbsp; 1232 | &nbsp;&nbsp;&nbsp; 71275<br>|
| &nbsp;&nbsp;&nbsp; Verisure PLC | &nbsp;&nbsp; 2272 | &nbsp;&nbsp;&nbsp; 37,357<br> \*<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *300236* |
| *Construction & Engineering — 1.2%* | *Construction & Engineering — 1.2%* | *Construction & Engineering — 1.2%* |
| &nbsp;&nbsp;&nbsp; Ackermans & van Haaren NV | &nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 47955<br>|
| &nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp; 149877<br>|
| &nbsp;&nbsp;&nbsp; Bouygues SA | &nbsp;&nbsp; 1584 | &nbsp;&nbsp;&nbsp; 82506<br>|
| &nbsp;&nbsp;&nbsp; Eiffage SA | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 92002<br>|
| &nbsp;&nbsp;&nbsp; Ferrovial SE | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 259976<br>|
| &nbsp;&nbsp;&nbsp; HOCHTIEF AG | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 50661<br>|
| &nbsp;&nbsp;&nbsp; Skanska AB, Class B Shares  | &nbsp;&nbsp; 2768 | &nbsp;&nbsp;&nbsp; 75755<br>|
| &nbsp;&nbsp;&nbsp; Strabag SE | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 15221<br>|
| &nbsp;&nbsp;&nbsp; Sweco AB, Class B Shares | &nbsp;&nbsp; 1728 | &nbsp;&nbsp;&nbsp; 28285<br>|
| &nbsp;&nbsp;&nbsp; Vinci SA | &nbsp;&nbsp; 4224 | &nbsp;&nbsp;&nbsp; 595553<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *1397791* |
| *Electrical Equipment — 3.4%* | *Electrical Equipment — 3.4%* | *Electrical Equipment — 3.4%* |
| &nbsp;&nbsp;&nbsp; ABB Ltd., Registered Shares | &nbsp;&nbsp; 13296 | &nbsp;&nbsp;&nbsp; 993865<br>|
| &nbsp;&nbsp;&nbsp; Legrand SA | &nbsp;&nbsp; 2128 | &nbsp;&nbsp;&nbsp; 318027<br>|
| &nbsp;&nbsp;&nbsp; Prysmian SpA | &nbsp;&nbsp; 2416 | &nbsp;&nbsp;&nbsp; 245101<br>|
| &nbsp;&nbsp;&nbsp; Schneider Electric SE | &nbsp;&nbsp; 4592 | &nbsp;&nbsp;&nbsp; 1266834<br>|
| &nbsp;&nbsp;&nbsp; Siemens Energy AG | &nbsp;&nbsp; 6288 | &nbsp;&nbsp;&nbsp; 889,147<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | &nbsp;&nbsp; 8512 | &nbsp;&nbsp;&nbsp; 232087<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *3945061* |
| *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Ayvens SA | &nbsp;&nbsp; 2976 | &nbsp;&nbsp;&nbsp;&nbsp; *39985*<br> <sup>(a)</sup><br>|
| *Industrial Conglomerates — 1.7%* | *Industrial Conglomerates — 1.7%* | *Industrial Conglomerates — 1.7%* |
| &nbsp;&nbsp;&nbsp; Aker ASA, Class A Shares | &nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 13401<br>|
| &nbsp;&nbsp;&nbsp; DCC PLC | &nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 51814<br>|
| &nbsp;&nbsp;&nbsp; Investment AB Latour, Class B Shares | &nbsp;&nbsp; 1136 | &nbsp;&nbsp;&nbsp; 27775<br>|
| &nbsp;&nbsp;&nbsp; Lifco AB, Class B Shares | &nbsp;&nbsp; 1856 | &nbsp;&nbsp;&nbsp; 70867<br>|
| &nbsp;&nbsp;&nbsp; Metlen Energy & Metals PLC | &nbsp;&nbsp; 944 | &nbsp;&nbsp;&nbsp; 49,004<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Siemens AG, Registered Shares | &nbsp;&nbsp; 6208 | &nbsp;&nbsp;&nbsp; 1743640<br>|
| &nbsp;&nbsp;&nbsp; Smiths Group PLC | &nbsp;&nbsp; 2768 | &nbsp;&nbsp;&nbsp; 87567<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *2044068* |
| *Machinery — 3.0%* | *Machinery — 3.0%* | *Machinery — 3.0%* |
| &nbsp;&nbsp;&nbsp; Alfa Laval AB | &nbsp;&nbsp; 2288 | &nbsp;&nbsp;&nbsp; 115581<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Machinery — continued* | *Machinery — continued* | *Machinery — continued* |
| &nbsp;&nbsp;&nbsp; Alstom SA | &nbsp;&nbsp; 2864 | &nbsp;&nbsp;&nbsp; $84,663<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ANDRITZ AG | &nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp; 42647<br>|
| &nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A Shares | &nbsp;&nbsp; 21408 | &nbsp;&nbsp;&nbsp; 385603<br>|
| &nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B Shares | &nbsp;&nbsp; 12784 | &nbsp;&nbsp;&nbsp; 206623<br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | &nbsp;&nbsp; 4304 | &nbsp;&nbsp;&nbsp; 188646<br>|
| &nbsp;&nbsp;&nbsp; Epiroc AB, Class A Shares | &nbsp;&nbsp; 5328 | &nbsp;&nbsp;&nbsp; 121312<br>|
| &nbsp;&nbsp;&nbsp; Epiroc AB, Class B Shares | &nbsp;&nbsp; 3184 | &nbsp;&nbsp;&nbsp; 64483<br>|
| &nbsp;&nbsp;&nbsp; GEA Group AG | &nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp; 82546<br>|
| &nbsp;&nbsp;&nbsp; Georg Fischer AG, Registered Shares | &nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp; 44382<br>|
| &nbsp;&nbsp;&nbsp; IMI PLC | &nbsp;&nbsp; 2064 | &nbsp;&nbsp;&nbsp; 69071<br>|
| &nbsp;&nbsp;&nbsp; Indutrade AB | &nbsp;&nbsp; 2256 | &nbsp;&nbsp;&nbsp; 58830<br>|
| &nbsp;&nbsp;&nbsp; Interpump Group SpA | &nbsp;&nbsp; 624 | &nbsp;&nbsp;&nbsp; 34283<br>|
| &nbsp;&nbsp;&nbsp; KION Group AG | &nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 47453<br>|
| &nbsp;&nbsp;&nbsp; Knorr-Bremse AG | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 62579<br>|
| &nbsp;&nbsp;&nbsp; Kone oyj, Class B Shares | &nbsp;&nbsp; 2640 | &nbsp;&nbsp;&nbsp; 187769<br>|
| &nbsp;&nbsp;&nbsp; Metso oyj | &nbsp;&nbsp; 5824 | &nbsp;&nbsp;&nbsp; 102463<br>|
| &nbsp;&nbsp;&nbsp; Rational AG | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 37291<br>|
| &nbsp;&nbsp;&nbsp; RENK Group AG | &nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp; 41311<br>|
| &nbsp;&nbsp;&nbsp; Sandvik AB | &nbsp;&nbsp; 8720 | &nbsp;&nbsp;&nbsp; 284336<br>|
| &nbsp;&nbsp;&nbsp; Schindler Holding AG | &nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp; 126893<br>|
| &nbsp;&nbsp;&nbsp; Schindler Holding AG, Registered Shares | &nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 62536<br>|
| &nbsp;&nbsp;&nbsp; SKF AB, Class B Shares | &nbsp;&nbsp; 2832 | &nbsp;&nbsp;&nbsp; 75509<br>|
| &nbsp;&nbsp;&nbsp; Spirax Group PLC | &nbsp;&nbsp; 624 | &nbsp;&nbsp;&nbsp; 57241<br>|
| &nbsp;&nbsp;&nbsp; Traton SE | &nbsp;&nbsp; 528 | &nbsp;&nbsp;&nbsp; 18913<br>|
| &nbsp;&nbsp;&nbsp; Trelleborg AB, Class B Shares | &nbsp;&nbsp; 1760 | &nbsp;&nbsp;&nbsp; 74972<br>|
| &nbsp;&nbsp;&nbsp; Valmet oyj | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 39927<br>|
| &nbsp;&nbsp;&nbsp; VAT Group AG | &nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 109109<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volvo AB, Class A Shares | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 51443<br>|
| &nbsp;&nbsp;&nbsp; Volvo AB, Class B Shares | &nbsp;&nbsp; 13248 | &nbsp;&nbsp;&nbsp; 425227<br>|
| &nbsp;&nbsp;&nbsp; Wartsila oyj Abp | &nbsp;&nbsp; 3840 | &nbsp;&nbsp;&nbsp; 137101<br>|
| &nbsp;&nbsp;&nbsp; Weir Group PLC | &nbsp;&nbsp; 2192 | &nbsp;&nbsp;&nbsp; 83910<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *3524653* |
| *Marine Transportation — 0.2%* | *Marine Transportation — 0.2%* | *Marine Transportation — 0.2%* |
| &nbsp;&nbsp;&nbsp; A.P. Moller - Maersk A/S, Class A Shares | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 50645<br>|
| &nbsp;&nbsp;&nbsp; A.P. Moller - Maersk A/S, Class B Shares | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 73665<br>|
| &nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG, Registered Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 86462<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *210772* |
| *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG, Registered Shares | &nbsp;&nbsp; 5104 | &nbsp;&nbsp;&nbsp; 50389<br>|
| &nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA | &nbsp;&nbsp; 18384 | &nbsp;&nbsp;&nbsp; 102446<br>|
| &nbsp;&nbsp;&nbsp; Ryanair Holdings PLC | &nbsp;&nbsp; 1344 | &nbsp;&nbsp;&nbsp; 46643<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *199478* |
| *Professional Services — 1.4%* | *Professional Services — 1.4%* | *Professional Services — 1.4%* |
| &nbsp;&nbsp;&nbsp; Adecco Group AG, Registered Shares | &nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp; 40155<br>|
| &nbsp;&nbsp;&nbsp; Bureau Veritas SA | &nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp; 93977<br>|
| &nbsp;&nbsp;&nbsp; Experian PLC | &nbsp;&nbsp; 7760 | &nbsp;&nbsp;&nbsp; 351016<br>|
| &nbsp;&nbsp;&nbsp; Intertek Group PLC | &nbsp;&nbsp; 1296 | &nbsp;&nbsp;&nbsp; 80640<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Professional Services — continued* | *Professional Services — continued* | *Professional Services — continued* |
| &nbsp;&nbsp;&nbsp; Randstad NV | &nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp; $34063<br>|
| &nbsp;&nbsp;&nbsp; RELX PLC | &nbsp;&nbsp; 15392 | &nbsp;&nbsp;&nbsp; 625231<br>|
| &nbsp;&nbsp;&nbsp; SGS SA, Registered Shares | &nbsp;&nbsp; 1408 | &nbsp;&nbsp;&nbsp; 161478<br>|
| &nbsp;&nbsp;&nbsp; Teleperformance SE | &nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp; 32537<br>|
| &nbsp;&nbsp;&nbsp; Wolters Kluwer NV | &nbsp;&nbsp; 1952 | &nbsp;&nbsp;&nbsp; 202522<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *1621619* |
| *Trading Companies & Distributors — 0.7%* | *Trading Companies & Distributors — 0.7%* | *Trading Companies & Distributors — 0.7%* |
| &nbsp;&nbsp;&nbsp; AddTech AB, Class B Shares | &nbsp;&nbsp; 1920 | &nbsp;&nbsp;&nbsp; 68188<br>|
| &nbsp;&nbsp;&nbsp; Ashtead Group PLC | &nbsp;&nbsp; 3552 | &nbsp;&nbsp;&nbsp; 242989<br>|
| &nbsp;&nbsp;&nbsp; Beijer Ref AB | &nbsp;&nbsp; 3936 | &nbsp;&nbsp;&nbsp; 63659<br>|
| &nbsp;&nbsp;&nbsp; Brenntag SE | &nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp; 60534<br>|
| &nbsp;&nbsp;&nbsp; Bunzl PLC | &nbsp;&nbsp; 2720 | &nbsp;&nbsp;&nbsp; 75951<br>|
| &nbsp;&nbsp;&nbsp; Diploma PLC | &nbsp;&nbsp; 1136 | &nbsp;&nbsp;&nbsp; 80906<br>|
| &nbsp;&nbsp;&nbsp; DKSH Holding AG | &nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 22025<br>|
| &nbsp;&nbsp;&nbsp; Howden Joinery Group PLC | &nbsp;&nbsp; 4544 | &nbsp;&nbsp;&nbsp; 50882<br>|
| &nbsp;&nbsp;&nbsp; IMCD NV | &nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp; 45053<br>|
| &nbsp;&nbsp;&nbsp; Rexel SA | &nbsp;&nbsp; 1872 | &nbsp;&nbsp;&nbsp; 73850<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *784037* |
| *Transportation Infrastructure — 0.3%* | *Transportation Infrastructure — 0.3%* | *Transportation Infrastructure — 0.3%* |
| &nbsp;&nbsp;&nbsp; Aena SME SA | &nbsp;&nbsp; 5872 | &nbsp;&nbsp;&nbsp; 164272<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aeroports de Paris SA | &nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp; 43960<br>|
| &nbsp;&nbsp;&nbsp; Flughafen Zurich AG, Registered Shares | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 50853<br>|
| &nbsp;&nbsp;&nbsp; Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 24,974<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Getlink SE | &nbsp;&nbsp; 2592 | &nbsp;&nbsp;&nbsp; 47885<br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *331944* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **22059357** |
| **Information Technology — 7.1%** | **Information Technology — 7.1%** | **Information Technology — 7.1%** |
| *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Nokia oyj | &nbsp;&nbsp; 42528 | &nbsp;&nbsp;&nbsp; 278305<br>|
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, Class B Shares | &nbsp;&nbsp; 23168 | &nbsp;&nbsp;&nbsp; 227689<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *505994* |
| *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* |
| &nbsp;&nbsp;&nbsp; Halma PLC | &nbsp;&nbsp; 3168 | &nbsp;&nbsp;&nbsp; 150758<br>|
| &nbsp;&nbsp;&nbsp; Hexagon AB, Class B Shares | &nbsp;&nbsp; 17392 | &nbsp;&nbsp;&nbsp; 206581<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *357339* |
| *IT Services — 0.3%* | *IT Services — 0.3%* | *IT Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Bechtle AG | &nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp; 35294<br>|
| &nbsp;&nbsp;&nbsp; Capgemini SE | &nbsp;&nbsp; 1296 | &nbsp;&nbsp;&nbsp; 216517<br>|
| &nbsp;&nbsp;&nbsp; Reply SpA | &nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 25864<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *277675* |
| *Semiconductors & Semiconductor Equipment — 3.9%* | *Semiconductors & Semiconductor Equipment — 3.9%* | *Semiconductors & Semiconductor Equipment — 3.9%* |
| &nbsp;&nbsp;&nbsp; ASM International NV | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 243158<br>|
| &nbsp;&nbsp;&nbsp; ASML Holding NV | &nbsp;&nbsp; 3328 | &nbsp;&nbsp;&nbsp; 3601357<br>|
| &nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV | &nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 92993<br>|
| &nbsp;&nbsp;&nbsp; Infineon Technologies AG | &nbsp;&nbsp; 11008 | &nbsp;&nbsp;&nbsp; 487787<br>|
| &nbsp;&nbsp;&nbsp; STMicroelectronics NV | &nbsp;&nbsp; 5424 | &nbsp;&nbsp;&nbsp; 142948<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *4568243* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Software — 2.1%* | *Software — 2.1%* | *Software — 2.1%* |
| &nbsp;&nbsp;&nbsp; Dassault Systemes SE | &nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp; $156794<br>|
| &nbsp;&nbsp;&nbsp; Nemetschek SE | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 52315<br>|
| &nbsp;&nbsp;&nbsp; Sage Group PLC | &nbsp;&nbsp; 8064 | &nbsp;&nbsp;&nbsp; 117467<br>|
| &nbsp;&nbsp;&nbsp; SAP SE | &nbsp;&nbsp; 8704 | &nbsp;&nbsp;&nbsp; 2129841<br>|
| &nbsp;&nbsp;&nbsp; Temenos AG, Registered Shares | &nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp; 45012<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *2501429* |
| *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* |
| &nbsp;&nbsp;&nbsp; Logitech International SA, Registered Shares | &nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp; *128447*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8339127** |
| **Materials — 5.4%** | **Materials — 5.4%** | **Materials — 5.4%** |
| *Chemicals — 2.2%* | *Chemicals — 2.2%* | *Chemicals — 2.2%* |
| &nbsp;&nbsp;&nbsp; Air Liquide SA | &nbsp;&nbsp; 4880 | &nbsp;&nbsp;&nbsp; 918501<br>|
| &nbsp;&nbsp;&nbsp; Akzo Nobel NV | &nbsp;&nbsp; 1424 | &nbsp;&nbsp;&nbsp; 99007<br>|
| &nbsp;&nbsp;&nbsp; Arkema SA | &nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp; 30379<br>|
| &nbsp;&nbsp;&nbsp; BASF SE | &nbsp;&nbsp; 7552 | &nbsp;&nbsp;&nbsp; 394070<br>|
| &nbsp;&nbsp;&nbsp; Croda International PLC | &nbsp;&nbsp; 1184 | &nbsp;&nbsp;&nbsp; 42919<br>|
| &nbsp;&nbsp;&nbsp; DSM-Firmenich AG | &nbsp;&nbsp; 1536 | &nbsp;&nbsp;&nbsp; 124040<br>|
| &nbsp;&nbsp;&nbsp; EMS-Chemie Holding AG, Registered Shares | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 44390<br>|
| &nbsp;&nbsp;&nbsp; Evonik Industries AG | &nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp; 33139<br>|
| &nbsp;&nbsp;&nbsp; FUCHS SE | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 7328<br>|
| &nbsp;&nbsp;&nbsp; Givaudan SA, Registered Shares | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 254142<br>|
| &nbsp;&nbsp;&nbsp; Novonesis Novozymes, Class B Shares | &nbsp;&nbsp; 2928 | &nbsp;&nbsp;&nbsp; 187754<br>|
| &nbsp;&nbsp;&nbsp; Sika AG, Registered Shares | &nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp; 269272<br>|
| &nbsp;&nbsp;&nbsp; Syensqo SA | &nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 47668<br>|
| &nbsp;&nbsp;&nbsp; Symrise AG | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 90604<br>|
| &nbsp;&nbsp;&nbsp; Yara International ASA | &nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp; 56476<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *2599689* |
| *Construction Materials — 0.8%* | *Construction Materials — 0.8%* | *Construction Materials — 0.8%* |
| &nbsp;&nbsp;&nbsp; Amrize Ltd. | &nbsp;&nbsp; 4224 | &nbsp;&nbsp;&nbsp; 232,300<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Buzzi SpA | &nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp; 42017<br>|
| &nbsp;&nbsp;&nbsp; Heidelberg Materials AG | &nbsp;&nbsp; 1072 | &nbsp;&nbsp;&nbsp; 280759<br>|
| &nbsp;&nbsp;&nbsp; Holcim AG | &nbsp;&nbsp; 4128 | &nbsp;&nbsp;&nbsp; 405167<br>|
| *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *960243* |
| *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* |
| &nbsp;&nbsp;&nbsp; SIG Group AG | &nbsp;&nbsp; 2784 | &nbsp;&nbsp;&nbsp; *39849*<br>|
| *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* |
| &nbsp;&nbsp;&nbsp; Anglo American PLC | &nbsp;&nbsp; 9008 | &nbsp;&nbsp;&nbsp; 373785<br>|
| &nbsp;&nbsp;&nbsp; Antofagasta PLC | &nbsp;&nbsp; 2880 | &nbsp;&nbsp;&nbsp; 127020<br>|
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA | &nbsp;&nbsp; 3568 | &nbsp;&nbsp;&nbsp; 163804<br>|
| &nbsp;&nbsp;&nbsp; Boliden AB | &nbsp;&nbsp; 2352 | &nbsp;&nbsp;&nbsp; 131,443<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Endeavour Mining PLC | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 83329<br>|
| &nbsp;&nbsp;&nbsp; Evraz PLC | &nbsp;&nbsp; 10404 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fresnillo PLC | &nbsp;&nbsp; 1568 | &nbsp;&nbsp;&nbsp; 70315<br>|
| &nbsp;&nbsp;&nbsp; Glencore PLC | &nbsp;&nbsp; 88912 | &nbsp;&nbsp;&nbsp; 486198<br>|
| &nbsp;&nbsp;&nbsp; KGHM Polska Miedz SA | &nbsp;&nbsp; 1152 | &nbsp;&nbsp;&nbsp; 89,976<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Norsk Hydro ASA | &nbsp;&nbsp; 10832 | &nbsp;&nbsp;&nbsp; 83977<br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto PLC | &nbsp;&nbsp; 8752 | &nbsp;&nbsp;&nbsp; 705606<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* |
| &nbsp;&nbsp;&nbsp; SSAB AB, Class A Shares | &nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp; $13700<br>|
| &nbsp;&nbsp;&nbsp; SSAB AB, Class B Shares | &nbsp;&nbsp; 5040 | &nbsp;&nbsp;&nbsp; 38084<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *2367237* |
| *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Holmen AB, Class B Shares | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 27679<br>|
| &nbsp;&nbsp;&nbsp; Mondi PLC | &nbsp;&nbsp; 3728 | &nbsp;&nbsp;&nbsp; 45540<br>|
| &nbsp;&nbsp;&nbsp; Stora Enso oyj, Class R Shares | &nbsp;&nbsp; 4928 | &nbsp;&nbsp;&nbsp; 61957<br>|
| &nbsp;&nbsp;&nbsp; Svenska Cellulosa AB SCA, Class B Shares | &nbsp;&nbsp; 4960 | &nbsp;&nbsp;&nbsp; 65963<br>|
| &nbsp;&nbsp;&nbsp; UPM-Kymmene oyj | &nbsp;&nbsp; 4384 | &nbsp;&nbsp;&nbsp; 127639<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *328778* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **6295796** |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |
| *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; British Land Co. PLC | &nbsp;&nbsp; 8144 | &nbsp;&nbsp;&nbsp; 44233<br>|
| &nbsp;&nbsp;&nbsp; Covivio SA | &nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp; 30871<br>|
| &nbsp;&nbsp;&nbsp; Land Securities Group PLC | &nbsp;&nbsp; 6288 | &nbsp;&nbsp;&nbsp; 52607<br>|
| &nbsp;&nbsp;&nbsp; Merlin Properties Socimi SA | &nbsp;&nbsp; 3216 | &nbsp;&nbsp;&nbsp; 46948<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *174659* |
| *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Segro PLC | &nbsp;&nbsp; 11376 | &nbsp;&nbsp;&nbsp; 110230<br>|
| &nbsp;&nbsp;&nbsp; Warehouses De Pauw, CVA | &nbsp;&nbsp; 1584 | &nbsp;&nbsp;&nbsp; 41151<br>|
| *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *151381* |
| *Office REITs — 0.0%††* | *Office REITs — 0.0%††* | *Office REITs — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Gecina SA | &nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp; *41046*<br>|
| *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* |
| &nbsp;&nbsp;&nbsp; Castellum AB | &nbsp;&nbsp; 2928 | &nbsp;&nbsp;&nbsp; 33794<br>|
| &nbsp;&nbsp;&nbsp; CTP NV | &nbsp;&nbsp; 1072 | &nbsp;&nbsp;&nbsp; 22461<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Wohnen SE | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 9724<br>|
| &nbsp;&nbsp;&nbsp; Fastighets AB Balder | &nbsp;&nbsp; 5888 | &nbsp;&nbsp;&nbsp; 43,559<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LEG Immobilien SE | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 46790<br>|
| &nbsp;&nbsp;&nbsp; PSP Swiss Property AG, Registered Shares | &nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 69554<br>|
| &nbsp;&nbsp;&nbsp; Sagax AB, Class B Shares | &nbsp;&nbsp; 1824 | &nbsp;&nbsp;&nbsp; 39096<br>|
| &nbsp;&nbsp;&nbsp; Sagax AB, Class D Shares | &nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp; 3520<br>|
| &nbsp;&nbsp;&nbsp; Swiss Prime Site AG, Registered Shares  | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 99524<br>|
| &nbsp;&nbsp;&nbsp; Vonovia SE | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 172926<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *540948* |
| *Residential REITs — 0.0%††* | *Residential REITs — 0.0%††* | *Residential REITs — 0.0%††* |
| &nbsp;&nbsp;&nbsp; UNITE Group PLC | &nbsp;&nbsp; 3424 | &nbsp;&nbsp;&nbsp; *25768*<br>|
| *Retail REITs — 0.2%* | *Retail REITs — 0.2%* | *Retail REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; Klepierre SA | &nbsp;&nbsp; 1744 | &nbsp;&nbsp;&nbsp; 69108<br>|
| &nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield | &nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp; 111556<br>|
| *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *180664* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1114466** |
| **Utilities — 4.6%** | **Utilities — 4.6%** | **Utilities — 4.6%** |
| *Electric Utilities — 2.4%* | *Electric Utilities — 2.4%* | *Electric Utilities — 2.4%* |
| &nbsp;&nbsp;&nbsp; Acciona SA | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 45413<br>|
| &nbsp;&nbsp;&nbsp; BKW AG | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 34009<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Europe 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; EDP SA | &nbsp;&nbsp;&nbsp; EDP SA | &nbsp;&nbsp; 25392 | &nbsp;&nbsp;&nbsp; $116752<br>|
| &nbsp;&nbsp;&nbsp; Elia Group SA/NV | &nbsp;&nbsp;&nbsp; Elia Group SA/NV | &nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp; 47412<br>|
| &nbsp;&nbsp;&nbsp; Endesa SA | &nbsp;&nbsp;&nbsp; Endesa SA | &nbsp;&nbsp; 2672 | &nbsp;&nbsp;&nbsp; 96121<br>|
| &nbsp;&nbsp;&nbsp; Enel SpA | &nbsp;&nbsp;&nbsp; Enel SpA | &nbsp;&nbsp; 65680 | &nbsp;&nbsp;&nbsp; 684753<br>|
| &nbsp;&nbsp;&nbsp; Fortum oyj | &nbsp;&nbsp;&nbsp; Fortum oyj | &nbsp;&nbsp; 3552 | &nbsp;&nbsp;&nbsp; 75841<br>|
| &nbsp;&nbsp;&nbsp; Iberdrola SA | &nbsp;&nbsp;&nbsp; Iberdrola SA | &nbsp;&nbsp; 56432 | &nbsp;&nbsp;&nbsp; 1223797<br>|
| &nbsp;&nbsp;&nbsp; Redeia Corp. SA | &nbsp;&nbsp;&nbsp; Redeia Corp. SA | &nbsp;&nbsp; 3440 | &nbsp;&nbsp;&nbsp; 61288<br>|
| &nbsp;&nbsp;&nbsp; SSE PLC | &nbsp;&nbsp;&nbsp; SSE PLC | &nbsp;&nbsp; 10192 | &nbsp;&nbsp;&nbsp; 298714<br>|
| &nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 11856 | &nbsp;&nbsp;&nbsp; 126071<br>|
| &nbsp;&nbsp;&nbsp; Verbund AG | &nbsp;&nbsp;&nbsp; Verbund AG | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 40777<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *2850948* |
| *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; Italgas SpA | &nbsp;&nbsp;&nbsp; Italgas SpA | &nbsp;&nbsp; 5248 | &nbsp;&nbsp;&nbsp; 58646<br>|
| &nbsp;&nbsp;&nbsp; Naturgy Energy Group SA | &nbsp;&nbsp;&nbsp; Naturgy Energy Group SA | &nbsp;&nbsp; 2128 | &nbsp;&nbsp;&nbsp; 64780<br>|
| &nbsp;&nbsp;&nbsp; Snam SpA | &nbsp;&nbsp;&nbsp; Snam SpA | &nbsp;&nbsp; 17328 | &nbsp;&nbsp;&nbsp; 115104<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *238530* |
| *Independent Power and Renewable Electricity Producers — 0.4%* | *Independent Power and Renewable Electricity Producers — 0.4%* | *Independent Power and Renewable Electricity Producers — 0.4%* | *Independent Power and Renewable Electricity Producers — 0.4%* |
| &nbsp;&nbsp;&nbsp; Corp. ACCIONA Energias Renovables SA | &nbsp;&nbsp;&nbsp; Corp. ACCIONA Energias Renovables SA | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 8419<br>|
| &nbsp;&nbsp;&nbsp; EDP Renovaveis SA | &nbsp;&nbsp;&nbsp; EDP Renovaveis SA | &nbsp;&nbsp; 2624 | &nbsp;&nbsp;&nbsp; 37104<br>|
| &nbsp;&nbsp;&nbsp; Orsted AS | &nbsp;&nbsp;&nbsp; Orsted AS | &nbsp;&nbsp; 3920 | &nbsp;&nbsp;&nbsp; 75,415<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RWE AG | &nbsp;&nbsp;&nbsp; RWE AG | &nbsp;&nbsp; 5632 | &nbsp;&nbsp;&nbsp; 299373<br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *420311* |
| *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; 13216 | &nbsp;&nbsp;&nbsp; 35855<br>|
| &nbsp;&nbsp;&nbsp; Centrica PLC | &nbsp;&nbsp;&nbsp; Centrica PLC | &nbsp;&nbsp; 39840 | &nbsp;&nbsp;&nbsp; 90856<br>|
| &nbsp;&nbsp;&nbsp; E.ON SE | &nbsp;&nbsp;&nbsp; E.ON SE | &nbsp;&nbsp; 18768 | &nbsp;&nbsp;&nbsp; 355429<br>|
| &nbsp;&nbsp;&nbsp; Engie SA | &nbsp;&nbsp;&nbsp; Engie SA | &nbsp;&nbsp; 14928 | &nbsp;&nbsp;&nbsp; 392897<br>|
| &nbsp;&nbsp;&nbsp; Hera SpA | &nbsp;&nbsp;&nbsp; Hera SpA | &nbsp;&nbsp; 6480 | &nbsp;&nbsp;&nbsp; 30594<br>|
| &nbsp;&nbsp;&nbsp; National Grid PLC | &nbsp;&nbsp;&nbsp; National Grid PLC | &nbsp;&nbsp; 41888 | &nbsp;&nbsp;&nbsp; 643137<br>|
| &nbsp;&nbsp;&nbsp; Veolia Environnement SA | &nbsp;&nbsp;&nbsp; Veolia Environnement SA | &nbsp;&nbsp; 5104 | &nbsp;&nbsp;&nbsp; 178153<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *1726921* |
| *Water Utilities — 0.1%* | *Water Utilities — 0.1%* | *Water Utilities — 0.1%* | *Water Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Severn Trent PLC | &nbsp;&nbsp;&nbsp; Severn Trent PLC | &nbsp;&nbsp; 2240 | &nbsp;&nbsp;&nbsp; 84030<br>|
| &nbsp;&nbsp;&nbsp; United Utilities Group PLC | &nbsp;&nbsp;&nbsp; United Utilities Group PLC | &nbsp;&nbsp; 5824 | &nbsp;&nbsp;&nbsp; 93533<br>|
| *Total Water Utilities* | *Total Water Utilities* | *Total Water Utilities* | &nbsp;&nbsp; *177563* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **5414273** |
| **Total Common Stocks (Cost — $96,914,471)** | **Total Common Stocks (Cost — $96,914,471)** | **Total Common Stocks (Cost — $96,914,471)** | &nbsp;&nbsp;&nbsp; **116441497**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| *Automobiles — 0.3%* | *Automobiles — 0.3%* | *Automobiles — 0.3%* | *Automobiles — 0.3%* |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG  | &nbsp;&nbsp; 4.721% | &nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp; 49863<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen AG  | &nbsp;&nbsp; 6.142% | &nbsp;&nbsp; 1744 | &nbsp;&nbsp;&nbsp; 212095<br> <sup>(e)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **261958** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| *Household Products — 0.1%* | *Household Products — 0.1%* | *Household Products — 0.1%* | *Household Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA  | &nbsp;&nbsp; 2.932% | &nbsp;&nbsp; 1344 | &nbsp;&nbsp;&nbsp;&nbsp; **$109829**<br> <sup>(e)</sup><br>|
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| *Biotechnology — 0.0%††* | *Biotechnology — 0.0%††* | *Biotechnology — 0.0%††* | *Biotechnology — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Grifols SA, Class B Shares  | &nbsp;&nbsp; 1.554% | &nbsp;&nbsp; 2240 | &nbsp;&nbsp;&nbsp;&nbsp; **20573**<br> <sup>(e)</sup><br>|
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| *Chemicals — 0.0%††* | *Chemicals — 0.0%††* | *Chemicals — 0.0%††* | *Chemicals — 0.0%††* |
| &nbsp;&nbsp;&nbsp; FUCHS SE  | &nbsp;&nbsp; 3.068% | &nbsp;&nbsp; 528 | &nbsp;&nbsp;&nbsp;&nbsp; **23651**<br> <sup>(e)</sup><br>|
| **Total Preferred Stocks (Cost — $466,023)** | **Total Preferred Stocks (Cost — $466,023)** | **Total Preferred Stocks (Cost — $466,023)** | &nbsp;&nbsp; **416011** |
| **Total Investments before Short-Term Investments (Cost — $97,380,494)** | **Total Investments before Short-Term Investments (Cost — $97,380,494)** | **Total Investments before Short-Term Investments (Cost — $97,380,494)** | &nbsp;&nbsp; **116857508** |
| **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 — $18,348)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 18348<br>| &nbsp;&nbsp;&nbsp;&nbsp; **18348**<br> <sup>(f)(g)(h)</sup><br>|
| **Total Investments — 99.5% (Cost — $97,398,842)** | **Total Investments — 99.5% (Cost — $97,398,842)** | **Total Investments — 99.5% (Cost — $97,398,842)** | &nbsp;&nbsp; **116875856** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp;&nbsp; 569485 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$117445341** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(c)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(d)</sup> | Value is less than $1. |
| <sup>(e)</sup> | The rate shown represents the yield as of December 31, 2025. |
| <sup>(f)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(g)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $18,348 and the cost was $18,348 (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:** |
| CVA |  | Certificaaten van aandelen (Share Certificates) |

---

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:** |  |  |  |  |  |
| Euro Stoxx 50 Index | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $202971 | &nbsp;&nbsp;&nbsp;&nbsp; $205799 | &nbsp;&nbsp;&nbsp;&nbsp; $2828 |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 130826 | &nbsp;&nbsp;&nbsp;&nbsp; 133711 | &nbsp;&nbsp;&nbsp;&nbsp; 2885 |
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$5713** |

---

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 FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Communication Services — 3.9%** | **Communication Services — 3.9%** | **Communication Services — 3.9%** |
| *Diversified Telecommunication Services — 3.0%* | *Diversified Telecommunication Services — 3.0%* | *Diversified Telecommunication Services — 3.0%* |
| &nbsp;&nbsp;&nbsp; Cellnex Telecom SA | &nbsp;&nbsp; 4626 | &nbsp;&nbsp;&nbsp; $149027<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG | &nbsp;&nbsp; 28413 | &nbsp;&nbsp;&nbsp; 923005<br>|
| &nbsp;&nbsp;&nbsp; Elisa oyj | &nbsp;&nbsp; 1152 | &nbsp;&nbsp;&nbsp; 51061<br>|
| &nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp; 2556 | &nbsp;&nbsp;&nbsp; 23670<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | &nbsp;&nbsp; 30978 | &nbsp;&nbsp;&nbsp; 144655<br>|
| &nbsp;&nbsp;&nbsp; Orange SA | &nbsp;&nbsp; 17046 | &nbsp;&nbsp;&nbsp; 284280<br>|
| &nbsp;&nbsp;&nbsp; Telecom Italia SpA | &nbsp;&nbsp; 88758 | &nbsp;&nbsp;&nbsp; 53,559<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Telecom Italia SpA, Savings Shares | &nbsp;&nbsp; 50139 | &nbsp;&nbsp;&nbsp; 36,686<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Telefonica SA | &nbsp;&nbsp; 33471 | &nbsp;&nbsp;&nbsp; 137310<br>|
| &nbsp;&nbsp;&nbsp; Telekom Austria AG | &nbsp;&nbsp; 621 | &nbsp;&nbsp;&nbsp; 6564<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *1809817* |
| *Entertainment — 0.4%* | *Entertainment — 0.4%* | *Entertainment — 0.4%* |
| &nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp; 43977<br>|
| &nbsp;&nbsp;&nbsp; Universal Music Group NV | &nbsp;&nbsp; 7722 | &nbsp;&nbsp;&nbsp; 201606<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *245583* |
| *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Scout24 SE | &nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp; *58949*<br> <sup>(a)</sup><br>|
| *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* |
| &nbsp;&nbsp;&nbsp; Publicis Groupe SA | &nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp; 193901<br>|
| &nbsp;&nbsp;&nbsp; RTL Group SA | &nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp; 12381<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *206282* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2320631** |
| **Consumer Discretionary — 10.6%** | **Consumer Discretionary — 10.6%** | **Consumer Discretionary — 10.6%** |
| *Automobile Components — 0.5%* | *Automobile Components — 0.5%* | *Automobile Components — 0.5%* |
| &nbsp;&nbsp;&nbsp; Aumovio SE | &nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 22,442<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 5418 | &nbsp;&nbsp;&nbsp; 180141<br>|
| &nbsp;&nbsp;&nbsp; Continental AG | &nbsp;&nbsp; 891 | &nbsp;&nbsp;&nbsp; 71116<br>|
| &nbsp;&nbsp;&nbsp; Pirelli & C. SpA | &nbsp;&nbsp; 3105 | &nbsp;&nbsp;&nbsp; 21355<br> <sup>(a)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *295054* |
| *Automobiles — 2.3%* | *Automobiles — 2.3%* | *Automobiles — 2.3%* |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | &nbsp;&nbsp; 2385 | &nbsp;&nbsp;&nbsp; 260891<br>|
| &nbsp;&nbsp;&nbsp; Ferrari NV | &nbsp;&nbsp; 972 | &nbsp;&nbsp;&nbsp; 363817<br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | &nbsp;&nbsp; 6183 | &nbsp;&nbsp;&nbsp; 436206<br>|
| &nbsp;&nbsp;&nbsp; Renault SA | &nbsp;&nbsp; 1521 | &nbsp;&nbsp;&nbsp; 63272<br>|
| &nbsp;&nbsp;&nbsp; Stellantis NV | &nbsp;&nbsp; 17568 | &nbsp;&nbsp;&nbsp; 195206<br>|
| &nbsp;&nbsp;&nbsp; Volkswagen AG | &nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 28884<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *1348276* |
| *Broadline Retail — 1.0%* | *Broadline Retail — 1.0%* | *Broadline Retail — 1.0%* |
| &nbsp;&nbsp;&nbsp; Prosus NV | &nbsp;&nbsp; 10026 | &nbsp;&nbsp;&nbsp; *622311*<br>|
| *Distributors — 0.1%* | *Distributors — 0.1%* | *Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; D'ieteren Group | &nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; *30908*<br>|
| *Hotels, Restaurants & Leisure — 0.8%* | *Hotels, Restaurants & Leisure — 0.8%* | *Hotels, Restaurants & Leisure — 0.8%* |
| &nbsp;&nbsp;&nbsp; Accor SA | &nbsp;&nbsp; 1791 | &nbsp;&nbsp;&nbsp; 101428<br>|
| &nbsp;&nbsp;&nbsp; Amadeus IT Group SA | &nbsp;&nbsp; 3618 | &nbsp;&nbsp;&nbsp; 267017<br>|
| &nbsp;&nbsp;&nbsp; Delivery Hero SE | &nbsp;&nbsp; 1809 | &nbsp;&nbsp;&nbsp; 48,271<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 FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; FDJ UNITED | &nbsp;&nbsp; 927 | &nbsp;&nbsp;&nbsp; $25716<br>|
| &nbsp;&nbsp;&nbsp; Sodexo SA | &nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp; 34643<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *477075* |
| *Household Durables — 0.0%††* | *Household Durables — 0.0%††* | *Household Durables — 0.0%††* |
| &nbsp;&nbsp;&nbsp; SEB SA | &nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; *11985*<br>|
| *Specialty Retail — 1.1%* | *Specialty Retail — 1.1%* | *Specialty Retail — 1.1%* |
| &nbsp;&nbsp;&nbsp; Fielmann Group AG | &nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 10127<br>|
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | &nbsp;&nbsp; 9054 | &nbsp;&nbsp;&nbsp; 599090<br>|
| &nbsp;&nbsp;&nbsp; Zalando SE | &nbsp;&nbsp; 1899 | &nbsp;&nbsp;&nbsp; 56,516<br> \*<sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *665733* |
| *Textiles, Apparel & Luxury Goods — 4.8%* | *Textiles, Apparel & Luxury Goods — 4.8%* | *Textiles, Apparel & Luxury Goods — 4.8%* |
| &nbsp;&nbsp;&nbsp; adidas AG | &nbsp;&nbsp; 1368 | &nbsp;&nbsp;&nbsp; 271604<br>|
| &nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA | &nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp; 32249<br>|
| &nbsp;&nbsp;&nbsp; Hermes International SCA | &nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp; 695319<br>|
| &nbsp;&nbsp;&nbsp; Kering SA | &nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; 202915<br>|
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 2087 | &nbsp;&nbsp;&nbsp; 1580945<br>|
| &nbsp;&nbsp;&nbsp; Moncler SpA | &nbsp;&nbsp; 1836 | &nbsp;&nbsp;&nbsp; 118424<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *2901456* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **6352798** |
| **Consumer Staples — 5.2%** | **Consumer Staples — 5.2%** | **Consumer Staples — 5.2%** |
| *Beverages — 1.6%* | *Beverages — 1.6%* | *Beverages — 1.6%* |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV | &nbsp;&nbsp; 7794 | &nbsp;&nbsp;&nbsp; 502536<br>|
| &nbsp;&nbsp;&nbsp; Davide Campari-Milano NV | &nbsp;&nbsp; 4626 | &nbsp;&nbsp;&nbsp; 30088<br>|
| &nbsp;&nbsp;&nbsp; Heineken Holding NV | &nbsp;&nbsp; 927 | &nbsp;&nbsp;&nbsp; 67936<br>|
| &nbsp;&nbsp;&nbsp; Heineken NV | &nbsp;&nbsp; 2268 | &nbsp;&nbsp;&nbsp; 185763<br>|
| &nbsp;&nbsp;&nbsp; Pernod Ricard SA | &nbsp;&nbsp; 1566 | &nbsp;&nbsp;&nbsp; 134445<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *920768* |
| *Consumer Staples Distribution & Retail — 0.8%* | *Consumer Staples Distribution & Retail — 0.8%* | *Consumer Staples Distribution & Retail — 0.8%* |
| &nbsp;&nbsp;&nbsp; Carrefour SA | &nbsp;&nbsp; 4599 | &nbsp;&nbsp;&nbsp; 76860<br>|
| &nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | &nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp; 53537<br>|
| &nbsp;&nbsp;&nbsp; Kesko oyj, Class B Shares | &nbsp;&nbsp; 2142 | &nbsp;&nbsp;&nbsp; 48427<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 7344 | &nbsp;&nbsp;&nbsp; 300760<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *479584* |
| *Food Products — 1.2%* | *Food Products — 1.2%* | *Food Products — 1.2%* |
| &nbsp;&nbsp;&nbsp; Danone SA | &nbsp;&nbsp; 5184 | &nbsp;&nbsp;&nbsp; 467463<br>|
| &nbsp;&nbsp;&nbsp; JDE Peet's NV | &nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp; 47147<br>|
| &nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A Shares | &nbsp;&nbsp; 1332 | &nbsp;&nbsp;&nbsp; 122021<br>|
| &nbsp;&nbsp;&nbsp; Lotus Bakeries NV | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 27658<br>|
| &nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV | &nbsp;&nbsp; 3933 | &nbsp;&nbsp;&nbsp; 62,894<br> \*<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *727183* |
| *Household Products — 0.1%* | *Household Products — 0.1%* | *Household Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | &nbsp;&nbsp; 792 | &nbsp;&nbsp;&nbsp; *60461*<br>|
| *Personal Care Products — 1.5%* | *Personal Care Products — 1.5%* | *Personal Care Products — 1.5%* |
| &nbsp;&nbsp;&nbsp; Beiersdorf AG | &nbsp;&nbsp; 846 | &nbsp;&nbsp;&nbsp; 93079<br>|
| &nbsp;&nbsp;&nbsp; L'Oreal SA | &nbsp;&nbsp; 1872 | &nbsp;&nbsp;&nbsp; 805996<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *899075* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **3087071** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Energy — 2.9%** | **Energy — 2.9%** | **Energy — 2.9%** |
| *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Tenaris SA | &nbsp;&nbsp; 2844 | &nbsp;&nbsp;&nbsp; $*55146*<br>|
| *Oil, Gas & Consumable Fuels — 2.8%* | *Oil, Gas & Consumable Fuels — 2.8%* | *Oil, Gas & Consumable Fuels — 2.8%* |
| &nbsp;&nbsp;&nbsp; Bollore SE | &nbsp;&nbsp; 5634 | &nbsp;&nbsp;&nbsp; 31721<br>|
| &nbsp;&nbsp;&nbsp; Eni SpA | &nbsp;&nbsp; 16416 | &nbsp;&nbsp;&nbsp; 311176<br>|
| &nbsp;&nbsp;&nbsp; Galp Energia SGPS SA | &nbsp;&nbsp; 3348 | &nbsp;&nbsp;&nbsp; 57526<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke Vopak NV | &nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp; 19619<br>|
| &nbsp;&nbsp;&nbsp; Neste oyj | &nbsp;&nbsp; 3330 | &nbsp;&nbsp;&nbsp; 75911<br>|
| &nbsp;&nbsp;&nbsp; OMV AG | &nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp; 65800<br>|
| &nbsp;&nbsp;&nbsp; Repsol SA | &nbsp;&nbsp; 8982 | &nbsp;&nbsp;&nbsp; 167991<br>|
| &nbsp;&nbsp;&nbsp; TotalEnergies SE | &nbsp;&nbsp; 15012 | &nbsp;&nbsp;&nbsp; 980099<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *1709843* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1764989** |
| **Financials — 26.5%** | **Financials — 26.5%** | **Financials — 26.5%** |
| *Banks — 16.3%* | *Banks — 16.3%* | *Banks — 16.3%* |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, CVA | &nbsp;&nbsp; 4743 | &nbsp;&nbsp;&nbsp; 165943<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIB Group PLC | &nbsp;&nbsp; 17496 | &nbsp;&nbsp;&nbsp; 189043<br>|
| &nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 17019 | &nbsp;&nbsp;&nbsp; 182490<br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 46377 | &nbsp;&nbsp;&nbsp; 1092073<br>|
| &nbsp;&nbsp;&nbsp; Banco BPM SpA | &nbsp;&nbsp; 12033 | &nbsp;&nbsp;&nbsp; 184001<br>|
| &nbsp;&nbsp;&nbsp; Banco Comercial Portugues SA | &nbsp;&nbsp; 73548 | &nbsp;&nbsp;&nbsp; 77412<br>|
| &nbsp;&nbsp;&nbsp; Banco de Sabadell SA | &nbsp;&nbsp; 40860 | &nbsp;&nbsp;&nbsp; 161480<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA | &nbsp;&nbsp; 121401 | &nbsp;&nbsp;&nbsp; 1435775<br>|
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC | &nbsp;&nbsp; 7875 | &nbsp;&nbsp;&nbsp; 151449<br>|
| &nbsp;&nbsp;&nbsp; Bankinter SA | &nbsp;&nbsp; 5085 | &nbsp;&nbsp;&nbsp; 84535<br>|
| &nbsp;&nbsp;&nbsp; BAWAG Group AG | &nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp; 96811<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | &nbsp;&nbsp; 8100 | &nbsp;&nbsp;&nbsp; 768559<br>|
| &nbsp;&nbsp;&nbsp; BPER Banca SpA | &nbsp;&nbsp; 11430 | &nbsp;&nbsp;&nbsp; 155718<br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA | &nbsp;&nbsp; 29385 | &nbsp;&nbsp;&nbsp; 360470<br>|
| &nbsp;&nbsp;&nbsp; Commerzbank AG | &nbsp;&nbsp; 5508 | &nbsp;&nbsp;&nbsp; 233526<br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA | &nbsp;&nbsp; 7596 | &nbsp;&nbsp;&nbsp; 156566<br>|
| &nbsp;&nbsp;&nbsp; Erste Group Bank AG | &nbsp;&nbsp; 2295 | &nbsp;&nbsp;&nbsp; 277353<br>|
| &nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 5013 | &nbsp;&nbsp;&nbsp; 130703<br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV | &nbsp;&nbsp; 24336 | &nbsp;&nbsp;&nbsp; 686240<br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | &nbsp;&nbsp; 125667 | &nbsp;&nbsp;&nbsp; 873879<br>|
| &nbsp;&nbsp;&nbsp; KBC Group NV | &nbsp;&nbsp; 1854 | &nbsp;&nbsp;&nbsp; 242239<br>|
| &nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 918 | &nbsp;&nbsp;&nbsp; 19175<br>|
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp | &nbsp;&nbsp; 26595 | &nbsp;&nbsp;&nbsp; 502407<br>|
| &nbsp;&nbsp;&nbsp; Raiffeisen Bank International AG | &nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp; 47366<br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA | &nbsp;&nbsp; 5769 | &nbsp;&nbsp;&nbsp; 465606<br>|
| &nbsp;&nbsp;&nbsp; UniCredit SpA | &nbsp;&nbsp; 12519 | &nbsp;&nbsp;&nbsp; 1042733<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *9783552* |
| *Capital Markets — 1.9%* | *Capital Markets — 1.9%* | *Capital Markets — 1.9%* |
| &nbsp;&nbsp;&nbsp; Amundi SA | &nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp; 39551<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVC Capital Partners PLC | &nbsp;&nbsp; 1755 | &nbsp;&nbsp;&nbsp; 29475<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Registered Shares | &nbsp;&nbsp; 14499 | &nbsp;&nbsp;&nbsp; 563809<br>|
| &nbsp;&nbsp;&nbsp; Deutsche Boerse AG | &nbsp;&nbsp; 1503 | &nbsp;&nbsp;&nbsp; 394875<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; DWS Group GmbH & Co. KGaA | &nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp; $17319<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Euronext NV | &nbsp;&nbsp; 729 | &nbsp;&nbsp;&nbsp; 109590<br> <sup>(a)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *1154619* |
| *Financial Services — 1.2%* | *Financial Services — 1.2%* | *Financial Services — 1.2%* |
| &nbsp;&nbsp;&nbsp; Adyen NV | &nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 350,427<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banca Mediolanum SpA | &nbsp;&nbsp; 1719 | &nbsp;&nbsp;&nbsp; 39308<br>|
| &nbsp;&nbsp;&nbsp; Edenred SE | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp; 43973<br>|
| &nbsp;&nbsp;&nbsp; Eurazeo SE | &nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp; 19155<br>|
| &nbsp;&nbsp;&nbsp; EXOR NV | &nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp; 60498<br>|
| &nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 56196<br>|
| &nbsp;&nbsp;&nbsp; Nexi SpA | &nbsp;&nbsp; 4176 | &nbsp;&nbsp;&nbsp; 20702<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Poste Italiane SpA | &nbsp;&nbsp; 3717 | &nbsp;&nbsp;&nbsp; 93769<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sofina SA | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 36551<br>|
| &nbsp;&nbsp;&nbsp; Wendel SE | &nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 19115<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *739694* |
| *Insurance — 7.1%* | *Insurance — 7.1%* | *Insurance — 7.1%* |
| &nbsp;&nbsp;&nbsp; Aegon Ltd. | &nbsp;&nbsp; 11133 | &nbsp;&nbsp;&nbsp; 86819<br>|
| &nbsp;&nbsp;&nbsp; Ageas SA/NV | &nbsp;&nbsp; 1449 | &nbsp;&nbsp;&nbsp; 101766<br>|
| &nbsp;&nbsp;&nbsp; Allianz SE, Registered Shares | &nbsp;&nbsp; 3159 | &nbsp;&nbsp;&nbsp; 1448790<br>|
| &nbsp;&nbsp;&nbsp; ASR Nederland NV | &nbsp;&nbsp; 1269 | &nbsp;&nbsp;&nbsp; 90347<br>|
| &nbsp;&nbsp;&nbsp; AXA SA | &nbsp;&nbsp; 13653 | &nbsp;&nbsp;&nbsp; 656784<br>|
| &nbsp;&nbsp;&nbsp; Generali | &nbsp;&nbsp; 7920 | &nbsp;&nbsp;&nbsp; 332534<br>|
| &nbsp;&nbsp;&nbsp; Hannover Rueck SE | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 154756<br>|
| &nbsp;&nbsp;&nbsp; Mapfre SA | &nbsp;&nbsp; 7605 | &nbsp;&nbsp;&nbsp; 38246<br>|
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | &nbsp;&nbsp; 1071 | &nbsp;&nbsp;&nbsp; 707156<br>|
| &nbsp;&nbsp;&nbsp; NN Group NV | &nbsp;&nbsp; 2151 | &nbsp;&nbsp;&nbsp; 166075<br>|
| &nbsp;&nbsp;&nbsp; Sampo oyj, Class A Shares | &nbsp;&nbsp; 20268 | &nbsp;&nbsp;&nbsp; 245893<br>|
| &nbsp;&nbsp;&nbsp; SCOR SE | &nbsp;&nbsp; 1404 | &nbsp;&nbsp;&nbsp; 47390<br>|
| &nbsp;&nbsp;&nbsp; Talanx AG | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 66158<br>|
| &nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA | &nbsp;&nbsp; 3078 | &nbsp;&nbsp;&nbsp; 74360<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *4217074* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **15894939** |
| **Health Care — 6.4%** | **Health Care — 6.4%** | **Health Care — 6.4%** |
| *Biotechnology — 0.7%* | *Biotechnology — 0.7%* | *Biotechnology — 0.7%* |
| &nbsp;&nbsp;&nbsp; Argenx SE | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 416,714<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Grifols SA | &nbsp;&nbsp; 2313 | &nbsp;&nbsp;&nbsp; 29067<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *445781* |
| *Health Care Equipment & Supplies — 1.9%* | *Health Care Equipment & Supplies — 1.9%* | *Health Care Equipment & Supplies — 1.9%* |
| &nbsp;&nbsp;&nbsp; BioMerieux | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 46635<br>|
| &nbsp;&nbsp;&nbsp; Carl Zeiss Meditec AG, Bearer Shares | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 13530<br>|
| &nbsp;&nbsp;&nbsp; DiaSorin SpA | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 14506<br>|
| &nbsp;&nbsp;&nbsp; EssilorLuxottica SA | &nbsp;&nbsp; 2358 | &nbsp;&nbsp;&nbsp; 747449<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke Philips NV | &nbsp;&nbsp; 6282 | &nbsp;&nbsp;&nbsp; 171462<br>|
| &nbsp;&nbsp;&nbsp; Siemens Healthineers AG | &nbsp;&nbsp; 2421 | &nbsp;&nbsp;&nbsp; 127723<br> <sup>(a)</sup><br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *1121305* |
| *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Amplifon SpA | &nbsp;&nbsp; 1008 | &nbsp;&nbsp;&nbsp; 16278<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* |
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care AG | &nbsp;&nbsp; 1719 | &nbsp;&nbsp;&nbsp; $82289<br>|
| &nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | &nbsp;&nbsp; 3366 | &nbsp;&nbsp;&nbsp; 193628<br>|
| &nbsp;&nbsp;&nbsp; NMC Health PLC | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *292195* |
| *Life Sciences Tools & Services — 0.3%* | *Life Sciences Tools & Services — 0.3%* | *Life Sciences Tools & Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Eurofins Scientific SE | &nbsp;&nbsp; 927 | &nbsp;&nbsp;&nbsp; 67936<br>|
| &nbsp;&nbsp;&nbsp; QIAGEN NV | &nbsp;&nbsp; 1746 | &nbsp;&nbsp;&nbsp; 79675<br>|
| &nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 55493<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *203104* |
| *Pharmaceuticals — 3.0%* | *Pharmaceuticals — 3.0%* | *Pharmaceuticals — 3.0%* |
| &nbsp;&nbsp;&nbsp; Bayer AG, Registered Shares | &nbsp;&nbsp; 8046 | &nbsp;&nbsp;&nbsp; 349731<br>|
| &nbsp;&nbsp;&nbsp; Ipsen SA | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 40251<br>|
| &nbsp;&nbsp;&nbsp; Merck KGaA | &nbsp;&nbsp; 1062 | &nbsp;&nbsp;&nbsp; 152915<br>|
| &nbsp;&nbsp;&nbsp; Orion oyj, Class B Shares | &nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 64587<br>|
| &nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 891 | &nbsp;&nbsp;&nbsp; 50794<br>|
| &nbsp;&nbsp;&nbsp; Sanofi SA | &nbsp;&nbsp; 8784 | &nbsp;&nbsp;&nbsp; 853370<br>|
| &nbsp;&nbsp;&nbsp; UCB SA | &nbsp;&nbsp; 981 | &nbsp;&nbsp;&nbsp; 274900<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *1786548* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **3848933** |
| **Industrials — 20.1%** | **Industrials — 20.1%** | **Industrials — 20.1%** |
| *Aerospace & Defense — 5.8%* | *Aerospace & Defense — 5.8%* | *Aerospace & Defense — 5.8%* |
| &nbsp;&nbsp;&nbsp; Airbus SE | &nbsp;&nbsp; 4779 | &nbsp;&nbsp;&nbsp; 1113560<br>|
| &nbsp;&nbsp;&nbsp; Dassault Aviation SA | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 46627<br>|
| &nbsp;&nbsp;&nbsp; Hensoldt AG | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 42671<br>|
| &nbsp;&nbsp;&nbsp; Leonardo SpA  | &nbsp;&nbsp; 3303 | &nbsp;&nbsp;&nbsp; 190702<br>|
| &nbsp;&nbsp;&nbsp; MTU Aero Engines AG | &nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp; 184021<br>|
| &nbsp;&nbsp;&nbsp; Rheinmetall AG | &nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 676494<br>|
| &nbsp;&nbsp;&nbsp; Safran SA | &nbsp;&nbsp; 2844 | &nbsp;&nbsp;&nbsp; 993357<br>|
| &nbsp;&nbsp;&nbsp; Thales SA | &nbsp;&nbsp; 729 | &nbsp;&nbsp;&nbsp; 196749<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *3444181* |
| *Air Freight & Logistics — 0.7%* | *Air Freight & Logistics — 0.7%* | *Air Freight & Logistics — 0.7%* |
| &nbsp;&nbsp;&nbsp; Deutsche Post AG | &nbsp;&nbsp; 7569 | &nbsp;&nbsp;&nbsp; 415402<br>|
| &nbsp;&nbsp;&nbsp; InPost SA | &nbsp;&nbsp; 2106 | &nbsp;&nbsp;&nbsp; 25,897<br> \*<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *441299* |
| *Building Products — 0.8%* | *Building Products — 0.8%* | *Building Products — 0.8%* |
| &nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA | &nbsp;&nbsp; 3699 | &nbsp;&nbsp;&nbsp; 377780<br>|
| &nbsp;&nbsp;&nbsp; Kingspan Group PLC | &nbsp;&nbsp; 1251 | &nbsp;&nbsp;&nbsp; 108944<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *486724* |
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; SPIE SA | &nbsp;&nbsp; 1197 | &nbsp;&nbsp;&nbsp; *69251*<br>|
| *Construction & Engineering — 2.1%* | *Construction & Engineering — 2.1%* | *Construction & Engineering — 2.1%* |
| &nbsp;&nbsp;&nbsp; Ackermans & van Haaren NV | &nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 46593<br>|
| &nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 1449 | &nbsp;&nbsp;&nbsp; 144396<br>|
| &nbsp;&nbsp;&nbsp; Bouygues SA | &nbsp;&nbsp; 1521 | &nbsp;&nbsp;&nbsp; 79224<br>|
| &nbsp;&nbsp;&nbsp; Eiffage SA | &nbsp;&nbsp; 621 | &nbsp;&nbsp;&nbsp; 89270<br>|
| &nbsp;&nbsp;&nbsp; Ferrovial SE | &nbsp;&nbsp; 3870 | &nbsp;&nbsp;&nbsp; 251527<br>|
| &nbsp;&nbsp;&nbsp; HOCHTIEF AG | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 49870<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Construction & Engineering — continued* | *Construction & Engineering — continued* | *Construction & Engineering — continued* |
| &nbsp;&nbsp;&nbsp; Strabag SE | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; $15411<br>|
| &nbsp;&nbsp;&nbsp; Vinci SA | &nbsp;&nbsp; 4086 | &nbsp;&nbsp;&nbsp; 576097<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *1252388* |
| *Electrical Equipment — 4.4%* | *Electrical Equipment — 4.4%* | *Electrical Equipment — 4.4%* |
| &nbsp;&nbsp;&nbsp; Legrand SA | &nbsp;&nbsp; 2061 | &nbsp;&nbsp;&nbsp; 308014<br>|
| &nbsp;&nbsp;&nbsp; Prysmian SpA | &nbsp;&nbsp; 2349 | &nbsp;&nbsp;&nbsp; 238304<br>|
| &nbsp;&nbsp;&nbsp; Schneider Electric SE | &nbsp;&nbsp; 4437 | &nbsp;&nbsp;&nbsp; 1224073<br>|
| &nbsp;&nbsp;&nbsp; Siemens Energy AG | &nbsp;&nbsp; 6075 | &nbsp;&nbsp;&nbsp; 859,028<br> \*<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *2629419* |
| *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ayvens SA | &nbsp;&nbsp; 2934 | &nbsp;&nbsp;&nbsp;&nbsp; *39420*<br> <sup>(a)</sup><br>|
| *Industrial Conglomerates — 2.8%* | *Industrial Conglomerates — 2.8%* | *Industrial Conglomerates — 2.8%* |
| &nbsp;&nbsp;&nbsp; Siemens AG, Registered Shares | &nbsp;&nbsp; 6012 | &nbsp;&nbsp;&nbsp; *1688589*<br>|
| *Machinery — 1.8%* | *Machinery — 1.8%* | *Machinery — 1.8%* |
| &nbsp;&nbsp;&nbsp; Alstom SA | &nbsp;&nbsp; 2745 | &nbsp;&nbsp;&nbsp; 81,145<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ANDRITZ AG | &nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp; 40922<br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | &nbsp;&nbsp; 4167 | &nbsp;&nbsp;&nbsp; 182642<br>|
| &nbsp;&nbsp;&nbsp; GEA Group AG | &nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp; 80034<br>|
| &nbsp;&nbsp;&nbsp; Interpump Group SpA | &nbsp;&nbsp; 603 | &nbsp;&nbsp;&nbsp; 33129<br>|
| &nbsp;&nbsp;&nbsp; KION Group AG | &nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp; 46170<br>|
| &nbsp;&nbsp;&nbsp; Knorr-Bremse AG | &nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp; 59339<br>|
| &nbsp;&nbsp;&nbsp; Kone oyj, Class B Shares | &nbsp;&nbsp; 2556 | &nbsp;&nbsp;&nbsp; 181795<br>|
| &nbsp;&nbsp;&nbsp; Metso oyj | &nbsp;&nbsp; 5643 | &nbsp;&nbsp;&nbsp; 99279<br>|
| &nbsp;&nbsp;&nbsp; Rational AG | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 31853<br>|
| &nbsp;&nbsp;&nbsp; RENK Group AG | &nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 39674<br>|
| &nbsp;&nbsp;&nbsp; Traton SE | &nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp; 18698<br>|
| &nbsp;&nbsp;&nbsp; Valmet oyj | &nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp; 38928<br>|
| &nbsp;&nbsp;&nbsp; Wartsila oyj Abp | &nbsp;&nbsp; 3717 | &nbsp;&nbsp;&nbsp; 132709<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *1066317* |
| *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG, Registered Shares | &nbsp;&nbsp; 4923 | &nbsp;&nbsp;&nbsp; 48602<br>|
| &nbsp;&nbsp;&nbsp; Ryanair Holdings PLC | &nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp; 45290<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *93892* |
| *Professional Services — 0.6%* | *Professional Services — 0.6%* | *Professional Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Bureau Veritas SA | &nbsp;&nbsp; 2826 | &nbsp;&nbsp;&nbsp; 90210<br>|
| &nbsp;&nbsp;&nbsp; Randstad NV | &nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp; 33189<br>|
| &nbsp;&nbsp;&nbsp; Teleperformance SE | &nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp; 32029<br>|
| &nbsp;&nbsp;&nbsp; Wolters Kluwer NV | &nbsp;&nbsp; 1899 | &nbsp;&nbsp;&nbsp; 197023<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *352451* |
| *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* |
| &nbsp;&nbsp;&nbsp; Brenntag SE | &nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp; 58147<br>|
| &nbsp;&nbsp;&nbsp; IMCD NV | &nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp; 43327<br>|
| &nbsp;&nbsp;&nbsp; Rexel SA | &nbsp;&nbsp; 1827 | &nbsp;&nbsp;&nbsp; 72075<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *173549* |
| *Transportation Infrastructure — 0.4%* | *Transportation Infrastructure — 0.4%* | *Transportation Infrastructure — 0.4%* |
| &nbsp;&nbsp;&nbsp; Aena SME SA | &nbsp;&nbsp; 5679 | &nbsp;&nbsp;&nbsp; 158872<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aeroports de Paris SA | &nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; 41213<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Transportation Infrastructure — continued* | *Transportation Infrastructure — continued* | *Transportation Infrastructure — continued* |
| &nbsp;&nbsp;&nbsp; Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp; $24,399<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Getlink SE | &nbsp;&nbsp; 2493 | &nbsp;&nbsp;&nbsp; 46056<br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *270540* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **12008020** |
| **Information Technology — 12.0%** | **Information Technology — 12.0%** | **Information Technology — 12.0%** |
| *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Nokia oyj | &nbsp;&nbsp; 41013 | &nbsp;&nbsp;&nbsp; *268391*<br>|
| *IT Services — 0.4%* | *IT Services — 0.4%* | *IT Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Bechtle AG | &nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp; 34627<br>|
| &nbsp;&nbsp;&nbsp; Capgemini SE | &nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp; 210503<br>|
| &nbsp;&nbsp;&nbsp; Reply SpA | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 24248<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *269378* |
| *Semiconductors & Semiconductor Equipment — 7.4%* | *Semiconductors & Semiconductor Equipment — 7.4%* | *Semiconductors & Semiconductor Equipment — 7.4%* |
| &nbsp;&nbsp;&nbsp; ASM International NV | &nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp; 229785<br>|
| &nbsp;&nbsp;&nbsp; ASML Holding NV | &nbsp;&nbsp; 3222 | &nbsp;&nbsp;&nbsp; 3486651<br>|
| &nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV | &nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp; 90480<br>|
| &nbsp;&nbsp;&nbsp; Infineon Technologies AG | &nbsp;&nbsp; 10638 | &nbsp;&nbsp;&nbsp; 471391<br>|
| &nbsp;&nbsp;&nbsp; STMicroelectronics NV | &nbsp;&nbsp; 5274 | &nbsp;&nbsp;&nbsp; 138994<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *4417301* |
| *Software — 3.8%* | *Software — 3.8%* | *Software — 3.8%* |
| &nbsp;&nbsp;&nbsp; Dassault Systemes SE | &nbsp;&nbsp; 5409 | &nbsp;&nbsp;&nbsp; 151446<br>|
| &nbsp;&nbsp;&nbsp; Nemetschek SE | &nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp; 51007<br>|
| &nbsp;&nbsp;&nbsp; SAP SE | &nbsp;&nbsp; 8415 | &nbsp;&nbsp;&nbsp; 2059123<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *2261576* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **7216646** |
| **Materials — 3.9%** | **Materials — 3.9%** | **Materials — 3.9%** |
| *Chemicals — 2.8%* | *Chemicals — 2.8%* | *Chemicals — 2.8%* |
| &nbsp;&nbsp;&nbsp; Air Liquide SA | &nbsp;&nbsp; 4716 | &nbsp;&nbsp;&nbsp; 887634<br>|
| &nbsp;&nbsp;&nbsp; Akzo Nobel NV | &nbsp;&nbsp; 1377 | &nbsp;&nbsp;&nbsp; 95739<br>|
| &nbsp;&nbsp;&nbsp; Arkema SA | &nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp; 28664<br>|
| &nbsp;&nbsp;&nbsp; BASF SE | &nbsp;&nbsp; 7308 | &nbsp;&nbsp;&nbsp; 381338<br>|
| &nbsp;&nbsp;&nbsp; DSM-Firmenich AG | &nbsp;&nbsp; 1494 | &nbsp;&nbsp;&nbsp; 120648<br>|
| &nbsp;&nbsp;&nbsp; Evonik Industries AG | &nbsp;&nbsp; 2007 | &nbsp;&nbsp;&nbsp; 31491<br>|
| &nbsp;&nbsp;&nbsp; FUCHS SE | &nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; 7293<br>|
| &nbsp;&nbsp;&nbsp; Syensqo SA | &nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp; 47104<br>|
| &nbsp;&nbsp;&nbsp; Symrise AG | &nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp; 87368<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *1687279* |
| *Construction Materials — 0.5%* | *Construction Materials — 0.5%* | *Construction Materials — 0.5%* |
| &nbsp;&nbsp;&nbsp; Buzzi SpA | &nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp; 41223<br>|
| &nbsp;&nbsp;&nbsp; Heidelberg Materials AG | &nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; 268712<br>|
| *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *309935* |
| *Metals & Mining — 0.3%* | *Metals & Mining — 0.3%* | *Metals & Mining — 0.3%* |
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA | &nbsp;&nbsp; 3465 | &nbsp;&nbsp;&nbsp; 159076<br>|
| &nbsp;&nbsp;&nbsp; Evraz PLC | &nbsp;&nbsp; 1168 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *159076* |
| *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Stora Enso oyj, Class R Shares | &nbsp;&nbsp; 4743 | &nbsp;&nbsp;&nbsp; 59631<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Paper & Forest Products — continued* | *Paper & Forest Products — continued* | *Paper & Forest Products — continued* |
| &nbsp;&nbsp;&nbsp; UPM-Kymmene oyj | &nbsp;&nbsp; 4239 | &nbsp;&nbsp;&nbsp; $123417<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *183048* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2339338** |
| **Real Estate — 1.0%** | **Real Estate — 1.0%** | **Real Estate — 1.0%** |
| *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Covivio SA | &nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp; 28742<br>|
| &nbsp;&nbsp;&nbsp; Merlin Properties Socimi SA | &nbsp;&nbsp; 3096 | &nbsp;&nbsp;&nbsp; 45197<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *73939* |
| *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Warehouses De Pauw, CVA | &nbsp;&nbsp; 1530 | &nbsp;&nbsp;&nbsp; *39748*<br>|
| *Office REITs — 0.1%* | *Office REITs — 0.1%* | *Office REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Gecina SA | &nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; *40190*<br>|
| *Real Estate Management & Development — 0.4%* | *Real Estate Management & Development — 0.4%* | *Real Estate Management & Development — 0.4%* |
| &nbsp;&nbsp;&nbsp; CTP NV | &nbsp;&nbsp; 1062 | &nbsp;&nbsp;&nbsp; 22251<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Wohnen SE | &nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp; 9627<br>|
| &nbsp;&nbsp;&nbsp; LEG Immobilien SE | &nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp; 44743<br>|
| &nbsp;&nbsp;&nbsp; Vonovia SE | &nbsp;&nbsp; 5796 | &nbsp;&nbsp;&nbsp; 167047<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *243668* |
| *Retail REITs — 0.3%* | *Retail REITs — 0.3%* | *Retail REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; Klepierre SA | &nbsp;&nbsp; 1701 | &nbsp;&nbsp;&nbsp; 67404<br>|
| &nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield | &nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp; 107852<br>|
| *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *175256* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **572801** |
| **Utilities — 6.6%** | **Utilities — 6.6%** | **Utilities — 6.6%** |
| *Electric Utilities — 4.1%* | *Electric Utilities — 4.1%* | *Electric Utilities — 4.1%* |
| &nbsp;&nbsp;&nbsp; Acciona SA | &nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 43229<br>|
| &nbsp;&nbsp;&nbsp; EDP SA | &nbsp;&nbsp; 24417 | &nbsp;&nbsp;&nbsp; 112269<br>|
| &nbsp;&nbsp;&nbsp; Elia Group SA/NV | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 46381<br>|
| &nbsp;&nbsp;&nbsp; Endesa SA | &nbsp;&nbsp; 2583 | &nbsp;&nbsp;&nbsp; 92919<br>|
| &nbsp;&nbsp;&nbsp; Enel SpA | &nbsp;&nbsp; 63504 | &nbsp;&nbsp;&nbsp; 662067<br>|
| &nbsp;&nbsp;&nbsp; Fortum oyj | &nbsp;&nbsp; 3438 | &nbsp;&nbsp;&nbsp; 73407<br>|
| &nbsp;&nbsp;&nbsp; Iberdrola SA | &nbsp;&nbsp; 54576 | &nbsp;&nbsp;&nbsp; 1183548<br>|
| &nbsp;&nbsp;&nbsp; Redeia Corp. SA | &nbsp;&nbsp; 3303 | &nbsp;&nbsp;&nbsp; 58848<br>|
| &nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 11484 | &nbsp;&nbsp;&nbsp; 122115<br>|
| &nbsp;&nbsp;&nbsp; Verbund AG | &nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp; 39976<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *2434759* |
| *Gas Utilities — 0.4%* | *Gas Utilities — 0.4%* | *Gas Utilities — 0.4%* |
| &nbsp;&nbsp;&nbsp; Italgas SpA | &nbsp;&nbsp; 5067 | &nbsp;&nbsp;&nbsp; 56623<br>|
| &nbsp;&nbsp;&nbsp; Naturgy Energy Group SA | &nbsp;&nbsp; 2043 | &nbsp;&nbsp;&nbsp; 62193<br>|
| &nbsp;&nbsp;&nbsp; Snam SpA | &nbsp;&nbsp; 16830 | &nbsp;&nbsp;&nbsp; 111796<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *230612* |
| *Independent Power and Renewable Electricity Producers — 0.5%* | *Independent Power and Renewable Electricity Producers — 0.5%* | *Independent Power and Renewable Electricity Producers — 0.5%* |
| &nbsp;&nbsp;&nbsp; Corp. ACCIONA Energias Renovables SA | &nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp; 8761<br>|
| &nbsp;&nbsp;&nbsp; EDP Renovaveis SA | &nbsp;&nbsp; 2502 | &nbsp;&nbsp;&nbsp; 35379<br>|
| &nbsp;&nbsp;&nbsp; RWE AG | &nbsp;&nbsp; 5463 | &nbsp;&nbsp;&nbsp; 290389<br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *334529* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Multi-Utilities — 1.6%* | *Multi-Utilities — 1.6%* | *Multi-Utilities — 1.6%* | *Multi-Utilities — 1.6%* |
| &nbsp;&nbsp;&nbsp; A2A SpA | &nbsp;&nbsp;&nbsp; A2A SpA | &nbsp;&nbsp; 12672 | &nbsp;&nbsp;&nbsp; $34379<br>|
| &nbsp;&nbsp;&nbsp; E.ON SE | &nbsp;&nbsp;&nbsp; E.ON SE | &nbsp;&nbsp; 18162 | &nbsp;&nbsp;&nbsp; 343952<br>|
| &nbsp;&nbsp;&nbsp; Engie SA | &nbsp;&nbsp;&nbsp; Engie SA | &nbsp;&nbsp; 14436 | &nbsp;&nbsp;&nbsp; 379947<br>|
| &nbsp;&nbsp;&nbsp; Hera SpA | &nbsp;&nbsp;&nbsp; Hera SpA | &nbsp;&nbsp; 6345 | &nbsp;&nbsp;&nbsp; 29957<br>|
| &nbsp;&nbsp;&nbsp; Veolia Environnement SA | &nbsp;&nbsp;&nbsp; Veolia Environnement SA | &nbsp;&nbsp; 4932 | &nbsp;&nbsp;&nbsp; 172150<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *960385* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3960285** |
| **Total Common Stocks (Cost — $48,733,621)** | **Total Common Stocks (Cost — $48,733,621)** | **Total Common Stocks (Cost — $48,733,621)** | &nbsp;&nbsp;&nbsp; **59366451**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** |
| **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |
| *Automobiles — 0.4%* | *Automobiles — 0.4%* | *Automobiles — 0.4%* | *Automobiles — 0.4%* |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG  | &nbsp;&nbsp; 4.721% | &nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp; 47391<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen AG  | &nbsp;&nbsp; 6.142% | &nbsp;&nbsp; 1692 | &nbsp;&nbsp;&nbsp; 205771<br> <sup>(e)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **253162** |
| **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| *Household Products — 0.2%* | *Household Products — 0.2%* | *Household Products — 0.2%* | *Household Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA  | &nbsp;&nbsp; 2.932% | &nbsp;&nbsp; 1296 | &nbsp;&nbsp;&nbsp;&nbsp; **105907**<br> <sup>(e)</sup><br>|
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| *Biotechnology — 0.0%††* | *Biotechnology — 0.0%††* | *Biotechnology — 0.0%††* | *Biotechnology — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Grifols SA, Class B Shares  | &nbsp;&nbsp; 1.554% | &nbsp;&nbsp; 2115 | &nbsp;&nbsp;&nbsp;&nbsp; **19424**<br> <sup>(e)</sup><br>|
| **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* |
| &nbsp;&nbsp;&nbsp; FUCHS SE  | &nbsp;&nbsp; 3.068% | &nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp;&nbsp; **24592**<br> <sup>(e)</sup><br>|
| **Total Preferred Stocks (Cost — $401,926)** | **Total Preferred Stocks (Cost — $401,926)** | **Total Preferred Stocks (Cost — $401,926)** | &nbsp;&nbsp; **403085** |
| **Total Investments before Short-Term Investments (Cost — $49,135,547)** | **Total Investments before Short-Term Investments (Cost — $49,135,547)** | **Total Investments before Short-Term Investments (Cost — $49,135,547)** | &nbsp;&nbsp; **59769536** |
| **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 — $5,075)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 5075<br>| &nbsp;&nbsp;&nbsp;&nbsp; **5075**<br> <sup>(f)(g)(h)</sup><br>|
| **Total Investments — 99.8% (Cost — $49,140,622)** | **Total Investments — 99.8% (Cost — $49,140,622)** | **Total Investments — 99.8% (Cost — $49,140,622)** | &nbsp;&nbsp; **59774611** |
| &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; 100203 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$59874814** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(c)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(d)</sup> | Value is less than $1. |
| <sup>(e)</sup> | The rate shown represents the yield as of December 31, 2025. |
| <sup>(f)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(g)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $5,075 and the cost was $5,075 (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;

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Eurozone ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CVA |  | Certificaaten van aandelen (Share Certificates) |

---

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 FTSE Germany ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 97.5%** | **Common Stocks — 97.5%** | **Common Stocks — 97.5%** |
| **Communication Services — 6.4%** | **Communication Services — 6.4%** | **Communication Services — 6.4%** |
| *Diversified Telecommunication Services — 5.7%* | *Diversified Telecommunication Services — 5.7%* | *Diversified Telecommunication Services — 5.7%* |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG | &nbsp;&nbsp; 97647 | &nbsp;&nbsp;&nbsp; $*3172092*<br>|
| *Entertainment — 0.3%* | *Entertainment — 0.3%* | *Entertainment — 0.3%* |
| &nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 1617 | &nbsp;&nbsp;&nbsp; *149078*<br>|
| *Interactive Media & Services — 0.3%* | *Interactive Media & Services — 0.3%* | *Interactive Media & Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Scout24 SE | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp;&nbsp; *199520*<br> <sup>(a)</sup><br>|
| *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* |
| &nbsp;&nbsp;&nbsp; RTL Group SA | &nbsp;&nbsp; 1023 | &nbsp;&nbsp;&nbsp; *41391*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3562081** |
| **Consumer Discretionary — 7.5%** | **Consumer Discretionary — 7.5%** | **Consumer Discretionary — 7.5%** |
| *Automobile Components — 0.6%* | *Automobile Components — 0.6%* | *Automobile Components — 0.6%* |
| &nbsp;&nbsp;&nbsp; Aumovio SE | &nbsp;&nbsp; 1518 | &nbsp;&nbsp;&nbsp; 76,554<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Continental AG | &nbsp;&nbsp; 3036 | &nbsp;&nbsp;&nbsp; 242320<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *318874* |
| *Automobiles — 4.5%* | *Automobiles — 4.5%* | *Automobiles — 4.5%* |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | &nbsp;&nbsp; 8217 | &nbsp;&nbsp;&nbsp; 898844<br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | &nbsp;&nbsp; 21252 | &nbsp;&nbsp;&nbsp; 1499313<br>|
| &nbsp;&nbsp;&nbsp; Volkswagen AG | &nbsp;&nbsp; 792 | &nbsp;&nbsp;&nbsp; 97760<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *2495917* |
| *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* |
| &nbsp;&nbsp;&nbsp; Delivery Hero SE | &nbsp;&nbsp; 6303 | &nbsp;&nbsp;&nbsp; *168,186*<br> \*<sup>(a)</sup><br>|
| *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* |
| &nbsp;&nbsp;&nbsp; Fielmann Group AG | &nbsp;&nbsp; 627 | &nbsp;&nbsp;&nbsp; 32069<br>|
| &nbsp;&nbsp;&nbsp; Zalando SE | &nbsp;&nbsp; 6567 | &nbsp;&nbsp;&nbsp; 195,438<br> \*<sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *227507* |
| *Textiles, Apparel & Luxury Goods — 1.7%* | *Textiles, Apparel & Luxury Goods — 1.7%* | *Textiles, Apparel & Luxury Goods — 1.7%* |
| &nbsp;&nbsp;&nbsp; adidas AG | &nbsp;&nbsp; 4686 | &nbsp;&nbsp;&nbsp; *930363*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **4140847** |
| **Consumer Staples — 1.0%** | **Consumer Staples — 1.0%** | **Consumer Staples — 1.0%** |
| *Household Products — 0.4%* | *Household Products — 0.4%* | *Household Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | &nbsp;&nbsp; 2706 | &nbsp;&nbsp;&nbsp; *206574*<br>|
| *Personal Care Products — 0.6%* | *Personal Care Products — 0.6%* | *Personal Care Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Beiersdorf AG | &nbsp;&nbsp; 2904 | &nbsp;&nbsp;&nbsp; *319506*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **526080** |
| **Financials — 22.2%** | **Financials — 22.2%** | **Financials — 22.2%** |
| *Banks — 1.4%* | *Banks — 1.4%* | *Banks — 1.4%* |
| &nbsp;&nbsp;&nbsp; Commerzbank AG | &nbsp;&nbsp; 18975 | &nbsp;&nbsp;&nbsp; *804495*<br>|
| *Capital Markets — 6.1%* | *Capital Markets — 6.1%* | *Capital Markets — 6.1%* |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Registered Shares | &nbsp;&nbsp; 49830 | &nbsp;&nbsp;&nbsp; 1937692<br>|
| &nbsp;&nbsp;&nbsp; Deutsche Boerse AG | &nbsp;&nbsp; 5181 | &nbsp;&nbsp;&nbsp; 1361176<br>|
| &nbsp;&nbsp;&nbsp; DWS Group GmbH & Co. KGaA | &nbsp;&nbsp; 891 | &nbsp;&nbsp;&nbsp; 59124<br> <sup>(a)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *3357992* |
| *Insurance — 14.7%* | *Insurance — 14.7%* | *Insurance — 14.7%* |
| &nbsp;&nbsp;&nbsp; Allianz SE, Registered Shares | &nbsp;&nbsp; 10857 | &nbsp;&nbsp;&nbsp; 4979269<br>|
| &nbsp;&nbsp;&nbsp; Hannover Rueck SE | &nbsp;&nbsp; 1683 | &nbsp;&nbsp;&nbsp; 526171<br>|
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | &nbsp;&nbsp; 3678 | &nbsp;&nbsp;&nbsp; 2428496<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Germany ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Talanx AG | &nbsp;&nbsp; 1683 | &nbsp;&nbsp;&nbsp; $224937<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *8158873* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **12321360** |
| **Health Care — 6.2%** | **Health Care — 6.2%** | **Health Care — 6.2%** |
| *Health Care Equipment & Supplies — 0.9%* | *Health Care Equipment & Supplies — 0.9%* | *Health Care Equipment & Supplies — 0.9%* |
| &nbsp;&nbsp;&nbsp; Carl Zeiss Meditec AG, Bearer Shares | &nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp; 46508<br>|
| &nbsp;&nbsp;&nbsp; Siemens Healthineers AG | &nbsp;&nbsp; 8316 | &nbsp;&nbsp;&nbsp; 438722<br> <sup>(a)</sup><br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *485230* |
| *Health Care Providers & Services — 1.7%* | *Health Care Providers & Services — 1.7%* | *Health Care Providers & Services — 1.7%* |
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care AG | &nbsp;&nbsp; 5907 | &nbsp;&nbsp;&nbsp; 282772<br>|
| &nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | &nbsp;&nbsp; 11583 | &nbsp;&nbsp;&nbsp; 666307<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *949079* |
| *Life Sciences Tools & Services — 0.5%* | *Life Sciences Tools & Services — 0.5%* | *Life Sciences Tools & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; QIAGEN NV | &nbsp;&nbsp; 6006 | &nbsp;&nbsp;&nbsp; *274073*<br>|
| *Pharmaceuticals — 3.1%* | *Pharmaceuticals — 3.1%* | *Pharmaceuticals — 3.1%* |
| &nbsp;&nbsp;&nbsp; Bayer AG, Registered Shares | &nbsp;&nbsp; 27654 | &nbsp;&nbsp;&nbsp; 1202020<br>|
| &nbsp;&nbsp;&nbsp; Merck KGaA | &nbsp;&nbsp; 3630 | &nbsp;&nbsp;&nbsp; 522675<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *1724695* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **3433077** |
| **Industrials — 27.9%** | **Industrials — 27.9%** | **Industrials — 27.9%** |
| *Aerospace & Defense — 5.6%* | *Aerospace & Defense — 5.6%* | *Aerospace & Defense — 5.6%* |
| &nbsp;&nbsp;&nbsp; Hensoldt AG | &nbsp;&nbsp; 1683 | &nbsp;&nbsp;&nbsp; 145082<br>|
| &nbsp;&nbsp;&nbsp; MTU Aero Engines AG | &nbsp;&nbsp; 1518 | &nbsp;&nbsp;&nbsp; 633435<br>|
| &nbsp;&nbsp;&nbsp; Rheinmetall AG | &nbsp;&nbsp; 1268 | &nbsp;&nbsp;&nbsp; 2324646<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *3103163* |
| *Air Freight & Logistics — 2.6%* | *Air Freight & Logistics — 2.6%* | *Air Freight & Logistics — 2.6%* |
| &nbsp;&nbsp;&nbsp; Deutsche Post AG | &nbsp;&nbsp; 26004 | &nbsp;&nbsp;&nbsp; *1427154*<br>|
| *Construction & Engineering — 0.3%* | *Construction & Engineering — 0.3%* | *Construction & Engineering — 0.3%* |
| &nbsp;&nbsp;&nbsp; HOCHTIEF AG | &nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp; *169794*<br>|
| *Electrical Equipment — 5.3%* | *Electrical Equipment — 5.3%* | *Electrical Equipment — 5.3%* |
| &nbsp;&nbsp;&nbsp; Siemens Energy AG | &nbsp;&nbsp; 20889 | &nbsp;&nbsp;&nbsp; *2,953,785*<br> \*<br>|
| *Industrial Conglomerates — 10.5%* | *Industrial Conglomerates — 10.5%* | *Industrial Conglomerates — 10.5%* |
| &nbsp;&nbsp;&nbsp; Siemens AG, Registered Shares | &nbsp;&nbsp; 20658 | &nbsp;&nbsp;&nbsp; *5802209*<br>|
| *Machinery — 2.8%* | *Machinery — 2.8%* | *Machinery — 2.8%* |
| &nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | &nbsp;&nbsp; 14289 | &nbsp;&nbsp;&nbsp; 626294<br>|
| &nbsp;&nbsp;&nbsp; GEA Group AG | &nbsp;&nbsp; 4059 | &nbsp;&nbsp;&nbsp; 275538<br>|
| &nbsp;&nbsp;&nbsp; KION Group AG | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp; 158709<br>|
| &nbsp;&nbsp;&nbsp; Knorr-Bremse AG | &nbsp;&nbsp; 1848 | &nbsp;&nbsp;&nbsp; 206512<br>|
| &nbsp;&nbsp;&nbsp; Rational AG | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; 115758<br>|
| &nbsp;&nbsp;&nbsp; RENK Group AG | &nbsp;&nbsp; 2178 | &nbsp;&nbsp;&nbsp; 137157<br>|
| &nbsp;&nbsp;&nbsp; Traton SE | &nbsp;&nbsp; 1749 | &nbsp;&nbsp;&nbsp; 62651<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *1582619* |
| *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG, Registered Shares | &nbsp;&nbsp; 16896 | &nbsp;&nbsp;&nbsp; *166805*<br>|
| *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* |
| &nbsp;&nbsp;&nbsp; Brenntag SE | &nbsp;&nbsp; 3465 | &nbsp;&nbsp;&nbsp; *201683*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Germany ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* |
| &nbsp;&nbsp;&nbsp; Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp;&nbsp; Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp; 1023 | &nbsp;&nbsp;&nbsp; $*84,042*<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **15491254** |
| **Information Technology — 16.2%** | **Information Technology — 16.2%** | **Information Technology — 16.2%** | **Information Technology — 16.2%** |
| *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Bechtle AG | &nbsp;&nbsp;&nbsp; Bechtle AG | &nbsp;&nbsp; 2310 | &nbsp;&nbsp;&nbsp; *118503*<br>|
| *Semiconductors & Semiconductor Equipment — 2.9%* | *Semiconductors & Semiconductor Equipment — 2.9%* | *Semiconductors & Semiconductor Equipment — 2.9%* | *Semiconductors & Semiconductor Equipment — 2.9%* |
| &nbsp;&nbsp;&nbsp; Infineon Technologies AG | &nbsp;&nbsp;&nbsp; Infineon Technologies AG | &nbsp;&nbsp; 36597 | &nbsp;&nbsp;&nbsp; *1621687*<br>|
| *Software — 13.1%* | *Software — 13.1%* | *Software — 13.1%* | *Software — 13.1%* |
| &nbsp;&nbsp;&nbsp; Nemetschek SE | &nbsp;&nbsp;&nbsp; Nemetschek SE | &nbsp;&nbsp; 1584 | &nbsp;&nbsp;&nbsp; 172639<br>|
| &nbsp;&nbsp;&nbsp; SAP SE | &nbsp;&nbsp;&nbsp; SAP SE | &nbsp;&nbsp; 28908 | &nbsp;&nbsp;&nbsp; 7073694<br>|
| *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *7246333* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8986523** |
| **Materials — 4.8%** | **Materials — 4.8%** | **Materials — 4.8%** | **Materials — 4.8%** |
| *Chemicals — 3.1%* | *Chemicals — 3.1%* | *Chemicals — 3.1%* | *Chemicals — 3.1%* |
| &nbsp;&nbsp;&nbsp; BASF SE | &nbsp;&nbsp;&nbsp; BASF SE | &nbsp;&nbsp; 25113 | &nbsp;&nbsp;&nbsp; 1310417<br>|
| &nbsp;&nbsp;&nbsp; Evonik Industries AG | &nbsp;&nbsp;&nbsp; Evonik Industries AG | &nbsp;&nbsp; 7029 | &nbsp;&nbsp;&nbsp; 110290<br>|
| &nbsp;&nbsp;&nbsp; FUCHS SE | &nbsp;&nbsp;&nbsp; FUCHS SE | &nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp; 25579<br>|
| &nbsp;&nbsp;&nbsp; Symrise AG | &nbsp;&nbsp;&nbsp; Symrise AG | &nbsp;&nbsp; 3729 | &nbsp;&nbsp;&nbsp; 301662<br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *1747948* |
| *Construction Materials — 1.7%* | *Construction Materials — 1.7%* | *Construction Materials — 1.7%* | *Construction Materials — 1.7%* |
| &nbsp;&nbsp;&nbsp; Heidelberg Materials AG | &nbsp;&nbsp;&nbsp; Heidelberg Materials AG | &nbsp;&nbsp; 3531 | &nbsp;&nbsp;&nbsp; *924778*<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2672726** |
| **Real Estate — 1.4%** | **Real Estate — 1.4%** | **Real Estate — 1.4%** | **Real Estate — 1.4%** |
| *Real Estate Management & Development — 1.4%* | *Real Estate Management & Development — 1.4%* | *Real Estate Management & Development — 1.4%* | *Real Estate Management & Development — 1.4%* |
| &nbsp;&nbsp;&nbsp; Deutsche Wohnen SE | &nbsp;&nbsp;&nbsp; Deutsche Wohnen SE | &nbsp;&nbsp; 1353 | &nbsp;&nbsp;&nbsp; 32893<br>|
| &nbsp;&nbsp;&nbsp; LEG Immobilien SE | &nbsp;&nbsp;&nbsp; LEG Immobilien SE | &nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp; 154407<br>|
| &nbsp;&nbsp;&nbsp; Vonovia SE | &nbsp;&nbsp;&nbsp; Vonovia SE | &nbsp;&nbsp; 20031 | &nbsp;&nbsp;&nbsp; 577314<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **764614** |
| **Utilities — 3.9%** | **Utilities — 3.9%** | **Utilities — 3.9%** | **Utilities — 3.9%** |
| *Independent Power and Renewable Electricity Producers — 1.8%* | *Independent Power and Renewable Electricity Producers — 1.8%* | *Independent Power and Renewable Electricity Producers — 1.8%* | *Independent Power and Renewable Electricity Producers — 1.8%* |
| &nbsp;&nbsp;&nbsp; RWE AG | &nbsp;&nbsp;&nbsp; RWE AG | &nbsp;&nbsp; 18744 | &nbsp;&nbsp;&nbsp; *996349*<br>|
| *Multi-Utilities — 2.1%* | *Multi-Utilities — 2.1%* | *Multi-Utilities — 2.1%* | *Multi-Utilities — 2.1%* |
| &nbsp;&nbsp;&nbsp; E.ON SE | &nbsp;&nbsp;&nbsp; E.ON SE | &nbsp;&nbsp; 62403 | &nbsp;&nbsp;&nbsp; *1181789*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2178138** |
| **Total Common Stocks (Cost — $50,645,508)** | **Total Common Stocks (Cost — $50,645,508)** | **Total Common Stocks (Cost — $50,645,508)** | &nbsp;&nbsp;&nbsp; **54076700**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 2.4%** | **Preferred Stocks — 2.4%** | **Preferred Stocks — 2.4%** | **Preferred Stocks — 2.4%** |
| **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; Bayerische Motoren Werke AG  | &nbsp;&nbsp; 4.721% | &nbsp;&nbsp; 1518 | &nbsp;&nbsp;&nbsp; 163128<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen AG  | &nbsp;&nbsp; 6.142% | &nbsp;&nbsp; 5808 | &nbsp;&nbsp;&nbsp; 706336<br> <sup>(b)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **869464** |
| **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** |
| *Household Products — 0.7%* | *Household Products — 0.7%* | *Household Products — 0.7%* | *Household Products — 0.7%* |
| &nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA  | &nbsp;&nbsp; 2.932% | &nbsp;&nbsp; 4455 | &nbsp;&nbsp;&nbsp;&nbsp; **364055**<br> <sup>(b)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Germany ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* |
| &nbsp;&nbsp;&nbsp; FUCHS SE  | &nbsp;&nbsp; 3.068% | &nbsp;&nbsp; 1848 | &nbsp;&nbsp;&nbsp;&nbsp; **$82778**<br> <sup>(b)</sup><br>|
| **Total Preferred Stocks (Cost — $1,443,014)** | **Total Preferred Stocks (Cost — $1,443,014)** | **Total Preferred Stocks (Cost — $1,443,014)** | &nbsp;&nbsp; **1316297** |
| **Total Investments before Short-Term Investments (Cost — $52,088,522)** | **Total Investments before Short-Term Investments (Cost — $52,088,522)** | **Total Investments before Short-Term Investments (Cost — $52,088,522)** | &nbsp;&nbsp; **55392997** |
| **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 — $99)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 99<br>| &nbsp;&nbsp;&nbsp;&nbsp; **99**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.9% (Cost — $52,088,621)** | **Total Investments — 99.9% (Cost — $52,088,621)** | **Total Investments — 99.9% (Cost — $52,088,621)** | &nbsp;&nbsp; **55393096** |
| &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; 70207 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$55463303** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | The rate shown represents the yield as of December 31, 2025. |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <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 $99 and the cost was $99 (Note 2).<br>|
| <sup>(e)</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 Dax Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $57105 | &nbsp;&nbsp;&nbsp;&nbsp; $57994 | &nbsp;&nbsp;&nbsp; **$889** |

---

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 FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 100.9%** | **Common Stocks — 100.9%** | **Common Stocks — 100.9%** |
| **Communication Services — 4.9%** | **Communication Services — 4.9%** | **Communication Services — 4.9%** |
| *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Indus Towers Ltd. | &nbsp;&nbsp; 2108905 | &nbsp;&nbsp;&nbsp; $9,825,432<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tata Communications Ltd. | &nbsp;&nbsp; 180120 | &nbsp;&nbsp;&nbsp; 3657935<br>|
| &nbsp;&nbsp;&nbsp; Tata Teleservices Maharashtra Ltd. | &nbsp;&nbsp; 815043 | &nbsp;&nbsp;&nbsp; 449,510<br> \*<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *13932877* |
| *Interactive Media & Services — 0.3%* | *Interactive Media & Services — 0.3%* | *Interactive Media & Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Info Edge India Ltd. | &nbsp;&nbsp; 556871 | &nbsp;&nbsp;&nbsp; *8262663*<br>|
| *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* |
| &nbsp;&nbsp;&nbsp; Sun TV Network Ltd. | &nbsp;&nbsp; 138092 | &nbsp;&nbsp;&nbsp; 902720<br>|
| &nbsp;&nbsp;&nbsp; Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp; 1476984 | &nbsp;&nbsp;&nbsp; 1478309<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *2381029* |
| *Wireless Telecommunication Services — 4.0%* | *Wireless Telecommunication Services — 4.0%* | *Wireless Telecommunication Services — 4.0%* |
| &nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. | &nbsp;&nbsp; 4471479 | &nbsp;&nbsp;&nbsp; 104753104<br>|
| &nbsp;&nbsp;&nbsp; Bharti Airtel PP Ltd. | &nbsp;&nbsp; 270180 | &nbsp;&nbsp;&nbsp; 5083344<br>|
| &nbsp;&nbsp;&nbsp; Bharti Hexacom Ltd. | &nbsp;&nbsp; 120080 | &nbsp;&nbsp;&nbsp; 2433814<br>|
| &nbsp;&nbsp;&nbsp; Vodafone Idea Ltd. | &nbsp;&nbsp; 42466292 | &nbsp;&nbsp;&nbsp; 5,083,894<br> \*<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *117354156* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **141930725** |
| **Consumer Discretionary — 11.9%** | **Consumer Discretionary — 11.9%** | **Consumer Discretionary — 11.9%** |
| *Automobile Components — 1.7%* | *Automobile Components — 1.7%* | *Automobile Components — 1.7%* |
| &nbsp;&nbsp;&nbsp; Balkrishna Industries Ltd. | &nbsp;&nbsp; 127585 | &nbsp;&nbsp;&nbsp; 3292845<br>|
| &nbsp;&nbsp;&nbsp; Bharat Forge Ltd. | &nbsp;&nbsp; 412775 | &nbsp;&nbsp;&nbsp; 6752875<br>|
| &nbsp;&nbsp;&nbsp; Bosch Ltd. | &nbsp;&nbsp; 13509 | &nbsp;&nbsp;&nbsp; 5416863<br>|
| &nbsp;&nbsp;&nbsp; Endurance Technologies Ltd. | &nbsp;&nbsp; 57038 | &nbsp;&nbsp;&nbsp; 1643566<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Exide Industries Ltd. | &nbsp;&nbsp; 667945 | &nbsp;&nbsp;&nbsp; 2691714<br>|
| &nbsp;&nbsp;&nbsp; MRF Ltd. | &nbsp;&nbsp; 3545 | &nbsp;&nbsp;&nbsp; 6028867<br>|
| &nbsp;&nbsp;&nbsp; Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 7071211 | &nbsp;&nbsp;&nbsp; 9436212<br>|
| &nbsp;&nbsp;&nbsp; Sona Blw Precision Forgings Ltd. | &nbsp;&nbsp; 718979 | &nbsp;&nbsp;&nbsp; 3834900<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tube Investments of India Ltd. | &nbsp;&nbsp; 172615 | &nbsp;&nbsp;&nbsp; 5020426<br>|
| &nbsp;&nbsp;&nbsp; UNO Minda Ltd. | &nbsp;&nbsp; 286691 | &nbsp;&nbsp;&nbsp; 4101355<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *48219623* |
| *Automobiles — 6.1%* | *Automobiles — 6.1%* | *Automobiles — 6.1%* |
| &nbsp;&nbsp;&nbsp; Bajaj Auto Ltd. | &nbsp;&nbsp; 106571 | &nbsp;&nbsp;&nbsp; 11078099<br>|
| &nbsp;&nbsp;&nbsp; Eicher Motors Ltd. | &nbsp;&nbsp; 213142 | &nbsp;&nbsp;&nbsp; 17341024<br>|
| &nbsp;&nbsp;&nbsp; Hero MotoCorp Ltd. | &nbsp;&nbsp; 207138 | &nbsp;&nbsp;&nbsp; 13299971<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Motor India Ltd. | &nbsp;&nbsp; 228152 | &nbsp;&nbsp;&nbsp; 5833298<br>|
| &nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 1490493 | &nbsp;&nbsp;&nbsp; 61510609<br>|
| &nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. | &nbsp;&nbsp; 210140 | &nbsp;&nbsp;&nbsp; 39037951<br>|
| &nbsp;&nbsp;&nbsp; Tata Motors Passenger Vehicles Ltd. | &nbsp;&nbsp; 3291693 | &nbsp;&nbsp;&nbsp; 13453621<br>|
| &nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. | &nbsp;&nbsp; 375250 | &nbsp;&nbsp;&nbsp; 15530310<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *177084883* |
| *Broadline Retail — 0.2%* | *Broadline Retail — 0.2%* | *Broadline Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; Vishal Mega Mart Ltd. | &nbsp;&nbsp; 3297697 | &nbsp;&nbsp;&nbsp; *5,003,448*<br> \*<br>|
| *Hotels, Restaurants & Leisure — 1.7%* | *Hotels, Restaurants & Leisure — 1.7%* | *Hotels, Restaurants & Leisure — 1.7%* |
| &nbsp;&nbsp;&nbsp; Eternal Ltd. | &nbsp;&nbsp; 7188289 | &nbsp;&nbsp;&nbsp; 22,237,618<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Indian Hotels Co. Ltd. | &nbsp;&nbsp; 1364409 | &nbsp;&nbsp;&nbsp; 11216069<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; ITC Hotels Ltd. | &nbsp;&nbsp; 1810206 | &nbsp;&nbsp;&nbsp; $3,976,317<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Jubilant Foodworks Ltd. | &nbsp;&nbsp; 606404 | &nbsp;&nbsp;&nbsp; 3768798<br>|
| &nbsp;&nbsp;&nbsp; Swiggy Ltd. | &nbsp;&nbsp; 1736657 | &nbsp;&nbsp;&nbsp; 7,463,153<br> \*<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *48661955* |
| *Household Durables — 0.3%* | *Household Durables — 0.3%* | *Household Durables — 0.3%* |
| &nbsp;&nbsp;&nbsp; Dixon Technologies India Ltd. | &nbsp;&nbsp; 58539 | &nbsp;&nbsp;&nbsp; 7882106<br>|
| &nbsp;&nbsp;&nbsp; Whirlpool of India Ltd. | &nbsp;&nbsp; 100567 | &nbsp;&nbsp;&nbsp; 1006013<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *8888119* |
| *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; FSN E-Commerce Ventures Ltd. | &nbsp;&nbsp; 1828218 | &nbsp;&nbsp;&nbsp; 5,393,360<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Metro Brands Ltd. | &nbsp;&nbsp; 81054 | &nbsp;&nbsp;&nbsp; 1088573<br>|
| &nbsp;&nbsp;&nbsp; Trent Ltd. | &nbsp;&nbsp; 291194 | &nbsp;&nbsp;&nbsp; 13863234<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *20345167* |
| *Textiles, Apparel & Luxury Goods — 1.2%* | *Textiles, Apparel & Luxury Goods — 1.2%* | *Textiles, Apparel & Luxury Goods — 1.2%* |
| &nbsp;&nbsp;&nbsp; Bata India Ltd. | &nbsp;&nbsp; 102068 | &nbsp;&nbsp;&nbsp; 1070881<br>|
| &nbsp;&nbsp;&nbsp; Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 616911 | &nbsp;&nbsp;&nbsp; 3331328<br>|
| &nbsp;&nbsp;&nbsp; Page Industries Ltd. | &nbsp;&nbsp; 9006 | &nbsp;&nbsp;&nbsp; 3611743<br>|
| &nbsp;&nbsp;&nbsp; Relaxo Footwears Ltd. | &nbsp;&nbsp; 117078 | &nbsp;&nbsp;&nbsp; 526776<br>|
| &nbsp;&nbsp;&nbsp; Titan Co. Ltd. | &nbsp;&nbsp; 586891 | &nbsp;&nbsp;&nbsp; 26455326<br>|
| &nbsp;&nbsp;&nbsp; Vedant Fashions Ltd. | &nbsp;&nbsp; 100567 | &nbsp;&nbsp;&nbsp; 651318<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *35647372* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **343850567** |
| **Consumer Staples — 5.8%** | **Consumer Staples — 5.8%** | **Consumer Staples — 5.8%** |
| *Beverages — 0.7%* | *Beverages — 0.7%* | *Beverages — 0.7%* |
| &nbsp;&nbsp;&nbsp; United Breweries Ltd. | &nbsp;&nbsp; 111074 | &nbsp;&nbsp;&nbsp; 2004116<br>|
| &nbsp;&nbsp;&nbsp; United Spirits Ltd. | &nbsp;&nbsp; 471314 | &nbsp;&nbsp;&nbsp; 7570545<br>|
| &nbsp;&nbsp;&nbsp; Varun Beverages Ltd. | &nbsp;&nbsp; 2152434 | &nbsp;&nbsp;&nbsp; 11730939<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *21305600* |
| *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* |
| &nbsp;&nbsp;&nbsp; Avenue Supermarts Ltd. | &nbsp;&nbsp; 234156 | &nbsp;&nbsp;&nbsp; *9,853,479*<br> \*<sup>(a)</sup><br>|
| *Food Products — 1.9%* | *Food Products — 1.9%* | *Food Products — 1.9%* |
| &nbsp;&nbsp;&nbsp; AWL Agri Business Ltd. | &nbsp;&nbsp; 675450 | &nbsp;&nbsp;&nbsp; 1,783,326<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Britannia Industries Ltd. | &nbsp;&nbsp; 187625 | &nbsp;&nbsp;&nbsp; 12589830<br>|
| &nbsp;&nbsp;&nbsp; Marico Ltd. | &nbsp;&nbsp; 846564 | &nbsp;&nbsp;&nbsp; 7069817<br>|
| &nbsp;&nbsp;&nbsp; Nestle India Ltd. | &nbsp;&nbsp; 1149766 | &nbsp;&nbsp;&nbsp; 16476508<br>|
| &nbsp;&nbsp;&nbsp; Patanjali Foods Ltd. | &nbsp;&nbsp; 532855 | &nbsp;&nbsp;&nbsp; 3234027<br>|
| &nbsp;&nbsp;&nbsp; Tata Consumer Products Ltd. | &nbsp;&nbsp; 1040193 | &nbsp;&nbsp;&nbsp; 13795264<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *54948772* |
| *Personal Care Products — 2.0%* | *Personal Care Products — 2.0%* | *Personal Care Products — 2.0%* |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 211641 | &nbsp;&nbsp;&nbsp; 4887697<br>|
| &nbsp;&nbsp;&nbsp; Dabur India Ltd. | &nbsp;&nbsp; 953135 | &nbsp;&nbsp;&nbsp; 5340476<br>|
| &nbsp;&nbsp;&nbsp; Emami Ltd. | &nbsp;&nbsp; 301701 | &nbsp;&nbsp;&nbsp; 1774368<br>|
| &nbsp;&nbsp;&nbsp; Godrej Consumer Products Ltd. | &nbsp;&nbsp; 642428 | &nbsp;&nbsp;&nbsp; 8735878<br>|
| &nbsp;&nbsp;&nbsp; Hindustan Unilever Ltd. | &nbsp;&nbsp; 1419946 | &nbsp;&nbsp;&nbsp; 36587393<br>|
| &nbsp;&nbsp;&nbsp; Kwality Wall's India Ltd. | &nbsp;&nbsp; 1338744 | &nbsp;&nbsp;&nbsp; 568985<br> <sup>(b)</sup><br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *57894797* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Tobacco — 0.8%* | *Tobacco — 0.8%* | *Tobacco — 0.8%* |
| &nbsp;&nbsp;&nbsp; Godfrey Phillips India Ltd. | &nbsp;&nbsp; 66044 | &nbsp;&nbsp;&nbsp; $2029757<br>|
| &nbsp;&nbsp;&nbsp; ITC Ltd. | &nbsp;&nbsp; 4807703 | &nbsp;&nbsp;&nbsp; 21556712<br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *23586469* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **167589117** |
| **Energy — 9.2%** | **Energy — 9.2%** | **Energy — 9.2%** |
| *Oil, Gas & Consumable Fuels — 9.2%* | *Oil, Gas & Consumable Fuels — 9.2%* | *Oil, Gas & Consumable Fuels — 9.2%* |
| &nbsp;&nbsp;&nbsp; Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 3159605 | &nbsp;&nbsp;&nbsp; 13499070<br>|
| &nbsp;&nbsp;&nbsp; Coal India Ltd. | &nbsp;&nbsp; 3636923 | &nbsp;&nbsp;&nbsp; 16145327<br>|
| &nbsp;&nbsp;&nbsp; Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 1534022 | &nbsp;&nbsp;&nbsp; 8517566<br>|
| &nbsp;&nbsp;&nbsp; Indian Oil Corp. Ltd. | &nbsp;&nbsp; 6014507 | &nbsp;&nbsp;&nbsp; 11139091<br>|
| &nbsp;&nbsp;&nbsp; Mangalore Refinery & Petrochemicals Ltd. | &nbsp;&nbsp; 321214 | &nbsp;&nbsp;&nbsp; 543,330<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 6200631 | &nbsp;&nbsp;&nbsp; 16583418<br>|
| &nbsp;&nbsp;&nbsp; Oil India Ltd. | &nbsp;&nbsp; 870580 | &nbsp;&nbsp;&nbsp; 4110292<br>|
| &nbsp;&nbsp;&nbsp; Petronet LNG Ltd. | &nbsp;&nbsp; 1197798 | &nbsp;&nbsp;&nbsp; 3786122<br>|
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd. | &nbsp;&nbsp; 10904765 | &nbsp;&nbsp;&nbsp; 190531345<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **264855561** |
| **Financials — 28.6%** | **Financials — 28.6%** | **Financials — 28.6%** |
| *Banks — 18.0%* | *Banks — 18.0%* | *Banks — 18.0%* |
| &nbsp;&nbsp;&nbsp; AU Small Finance Bank Ltd. | &nbsp;&nbsp; 583889 | &nbsp;&nbsp;&nbsp; 6460631<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axis Bank Ltd. | &nbsp;&nbsp; 3669945 | &nbsp;&nbsp;&nbsp; 51831990<br>|
| &nbsp;&nbsp;&nbsp; Bandhan Bank Ltd. | &nbsp;&nbsp; 1263842 | &nbsp;&nbsp;&nbsp; 2050452<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Baroda | &nbsp;&nbsp; 1655603 | &nbsp;&nbsp;&nbsp; 5450558<br>|
| &nbsp;&nbsp;&nbsp; Bank of India | &nbsp;&nbsp; 1457471 | &nbsp;&nbsp;&nbsp; 2332650<br>|
| &nbsp;&nbsp;&nbsp; Bank of Maharashtra | &nbsp;&nbsp; 2461640 | &nbsp;&nbsp;&nbsp; 1699441<br>|
| &nbsp;&nbsp;&nbsp; Canara Bank | &nbsp;&nbsp; 2904435 | &nbsp;&nbsp;&nbsp; 5005886<br>|
| &nbsp;&nbsp;&nbsp; Central Bank of India Ltd. | &nbsp;&nbsp; 1555036 | &nbsp;&nbsp;&nbsp; 647071<br>|
| &nbsp;&nbsp;&nbsp; Federal Bank Ltd. | &nbsp;&nbsp; 2908938 | &nbsp;&nbsp;&nbsp; 8644665<br>|
| &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. | &nbsp;&nbsp; 18136583 | &nbsp;&nbsp;&nbsp; 200012251<br>|
| &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. | &nbsp;&nbsp; 8443125 | &nbsp;&nbsp;&nbsp; 126149847<br>|
| &nbsp;&nbsp;&nbsp; IDBI Bank Ltd. | &nbsp;&nbsp; 896097 | &nbsp;&nbsp;&nbsp; 1026810<br>|
| &nbsp;&nbsp;&nbsp; IDFC First Bank Ltd. | &nbsp;&nbsp; 6733486 | &nbsp;&nbsp;&nbsp; 6413636<br>|
| &nbsp;&nbsp;&nbsp; Indian Bank | &nbsp;&nbsp; 430787 | &nbsp;&nbsp;&nbsp; 4012893<br>|
| &nbsp;&nbsp;&nbsp; Indian Overseas Bank | &nbsp;&nbsp; 1660106 | &nbsp;&nbsp;&nbsp; 667,335<br> \*<br>|
| &nbsp;&nbsp;&nbsp; IndusInd Bank Ltd. | &nbsp;&nbsp; 436791 | &nbsp;&nbsp;&nbsp; 4,199,792<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 1750166 | &nbsp;&nbsp;&nbsp; 42860660<br>|
| &nbsp;&nbsp;&nbsp; Punjab National Bank | &nbsp;&nbsp; 3678951 | &nbsp;&nbsp;&nbsp; 5058387<br>|
| &nbsp;&nbsp;&nbsp; RBL Bank Ltd. | &nbsp;&nbsp; 720480 | &nbsp;&nbsp;&nbsp; 2531476<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; State Bank of India | &nbsp;&nbsp; 2955469 | &nbsp;&nbsp;&nbsp; 32297297<br>|
| &nbsp;&nbsp;&nbsp; Union Bank of India Ltd. | &nbsp;&nbsp; 2443628 | &nbsp;&nbsp;&nbsp; 4180404<br>|
| &nbsp;&nbsp;&nbsp; Yes Bank Ltd. | &nbsp;&nbsp; 28020668 | &nbsp;&nbsp;&nbsp; 6,733,984<br> \*<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *520268116* |
| *Capital Markets — 1.4%* | *Capital Markets — 1.4%* | *Capital Markets — 1.4%* |
| &nbsp;&nbsp;&nbsp; 360 ONE WAM Ltd. | &nbsp;&nbsp; 415777 | &nbsp;&nbsp;&nbsp; 5504872<br>|
| &nbsp;&nbsp;&nbsp; Authum Investment & Infrastucture Ltd. | &nbsp;&nbsp; 45030 | &nbsp;&nbsp;&nbsp; 1569848<br>|
| &nbsp;&nbsp;&nbsp; BSE Ltd. | &nbsp;&nbsp; 318212 | &nbsp;&nbsp;&nbsp; 9319128<br>|
| &nbsp;&nbsp;&nbsp; Central Depository Services India Ltd. | &nbsp;&nbsp; 163609 | &nbsp;&nbsp;&nbsp; 2627810<br>|
| &nbsp;&nbsp;&nbsp; CRISIL Ltd. | &nbsp;&nbsp; 33022 | &nbsp;&nbsp;&nbsp; 1587771<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; HDFC Asset Management Co. Ltd. | &nbsp;&nbsp; 313709 | &nbsp;&nbsp;&nbsp; $9326867<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 240160 | &nbsp;&nbsp;&nbsp; 2286585<br>|
| &nbsp;&nbsp;&nbsp; Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp; 40527 | &nbsp;&nbsp;&nbsp; 5021269<br>|
| &nbsp;&nbsp;&nbsp; Nippon Life India Asset Management Ltd. | &nbsp;&nbsp; 277685 | &nbsp;&nbsp;&nbsp; 2717704<br> <sup>(a)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *39961854* |
| *Consumer Finance — 4.0%* | *Consumer Finance — 4.0%* | *Consumer Finance — 4.0%* |
| &nbsp;&nbsp;&nbsp; Bajaj Finance Ltd. | &nbsp;&nbsp; 4495495 | &nbsp;&nbsp;&nbsp; 49356743<br>|
| &nbsp;&nbsp;&nbsp; Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp; 159106 | &nbsp;&nbsp;&nbsp; 3209226<br>|
| &nbsp;&nbsp;&nbsp; Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 673949 | &nbsp;&nbsp;&nbsp; 12763726<br>|
| &nbsp;&nbsp;&nbsp; HDB Financial Services Ltd. | &nbsp;&nbsp; 250667 | &nbsp;&nbsp;&nbsp; 2135062<br>|
| &nbsp;&nbsp;&nbsp; Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp; 1034189 | &nbsp;&nbsp;&nbsp; 4637082<br>|
| &nbsp;&nbsp;&nbsp; Muthoot Finance Ltd. | &nbsp;&nbsp; 171114 | &nbsp;&nbsp;&nbsp; 7256782<br>|
| &nbsp;&nbsp;&nbsp; Poonawalla Fincorp Ltd. | &nbsp;&nbsp; 409773 | &nbsp;&nbsp;&nbsp; 2,201,838<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 478819 | &nbsp;&nbsp;&nbsp; 4590577<br>|
| &nbsp;&nbsp;&nbsp; Shriram Finance Ltd. | &nbsp;&nbsp; 1991827 | &nbsp;&nbsp;&nbsp; 22076895<br>|
| &nbsp;&nbsp;&nbsp; Sundaram Finance Ltd. | &nbsp;&nbsp; 109573 | &nbsp;&nbsp;&nbsp; 6440322<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *114668253* |
| *Financial Services — 3.0%* | *Financial Services — 3.0%* | *Financial Services — 3.0%* |
| &nbsp;&nbsp;&nbsp; Aditya Birla Capital Ltd. | &nbsp;&nbsp; 1011674 | &nbsp;&nbsp;&nbsp; 4,026,237<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bajaj Finserv Ltd. | &nbsp;&nbsp; 612408 | &nbsp;&nbsp;&nbsp; 13899192<br>|
| &nbsp;&nbsp;&nbsp; Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 43529 | &nbsp;&nbsp;&nbsp; 5486202<br>|
| &nbsp;&nbsp;&nbsp; Bajaj Housing Finance Ltd. | &nbsp;&nbsp; 1507004 | &nbsp;&nbsp;&nbsp; 1,581,627<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Housing & Urban Development Corp. Ltd. | &nbsp;&nbsp; 801534 | &nbsp;&nbsp;&nbsp; 2034437<br>|
| &nbsp;&nbsp;&nbsp; Indian Railway Finance Corp. Ltd. | &nbsp;&nbsp; 2851900 | &nbsp;&nbsp;&nbsp; 3954230<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Indian Renewable Energy Development Agency Ltd. | &nbsp;&nbsp; 1269846 | &nbsp;&nbsp;&nbsp; 1,976,554<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Jio Financial Services Ltd. | &nbsp;&nbsp; 4996829 | &nbsp;&nbsp;&nbsp; 16397692<br>|
| &nbsp;&nbsp;&nbsp; L&T Finance Ltd. | &nbsp;&nbsp; 1287858 | &nbsp;&nbsp;&nbsp; 4527163<br>|
| &nbsp;&nbsp;&nbsp; LIC Housing Finance Ltd. | &nbsp;&nbsp; 462308 | &nbsp;&nbsp;&nbsp; 2775255<br>|
| &nbsp;&nbsp;&nbsp; One 97 Communications Ltd. | &nbsp;&nbsp; 652935 | &nbsp;&nbsp;&nbsp; 9,435,947<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Piramal Finance Ltd. | &nbsp;&nbsp; 184623 | &nbsp;&nbsp;&nbsp; 3,374,918<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Power Finance Corp. Ltd. | &nbsp;&nbsp; 2325049 | &nbsp;&nbsp;&nbsp; 9193680<br>|
| &nbsp;&nbsp;&nbsp; REC Ltd. | &nbsp;&nbsp; 1996330 | &nbsp;&nbsp;&nbsp; 7924959<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *86588093* |
| *Insurance — 2.2%* | *Insurance — 2.2%* | *Insurance — 2.2%* |
| &nbsp;&nbsp;&nbsp; General Insurance Corp. of India | &nbsp;&nbsp; 493829 | &nbsp;&nbsp;&nbsp; 2092249<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HDFC Life Insurance Co. Ltd. | &nbsp;&nbsp; 1510006 | &nbsp;&nbsp;&nbsp; 12597748<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ICICI Lombard General Insurance Co. Ltd. | &nbsp;&nbsp; 382755 | &nbsp;&nbsp;&nbsp; 8355681<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ICICI Prudential Life Insurance Co. Ltd. | &nbsp;&nbsp; 583889 | &nbsp;&nbsp;&nbsp; 4341193<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Max Financial Services Ltd. | &nbsp;&nbsp; 421781 | &nbsp;&nbsp;&nbsp; 7,845,329<br> \*<br>|
| &nbsp;&nbsp;&nbsp; New India Assurance Co. Ltd. | &nbsp;&nbsp; 384256 | &nbsp;&nbsp;&nbsp; 666168<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PB Fintech Ltd. | &nbsp;&nbsp; 543362 | &nbsp;&nbsp;&nbsp; 11,036,585<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SBI Life Insurance Co. Ltd. | &nbsp;&nbsp; 691961 | &nbsp;&nbsp;&nbsp; 15666231<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Star Health & Allied Insurance Co. Ltd. | &nbsp;&nbsp; 372248 | &nbsp;&nbsp;&nbsp; 1,884,445<br> \*<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *64485629* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **825971945** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Health Care — 6.0%** | **Health Care — 6.0%** | **Health Care — 6.0%** |
| *Biotechnology — 0.1%* | *Biotechnology — 0.1%* | *Biotechnology — 0.1%* |
| &nbsp;&nbsp;&nbsp; Biocon Ltd. | &nbsp;&nbsp; 938125 | &nbsp;&nbsp;&nbsp; $*4111370*<br>|
| *Health Care Providers & Services — 1.3%* | *Health Care Providers & Services — 1.3%* | *Health Care Providers & Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 159106 | &nbsp;&nbsp;&nbsp; 12466750<br>|
| &nbsp;&nbsp;&nbsp; Dr Lal PathLabs Ltd. | &nbsp;&nbsp; 118579 | &nbsp;&nbsp;&nbsp; 1956012<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fortis Healthcare Ltd. | &nbsp;&nbsp; 782021 | &nbsp;&nbsp;&nbsp; 7691491<br>|
| &nbsp;&nbsp;&nbsp; Max Healthcare Institute Ltd. | &nbsp;&nbsp; 1187291 | &nbsp;&nbsp;&nbsp; 13805586<br>|
| &nbsp;&nbsp;&nbsp; Narayana Hrudayalaya Ltd. | &nbsp;&nbsp; 108072 | &nbsp;&nbsp;&nbsp; 2274962<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *38194801* |
| *Life Sciences Tools & Services — 0.6%* | *Life Sciences Tools & Services — 0.6%* | *Life Sciences Tools & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Divi's Laboratories Ltd. | &nbsp;&nbsp; 204136 | &nbsp;&nbsp;&nbsp; 14518782<br>|
| &nbsp;&nbsp;&nbsp; Syngene International Ltd. | &nbsp;&nbsp; 301701 | &nbsp;&nbsp;&nbsp; 2185232<br> <sup>(a)</sup><br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *16704014* |
| *Pharmaceuticals — 4.0%* | *Pharmaceuticals — 4.0%* | *Pharmaceuticals — 4.0%* |
| &nbsp;&nbsp;&nbsp; Ajanta Pharma Ltd. | &nbsp;&nbsp; 67545 | &nbsp;&nbsp;&nbsp; 2080848<br>|
| &nbsp;&nbsp;&nbsp; Alkem Laboratories Ltd. | &nbsp;&nbsp; 63042 | &nbsp;&nbsp;&nbsp; 3862295<br>|
| &nbsp;&nbsp;&nbsp; Aurobindo Pharma Ltd. | &nbsp;&nbsp; 447298 | &nbsp;&nbsp;&nbsp; 5887373<br>|
| &nbsp;&nbsp;&nbsp; Cipla Ltd. | &nbsp;&nbsp; 893095 | &nbsp;&nbsp;&nbsp; 15017173<br>|
| &nbsp;&nbsp;&nbsp; Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 963642 | &nbsp;&nbsp;&nbsp; 13631315<br>|
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 67545 | &nbsp;&nbsp;&nbsp; 1858928<br>|
| &nbsp;&nbsp;&nbsp; Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 226651 | &nbsp;&nbsp;&nbsp; 5132212<br>|
| &nbsp;&nbsp;&nbsp; Ipca Laboratories Ltd. | &nbsp;&nbsp; 223649 | &nbsp;&nbsp;&nbsp; 3530682<br>|
| &nbsp;&nbsp;&nbsp; Laurus Labs Ltd. | &nbsp;&nbsp; 585390 | &nbsp;&nbsp;&nbsp; 7216471<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lupin Ltd. | &nbsp;&nbsp; 387258 | &nbsp;&nbsp;&nbsp; 9089077<br>|
| &nbsp;&nbsp;&nbsp; Mankind Pharma Ltd. | &nbsp;&nbsp; 180120 | &nbsp;&nbsp;&nbsp; 4401827<br>|
| &nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 1705136 | &nbsp;&nbsp;&nbsp; 32625077<br>|
| &nbsp;&nbsp;&nbsp; Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 169613 | &nbsp;&nbsp;&nbsp; 7265403<br>|
| &nbsp;&nbsp;&nbsp; Zydus Lifesciences Ltd. | &nbsp;&nbsp; 400767 | &nbsp;&nbsp;&nbsp; 4077033<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *115675714* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **174685899** |
| **Industrials — 10.1%** | **Industrials — 10.1%** | **Industrials — 10.1%** |
| *Aerospace & Defense — 1.6%* | *Aerospace & Defense — 1.6%* | *Aerospace & Defense — 1.6%* |
| &nbsp;&nbsp;&nbsp; Bharat Dynamics Ltd. | &nbsp;&nbsp; 147098 | &nbsp;&nbsp;&nbsp; 2400097<br>|
| &nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. | &nbsp;&nbsp; 5717309 | &nbsp;&nbsp;&nbsp; 25418913<br>|
| &nbsp;&nbsp;&nbsp; Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 303202 | &nbsp;&nbsp;&nbsp; 14804979<br>|
| &nbsp;&nbsp;&nbsp; Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp; 121581 | &nbsp;&nbsp;&nbsp; 3368525<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *45992514* |
| *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* |
| &nbsp;&nbsp;&nbsp; Schaeffler India Ltd. | &nbsp;&nbsp; 64543 | &nbsp;&nbsp;&nbsp; *2785536*<br>|
| *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Astral Ltd. | &nbsp;&nbsp; 192128 | &nbsp;&nbsp;&nbsp; 2968085<br>|
| &nbsp;&nbsp;&nbsp; Blue Star Ltd. | &nbsp;&nbsp; 207138 | &nbsp;&nbsp;&nbsp; 3988609<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *6956694* |
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 483322 | &nbsp;&nbsp;&nbsp; *3681402*<br>|
| *Construction & Engineering — 2.1%* | *Construction & Engineering — 2.1%* | *Construction & Engineering — 2.1%* |
| &nbsp;&nbsp;&nbsp; IRB Infrastructure Developers Ltd. | &nbsp;&nbsp; 3168611 | &nbsp;&nbsp;&nbsp; 1482432<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Construction & Engineering — continued* | *Construction & Engineering — continued* | *Construction & Engineering — continued* |
| &nbsp;&nbsp;&nbsp; Larsen & Toubro Ltd. | &nbsp;&nbsp; 1079219 | &nbsp;&nbsp;&nbsp; $49032268<br>|
| &nbsp;&nbsp;&nbsp; Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 906604 | &nbsp;&nbsp;&nbsp; 3603543<br>|
| &nbsp;&nbsp;&nbsp; Voltas Ltd. | &nbsp;&nbsp; 369246 | &nbsp;&nbsp;&nbsp; 5592134<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *59710377* |
| *Electrical Equipment — 2.1%* | *Electrical Equipment — 2.1%* | *Electrical Equipment — 2.1%* |
| &nbsp;&nbsp;&nbsp; ABB India Ltd. | &nbsp;&nbsp; 84056 | &nbsp;&nbsp;&nbsp; 4835029<br>|
| &nbsp;&nbsp;&nbsp; Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 2051867 | &nbsp;&nbsp;&nbsp; 6562229<br>|
| &nbsp;&nbsp;&nbsp; CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 1053702 | &nbsp;&nbsp;&nbsp; 7595662<br>|
| &nbsp;&nbsp;&nbsp; GE Vernova T&D India Ltd. | &nbsp;&nbsp; 198132 | &nbsp;&nbsp;&nbsp; 6905347<br>|
| &nbsp;&nbsp;&nbsp; Havells India Ltd. | &nbsp;&nbsp; 364743 | &nbsp;&nbsp;&nbsp; 5782441<br>|
| &nbsp;&nbsp;&nbsp; Hitachi Energy India Ltd. | &nbsp;&nbsp; 21014 | &nbsp;&nbsp;&nbsp; 4280918<br>|
| &nbsp;&nbsp;&nbsp; KEI Industries Ltd. | &nbsp;&nbsp; 97565 | &nbsp;&nbsp;&nbsp; 4841592<br>|
| &nbsp;&nbsp;&nbsp; Polycab India Ltd. | &nbsp;&nbsp; 81054 | &nbsp;&nbsp;&nbsp; 6870878<br>|
| &nbsp;&nbsp;&nbsp; Siemens Energy India Ltd. | &nbsp;&nbsp; 141094 | &nbsp;&nbsp;&nbsp; 4,018,883<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Suzlon Energy Ltd. | &nbsp;&nbsp; 17417604 | &nbsp;&nbsp;&nbsp; 10,206,846<br> \*<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *61899825* |
| *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Container Corp. of India Ltd. | &nbsp;&nbsp; 550867 | &nbsp;&nbsp;&nbsp; *3217396*<br>|
| *Industrial Conglomerates — 0.3%* | *Industrial Conglomerates — 0.3%* | *Industrial Conglomerates — 0.3%* |
| &nbsp;&nbsp;&nbsp; 3M India Ltd. | &nbsp;&nbsp; 4503 | &nbsp;&nbsp;&nbsp; 1759278<br>|
| &nbsp;&nbsp;&nbsp; Apar Industries Ltd. | &nbsp;&nbsp; 27018 | &nbsp;&nbsp;&nbsp; 2515294<br>|
| &nbsp;&nbsp;&nbsp; Godrej Industries Ltd. | &nbsp;&nbsp; 70547 | &nbsp;&nbsp;&nbsp; 786,791<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Siemens Ltd. | &nbsp;&nbsp; 141094 | &nbsp;&nbsp;&nbsp; 4808813<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *9870176* |
| *Machinery — 1.5%* | *Machinery — 1.5%* | *Machinery — 1.5%* |
| &nbsp;&nbsp;&nbsp; AIA Engineering Ltd. | &nbsp;&nbsp; 48032 | &nbsp;&nbsp;&nbsp; 2146972<br>|
| &nbsp;&nbsp;&nbsp; Ashok Leyland Ltd. | &nbsp;&nbsp; 4573547 | &nbsp;&nbsp;&nbsp; 9118150<br>|
| &nbsp;&nbsp;&nbsp; Cochin Shipyard Ltd. | &nbsp;&nbsp; 135090 | &nbsp;&nbsp;&nbsp; 2435033<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cummins India Ltd. | &nbsp;&nbsp; 217645 | &nbsp;&nbsp;&nbsp; 10738000<br>|
| &nbsp;&nbsp;&nbsp; Escorts Kubota Ltd. | &nbsp;&nbsp; 45030 | &nbsp;&nbsp;&nbsp; 1863637<br>|
| &nbsp;&nbsp;&nbsp; Tata Motors Ltd. | &nbsp;&nbsp; 3291693 | &nbsp;&nbsp;&nbsp; 15,217,040<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Thermax Ltd. | &nbsp;&nbsp; 48032 | &nbsp;&nbsp;&nbsp; 1615293<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *43134125* |
| *Passenger Airlines — 0.6%* | *Passenger Airlines — 0.6%* | *Passenger Airlines — 0.6%* |
| &nbsp;&nbsp;&nbsp; InterGlobe Aviation Ltd. | &nbsp;&nbsp; 303202 | &nbsp;&nbsp;&nbsp;&nbsp; *17067877*<br> <sup>(a)</sup><br>|
| *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; L&T Technology Services Ltd. | &nbsp;&nbsp; 43529 | &nbsp;&nbsp;&nbsp;&nbsp; *2161064*<br> <sup>(a)</sup><br>|
| *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* |
| &nbsp;&nbsp;&nbsp; Adani Enterprises Ltd. | &nbsp;&nbsp; 415777 | &nbsp;&nbsp;&nbsp; *10360725*<br>|
| *Transportation Infrastructure — 0.9%* | *Transportation Infrastructure — 0.9%* | *Transportation Infrastructure — 0.9%* |
| &nbsp;&nbsp;&nbsp; Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 1178285 | &nbsp;&nbsp;&nbsp; 19268523<br>|
| &nbsp;&nbsp;&nbsp; GMR Airports Ltd. | &nbsp;&nbsp; 4174281 | &nbsp;&nbsp;&nbsp; 4,847,270<br> \*<br>|
| &nbsp;&nbsp;&nbsp; JSW Infrastructure Ltd. | &nbsp;&nbsp; 538859 | &nbsp;&nbsp;&nbsp; 1707477<br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *25823270* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **292660981** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Information Technology — 9.7%** | **Information Technology — 9.7%** | **Information Technology — 9.7%** |
| *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* |
| &nbsp;&nbsp;&nbsp; Honeywell Automation India Ltd. | &nbsp;&nbsp; 3002 | &nbsp;&nbsp;&nbsp; $1095697<br>|
| &nbsp;&nbsp;&nbsp; Kaynes Technology India Ltd. | &nbsp;&nbsp; 48032 | &nbsp;&nbsp;&nbsp; 2,144,568<br> \*<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *3240265* |
| *IT Services — 9.1%* | *IT Services — 9.1%* | *IT Services — 9.1%* |
| &nbsp;&nbsp;&nbsp; Coforge Ltd. | &nbsp;&nbsp; 534356 | &nbsp;&nbsp;&nbsp; 9886960<br>|
| &nbsp;&nbsp;&nbsp; HCL Technologies Ltd. | &nbsp;&nbsp; 1684122 | &nbsp;&nbsp;&nbsp; 30416706<br>|
| &nbsp;&nbsp;&nbsp; Hexaware Technologies Ltd. | &nbsp;&nbsp; 244663 | &nbsp;&nbsp;&nbsp; 2083923<br>|
| &nbsp;&nbsp;&nbsp; Infosys Ltd. | &nbsp;&nbsp; 5636255 | &nbsp;&nbsp;&nbsp; 101300257<br>|
| &nbsp;&nbsp;&nbsp; LTIMindtree Ltd. | &nbsp;&nbsp; 148599 | &nbsp;&nbsp;&nbsp; 10024878<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mphasis Ltd. | &nbsp;&nbsp; 208639 | &nbsp;&nbsp;&nbsp; 6479273<br>|
| &nbsp;&nbsp;&nbsp; Persistent Systems Ltd. | &nbsp;&nbsp; 166611 | &nbsp;&nbsp;&nbsp; 11626515<br>|
| &nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. | &nbsp;&nbsp; 1634589 | &nbsp;&nbsp;&nbsp; 58309460<br>|
| &nbsp;&nbsp;&nbsp; Tata Technologies Ltd. | &nbsp;&nbsp; 265677 | &nbsp;&nbsp;&nbsp; 1900661<br>|
| &nbsp;&nbsp;&nbsp; Tech Mahindra Ltd. | &nbsp;&nbsp; 996664 | &nbsp;&nbsp;&nbsp; 17641337<br>|
| &nbsp;&nbsp;&nbsp; Wipro Ltd. | &nbsp;&nbsp; 4503000 | &nbsp;&nbsp;&nbsp; 13190451<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *262860421* |
| *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Premier Energies Ltd. | &nbsp;&nbsp; 172615 | &nbsp;&nbsp;&nbsp; 1617364<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WAAREE Energies Ltd. | &nbsp;&nbsp; 129086 | &nbsp;&nbsp;&nbsp; 4262825<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *5880189* |
| *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* |
| &nbsp;&nbsp;&nbsp; KPIT Technologies Ltd. | &nbsp;&nbsp; 237158 | &nbsp;&nbsp;&nbsp; 3093787<br>|
| &nbsp;&nbsp;&nbsp; Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 37525 | &nbsp;&nbsp;&nbsp; 3209353<br>|
| &nbsp;&nbsp;&nbsp; Tata Elxsi Ltd. | &nbsp;&nbsp; 55537 | &nbsp;&nbsp;&nbsp; 3238135<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *9541275* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **281522150** |
| **Materials — 9.2%** | **Materials — 9.2%** | **Materials — 9.2%** |
| *Chemicals — 2.7%* | *Chemicals — 2.7%* | *Chemicals — 2.7%* |
| &nbsp;&nbsp;&nbsp; Aarti Industries Ltd. | &nbsp;&nbsp; 333222 | &nbsp;&nbsp;&nbsp; 1386210<br>|
| &nbsp;&nbsp;&nbsp; Asian Paints Ltd. | &nbsp;&nbsp; 726484 | &nbsp;&nbsp;&nbsp; 22385524<br>|
| &nbsp;&nbsp;&nbsp; Bayer CropScience Ltd. | &nbsp;&nbsp; 19513 | &nbsp;&nbsp;&nbsp; 989551<br>|
| &nbsp;&nbsp;&nbsp; Berger Paints India Ltd. | &nbsp;&nbsp; 387258 | &nbsp;&nbsp;&nbsp; 2311801<br>|
| &nbsp;&nbsp;&nbsp; Castrol India Ltd. | &nbsp;&nbsp; 777518 | &nbsp;&nbsp;&nbsp; 1665689<br>|
| &nbsp;&nbsp;&nbsp; Coromandel International Ltd. | &nbsp;&nbsp; 189126 | &nbsp;&nbsp;&nbsp; 4769003<br>|
| &nbsp;&nbsp;&nbsp; Deepak Nitrite Ltd. | &nbsp;&nbsp; 109573 | &nbsp;&nbsp;&nbsp; 2111135<br>|
| &nbsp;&nbsp;&nbsp; Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp; 57038 | &nbsp;&nbsp;&nbsp; 2326656<br>|
| &nbsp;&nbsp;&nbsp; Kansai Nerolac Paints Ltd. | &nbsp;&nbsp; 324216 | &nbsp;&nbsp;&nbsp; 849323<br>|
| &nbsp;&nbsp;&nbsp; Linde India Ltd. | &nbsp;&nbsp; 30020 | &nbsp;&nbsp;&nbsp; 1989155<br>|
| &nbsp;&nbsp;&nbsp; PI Industries Ltd. | &nbsp;&nbsp; 130587 | &nbsp;&nbsp;&nbsp; 4704825<br>|
| &nbsp;&nbsp;&nbsp; Pidilite Industries Ltd. | &nbsp;&nbsp; 505837 | &nbsp;&nbsp;&nbsp; 8342877<br>|
| &nbsp;&nbsp;&nbsp; Solar Industries India Ltd. | &nbsp;&nbsp; 39026 | &nbsp;&nbsp;&nbsp; 5319868<br>|
| &nbsp;&nbsp;&nbsp; SRF Ltd. | &nbsp;&nbsp; 232655 | &nbsp;&nbsp;&nbsp; 7959712<br>|
| &nbsp;&nbsp;&nbsp; Supreme Industries Ltd. | &nbsp;&nbsp; 96064 | &nbsp;&nbsp;&nbsp; 3584575<br>|
| &nbsp;&nbsp;&nbsp; UPL Ltd. | &nbsp;&nbsp; 911107 | &nbsp;&nbsp;&nbsp; 8060431<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *78756335* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Construction Materials — 2.2%* | *Construction Materials — 2.2%* | *Construction Materials — 2.2%* |
| &nbsp;&nbsp;&nbsp; ACC Ltd. | &nbsp;&nbsp; 127585 | &nbsp;&nbsp;&nbsp; $2466688<br>|
| &nbsp;&nbsp;&nbsp; Ambuja Cements Ltd. | &nbsp;&nbsp; 1272848 | &nbsp;&nbsp;&nbsp; 7878880<br>|
| &nbsp;&nbsp;&nbsp; Dalmia Bharat Ltd. | &nbsp;&nbsp; 118579 | &nbsp;&nbsp;&nbsp; 2811323<br>|
| &nbsp;&nbsp;&nbsp; Grasim Industries Ltd. | &nbsp;&nbsp; 567378 | &nbsp;&nbsp;&nbsp; 17858512<br>|
| &nbsp;&nbsp;&nbsp; JK Cement Ltd. | &nbsp;&nbsp; 57038 | &nbsp;&nbsp;&nbsp; 3510005<br>|
| &nbsp;&nbsp;&nbsp; Shree Cement Ltd. | &nbsp;&nbsp; 15010 | &nbsp;&nbsp;&nbsp; 4438066<br>|
| &nbsp;&nbsp;&nbsp; UltraTech Cement Ltd. | &nbsp;&nbsp; 192128 | &nbsp;&nbsp;&nbsp; 25189714<br>|
| *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *64153188* |
| *Metals & Mining — 4.3%* | *Metals & Mining — 4.3%* | *Metals & Mining — 4.3%* |
| &nbsp;&nbsp;&nbsp; APL Apollo Tubes Ltd. | &nbsp;&nbsp; 282188 | &nbsp;&nbsp;&nbsp; 6009251<br>|
| &nbsp;&nbsp;&nbsp; Hindalco Industries Ltd. | &nbsp;&nbsp; 2326550 | &nbsp;&nbsp;&nbsp; 22952444<br>|
| &nbsp;&nbsp;&nbsp; Hindustan Zinc Ltd. | &nbsp;&nbsp; 693462 | &nbsp;&nbsp;&nbsp; 4725341<br>|
| &nbsp;&nbsp;&nbsp; Jindal Stainless Ltd. | &nbsp;&nbsp; 478819 | &nbsp;&nbsp;&nbsp; 4470978<br>|
| &nbsp;&nbsp;&nbsp; Jindal Steel Ltd. | &nbsp;&nbsp; 594396 | &nbsp;&nbsp;&nbsp; 6969055<br>|
| &nbsp;&nbsp;&nbsp; JSW Steel Ltd. | &nbsp;&nbsp; 1397431 | &nbsp;&nbsp;&nbsp; 18110130<br>|
| &nbsp;&nbsp;&nbsp; Lloyds Metals & Energy Ltd. | &nbsp;&nbsp; 159106 | &nbsp;&nbsp;&nbsp; 2338987<br>|
| &nbsp;&nbsp;&nbsp; National Aluminium Co. Ltd. | &nbsp;&nbsp; 1431954 | &nbsp;&nbsp;&nbsp; 5007412<br>|
| &nbsp;&nbsp;&nbsp; NMDC Ltd. | &nbsp;&nbsp; 5517676 | &nbsp;&nbsp;&nbsp; 5105787<br>|
| &nbsp;&nbsp;&nbsp; Steel Authority of India Ltd. | &nbsp;&nbsp; 2314542 | &nbsp;&nbsp;&nbsp; 3785234<br>|
| &nbsp;&nbsp;&nbsp; Tata Steel Ltd. | &nbsp;&nbsp; 13241822 | &nbsp;&nbsp;&nbsp; 26530966<br>|
| &nbsp;&nbsp;&nbsp; Vedanta Ltd. | &nbsp;&nbsp; 2593728 | &nbsp;&nbsp;&nbsp; 17441696<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *123447281* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **266356804** |
| **Real Estate — 1.4%** | **Real Estate — 1.4%** | **Real Estate — 1.4%** |
| *Office REITs — 0.3%* | *Office REITs — 0.3%* | *Office REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; Embassy Office Parks REIT | &nbsp;&nbsp; 1397431 | &nbsp;&nbsp;&nbsp; *6768288*<br>|
| *Real Estate Management & Development — 1.1%* | *Real Estate Management & Development — 1.1%* | *Real Estate Management & Development — 1.1%* |
| &nbsp;&nbsp;&nbsp; DLF Ltd. | &nbsp;&nbsp; 1025183 | &nbsp;&nbsp;&nbsp; 7840626<br>|
| &nbsp;&nbsp;&nbsp; Godrej Properties Ltd. | &nbsp;&nbsp; 228152 | &nbsp;&nbsp;&nbsp; 5,088,017<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Lodha Developers Ltd. | &nbsp;&nbsp; 447298 | &nbsp;&nbsp;&nbsp; 5281715<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oberoi Realty Ltd. | &nbsp;&nbsp; 187625 | &nbsp;&nbsp;&nbsp; 3487410<br>|
| &nbsp;&nbsp;&nbsp; Phoenix Mills Ltd. | &nbsp;&nbsp; 298699 | &nbsp;&nbsp;&nbsp; 6159794<br>|
| &nbsp;&nbsp;&nbsp; Prestige Estates Projects Ltd. | &nbsp;&nbsp; 250667 | &nbsp;&nbsp;&nbsp; 4447779<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *32305341* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **39073629** |
| **Utilities — 4.1%** | **Utilities — 4.1%** | **Utilities — 4.1%** |
| *Electric Utilities — 1.5%* | *Electric Utilities — 1.5%* | *Electric Utilities — 1.5%* |
| &nbsp;&nbsp;&nbsp; Adani Energy Solutions Ltd. | &nbsp;&nbsp; 528352 | &nbsp;&nbsp;&nbsp; 6,039,230<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 7240824 | &nbsp;&nbsp;&nbsp; 21316587<br>|
| &nbsp;&nbsp;&nbsp; SJVN Ltd. | &nbsp;&nbsp; 1137758 | &nbsp;&nbsp;&nbsp; 946366<br>|
| &nbsp;&nbsp;&nbsp; Tata Power Co. Ltd. | &nbsp;&nbsp; 2698798 | &nbsp;&nbsp;&nbsp; 11398204<br>|
| &nbsp;&nbsp;&nbsp; Torrent Power Ltd. | &nbsp;&nbsp; 304703 | &nbsp;&nbsp;&nbsp; 4429885<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *44130272* |
| *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; Adani Total Gas Ltd. | &nbsp;&nbsp; 357238 | &nbsp;&nbsp;&nbsp; 2252427<br>|
| &nbsp;&nbsp;&nbsp; GAIL India Ltd. | &nbsp;&nbsp; 4318377 | &nbsp;&nbsp;&nbsp; 8271659<br>|
| &nbsp;&nbsp;&nbsp; Gujarat Gas Ltd. | &nbsp;&nbsp; 274683 | &nbsp;&nbsp;&nbsp; 1259736<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Gas Utilities — continued* | *Gas Utilities — continued* | *Gas Utilities — continued* | *Gas Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Indraprastha Gas Ltd. | &nbsp;&nbsp;&nbsp; Indraprastha Gas Ltd. | &nbsp;&nbsp; 1119746 | &nbsp;&nbsp;&nbsp; $2424015<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *14207837* |
| *Independent Power and Renewable Electricity Producers — 2.1%* | *Independent Power and Renewable Electricity Producers — 2.1%* | *Independent Power and Renewable Electricity Producers — 2.1%* | *Independent Power and Renewable Electricity Producers — 2.1%* |
| &nbsp;&nbsp;&nbsp; Adani Green Energy Ltd. | &nbsp;&nbsp;&nbsp; Adani Green Energy Ltd. | &nbsp;&nbsp; 493829 | &nbsp;&nbsp;&nbsp; 5,577,316<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Adani Power Ltd. | &nbsp;&nbsp;&nbsp; Adani Power Ltd. | &nbsp;&nbsp; 8363572 | &nbsp;&nbsp;&nbsp; 13,305,687<br> \*<br>|
| &nbsp;&nbsp;&nbsp; JSW Energy Ltd. | &nbsp;&nbsp;&nbsp; JSW Energy Ltd. | &nbsp;&nbsp; 855570 | &nbsp;&nbsp;&nbsp; 4592484<br>|
| &nbsp;&nbsp;&nbsp; NHPC Ltd. | &nbsp;&nbsp;&nbsp; NHPC Ltd. | &nbsp;&nbsp; 5067376 | &nbsp;&nbsp;&nbsp; 4466402<br>|
| &nbsp;&nbsp;&nbsp; NLC India Ltd. | &nbsp;&nbsp;&nbsp; NLC India Ltd. | &nbsp;&nbsp; 549366 | &nbsp;&nbsp;&nbsp; 1529409<br>|
| &nbsp;&nbsp;&nbsp; NTPC Green Energy Ltd. | &nbsp;&nbsp;&nbsp; NTPC Green Energy Ltd. | &nbsp;&nbsp; 1482988 | &nbsp;&nbsp;&nbsp; 1,560,052<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NTPC Ltd. | &nbsp;&nbsp;&nbsp; NTPC Ltd. | &nbsp;&nbsp; 7586054 | &nbsp;&nbsp;&nbsp; 27814873<br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *58846223* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **117184332** |
| **Total Common Stocks (Cost — $2,635,470,076)** | **Total Common Stocks (Cost — $2,635,470,076)** | **Total Common Stocks (Cost — $2,635,470,076)** | &nbsp;&nbsp;&nbsp; **2915681710**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** |
| **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** |
| *Automobiles — 0.0%††* | *Automobiles — 0.0%††* | *Automobiles — 0.0%††* | *Automobiles — 0.0%††* |
| &nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. (Cost — $0) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1254400 | &nbsp;&nbsp;&nbsp;&nbsp; **142161**<br> <sup>(b)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $2,635,470,076)** | **Total Investments before Short-Term Investments (Cost — $2,635,470,076)** | **Total Investments before Short-Term Investments (Cost — $2,635,470,076)** | &nbsp;&nbsp; **2915823871** |
| **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 — $5,350,245)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 5350245<br>| &nbsp;&nbsp;&nbsp;&nbsp; **5350245**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 101.1% (Cost — $2,640,820,321)** | **Total Investments — 101.1% (Cost — $2,640,820,321)** | **Total Investments — 101.1% (Cost — $2,640,820,321)** | &nbsp;&nbsp; **2921174116** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (1.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (1.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (1.1)% | &nbsp;&nbsp;&nbsp; (31512071)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2889662045** |

---

&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> | 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 $5,350,245 and the cost was $5,350,245 (Note 2).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

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

---

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:** |  |  |  |  |  |
| IFSC NIFTY 50 Index | &nbsp;&nbsp;&nbsp;&nbsp; 666 | &nbsp;&nbsp;&nbsp;&nbsp; 1/26 | &nbsp;&nbsp;&nbsp;&nbsp; $35170964 | &nbsp;&nbsp;&nbsp;&nbsp; $34998966 | &nbsp;&nbsp;&nbsp; **$(171998)** |

---

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 FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communication Services — 6.8%** | **Communication Services — 6.8%** | **Communication Services — 6.8%** |
| *Diversified Telecommunication Services — 0.6%* | *Diversified Telecommunication Services — 0.6%* | *Diversified Telecommunication Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Internet Initiative Japan Inc. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; $868051<br>|
| &nbsp;&nbsp;&nbsp; NTT Inc. | &nbsp;&nbsp; 13074900 | &nbsp;&nbsp;&nbsp; 13154561<br>|
| &nbsp;&nbsp;&nbsp; U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 314200<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *14336812* |
| *Entertainment — 2.1%* | *Entertainment — 2.1%* | *Entertainment — 2.1%* |
| &nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | &nbsp;&nbsp; 159900 | &nbsp;&nbsp;&nbsp; 3724488<br>|
| &nbsp;&nbsp;&nbsp; Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 747636<br>|
| &nbsp;&nbsp;&nbsp; Konami Group Corp. | &nbsp;&nbsp; 45300 | &nbsp;&nbsp;&nbsp; 6164465<br>|
| &nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp;&nbsp; 4504651<br>|
| &nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | &nbsp;&nbsp; 479700 | &nbsp;&nbsp;&nbsp; 32424776<br>|
| &nbsp;&nbsp;&nbsp; Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 2243890<br>|
| &nbsp;&nbsp;&nbsp; Toei Animation Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 427669<br>|
| &nbsp;&nbsp;&nbsp; Toho Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 2504807<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *52742382* |
| *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kakaku.com Inc. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 907129<br>|
| &nbsp;&nbsp;&nbsp; LY Corp. | &nbsp;&nbsp; 1217700 | &nbsp;&nbsp;&nbsp; 3241089<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *4148218* |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| &nbsp;&nbsp;&nbsp; CyberAgent Inc. | &nbsp;&nbsp; 196800 | &nbsp;&nbsp;&nbsp; 1679916<br>|
| &nbsp;&nbsp;&nbsp; Dentsu Group Inc. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 2086711<br>|
| &nbsp;&nbsp;&nbsp; Fuji Media Holdings Inc. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 579119<br>|
| &nbsp;&nbsp;&nbsp; Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 823832<br>|
| &nbsp;&nbsp;&nbsp; Kadokawa Corp. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 996901<br>|
| &nbsp;&nbsp;&nbsp; Nippon Television Holdings Inc. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 597167<br>|
| &nbsp;&nbsp;&nbsp; SKY Perfect JSAT Holdings Inc. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 782360<br>|
| &nbsp;&nbsp;&nbsp; TBS Holdings Inc. | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp; 453486<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *7999492* |
| *Wireless Telecommunication Services — 3.7%* | *Wireless Telecommunication Services — 3.7%* | *Wireless Telecommunication Services — 3.7%* |
| &nbsp;&nbsp;&nbsp; KDDI Corp. | &nbsp;&nbsp; 1303800 | &nbsp;&nbsp;&nbsp; 22529218<br>|
| &nbsp;&nbsp;&nbsp; SoftBank Corp. | &nbsp;&nbsp; 13431600 | &nbsp;&nbsp;&nbsp; 18406378<br>|
| &nbsp;&nbsp;&nbsp; SoftBank Group Corp. | &nbsp;&nbsp; 1855200 | &nbsp;&nbsp;&nbsp; 52077451<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *93013047* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **172239951** |
| **Consumer Discretionary — 17.0%** | **Consumer Discretionary — 17.0%** | **Consumer Discretionary — 17.0%** |
| *Automobile Components — 2.4%* | *Automobile Components — 2.4%* | *Automobile Components — 2.4%* |
| &nbsp;&nbsp;&nbsp; Aisin Corp. | &nbsp;&nbsp; 233700 | &nbsp;&nbsp;&nbsp; 4362539<br>|
| &nbsp;&nbsp;&nbsp; Bridgestone Corp. | &nbsp;&nbsp; 541200 | &nbsp;&nbsp;&nbsp; 12132934<br>|
| &nbsp;&nbsp;&nbsp; Denso Corp. | &nbsp;&nbsp; 848700 | &nbsp;&nbsp;&nbsp; 11684549<br>|
| &nbsp;&nbsp;&nbsp; GS Yuasa Corp. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 882803<br>|
| &nbsp;&nbsp;&nbsp; JTEKT Corp. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 1225331<br>|
| &nbsp;&nbsp;&nbsp; Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1268883<br>|
| &nbsp;&nbsp;&nbsp; NHK Spring Co. Ltd. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 1185311<br>|
| &nbsp;&nbsp;&nbsp; Nifco Inc. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 1140346<br>|
| &nbsp;&nbsp;&nbsp; Niterra Co. Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 3785225<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* |
| &nbsp;&nbsp;&nbsp; NOK Corp. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; $661043<br>|
| &nbsp;&nbsp;&nbsp; Stanley Electric Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 966140<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 356700 | &nbsp;&nbsp;&nbsp; 14393617<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1325735<br>|
| &nbsp;&nbsp;&nbsp; Toyo Tire Corp. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1360694<br>|
| &nbsp;&nbsp;&nbsp; Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1237651<br>|
| &nbsp;&nbsp;&nbsp; Toyota Boshoku Corp. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 591596<br>|
| &nbsp;&nbsp;&nbsp; TS Tech Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 433398<br>|
| &nbsp;&nbsp;&nbsp; Yokohama Rubber Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 2360812<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *60998607* |
| *Automobiles — 6.1%* | *Automobiles — 6.1%* | *Automobiles — 6.1%* |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | &nbsp;&nbsp; 1771200 | &nbsp;&nbsp;&nbsp; 17356619<br>|
| &nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | &nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp; 3828620<br>|
| &nbsp;&nbsp;&nbsp; Mazda Motor Corp. | &nbsp;&nbsp; 282900 | &nbsp;&nbsp;&nbsp; 2200103<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Motors Corp. | &nbsp;&nbsp; 307500 | &nbsp;&nbsp;&nbsp; 727822<br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. | &nbsp;&nbsp; 1008600 | &nbsp;&nbsp;&nbsp; 2,510,159<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Subaru Corp. | &nbsp;&nbsp; 270600 | &nbsp;&nbsp;&nbsp; 5861029<br>|
| &nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | &nbsp;&nbsp; 824100 | &nbsp;&nbsp;&nbsp; 12273830<br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. | &nbsp;&nbsp; 5030700 | &nbsp;&nbsp;&nbsp; 107710161<br>|
| &nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 430500 | &nbsp;&nbsp;&nbsp; 3184565<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *155652908* |
| *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* |
| &nbsp;&nbsp;&nbsp; Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 147600 | &nbsp;&nbsp;&nbsp; 2142269<br>|
| &nbsp;&nbsp;&nbsp; Izumi Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 470828<br>|
| &nbsp;&nbsp;&nbsp; J Front Retailing Co. Ltd. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 1550203<br>|
| &nbsp;&nbsp;&nbsp; Mercari Inc. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 995,017<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 910200 | &nbsp;&nbsp;&nbsp; 5413758<br>|
| &nbsp;&nbsp;&nbsp; Rakuten Group Inc. | &nbsp;&nbsp; 676500 | &nbsp;&nbsp;&nbsp; 4,333,191<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp;&nbsp; 3929534<br>|
| &nbsp;&nbsp;&nbsp; Takashimaya Co. Ltd. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 1288108<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *20122908* |
| *Distributors — 0.0%††* | *Distributors — 0.0%††* | *Distributors — 0.0%††* |
| &nbsp;&nbsp;&nbsp; PALTAC Corp. | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp; *378546*<br>|
| *Hotels, Restaurants & Leisure — 0.9%* | *Hotels, Restaurants & Leisure — 0.9%* | *Hotels, Restaurants & Leisure — 0.9%* |
| &nbsp;&nbsp;&nbsp; Food & Life Cos. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 2483777<br>|
| &nbsp;&nbsp;&nbsp; Heiwa Corp. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 318751<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 1504297<br>|
| &nbsp;&nbsp;&nbsp; Metaplanet Inc. | &nbsp;&nbsp; 479700 | &nbsp;&nbsp;&nbsp; 1,239,456<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | &nbsp;&nbsp; 504300 | &nbsp;&nbsp;&nbsp; 9325424<br>|
| &nbsp;&nbsp;&nbsp; Resorttrust Inc. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 924001<br>|
| &nbsp;&nbsp;&nbsp; Round One Corp. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 527328<br>|
| &nbsp;&nbsp;&nbsp; Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 2112450<br>|
| &nbsp;&nbsp;&nbsp; Toridoll Holdings Corp. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 665123<br>|
| &nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 2817123<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *21917730* |
| *Household Durables — 4.1%* | *Household Durables — 4.1%* | *Household Durables — 4.1%* |
| &nbsp;&nbsp;&nbsp; Casio Computer Co. Ltd. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 797269<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Household Durables — continued* | *Household Durables — continued* | *Household Durables — continued* |
| &nbsp;&nbsp;&nbsp; Haseko Corp.  | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; $2195002<br>|
| &nbsp;&nbsp;&nbsp; Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 1184840<br>|
| &nbsp;&nbsp;&nbsp; Nikon Corp. | &nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; 1505395<br>|
| &nbsp;&nbsp;&nbsp; Open House Group Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 2166282<br>|
| &nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | &nbsp;&nbsp; 1070100 | &nbsp;&nbsp;&nbsp; 13814459<br>|
| &nbsp;&nbsp;&nbsp; Rinnai Corp. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1242987<br>|
| &nbsp;&nbsp;&nbsp; Sekisui House Ltd. | &nbsp;&nbsp; 282900 | &nbsp;&nbsp;&nbsp; 6313338<br>|
| &nbsp;&nbsp;&nbsp; Sharp Corp. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 604,858<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | &nbsp;&nbsp; 2841300 | &nbsp;&nbsp;&nbsp; 72942621<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 233700 | &nbsp;&nbsp;&nbsp; 2392240<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *105159291* |
| *Leisure Products — 0.6%* | *Leisure Products — 0.6%* | *Leisure Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Bandai Namco Holdings Inc. | &nbsp;&nbsp; 258300 | &nbsp;&nbsp;&nbsp; 6875036<br>|
| &nbsp;&nbsp;&nbsp; Sankyo Co. Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1395771<br>|
| &nbsp;&nbsp;&nbsp; Sega Sammy Holdings Inc. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 1152588<br>|
| &nbsp;&nbsp;&nbsp; Shimano Inc. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 3892574<br>|
| &nbsp;&nbsp;&nbsp; Tomy Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 649155<br>|
| &nbsp;&nbsp;&nbsp; Yamaha Corp. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp;&nbsp; 1285950<br>|
| *Total Leisure Products* | *Total Leisure Products* | &nbsp;&nbsp; *15251074* |
| *Specialty Retail — 1.8%* | *Specialty Retail — 1.8%* | *Specialty Retail — 1.8%* |
| &nbsp;&nbsp;&nbsp; ABC-Mart Inc. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 625378<br>|
| &nbsp;&nbsp;&nbsp; Bic Camera Inc. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 395967<br>|
| &nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | &nbsp;&nbsp; 83862 | &nbsp;&nbsp;&nbsp; 30464144<br>|
| &nbsp;&nbsp;&nbsp; K's Holdings Corp. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 635030<br>|
| &nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 196800 | &nbsp;&nbsp;&nbsp; 3443325<br>|
| &nbsp;&nbsp;&nbsp; Sanrio Co. Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 2700907<br>|
| &nbsp;&nbsp;&nbsp; Shimamura Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 1603955<br>|
| &nbsp;&nbsp;&nbsp; USS Co. Ltd. | &nbsp;&nbsp; 172200 | &nbsp;&nbsp;&nbsp; 1886296<br>|
| &nbsp;&nbsp;&nbsp; Workman Co. Ltd. | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp; 516342<br>|
| &nbsp;&nbsp;&nbsp; Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp; 815318<br>|
| &nbsp;&nbsp;&nbsp; ZOZO Inc. | &nbsp;&nbsp; 196800 | &nbsp;&nbsp;&nbsp; 1620905<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *44707567* |
| *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* |
| &nbsp;&nbsp;&nbsp; Asics Corp. | &nbsp;&nbsp; 319800 | &nbsp;&nbsp;&nbsp; 7661163<br>|
| &nbsp;&nbsp;&nbsp; Goldwin Inc. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 787696<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *8448859* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **432637490** |
| **Consumer Staples — 5.3%** | **Consumer Staples — 5.3%** | **Consumer Staples — 5.3%** |
| *Beverages — 0.8%* | *Beverages — 0.8%* | *Beverages — 0.8%* |
| &nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | &nbsp;&nbsp; 701100 | &nbsp;&nbsp;&nbsp; 7333270<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 994704<br>|
| &nbsp;&nbsp;&nbsp; Ito En Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 482599<br>|
| &nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 381300 | &nbsp;&nbsp;&nbsp; 5711776<br>|
| &nbsp;&nbsp;&nbsp; Sapporo Holdings Ltd. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp;&nbsp; 1984542<br>|
| &nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 1854672<br>|
| &nbsp;&nbsp;&nbsp; Takara Holdings Inc. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 756621<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *19118184* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Consumer Staples Distribution & Retail — 1.7%* | *Consumer Staples Distribution & Retail — 1.7%* | *Consumer Staples Distribution & Retail — 1.7%* |
| &nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | &nbsp;&nbsp; 1168500 | &nbsp;&nbsp;&nbsp; $18465498<br>|
| &nbsp;&nbsp;&nbsp; Blue Zones Holdings Co. Ltd. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp; 618711<br>|
| &nbsp;&nbsp;&nbsp; Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 17880 | &nbsp;&nbsp;&nbsp; 906063<br>|
| &nbsp;&nbsp;&nbsp; Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 1487033<br>|
| &nbsp;&nbsp;&nbsp; Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 734178<br>|
| &nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | &nbsp;&nbsp; 159900 | &nbsp;&nbsp;&nbsp; 2766588<br>|
| &nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 1008600 | &nbsp;&nbsp;&nbsp; 14481191<br>|
| &nbsp;&nbsp;&nbsp; Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1156668<br>|
| &nbsp;&nbsp;&nbsp; Sundrug Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 1013694<br>|
| &nbsp;&nbsp;&nbsp; Tsuruha Holdings Inc. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 2258407<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *43888031* |
| *Food Products — 1.3%* | *Food Products — 1.3%* | *Food Products — 1.3%* |
| &nbsp;&nbsp;&nbsp; Ajinomoto Co. Inc. | &nbsp;&nbsp; 455100 | &nbsp;&nbsp;&nbsp; 9630717<br>|
| &nbsp;&nbsp;&nbsp; Calbee Inc. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 703888<br>|
| &nbsp;&nbsp;&nbsp; Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 850787<br>|
| &nbsp;&nbsp;&nbsp; Fuji Oil Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 572998<br>|
| &nbsp;&nbsp;&nbsp; House Foods Group Inc. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 451760<br>|
| &nbsp;&nbsp;&nbsp; Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp; 439440<br>|
| &nbsp;&nbsp;&nbsp; Kagome Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 634677<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kewpie Corp. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1357869<br>|
| &nbsp;&nbsp;&nbsp; Kikkoman Corp. | &nbsp;&nbsp; 344400 | &nbsp;&nbsp;&nbsp; 3124417<br>|
| &nbsp;&nbsp;&nbsp; Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 575352<br>|
| &nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 2461256<br>|
| &nbsp;&nbsp;&nbsp; Morinaga & Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 626202<br>|
| &nbsp;&nbsp;&nbsp; Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 876683<br>|
| &nbsp;&nbsp;&nbsp; NH Foods Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 2058148<br>|
| &nbsp;&nbsp;&nbsp; Nichirei Corp. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1024993<br>|
| &nbsp;&nbsp;&nbsp; Nisshin Seifun Group Inc. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 1357398<br>|
| &nbsp;&nbsp;&nbsp; Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1599286<br>|
| &nbsp;&nbsp;&nbsp; Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 2530703<br>|
| &nbsp;&nbsp;&nbsp; Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 1729235<br>|
| &nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 1292032<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *33897841* |
| *Household Products — 0.2%* | *Household Products — 0.2%* | *Household Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Lion Corp. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 1164594<br>|
| &nbsp;&nbsp;&nbsp; Unicharm Corp. | &nbsp;&nbsp; 565800 | &nbsp;&nbsp;&nbsp; 3230668<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *4395262* |
| *Personal Care Products — 0.6%* | *Personal Care Products — 0.6%* | *Personal Care Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Kao Corp. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp;&nbsp; 8843570<br>|
| &nbsp;&nbsp;&nbsp; Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 851885<br>|
| &nbsp;&nbsp;&nbsp; Kose Corp. | &nbsp;&nbsp; 15780 | &nbsp;&nbsp;&nbsp; 527527<br>|
| &nbsp;&nbsp;&nbsp; Pola Orbis Holdings Inc. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 306509<br>|
| &nbsp;&nbsp;&nbsp; Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 1649783<br>|
| &nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp;&nbsp; 2681368<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *14860642* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Tobacco — 0.7%* | *Tobacco — 0.7%* | *Tobacco — 0.7%* |
| &nbsp;&nbsp;&nbsp; Japan Tobacco Inc. | &nbsp;&nbsp; 516600 | &nbsp;&nbsp;&nbsp; $*18588306*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **134748266** |
| **Energy — 1.0%** | **Energy — 1.0%** | **Energy — 1.0%** |
| *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Modec Inc. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; *1867619*<br>|
| *Oil, Gas & Consumable Fuels — 0.9%* | *Oil, Gas & Consumable Fuels — 0.9%* | *Oil, Gas & Consumable Fuels — 0.9%* |
| &nbsp;&nbsp;&nbsp; Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp; 1411688<br>|
| &nbsp;&nbsp;&nbsp; ENEOS Holdings Inc. | &nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp; 8686784<br>|
| &nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 369000 | &nbsp;&nbsp;&nbsp; 2784950<br>|
| &nbsp;&nbsp;&nbsp; Inpex Corp. | &nbsp;&nbsp; 418200 | &nbsp;&nbsp;&nbsp; 8342923<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Iwatani Corp. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 904971<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *22131316* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **23998935** |
| **Financials — 15.4%** | **Financials — 15.4%** | **Financials — 15.4%** |
| *Banks — 9.6%* | *Banks — 9.6%* | *Banks — 9.6%* |
| &nbsp;&nbsp;&nbsp; Aozora Bank Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 787539<br>|
| &nbsp;&nbsp;&nbsp; Chiba Bank Ltd. | &nbsp;&nbsp; 307500 | &nbsp;&nbsp;&nbsp; 3429200<br>|
| &nbsp;&nbsp;&nbsp; Chugin Financial Group Inc. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 1163182<br>|
| &nbsp;&nbsp;&nbsp; Fukuoka Financial Group Inc. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 2783302<br>|
| &nbsp;&nbsp;&nbsp; Gunma Bank Ltd. | &nbsp;&nbsp; 159900 | &nbsp;&nbsp;&nbsp; 1762272<br>|
| &nbsp;&nbsp;&nbsp; Hachijuni Bank Ltd. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp;&nbsp; 1998078<br>|
| &nbsp;&nbsp;&nbsp; Hirogin Holdings Inc. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 1241025<br>|
| &nbsp;&nbsp;&nbsp; Iyogin Holdings Inc. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 1801978<br>|
| &nbsp;&nbsp;&nbsp; Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 848700 | &nbsp;&nbsp;&nbsp; 11960690<br>|
| &nbsp;&nbsp;&nbsp; Kyoto Financial Group Inc. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 2420293<br>|
| &nbsp;&nbsp;&nbsp; Kyushu Financial Group Inc. | &nbsp;&nbsp; 172200 | &nbsp;&nbsp;&nbsp; 1118374<br>|
| &nbsp;&nbsp;&nbsp; Mebuki Financial Group Inc. | &nbsp;&nbsp; 418200 | &nbsp;&nbsp;&nbsp; 2769413<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 5215200 | &nbsp;&nbsp;&nbsp; 82946784<br>|
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group Inc. | &nbsp;&nbsp; 1156200 | &nbsp;&nbsp;&nbsp; 42044978<br>|
| &nbsp;&nbsp;&nbsp; Rakuten Bank Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 1,627,183<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Resona Holdings Inc. | &nbsp;&nbsp; 1057800 | &nbsp;&nbsp;&nbsp; 10075571<br>|
| &nbsp;&nbsp;&nbsp; Seven Bank Ltd. | &nbsp;&nbsp; 270600 | &nbsp;&nbsp;&nbsp; 526716<br>|
| &nbsp;&nbsp;&nbsp; Shizuoka Financial Group Inc. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp;&nbsp; 3435164<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 1746600 | &nbsp;&nbsp;&nbsp; 56171556<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 307500 | &nbsp;&nbsp;&nbsp; 9371447<br>|
| &nbsp;&nbsp;&nbsp; Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1166164<br>|
| &nbsp;&nbsp;&nbsp; Yokohama Financial Group Inc. | &nbsp;&nbsp; 504300 | &nbsp;&nbsp;&nbsp; 4161613<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *244762522* |
| *Capital Markets — 1.1%* | *Capital Markets — 1.1%* | *Capital Markets — 1.1%* |
| &nbsp;&nbsp;&nbsp; Daiwa Securities Group Inc. | &nbsp;&nbsp; 627300 | &nbsp;&nbsp;&nbsp; 5484798<br>|
| &nbsp;&nbsp;&nbsp; Japan Exchange Group Inc. | &nbsp;&nbsp; 479700 | &nbsp;&nbsp;&nbsp; 5129205<br>|
| &nbsp;&nbsp;&nbsp; Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; 622184<br>|
| &nbsp;&nbsp;&nbsp; Nomura Holdings Inc. | &nbsp;&nbsp; 1377600 | &nbsp;&nbsp;&nbsp; 11434225<br>|
| &nbsp;&nbsp;&nbsp; SBI Holdings Inc. | &nbsp;&nbsp; 258300 | &nbsp;&nbsp;&nbsp; 5561660<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *28232072* |
| *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* |
| &nbsp;&nbsp;&nbsp; Acom Co. Ltd. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp;&nbsp; 581944<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Consumer Finance — continued* | *Consumer Finance — continued* | *Consumer Finance — continued* |
| &nbsp;&nbsp;&nbsp; AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; $544592<br>|
| &nbsp;&nbsp;&nbsp; Credit Saison Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1320831<br>|
| &nbsp;&nbsp;&nbsp; Marui Group Co. Ltd. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 1516538<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *3963905* |
| *Financial Services — 1.0%* | *Financial Services — 1.0%* | *Financial Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 673756<br>|
| &nbsp;&nbsp;&nbsp; GMO Payment Gateway Inc. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 1530663<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 393600 | &nbsp;&nbsp;&nbsp; 3292032<br>|
| &nbsp;&nbsp;&nbsp; ORIX Corp. | &nbsp;&nbsp; 528900 | &nbsp;&nbsp;&nbsp; 15366427<br>|
| &nbsp;&nbsp;&nbsp; Sony Financial Group Inc. | &nbsp;&nbsp; 2718300 | &nbsp;&nbsp;&nbsp; 2,878,802<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Century Corp. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 795896<br>|
| &nbsp;&nbsp;&nbsp; Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 1224546<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *25762122* |
| *Insurance — 3.5%* | *Insurance — 3.5%* | *Insurance — 3.5%* |
| &nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 1635900 | &nbsp;&nbsp;&nbsp; 13604234<br>|
| &nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 787200 | &nbsp;&nbsp;&nbsp; 8289091<br>|
| &nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 2588301<br>|
| &nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 578100 | &nbsp;&nbsp;&nbsp; 13583478<br>|
| &nbsp;&nbsp;&nbsp; Sompo Holdings Inc. | &nbsp;&nbsp; 405900 | &nbsp;&nbsp;&nbsp; 13817872<br>|
| &nbsp;&nbsp;&nbsp; T&D Holdings Inc. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp;&nbsp; 5106134<br>|
| &nbsp;&nbsp;&nbsp; Tokio Marine Holdings Inc. | &nbsp;&nbsp; 873300 | &nbsp;&nbsp;&nbsp; 32409239<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *89398349* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **392118970** |
| **Health Care — 6.1%** | **Health Care — 6.1%** | **Health Care — 6.1%** |
| *Biotechnology — 0.0%††* | *Biotechnology — 0.0%††* | *Biotechnology — 0.0%††* |
| &nbsp;&nbsp;&nbsp; PeptiDream Inc. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; *519,952*<br> \*<br>|
| *Health Care Equipment & Supplies — 1.8%* | *Health Care Equipment & Supplies — 1.8%* | *Health Care Equipment & Supplies — 1.8%* |
| &nbsp;&nbsp;&nbsp; Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 1844078<br>|
| &nbsp;&nbsp;&nbsp; Hoya Corp. | &nbsp;&nbsp; 159900 | &nbsp;&nbsp;&nbsp; 24161737<br>|
| &nbsp;&nbsp;&nbsp; Nihon Kohden Corp. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 792404<br>|
| &nbsp;&nbsp;&nbsp; Nipro Corp. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 695414<br>|
| &nbsp;&nbsp;&nbsp; Olympus Corp. | &nbsp;&nbsp; 504300 | &nbsp;&nbsp;&nbsp; 6384786<br>|
| &nbsp;&nbsp;&nbsp; Sysmex Corp. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp;&nbsp; 2178758<br>|
| &nbsp;&nbsp;&nbsp; Terumo Corp. | &nbsp;&nbsp; 676500 | &nbsp;&nbsp;&nbsp; 9797155<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *45854332* |
| *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Alfresa Holdings Corp. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 1144584<br>|
| &nbsp;&nbsp;&nbsp; Medipal Holdings Corp. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1521561<br>|
| &nbsp;&nbsp;&nbsp; Suzuken Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 962216<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *3628361* |
| *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* |
| &nbsp;&nbsp;&nbsp; JMDC Inc. | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp; 312708<br>|
| &nbsp;&nbsp;&nbsp; M3 Inc. | &nbsp;&nbsp; 196800 | &nbsp;&nbsp;&nbsp; 2654217<br>|
| *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *2966925* |
| *Pharmaceuticals — 4.0%* | *Pharmaceuticals — 4.0%* | *Pharmaceuticals — 4.0%* |
| &nbsp;&nbsp;&nbsp; Astellas Pharma Inc. | &nbsp;&nbsp; 848700 | &nbsp;&nbsp;&nbsp; 11332605<br>|
| &nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 307500 | &nbsp;&nbsp;&nbsp; 16170994<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 873300 | &nbsp;&nbsp;&nbsp; $18653280<br>|
| &nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 3656767<br>|
| &nbsp;&nbsp;&nbsp; Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 689293<br>|
| &nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 1784675<br>|
| &nbsp;&nbsp;&nbsp; Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 886727<br>|
| &nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp;&nbsp; 2557187<br>|
| &nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 209100 | &nbsp;&nbsp;&nbsp; 11836705<br>|
| &nbsp;&nbsp;&nbsp; Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 147600 | &nbsp;&nbsp;&nbsp; 1531134<br>|
| &nbsp;&nbsp;&nbsp; Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 740456<br>|
| &nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | &nbsp;&nbsp; 356700 | &nbsp;&nbsp;&nbsp; 6465181<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Pharma Co. Ltd. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 1,091,380<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 750300 | &nbsp;&nbsp;&nbsp; 23143963<br>|
| &nbsp;&nbsp;&nbsp; Tsumura & Co. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 639856<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *101180203* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **154149773** |
| **Industrials — 25.1%** | **Industrials — 25.1%** | **Industrials — 25.1%** |
| *Air Freight & Logistics — 0.3%* | *Air Freight & Logistics — 0.3%* | *Air Freight & Logistics — 0.3%* |
| &nbsp;&nbsp;&nbsp; Nippon Express Holdings Inc. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 2366619<br>|
| &nbsp;&nbsp;&nbsp; Sankyu Inc. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 1327109<br>|
| &nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp;&nbsp; 1687331<br>|
| &nbsp;&nbsp;&nbsp; Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 1733433<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *7114492* |
| *Building Products — 1.1%* | *Building Products — 1.1%* | *Building Products — 1.1%* |
| &nbsp;&nbsp;&nbsp; AGC Inc. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 2852514<br>|
| &nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | &nbsp;&nbsp; 130114 | &nbsp;&nbsp;&nbsp; 16668405<br>|
| &nbsp;&nbsp;&nbsp; Lixil Corp. | &nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; 1635305<br>|
| &nbsp;&nbsp;&nbsp; Nichias Corp. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 1063444<br>|
| &nbsp;&nbsp;&nbsp; Sanwa Holdings Corp. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 2240594<br>|
| &nbsp;&nbsp;&nbsp; Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1392083<br>|
| &nbsp;&nbsp;&nbsp; TOTO Ltd. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 2040570<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *27892915* |
| *Commercial Services & Supplies — 0.6%* | *Commercial Services & Supplies — 0.6%* | *Commercial Services & Supplies — 0.6%* |
| &nbsp;&nbsp;&nbsp; ALSOK Co. Ltd. | &nbsp;&nbsp; 147600 | &nbsp;&nbsp;&nbsp; 1159651<br>|
| &nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp;&nbsp; 3171029<br>|
| &nbsp;&nbsp;&nbsp; Kokuyo Co. Ltd. | &nbsp;&nbsp; 159900 | &nbsp;&nbsp;&nbsp; 893326<br>|
| &nbsp;&nbsp;&nbsp; Park24 Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 820026<br>|
| &nbsp;&nbsp;&nbsp; Secom Co. Ltd. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp;&nbsp; 6559817<br>|
| &nbsp;&nbsp;&nbsp; TOPPAN Holdings Inc. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 3291797<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *15895646* |
| *Construction & Engineering — 1.5%* | *Construction & Engineering — 1.5%* | *Construction & Engineering — 1.5%* |
| &nbsp;&nbsp;&nbsp; COMSYS Holdings Corp. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1429435<br>|
| &nbsp;&nbsp;&nbsp; EXEO Group Inc. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1427630<br>|
| &nbsp;&nbsp;&nbsp; INFRONEER Holdings Inc. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1174403<br>|
| &nbsp;&nbsp;&nbsp; JGC Holdings Corp. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 1193079<br>|
| &nbsp;&nbsp;&nbsp; Kajima Corp. | &nbsp;&nbsp; 196800 | &nbsp;&nbsp;&nbsp; 7326090<br>|
| &nbsp;&nbsp;&nbsp; Kandenko Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1578217<br>|
| &nbsp;&nbsp;&nbsp; Kinden Corp. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 2132225<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Construction & Engineering — continued* | *Construction & Engineering — continued* | *Construction & Engineering — continued* |
| &nbsp;&nbsp;&nbsp; Kraftia Corp. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; $1207989<br>|
| &nbsp;&nbsp;&nbsp; Obayashi Corp. | &nbsp;&nbsp; 307500 | &nbsp;&nbsp;&nbsp; 6413076<br>|
| &nbsp;&nbsp;&nbsp; Shimizu Corp. | &nbsp;&nbsp; 233700 | &nbsp;&nbsp;&nbsp; 3978618<br>|
| &nbsp;&nbsp;&nbsp; SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 831169<br>|
| &nbsp;&nbsp;&nbsp; Taisei Corp. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 6984740<br>|
| &nbsp;&nbsp;&nbsp; Toda Corp. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 794758<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *36471429* |
| *Electrical Equipment — 2.2%* | *Electrical Equipment — 2.2%* | *Electrical Equipment — 2.2%* |
| &nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 4649431<br>|
| &nbsp;&nbsp;&nbsp; Fujikura Ltd. | &nbsp;&nbsp; 128100 | &nbsp;&nbsp;&nbsp; 14252856<br>|
| &nbsp;&nbsp;&nbsp; Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 2356496<br>|
| &nbsp;&nbsp;&nbsp; Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 903049<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | &nbsp;&nbsp; 934800 | &nbsp;&nbsp;&nbsp; 27344145<br>|
| &nbsp;&nbsp;&nbsp; NIDEC Corp. | &nbsp;&nbsp; 442800 | &nbsp;&nbsp;&nbsp; 6022837<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *55528814* |
| *Ground Transportation — 2.1%* | *Ground Transportation — 2.1%* | *Ground Transportation — 2.1%* |
| &nbsp;&nbsp;&nbsp; Central Japan Railway Co. | &nbsp;&nbsp; 405900 | &nbsp;&nbsp;&nbsp; 11230906<br>|
| &nbsp;&nbsp;&nbsp; East Japan Railway Co. | &nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp; 12969753<br>|
| &nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 2784715<br>|
| &nbsp;&nbsp;&nbsp; Keikyu Corp. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 962687<br>|
| &nbsp;&nbsp;&nbsp; Keio Corp. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1272492<br>|
| &nbsp;&nbsp;&nbsp; Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 196800 | &nbsp;&nbsp;&nbsp; 1618394<br>|
| &nbsp;&nbsp;&nbsp; Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1686351<br>|
| &nbsp;&nbsp;&nbsp; Kyushu Railway Co. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 1598463<br>|
| &nbsp;&nbsp;&nbsp; Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 923922<br>|
| &nbsp;&nbsp;&nbsp; Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 932083<br>|
| &nbsp;&nbsp;&nbsp; Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1069094<br>|
| &nbsp;&nbsp;&nbsp; Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 159900 | &nbsp;&nbsp;&nbsp; 1742379<br>|
| &nbsp;&nbsp;&nbsp; Seibu Holdings Inc. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 2026446<br>|
| &nbsp;&nbsp;&nbsp; Seino Holdings Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 739515<br>|
| &nbsp;&nbsp;&nbsp; Sotetsu Holdings Inc. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 663397<br>|
| &nbsp;&nbsp;&nbsp; Tobu Railway Co. Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1450426<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; 1376349<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tokyu Corp. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp;&nbsp; 2584848<br>|
| &nbsp;&nbsp;&nbsp; West Japan Railway Co. | &nbsp;&nbsp; 209100 | &nbsp;&nbsp;&nbsp; 4170127<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *51802347* |
| *Industrial Conglomerates — 2.8%* | *Industrial Conglomerates — 2.8%* | *Industrial Conglomerates — 2.8%* |
| &nbsp;&nbsp;&nbsp; Hikari Tsushin Inc. | &nbsp;&nbsp; 8350 | &nbsp;&nbsp;&nbsp; 2330616<br>|
| &nbsp;&nbsp;&nbsp; Hitachi Ltd. | &nbsp;&nbsp; 2091000 | &nbsp;&nbsp;&nbsp; 65393359<br>|
| &nbsp;&nbsp;&nbsp; Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 795465<br>|
| &nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp;&nbsp; 3101582<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *71621022* |
| *Machinery — 5.8%* | *Machinery — 5.8%* | *Machinery — 5.8%* |
| &nbsp;&nbsp;&nbsp; Amada Co. Ltd. | &nbsp;&nbsp; 147600 | &nbsp;&nbsp;&nbsp; 1743948<br>|
| &nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | &nbsp;&nbsp; 159900 | &nbsp;&nbsp;&nbsp; 5027192<br>|
| &nbsp;&nbsp;&nbsp; DMG Mori Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 1034253<br>|
| &nbsp;&nbsp;&nbsp; Ebara Corp. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp;&nbsp; 5203596<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Machinery — continued* | *Machinery — continued* | *Machinery — continued* |
| &nbsp;&nbsp;&nbsp; FANUC Corp. | &nbsp;&nbsp; 442800 | &nbsp;&nbsp;&nbsp; $17187121<br>|
| &nbsp;&nbsp;&nbsp; Harmonic Drive Systems Inc. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 593244<br>|
| &nbsp;&nbsp;&nbsp; Hino Motors Ltd. | &nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; 333,190<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1453290<br>|
| &nbsp;&nbsp;&nbsp; Hoshizaki Corp. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1636286<br>|
| &nbsp;&nbsp;&nbsp; IHI Corp. | &nbsp;&nbsp; 430500 | &nbsp;&nbsp;&nbsp; 7565232<br>|
| &nbsp;&nbsp;&nbsp; Japan Steel Works Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 1205164<br>|
| &nbsp;&nbsp;&nbsp; Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 4887199<br>|
| &nbsp;&nbsp;&nbsp; Komatsu Ltd. | &nbsp;&nbsp; 430500 | &nbsp;&nbsp;&nbsp; 13732495<br>|
| &nbsp;&nbsp;&nbsp; Kubota Corp. | &nbsp;&nbsp; 442800 | &nbsp;&nbsp;&nbsp; 6261547<br>|
| &nbsp;&nbsp;&nbsp; Kurita Water Industries Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1992546<br>|
| &nbsp;&nbsp;&nbsp; Makita Corp. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 3345471<br>|
| &nbsp;&nbsp;&nbsp; Minebea Mitsumi Inc. | &nbsp;&nbsp; 172200 | &nbsp;&nbsp;&nbsp; 3450702<br>|
| &nbsp;&nbsp;&nbsp; MiSUMi Group Inc. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 1920195<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 1512900 | &nbsp;&nbsp;&nbsp; 37063613<br>|
| &nbsp;&nbsp;&nbsp; Miura Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 953898<br>|
| &nbsp;&nbsp;&nbsp; Nabtesco Corp. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1176443<br>|
| &nbsp;&nbsp;&nbsp; NGK Insulators Ltd. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 2629577<br>|
| &nbsp;&nbsp;&nbsp; NSK Ltd. | &nbsp;&nbsp; 209100 | &nbsp;&nbsp;&nbsp; 1301731<br>|
| &nbsp;&nbsp;&nbsp; OKUMA Corp. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 569702<br>|
| &nbsp;&nbsp;&nbsp; Organo Corp. | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp; 1016597<br>|
| &nbsp;&nbsp;&nbsp; SMC Corp. | &nbsp;&nbsp; 26962 | &nbsp;&nbsp;&nbsp; 9367766<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1302311<br>|
| &nbsp;&nbsp;&nbsp; THK Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1257740<br>|
| &nbsp;&nbsp;&nbsp; Toyota Industries Corp. | &nbsp;&nbsp; 79480 | &nbsp;&nbsp;&nbsp; 9025768<br>|
| &nbsp;&nbsp;&nbsp; Yaskawa Electric Corp. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 3732100<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *147969917* |
| *Marine Transportation — 0.5%* | *Marine Transportation — 0.5%* | *Marine Transportation — 0.5%* |
| &nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 172200 | &nbsp;&nbsp;&nbsp; 2396046<br>|
| &nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 147600 | &nbsp;&nbsp;&nbsp; 4435203<br>|
| &nbsp;&nbsp;&nbsp; Nippon Yusen KK | &nbsp;&nbsp; 184500 | &nbsp;&nbsp;&nbsp; 5977167<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *12808416* |
| *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* |
| &nbsp;&nbsp;&nbsp; ANA Holdings Inc. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 1402598<br>|
| &nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 1367756<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *2770354* |
| *Professional Services — 1.6%* | *Professional Services — 1.6%* | *Professional Services — 1.6%* |
| &nbsp;&nbsp;&nbsp; BayCurrent Inc. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 2550320<br>|
| &nbsp;&nbsp;&nbsp; Persol Holdings Co. Ltd. | &nbsp;&nbsp; 824100 | &nbsp;&nbsp;&nbsp; 1527854<br>|
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 639600 | &nbsp;&nbsp;&nbsp; 36100298<br>|
| &nbsp;&nbsp;&nbsp; Visional Inc. | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp; 785,499<br> \*<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *40963971* |
| *Trading Companies & Distributors — 6.4%* | *Trading Companies & Distributors — 6.4%* | *Trading Companies & Distributors — 6.4%* |
| &nbsp;&nbsp;&nbsp; ITOCHU Corp. | &nbsp;&nbsp; 3013500 | &nbsp;&nbsp;&nbsp; 37970350<br>|
| &nbsp;&nbsp;&nbsp; Marubeni Corp. | &nbsp;&nbsp; 701100 | &nbsp;&nbsp;&nbsp; 19470403<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Corp. | &nbsp;&nbsp; 1549800 | &nbsp;&nbsp;&nbsp; 35456205<br>|
| &nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | &nbsp;&nbsp; 1205400 | &nbsp;&nbsp;&nbsp; 35705587<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* |
| &nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; $1765960<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nagase & Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 895515<br>|
| &nbsp;&nbsp;&nbsp; Sojitz Corp. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 3055362<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Corp. | &nbsp;&nbsp; 479700 | &nbsp;&nbsp;&nbsp; 16562802<br>|
| &nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | &nbsp;&nbsp; 332100 | &nbsp;&nbsp;&nbsp; 11174171<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *162056355* |
| *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* |
| &nbsp;&nbsp;&nbsp; Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 1032527<br>|
| &nbsp;&nbsp;&nbsp; Kamigumi Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 1191196<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Logistics Corp. | &nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; 1033664<br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *3257387* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **636153065** |
| **Information Technology — 13.4%** | **Information Technology — 13.4%** | **Information Technology — 13.4%** |
| *Electronic Equipment, Instruments & Components — 3.9%* | *Electronic Equipment, Instruments & Components — 3.9%* | *Electronic Equipment, Instruments & Components — 3.9%* |
| &nbsp;&nbsp;&nbsp; Alps Alpine Co. Ltd. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 938597<br>|
| &nbsp;&nbsp;&nbsp; Amano Corp. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 661043<br>|
| &nbsp;&nbsp;&nbsp; Azbil Corp. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp;&nbsp; 2009260<br>|
| &nbsp;&nbsp;&nbsp; Canon Marketing Japan Inc. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 1079923<br>|
| &nbsp;&nbsp;&nbsp; Dexerials Corp. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 1237573<br>|
| &nbsp;&nbsp;&nbsp; Hamamatsu Photonics KK | &nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; 1433751<br>|
| &nbsp;&nbsp;&nbsp; Hirose Electric Co. Ltd. | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp; 1357163<br>|
| &nbsp;&nbsp;&nbsp; Horiba Ltd. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp; 1832786<br>|
| &nbsp;&nbsp;&nbsp; Ibiden Co. Ltd. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 5281910<br>|
| &nbsp;&nbsp;&nbsp; Jeol Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 789579<br>|
| &nbsp;&nbsp;&nbsp; Keyence Corp. | &nbsp;&nbsp; 88891 | &nbsp;&nbsp;&nbsp; 32143557<br>|
| &nbsp;&nbsp;&nbsp; Kyocera Corp. | &nbsp;&nbsp; 627300 | &nbsp;&nbsp;&nbsp; 8790484<br>|
| &nbsp;&nbsp;&nbsp; Macnica Holdings Inc. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 938714<br>|
| &nbsp;&nbsp;&nbsp; Maruwa Co. Ltd. | &nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp; 1005582<br>|
| &nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 774900 | &nbsp;&nbsp;&nbsp; 16047245<br>|
| &nbsp;&nbsp;&nbsp; Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 1448975<br>|
| &nbsp;&nbsp;&nbsp; Omron Corp. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 2175227<br>|
| &nbsp;&nbsp;&nbsp; Shimadzu Corp. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 3270688<br>|
| &nbsp;&nbsp;&nbsp; Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 1388944<br>|
| &nbsp;&nbsp;&nbsp; TDK Corp. | &nbsp;&nbsp; 897900 | &nbsp;&nbsp;&nbsp; 12665520<br>|
| &nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 3542513<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *100039034* |
| *IT Services — 2.6%* | *IT Services — 2.6%* | *IT Services — 2.6%* |
| &nbsp;&nbsp;&nbsp; BIPROGY Inc. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 1274533<br>|
| &nbsp;&nbsp;&nbsp; Dentsu Soken Inc. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 644564<br>|
| &nbsp;&nbsp;&nbsp; Fujitsu Ltd. | &nbsp;&nbsp; 811800 | &nbsp;&nbsp;&nbsp; 22420378<br>|
| &nbsp;&nbsp;&nbsp; GMO internet group Inc. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 614902<br>|
| &nbsp;&nbsp;&nbsp; NEC Corp. | &nbsp;&nbsp; 590400 | &nbsp;&nbsp;&nbsp; 20000791<br>|
| &nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | &nbsp;&nbsp; 196800 | &nbsp;&nbsp;&nbsp; 7559621<br>|
| &nbsp;&nbsp;&nbsp; NS Solutions Corp. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 694001<br>|
| &nbsp;&nbsp;&nbsp; Obic Co. Ltd. | &nbsp;&nbsp; 159900 | &nbsp;&nbsp;&nbsp; 5021071<br>|
| &nbsp;&nbsp;&nbsp; Otsuka Corp. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 2282576<br>|
| &nbsp;&nbsp;&nbsp; SCSK Corp. | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp; 444070<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *IT Services — continued* | *IT Services — continued* | *IT Services — continued* |
| &nbsp;&nbsp;&nbsp; SHIFT Inc. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; $539,413<br> \*<br>|
| &nbsp;&nbsp;&nbsp; TIS Inc. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 3300193<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *64796113* |
| *Semiconductors & Semiconductor Equipment — 5.5%* | *Semiconductors & Semiconductor Equipment — 5.5%* | *Semiconductors & Semiconductor Equipment — 5.5%* |
| &nbsp;&nbsp;&nbsp; Advantest Corp. | &nbsp;&nbsp; 344400 | &nbsp;&nbsp;&nbsp; 43142008<br>|
| &nbsp;&nbsp;&nbsp; Disco Corp. | &nbsp;&nbsp; 41382 | &nbsp;&nbsp;&nbsp; 12717286<br>|
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 4,913,094<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kokusai Electric Corp. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 3018402<br>|
| &nbsp;&nbsp;&nbsp; Lasertec Corp. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 6978854<br>|
| &nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | &nbsp;&nbsp; 762600 | &nbsp;&nbsp;&nbsp; 10411586<br>|
| &nbsp;&nbsp;&nbsp; Rohm Co. Ltd. | &nbsp;&nbsp; 159900 | &nbsp;&nbsp;&nbsp; 2264685<br>|
| &nbsp;&nbsp;&nbsp; Rorze Corp. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 705615<br>|
| &nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 42990 | &nbsp;&nbsp;&nbsp; 4179831<br>|
| &nbsp;&nbsp;&nbsp; Socionext Inc. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1202692<br>|
| &nbsp;&nbsp;&nbsp; SUMCO Corp. | &nbsp;&nbsp; 159900 | &nbsp;&nbsp;&nbsp; 1463884<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | &nbsp;&nbsp; 209100 | &nbsp;&nbsp;&nbsp; 45783355<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 18900 | &nbsp;&nbsp;&nbsp; 1339019<br>|
| &nbsp;&nbsp;&nbsp; Ulvac Inc. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 1111155<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *139231466* |
| *Software — 0.2%* | *Software — 0.2%* | *Software — 0.2%* |
| &nbsp;&nbsp;&nbsp; Justsystems Corp. | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp; 397065<br>|
| &nbsp;&nbsp;&nbsp; Money Forward Inc. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 732,609<br> \*<br>|
| &nbsp;&nbsp;&nbsp; OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp; 663319<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. Japan | &nbsp;&nbsp; 16420 | &nbsp;&nbsp;&nbsp; 1381733<br>|
| &nbsp;&nbsp;&nbsp; Rakus Co. Ltd. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 489662<br>|
| &nbsp;&nbsp;&nbsp; Trend Micro Inc. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 2,551,105<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *6215493* |
| *Technology Hardware, Storage & Peripherals — 1.2%* | *Technology Hardware, Storage & Peripherals — 1.2%* | *Technology Hardware, Storage & Peripherals — 1.2%* |
| &nbsp;&nbsp;&nbsp; Brother Industries Ltd. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 2204890<br>|
| &nbsp;&nbsp;&nbsp; Canon Inc. | &nbsp;&nbsp; 393600 | &nbsp;&nbsp;&nbsp; 11633856<br>|
| &nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | &nbsp;&nbsp; 565800 | &nbsp;&nbsp;&nbsp; 12070785<br>|
| &nbsp;&nbsp;&nbsp; Konica Minolta Inc. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp;&nbsp; 960631<br>|
| &nbsp;&nbsp;&nbsp; Ricoh Co. Ltd. | &nbsp;&nbsp; 258300 | &nbsp;&nbsp;&nbsp; 2264214<br>|
| &nbsp;&nbsp;&nbsp; Seiko Epson Corp. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 1556088<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *30690464* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **340972570** |
| **Materials — 4.7%** | **Materials — 4.7%** | **Materials — 4.7%** |
| *Chemicals — 3.3%* | *Chemicals — 3.3%* | *Chemicals — 3.3%* |
| &nbsp;&nbsp;&nbsp; Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 552125<br>|
| &nbsp;&nbsp;&nbsp; Air Water Inc. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1239770<br>|
| &nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | &nbsp;&nbsp; 590400 | &nbsp;&nbsp;&nbsp; 5231845<br>|
| &nbsp;&nbsp;&nbsp; Daicel Corp. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 988033<br>|
| &nbsp;&nbsp;&nbsp; DIC Corp. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 859968<br>|
| &nbsp;&nbsp;&nbsp; Kaneka Corp. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 689764<br>|
| &nbsp;&nbsp;&nbsp; Kansai Paint Co. Ltd. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 1165300<br>|
| &nbsp;&nbsp;&nbsp; Kuraray Co. Ltd. | &nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; 1369875<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 639600 | &nbsp;&nbsp;&nbsp; 3734077<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* |
| &nbsp;&nbsp;&nbsp; Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; $1336917<br>|
| &nbsp;&nbsp;&nbsp; Mitsui Chemicals Inc. | &nbsp;&nbsp; 172200 | &nbsp;&nbsp;&nbsp; 2199397<br>|
| &nbsp;&nbsp;&nbsp; Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 659748<br>|
| &nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 455100 | &nbsp;&nbsp;&nbsp; 3041355<br>|
| &nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 2564132<br>|
| &nbsp;&nbsp;&nbsp; Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 786872<br>|
| &nbsp;&nbsp;&nbsp; Nissan Chemical Corp. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 2104211<br>|
| &nbsp;&nbsp;&nbsp; Nitto Denko Corp. | &nbsp;&nbsp; 319800 | &nbsp;&nbsp;&nbsp; 7579553<br>|
| &nbsp;&nbsp;&nbsp; NOF Corp. | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp; 1890219<br>|
| &nbsp;&nbsp;&nbsp; Resonac Holdings Corp. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 3584731<br>|
| &nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 873300 | &nbsp;&nbsp;&nbsp; 27149771<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 810296<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 701100 | &nbsp;&nbsp;&nbsp; 1993111<br>|
| &nbsp;&nbsp;&nbsp; Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 1121043<br>|
| &nbsp;&nbsp;&nbsp; Teijin Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 744576<br>|
| &nbsp;&nbsp;&nbsp; Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 532381<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1821792<br>|
| &nbsp;&nbsp;&nbsp; Toray Industries Inc. | &nbsp;&nbsp; 676500 | &nbsp;&nbsp;&nbsp; 4402246<br>|
| &nbsp;&nbsp;&nbsp; Tosoh Corp. | &nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; 2030212<br>|
| &nbsp;&nbsp;&nbsp; UBE Corp. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 807000<br>|
| &nbsp;&nbsp;&nbsp; Zeon Corp. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 842547<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *83832867* |
| *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Taiheiyo Cement Corp. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; *1218818*<br>|
| *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* |
| &nbsp;&nbsp;&nbsp; FP Corp. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 412760<br>|
| &nbsp;&nbsp;&nbsp; Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp; 1200926<br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *1613686* |
| *Metals & Mining — 1.2%* | *Metals & Mining — 1.2%* | *Metals & Mining — 1.2%* |
| &nbsp;&nbsp;&nbsp; Daido Steel Co. Ltd. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 627575<br>|
| &nbsp;&nbsp;&nbsp; Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 1166399<br>|
| &nbsp;&nbsp;&nbsp; JFE Holdings Inc. | &nbsp;&nbsp; 282900 | &nbsp;&nbsp;&nbsp; 3605172<br>|
| &nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. | &nbsp;&nbsp; 258300 | &nbsp;&nbsp;&nbsp; 3229883<br>|
| &nbsp;&nbsp;&nbsp; Kobe Steel Ltd. | &nbsp;&nbsp; 159900 | &nbsp;&nbsp;&nbsp; 2112686<br>|
| &nbsp;&nbsp;&nbsp; Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 797034<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Materials Corp. | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp; 1439950<br>|
| &nbsp;&nbsp;&nbsp; Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 2767686<br>|
| &nbsp;&nbsp;&nbsp; Nippon Steel Corp. | &nbsp;&nbsp; 2361600 | &nbsp;&nbsp;&nbsp; 9669686<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp; 4489584<br>|
| &nbsp;&nbsp;&nbsp; Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 16300 | &nbsp;&nbsp;&nbsp; 1111659<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *31017314* |
| *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Oji Holdings Corp. | &nbsp;&nbsp; 369000 | &nbsp;&nbsp;&nbsp; *2025033*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **119707718** |
| **Real Estate — 3.6%** | **Real Estate — 3.6%** | **Real Estate — 3.6%** |
| *Diversified REITs — 0.4%* | *Diversified REITs — 0.4%* | *Diversified REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Activia Properties Inc. | &nbsp;&nbsp; 984 | &nbsp;&nbsp;&nbsp; 883902<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Diversified REITs — continued* | *Diversified REITs — continued* | *Diversified REITs — continued* |
| &nbsp;&nbsp;&nbsp; Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 1968 | &nbsp;&nbsp;&nbsp; $1797937<br>|
| &nbsp;&nbsp;&nbsp; KDX Realty Investment Corp. | &nbsp;&nbsp; 1722 | &nbsp;&nbsp;&nbsp; 1932436<br>|
| &nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 1968 | &nbsp;&nbsp;&nbsp; 2173344<br>|
| &nbsp;&nbsp;&nbsp; Sekisui House REIT Inc. | &nbsp;&nbsp; 1845 | &nbsp;&nbsp;&nbsp; 1059364<br>|
| &nbsp;&nbsp;&nbsp; United Urban Investment Corp. | &nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp; 1723232<br> <sup>(a)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *9570215* |
| *Hotel & Resort REITs — 0.1%* | *Hotel & Resort REITs — 0.1%* | *Hotel & Resort REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Invincible Investment Corp. | &nbsp;&nbsp; 3444 | &nbsp;&nbsp;&nbsp; 1414996<br>|
| &nbsp;&nbsp;&nbsp; Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 2337 | &nbsp;&nbsp;&nbsp; 1219603<br>|
| *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | &nbsp;&nbsp; *2634599* |
| *Industrial REITs — 0.3%* | *Industrial REITs — 0.3%* | *Industrial REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; GLP J-REIT | &nbsp;&nbsp; 2091 | &nbsp;&nbsp;&nbsp; 1986347<br>|
| &nbsp;&nbsp;&nbsp; Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp; 1089026<br>|
| &nbsp;&nbsp;&nbsp; Japan Logistics Fund Inc. | &nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp; 816887<br>|
| &nbsp;&nbsp;&nbsp; LaSalle Logiport REIT | &nbsp;&nbsp; 738 | &nbsp;&nbsp;&nbsp; 746734<br>|
| &nbsp;&nbsp;&nbsp; Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 1353 | &nbsp;&nbsp;&nbsp; 1053949<br>|
| &nbsp;&nbsp;&nbsp; Nippon Prologis REIT Inc. | &nbsp;&nbsp; 3444 | &nbsp;&nbsp;&nbsp; 2041198<br> <sup>(a)</sup><br>|
| *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *7734141* |
| *Office REITs — 0.4%* | *Office REITs — 0.4%* | *Office REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Daiwa Office Investment Corp. | &nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp; 587751<br>|
| &nbsp;&nbsp;&nbsp; Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 1722 | &nbsp;&nbsp;&nbsp; 1161220<br>|
| &nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | &nbsp;&nbsp; 3198 | &nbsp;&nbsp;&nbsp; 2670695<br>|
| &nbsp;&nbsp;&nbsp; Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 584612<br>|
| &nbsp;&nbsp;&nbsp; Nippon Building Fund Inc. | &nbsp;&nbsp; 3690 | &nbsp;&nbsp;&nbsp; 3364069<br>|
| &nbsp;&nbsp;&nbsp; Orix JREIT Inc. | &nbsp;&nbsp; 2460 | &nbsp;&nbsp;&nbsp; 1668302<br>|
| *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *10036649* |
| *Real Estate Management & Development — 2.1%* | *Real Estate Management & Development — 2.1%* | *Real Estate Management & Development — 2.1%* |
| &nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; 2577472<br>|
| &nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 270600 | &nbsp;&nbsp;&nbsp; 8973676<br>|
| &nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp;&nbsp; 2421706<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 516600 | &nbsp;&nbsp;&nbsp; 12593248<br>|
| &nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp; 13971833<br>|
| &nbsp;&nbsp;&nbsp; Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp; 1517637<br>|
| &nbsp;&nbsp;&nbsp; Relo Group Inc. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 403853<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 295200 | &nbsp;&nbsp;&nbsp; 7405189<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 1947817<br>|
| &nbsp;&nbsp;&nbsp; Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 270600 | &nbsp;&nbsp;&nbsp; 2466984<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *54279415* |
| *Residential REITs — 0.1%* | *Residential REITs — 0.1%* | *Residential REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Advance Residence Investment Corp. | &nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp; 1345000<br>|
| &nbsp;&nbsp;&nbsp; Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 861 | &nbsp;&nbsp;&nbsp; 626751<br>|
| &nbsp;&nbsp;&nbsp; Mitsui Fudosan Accommodations Fund Inc. | &nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp; 949190<br>|
| *Total Residential REITs* | *Total Residential REITs* | &nbsp;&nbsp; *2920941* |
| *Retail REITs — 0.2%* | *Retail REITs — 0.2%* | *Retail REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; AEON REIT Investment Corp. | &nbsp;&nbsp; 861 | &nbsp;&nbsp;&nbsp; 754189<br>|
| &nbsp;&nbsp;&nbsp; Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp; 656806<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Retail REITs — continued* | *Retail REITs — continued* | *Retail REITs — continued* | *Retail REITs — continued* |
| &nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Investment Corp. | &nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Investment Corp. | &nbsp;&nbsp; 3198 | &nbsp;&nbsp;&nbsp; $2531958<br>|
| *Total Retail REITs* | *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *3942953* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **91118913** |
| **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** |
| *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* |
| &nbsp;&nbsp;&nbsp; Chubu Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp; Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 344400 | &nbsp;&nbsp;&nbsp; 5299645<br>|
| &nbsp;&nbsp;&nbsp; Chugoku Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp; Chugoku Electric Power Co. Inc. | &nbsp;&nbsp; 147600 | &nbsp;&nbsp;&nbsp; 936949<br>|
| &nbsp;&nbsp;&nbsp; Kansai Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp; Kansai Electric Power Co. Inc. | &nbsp;&nbsp; 455100 | &nbsp;&nbsp;&nbsp; 7127950<br>|
| &nbsp;&nbsp;&nbsp; Kyushu Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp; Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp;&nbsp; 2371563<br>|
| &nbsp;&nbsp;&nbsp; Shikoku Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp; Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; 730019<br>|
| &nbsp;&nbsp;&nbsp; Tohoku Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp; Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp;&nbsp; 1628595<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Electric Power Co. Holdings Inc. | &nbsp;&nbsp;&nbsp; Tokyo Electric Power Co. Holdings Inc. | &nbsp;&nbsp; 713400 | &nbsp;&nbsp;&nbsp; 2,991,597<br> \*<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *21086318* |
| *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | &nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | &nbsp;&nbsp; 172200 | &nbsp;&nbsp;&nbsp; 5965396<br>|
| &nbsp;&nbsp;&nbsp; Toho Gas Co. Ltd. | &nbsp;&nbsp;&nbsp; Toho Gas Co. Ltd. | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp; 1097736<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | &nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 159900 | &nbsp;&nbsp;&nbsp; 6329896<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *13393028* |
| *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; Electric Power Development Co. Ltd. | &nbsp;&nbsp;&nbsp; Electric Power Development Co. Ltd. | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp; *1489230*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **35968576** |
| **Total Investments before Short-Term Investments (Cost — $2,055,117,408)** | **Total Investments before Short-Term Investments (Cost — $2,055,117,408)** | **Total Investments before Short-Term Investments (Cost — $2,055,117,408)** | &nbsp;&nbsp; **2533814227** |
|  | Rate |  |  |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| **Investments from Cash Collateral Received for Loaned Securities — 0.3%** | **Investments from Cash Collateral Received for Loaned Securities — 0.3%** | **Investments from Cash Collateral Received for Loaned Securities — 0.3%** | **Investments from Cash Collateral Received for Loaned Securities — 0.3%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares (Cost — $7,833,950) <br>| &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 7833950<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7833950**<br> <sup>(b)(c)(d)</sup><br>|
| **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 — $440,595)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 440595<br>| &nbsp;&nbsp;&nbsp;&nbsp; **440595**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Short-Term Investments (Cost — $8,274,545)** | **Total Short-Term Investments (Cost — $8,274,545)** | **Total Short-Term Investments (Cost — $8,274,545)** | &nbsp;&nbsp; **8274545** |
| **Total Investments — 100.1% (Cost — $2,063,391,953)** | **Total Investments — 100.1% (Cost — $2,063,391,953)** | **Total Investments — 100.1% (Cost — $2,063,391,953)** | &nbsp;&nbsp; **2542088772** |
| &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; (3215745)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2538873027** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | A portion or all of the security is on loan at December 31, 2025.  |
| <sup>(b)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(c)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $8,274,545 and the cost was $8,274,545 (Note 2).<br>|
| <sup>(d)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

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

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan 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:** |  |  |  |  |  |
| Tokyo Topix Index | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $3923334 | &nbsp;&nbsp;&nbsp;&nbsp; $3919934 | &nbsp;&nbsp;&nbsp; **$(3400)** |

---

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 FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.3%** | **Common Stocks — 98.3%** | **Common Stocks — 98.3%** |
| **Communication Services — 6.7%** | **Communication Services — 6.7%** | **Communication Services — 6.7%** |
| *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Internet Initiative Japan Inc. | &nbsp;&nbsp; 2182 | &nbsp;&nbsp;&nbsp; $38498<br>|
| &nbsp;&nbsp;&nbsp; NTT Inc. | &nbsp;&nbsp; 551000 | &nbsp;&nbsp;&nbsp; 554357<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *592855* |
| *Entertainment — 2.1%* | *Entertainment — 2.1%* | *Entertainment — 2.1%* |
| &nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | &nbsp;&nbsp; 6681 | &nbsp;&nbsp;&nbsp; 155618<br>|
| &nbsp;&nbsp;&nbsp; Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 35254<br>|
| &nbsp;&nbsp;&nbsp; Konami Group Corp. | &nbsp;&nbsp; 1949 | &nbsp;&nbsp;&nbsp; 265222<br>|
| &nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | &nbsp;&nbsp; 7410 | &nbsp;&nbsp;&nbsp; 180918<br>|
| &nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | &nbsp;&nbsp; 20051 | &nbsp;&nbsp;&nbsp; 1355325<br>|
| &nbsp;&nbsp;&nbsp; Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 6143 | &nbsp;&nbsp;&nbsp; 112067<br>|
| &nbsp;&nbsp;&nbsp; Toei Animation Co. Ltd. | &nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp; 18863<br>|
| &nbsp;&nbsp;&nbsp; Toho Co. Ltd. | &nbsp;&nbsp; 2034 | &nbsp;&nbsp;&nbsp; 103552<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *2226819* |
| *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Kakaku.com Inc. | &nbsp;&nbsp; 2050 | &nbsp;&nbsp;&nbsp; 30237<br>|
| &nbsp;&nbsp;&nbsp; LY Corp. | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 138938<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *169175* |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| &nbsp;&nbsp;&nbsp; CyberAgent Inc. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 74264<br>|
| &nbsp;&nbsp;&nbsp; Dentsu Group Inc. | &nbsp;&nbsp; 3792 | &nbsp;&nbsp;&nbsp; 80415<br>|
| &nbsp;&nbsp;&nbsp; Fuji Media Holdings Inc. | &nbsp;&nbsp; 1074 | &nbsp;&nbsp;&nbsp; 25283<br>|
| &nbsp;&nbsp;&nbsp; Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 43164<br>|
| &nbsp;&nbsp;&nbsp; Kadokawa Corp. | &nbsp;&nbsp; 2090 | &nbsp;&nbsp;&nbsp; 42348<br>|
| &nbsp;&nbsp;&nbsp; Nippon Television Holdings Inc. | &nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp; 25125<br>|
| &nbsp;&nbsp;&nbsp; SKY Perfect JSAT Holdings Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 36892<br>|
| &nbsp;&nbsp;&nbsp; TBS Holdings Inc. | &nbsp;&nbsp; 642 | &nbsp;&nbsp;&nbsp; 23670<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *351161* |
| *Wireless Telecommunication Services — 3.6%* | *Wireless Telecommunication Services — 3.6%* | *Wireless Telecommunication Services — 3.6%* |
| &nbsp;&nbsp;&nbsp; KDDI Corp. | &nbsp;&nbsp; 55051 | &nbsp;&nbsp;&nbsp; 951263<br>|
| &nbsp;&nbsp;&nbsp; SoftBank Corp. | &nbsp;&nbsp; 565500 | &nbsp;&nbsp;&nbsp; 774949<br>|
| &nbsp;&nbsp;&nbsp; SoftBank Group Corp. | &nbsp;&nbsp; 78068 | &nbsp;&nbsp;&nbsp; 2191452<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *3917664* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **7257674** |
| **Consumer Discretionary — 16.8%** | **Consumer Discretionary — 16.8%** | **Consumer Discretionary — 16.8%** |
| *Automobile Components — 2.4%* | *Automobile Components — 2.4%* | *Automobile Components — 2.4%* |
| &nbsp;&nbsp;&nbsp; Aisin Corp. | &nbsp;&nbsp; 9768 | &nbsp;&nbsp;&nbsp; 182342<br>|
| &nbsp;&nbsp;&nbsp; Bridgestone Corp. | &nbsp;&nbsp; 22838 | &nbsp;&nbsp;&nbsp; 511995<br>|
| &nbsp;&nbsp;&nbsp; Denso Corp. | &nbsp;&nbsp; 35443 | &nbsp;&nbsp;&nbsp; 487964<br>|
| &nbsp;&nbsp;&nbsp; GS Yuasa Corp. | &nbsp;&nbsp; 1783 | &nbsp;&nbsp;&nbsp; 42657<br>|
| &nbsp;&nbsp;&nbsp; JTEKT Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 32100<br>|
| &nbsp;&nbsp;&nbsp; Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 3222 | &nbsp;&nbsp;&nbsp; 47484<br>|
| &nbsp;&nbsp;&nbsp; NHK Spring Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 46577<br>|
| &nbsp;&nbsp;&nbsp; Nifco Inc. | &nbsp;&nbsp; 1570 | &nbsp;&nbsp;&nbsp; 48519<br>|
| &nbsp;&nbsp;&nbsp; Niterra Co. Ltd. | &nbsp;&nbsp; 3796 | &nbsp;&nbsp;&nbsp; 166884<br>|
| &nbsp;&nbsp;&nbsp; NOK Corp. | &nbsp;&nbsp; 1180 | &nbsp;&nbsp;&nbsp; 21139<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* |
| &nbsp;&nbsp;&nbsp; Stanley Electric Co. Ltd. | &nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp; $37310<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 15060 | &nbsp;&nbsp;&nbsp; 607704<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 44653<br>|
| &nbsp;&nbsp;&nbsp; Toyo Tire Corp. | &nbsp;&nbsp; 2872 | &nbsp;&nbsp;&nbsp; 79429<br>|
| &nbsp;&nbsp;&nbsp; Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 2039 | &nbsp;&nbsp;&nbsp; 51292<br>|
| &nbsp;&nbsp;&nbsp; Toyota Boshoku Corp. | &nbsp;&nbsp; 1108 | &nbsp;&nbsp;&nbsp; 17764<br>|
| &nbsp;&nbsp;&nbsp; TS Tech Co. Ltd. | &nbsp;&nbsp; 1570 | &nbsp;&nbsp;&nbsp; 18440<br>|
| &nbsp;&nbsp;&nbsp; Yokohama Rubber Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 111323<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *2555576* |
| *Automobiles — 6.0%* | *Automobiles — 6.0%* | *Automobiles — 6.0%* |
| &nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | &nbsp;&nbsp; 75400 | &nbsp;&nbsp;&nbsp; 738871<br>|
| &nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | &nbsp;&nbsp; 10802 | &nbsp;&nbsp;&nbsp; 168117<br>|
| &nbsp;&nbsp;&nbsp; Mazda Motor Corp. | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 90213<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Motors Corp. | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 27456<br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. | &nbsp;&nbsp; 43500 | &nbsp;&nbsp;&nbsp; 108,261<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Subaru Corp. | &nbsp;&nbsp; 11638 | &nbsp;&nbsp;&nbsp; 252072<br>|
| &nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | &nbsp;&nbsp; 34754 | &nbsp;&nbsp;&nbsp; 517613<br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. | &nbsp;&nbsp; 211737 | &nbsp;&nbsp;&nbsp; 4533410<br>|
| &nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 128714<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *6564727* |
| *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* |
| &nbsp;&nbsp;&nbsp; Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 5785 | &nbsp;&nbsp;&nbsp; 83964<br>|
| &nbsp;&nbsp;&nbsp; Izumi Co. Ltd. | &nbsp;&nbsp; 843 | &nbsp;&nbsp;&nbsp; 16135<br>|
| &nbsp;&nbsp;&nbsp; J Front Retailing Co. Ltd. | &nbsp;&nbsp; 4350 | &nbsp;&nbsp;&nbsp; 60916<br>|
| &nbsp;&nbsp;&nbsp; Mercari Inc. | &nbsp;&nbsp; 2175 | &nbsp;&nbsp;&nbsp; 43,987<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 37737 | &nbsp;&nbsp;&nbsp; 224455<br>|
| &nbsp;&nbsp;&nbsp; Rakuten Group Inc. | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 185,754<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 10045 | &nbsp;&nbsp;&nbsp; 178284<br>|
| &nbsp;&nbsp;&nbsp; Takashimaya Co. Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 60740<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *854235* |
| *Distributors — 0.0%††* | *Distributors — 0.0%††* | *Distributors — 0.0%††* |
| &nbsp;&nbsp;&nbsp; PALTAC Corp. | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; *18989*<br>|
| *Hotels, Restaurants & Leisure — 0.9%* | *Hotels, Restaurants & Leisure — 0.9%* | *Hotels, Restaurants & Leisure — 0.9%* |
| &nbsp;&nbsp;&nbsp; Food & Life Cos. Ltd. | &nbsp;&nbsp; 2194 | &nbsp;&nbsp;&nbsp; 110760<br>|
| &nbsp;&nbsp;&nbsp; Heiwa Corp. | &nbsp;&nbsp; 1077 | &nbsp;&nbsp;&nbsp; 13955<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp; 1753 | &nbsp;&nbsp;&nbsp; 71464<br>|
| &nbsp;&nbsp;&nbsp; Metaplanet Inc. | &nbsp;&nbsp; 20300 | &nbsp;&nbsp;&nbsp; 52,452<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | &nbsp;&nbsp; 21847 | &nbsp;&nbsp;&nbsp; 403991<br>|
| &nbsp;&nbsp;&nbsp; Resorttrust Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 36309<br>|
| &nbsp;&nbsp;&nbsp; Round One Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 20722<br>|
| &nbsp;&nbsp;&nbsp; Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 4225 | &nbsp;&nbsp;&nbsp; 90702<br>|
| &nbsp;&nbsp;&nbsp; Toridoll Holdings Corp. | &nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp; 19602<br>|
| &nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp; 97626<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *917583* |
| *Household Durables — 4.1%* | *Household Durables — 4.1%* | *Household Durables — 4.1%* |
| &nbsp;&nbsp;&nbsp; Casio Computer Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 23497<br>|
| &nbsp;&nbsp;&nbsp; Haseko Corp.  | &nbsp;&nbsp; 4764 | &nbsp;&nbsp;&nbsp; 94462<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Household Durables — continued* | *Household Durables — continued* | *Household Durables — continued* |
| &nbsp;&nbsp;&nbsp; Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; $46559<br>|
| &nbsp;&nbsp;&nbsp; Nikon Corp. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 64533<br>|
| &nbsp;&nbsp;&nbsp; Open House Group Co. Ltd. | &nbsp;&nbsp; 1423 | &nbsp;&nbsp;&nbsp; 83540<br>|
| &nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | &nbsp;&nbsp; 44800 | &nbsp;&nbsp;&nbsp; 578346<br>|
| &nbsp;&nbsp;&nbsp; Rinnai Corp. | &nbsp;&nbsp; 2050 | &nbsp;&nbsp;&nbsp; 51791<br>|
| &nbsp;&nbsp;&nbsp; Sekisui House Ltd. | &nbsp;&nbsp; 11616 | &nbsp;&nbsp;&nbsp; 259228<br>|
| &nbsp;&nbsp;&nbsp; Sharp Corp. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 28,522<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | &nbsp;&nbsp; 119995 | &nbsp;&nbsp;&nbsp; 3080544<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 89056<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *4400078* |
| *Leisure Products — 0.6%* | *Leisure Products — 0.6%* | *Leisure Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Bandai Namco Holdings Inc. | &nbsp;&nbsp; 11038 | &nbsp;&nbsp;&nbsp; 293793<br>|
| &nbsp;&nbsp;&nbsp; Sankyo Co. Ltd. | &nbsp;&nbsp; 3650 | &nbsp;&nbsp;&nbsp; 59170<br>|
| &nbsp;&nbsp;&nbsp; Sega Sammy Holdings Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 45292<br>|
| &nbsp;&nbsp;&nbsp; Shimano Inc. | &nbsp;&nbsp; 1493 | &nbsp;&nbsp;&nbsp; 157496<br>|
| &nbsp;&nbsp;&nbsp; Tomy Co. Ltd. | &nbsp;&nbsp; 1864 | &nbsp;&nbsp;&nbsp; 32792<br>|
| &nbsp;&nbsp;&nbsp; Yamaha Corp. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 60638<br>|
| *Total Leisure Products* | *Total Leisure Products* | &nbsp;&nbsp; *649181* |
| *Specialty Retail — 1.7%* | *Specialty Retail — 1.7%* | *Specialty Retail — 1.7%* |
| &nbsp;&nbsp;&nbsp; ABC-Mart Inc. | &nbsp;&nbsp; 1538 | &nbsp;&nbsp;&nbsp; 26066<br>|
| &nbsp;&nbsp;&nbsp; Bic Camera Inc. | &nbsp;&nbsp; 1718 | &nbsp;&nbsp;&nbsp; 18435<br>|
| &nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | &nbsp;&nbsp; 3538 | &nbsp;&nbsp;&nbsp; 1285232<br>|
| &nbsp;&nbsp;&nbsp; K's Holdings Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 29944<br>|
| &nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 8114 | &nbsp;&nbsp;&nbsp; 141967<br>|
| &nbsp;&nbsp;&nbsp; Sanrio Co. Ltd. | &nbsp;&nbsp; 3749 | &nbsp;&nbsp;&nbsp; 117604<br>|
| &nbsp;&nbsp;&nbsp; Shimamura Co. Ltd. | &nbsp;&nbsp; 812 | &nbsp;&nbsp;&nbsp; 52944<br>|
| &nbsp;&nbsp;&nbsp; USS Co. Ltd. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 95301<br>|
| &nbsp;&nbsp;&nbsp; Workman Co. Ltd. | &nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp; 16708<br>|
| &nbsp;&nbsp;&nbsp; Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 38446<br>|
| &nbsp;&nbsp;&nbsp; ZOZO Inc. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 71656<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1894303* |
| *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* |
| &nbsp;&nbsp;&nbsp; Asics Corp. | &nbsp;&nbsp; 13424 | &nbsp;&nbsp;&nbsp; 321587<br>|
| &nbsp;&nbsp;&nbsp; Goldwin Inc. | &nbsp;&nbsp; 1932 | &nbsp;&nbsp;&nbsp; 30931<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *352518* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **18207190** |
| **Consumer Staples — 5.2%** | **Consumer Staples — 5.2%** | **Consumer Staples — 5.2%** |
| *Beverages — 0.7%* | *Beverages — 0.7%* | *Beverages — 0.7%* |
| &nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 303330<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 58631<br>|
| &nbsp;&nbsp;&nbsp; Ito En Ltd. | &nbsp;&nbsp; 1163 | &nbsp;&nbsp;&nbsp; 22816<br>|
| &nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 15788 | &nbsp;&nbsp;&nbsp; 236500<br>|
| &nbsp;&nbsp;&nbsp; Sapporo Holdings Ltd. | &nbsp;&nbsp; 6825 | &nbsp;&nbsp;&nbsp; 73412<br>|
| &nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 2447 | &nbsp;&nbsp;&nbsp; 73795<br>|
| &nbsp;&nbsp;&nbsp; Takara Holdings Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 29732<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *798216* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Consumer Staples Distribution & Retail — 1.7%* | *Consumer Staples Distribution & Retail — 1.7%* | *Consumer Staples Distribution & Retail — 1.7%* |
| &nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | &nbsp;&nbsp; 49045 | &nbsp;&nbsp;&nbsp; $775045<br>|
| &nbsp;&nbsp;&nbsp; Blue Zones Holdings Co. Ltd. | &nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp; 24097<br>|
| &nbsp;&nbsp;&nbsp; Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 642 | &nbsp;&nbsp;&nbsp; 32533<br>|
| &nbsp;&nbsp;&nbsp; Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 70120<br>|
| &nbsp;&nbsp;&nbsp; Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 992 | &nbsp;&nbsp;&nbsp; 29606<br>|
| &nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | &nbsp;&nbsp; 6645 | &nbsp;&nbsp;&nbsp; 114972<br>|
| &nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 43500 | &nbsp;&nbsp;&nbsp; 624561<br>|
| &nbsp;&nbsp;&nbsp; Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 1860 | &nbsp;&nbsp;&nbsp; 43728<br>|
| &nbsp;&nbsp;&nbsp; Sundrug Co. Ltd. | &nbsp;&nbsp; 1276 | &nbsp;&nbsp;&nbsp; 35054<br>|
| &nbsp;&nbsp;&nbsp; Tsuruha Holdings Inc. | &nbsp;&nbsp; 5053 | &nbsp;&nbsp;&nbsp; 92778<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *1842494* |
| *Food Products — 1.3%* | *Food Products — 1.3%* | *Food Products — 1.3%* |
| &nbsp;&nbsp;&nbsp; Ajinomoto Co. Inc. | &nbsp;&nbsp; 19040 | &nbsp;&nbsp;&nbsp; 402920<br>|
| &nbsp;&nbsp;&nbsp; Calbee Inc. | &nbsp;&nbsp; 1421 | &nbsp;&nbsp;&nbsp; 27106<br>|
| &nbsp;&nbsp;&nbsp; Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 1048 | &nbsp;&nbsp;&nbsp; 36245<br>|
| &nbsp;&nbsp;&nbsp; Fuji Oil Co. Ltd. | &nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp; 22477<br>|
| &nbsp;&nbsp;&nbsp; House Foods Group Inc. | &nbsp;&nbsp; 1144 | &nbsp;&nbsp;&nbsp; 21009<br>|
| &nbsp;&nbsp;&nbsp; Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp; 23008<br>|
| &nbsp;&nbsp;&nbsp; Kagome Co. Ltd. | &nbsp;&nbsp; 1716 | &nbsp;&nbsp;&nbsp; 29515<br>|
| &nbsp;&nbsp;&nbsp; Kewpie Corp. | &nbsp;&nbsp; 2050 | &nbsp;&nbsp;&nbsp; 56578<br>|
| &nbsp;&nbsp;&nbsp; Kikkoman Corp. | &nbsp;&nbsp; 14500 | &nbsp;&nbsp;&nbsp; 131545<br>|
| &nbsp;&nbsp;&nbsp; Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp; 21166<br>|
| &nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd | &nbsp;&nbsp; 4884 | &nbsp;&nbsp;&nbsp; 108589<br>|
| &nbsp;&nbsp;&nbsp; Morinaga & Co. Ltd. | &nbsp;&nbsp; 1388 | &nbsp;&nbsp;&nbsp; 23555<br>|
| &nbsp;&nbsp;&nbsp; Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 1485 | &nbsp;&nbsp;&nbsp; 35281<br>|
| &nbsp;&nbsp;&nbsp; NH Foods Ltd. | &nbsp;&nbsp; 1730 | &nbsp;&nbsp;&nbsp; 72370<br>|
| &nbsp;&nbsp;&nbsp; Nichirei Corp. | &nbsp;&nbsp; 4330 | &nbsp;&nbsp;&nbsp; 51547<br>|
| &nbsp;&nbsp;&nbsp; Nisshin Seifun Group Inc. | &nbsp;&nbsp; 4510 | &nbsp;&nbsp;&nbsp; 55301<br>|
| &nbsp;&nbsp;&nbsp; Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 4003 | &nbsp;&nbsp;&nbsp; 74355<br>|
| &nbsp;&nbsp;&nbsp; Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 1753 | &nbsp;&nbsp;&nbsp; 120226<br>|
| &nbsp;&nbsp;&nbsp; Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 4510 | &nbsp;&nbsp;&nbsp; 70450<br>|
| &nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 60925<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *1444168* |
| *Household Products — 0.2%* | *Household Products — 0.2%* | *Household Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Lion Corp. | &nbsp;&nbsp; 4402 | &nbsp;&nbsp;&nbsp; 46310<br>|
| &nbsp;&nbsp;&nbsp; Unicharm Corp. | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp; 132470<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *178780* |
| *Personal Care Products — 0.6%* | *Personal Care Products — 0.6%* | *Personal Care Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Kao Corp. | &nbsp;&nbsp; 9123 | &nbsp;&nbsp;&nbsp; 364408<br>|
| &nbsp;&nbsp;&nbsp; Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 41555<br>|
| &nbsp;&nbsp;&nbsp; Kose Corp. | &nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp; 24270<br>|
| &nbsp;&nbsp;&nbsp; Pola Orbis Holdings Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 24089<br>|
| &nbsp;&nbsp;&nbsp; Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4616 | &nbsp;&nbsp;&nbsp; 77392<br>|
| &nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. | &nbsp;&nbsp; 8676 | &nbsp;&nbsp;&nbsp; 126090<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *657804* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Tobacco — 0.7%* | *Tobacco — 0.7%* | *Tobacco — 0.7%* |
| &nbsp;&nbsp;&nbsp; Japan Tobacco Inc. | &nbsp;&nbsp; 21883 | &nbsp;&nbsp;&nbsp; $*787394*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **5708856** |
| **Energy — 0.9%** | **Energy — 0.9%** | **Energy — 0.9%** |
| *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Modec Inc. | &nbsp;&nbsp; 858 | &nbsp;&nbsp;&nbsp; *65139*<br>|
| *Oil, Gas & Consumable Fuels — 0.8%* | *Oil, Gas & Consumable Fuels — 0.8%* | *Oil, Gas & Consumable Fuels — 0.8%* |
| &nbsp;&nbsp;&nbsp; Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 2474 | &nbsp;&nbsp;&nbsp; 65896<br>|
| &nbsp;&nbsp;&nbsp; ENEOS Holdings Inc. | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 368659<br>|
| &nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 14500 | &nbsp;&nbsp;&nbsp; 109436<br>|
| &nbsp;&nbsp;&nbsp; Inpex Corp. | &nbsp;&nbsp; 17411 | &nbsp;&nbsp;&nbsp; 347342<br>|
| &nbsp;&nbsp;&nbsp; Iwatani Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 30481<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *921814* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **986953** |
| **Financials — 15.2%** | **Financials — 15.2%** | **Financials — 15.2%** |
| *Banks — 9.5%* | *Banks — 9.5%* | *Banks — 9.5%* |
| &nbsp;&nbsp;&nbsp; Aozora Bank Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 46420<br>|
| &nbsp;&nbsp;&nbsp; Chiba Bank Ltd. | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 129362<br>|
| &nbsp;&nbsp;&nbsp; Chugin Financial Group Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 45708<br>|
| &nbsp;&nbsp;&nbsp; Fukuoka Financial Group Inc. | &nbsp;&nbsp; 3544 | &nbsp;&nbsp;&nbsp; 114565<br>|
| &nbsp;&nbsp;&nbsp; Gunma Bank Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 63922<br>|
| &nbsp;&nbsp;&nbsp; Hachijuni Bank Ltd. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 94218<br>|
| &nbsp;&nbsp;&nbsp; Hirogin Holdings Inc. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 58520<br>|
| &nbsp;&nbsp;&nbsp; Iyogin Holdings Inc. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 94413<br>|
| &nbsp;&nbsp;&nbsp; Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 490435<br>|
| &nbsp;&nbsp;&nbsp; Kyoto Financial Group Inc. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 126808<br>|
| &nbsp;&nbsp;&nbsp; Kyushu Financial Group Inc. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 37669<br>|
| &nbsp;&nbsp;&nbsp; Mebuki Financial Group Inc. | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 115227<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 218778 | &nbsp;&nbsp;&nbsp; 3479623<br>|
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group Inc. | &nbsp;&nbsp; 48750 | &nbsp;&nbsp;&nbsp; 1772784<br>|
| &nbsp;&nbsp;&nbsp; Rakuten Bank Ltd. | &nbsp;&nbsp; 1653 | &nbsp;&nbsp;&nbsp; 72,892<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Resona Holdings Inc. | &nbsp;&nbsp; 43500 | &nbsp;&nbsp;&nbsp; 414339<br>|
| &nbsp;&nbsp;&nbsp; Seven Bank Ltd. | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 22579<br>|
| &nbsp;&nbsp;&nbsp; Shizuoka Financial Group Inc. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 134986<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 73722 | &nbsp;&nbsp;&nbsp; 2370938<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 13034 | &nbsp;&nbsp;&nbsp; 397227<br>|
| &nbsp;&nbsp;&nbsp; Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 39278<br>|
| &nbsp;&nbsp;&nbsp; Yokohama Financial Group Inc. | &nbsp;&nbsp; 20300 | &nbsp;&nbsp;&nbsp; 167521<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *10289434* |
| *Capital Markets — 1.1%* | *Capital Markets — 1.1%* | *Capital Markets — 1.1%* |
| &nbsp;&nbsp;&nbsp; Daiwa Securities Group Inc. | &nbsp;&nbsp; 26100 | &nbsp;&nbsp;&nbsp; 228205<br>|
| &nbsp;&nbsp;&nbsp; Japan Exchange Group Inc. | &nbsp;&nbsp; 20300 | &nbsp;&nbsp;&nbsp; 217058<br>|
| &nbsp;&nbsp;&nbsp; Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 26672<br>|
| &nbsp;&nbsp;&nbsp; Nomura Holdings Inc. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 481406<br>|
| &nbsp;&nbsp;&nbsp; SBI Holdings Inc. | &nbsp;&nbsp; 10369 | &nbsp;&nbsp;&nbsp; 223263<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *1176604* |
| *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Acom Co. Ltd. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 27442<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Consumer Finance — continued* | *Consumer Finance — continued* | *Consumer Finance — continued* |
| &nbsp;&nbsp;&nbsp; AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; $32100<br>|
| &nbsp;&nbsp;&nbsp; Credit Saison Co. Ltd. | &nbsp;&nbsp; 2040 | &nbsp;&nbsp;&nbsp; 54766<br>|
| &nbsp;&nbsp;&nbsp; Marui Group Co. Ltd. | &nbsp;&nbsp; 2844 | &nbsp;&nbsp;&nbsp; 58442<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *172750* |
| *Financial Services — 1.0%* | *Financial Services — 1.0%* | *Financial Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 1044 | &nbsp;&nbsp;&nbsp; 28594<br>|
| &nbsp;&nbsp;&nbsp; GMO Payment Gateway Inc. | &nbsp;&nbsp; 732 | &nbsp;&nbsp;&nbsp; 45547<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 145532<br>|
| &nbsp;&nbsp;&nbsp; ORIX Corp. | &nbsp;&nbsp; 22770 | &nbsp;&nbsp;&nbsp; 661549<br>|
| &nbsp;&nbsp;&nbsp; Sony Financial Group Inc. | &nbsp;&nbsp; 115598 | &nbsp;&nbsp;&nbsp; 122,423<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Century Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 37530<br>|
| &nbsp;&nbsp;&nbsp; Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp; 42809<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *1083984* |
| *Insurance — 3.5%* | *Insurance — 3.5%* | *Insurance — 3.5%* |
| &nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 69600 | &nbsp;&nbsp;&nbsp; 578797<br>|
| &nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 31900 | &nbsp;&nbsp;&nbsp; 335902<br>|
| &nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 3625 | &nbsp;&nbsp;&nbsp; 108973<br>|
| &nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 24760 | &nbsp;&nbsp;&nbsp; 581780<br>|
| &nbsp;&nbsp;&nbsp; Sompo Holdings Inc. | &nbsp;&nbsp; 17296 | &nbsp;&nbsp;&nbsp; 588800<br>|
| &nbsp;&nbsp;&nbsp; T&D Holdings Inc. | &nbsp;&nbsp; 9692 | &nbsp;&nbsp;&nbsp; 223526<br>|
| &nbsp;&nbsp;&nbsp; Tokio Marine Holdings Inc. | &nbsp;&nbsp; 36733 | &nbsp;&nbsp;&nbsp; 1363207<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *3780985* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **16503757** |
| **Health Care — 6.0%** | **Health Care — 6.0%** | **Health Care — 6.0%** |
| *Biotechnology — 0.0%††* | *Biotechnology — 0.0%††* | *Biotechnology — 0.0%††* |
| &nbsp;&nbsp;&nbsp; PeptiDream Inc. | &nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp; *19,128*<br> \*<br>|
| *Health Care Equipment & Supplies — 1.8%* | *Health Care Equipment & Supplies — 1.8%* | *Health Care Equipment & Supplies — 1.8%* |
| &nbsp;&nbsp;&nbsp; Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 4161 | &nbsp;&nbsp;&nbsp; 77980<br>|
| &nbsp;&nbsp;&nbsp; Hoya Corp. | &nbsp;&nbsp; 6750 | &nbsp;&nbsp;&nbsp; 1019961<br>|
| &nbsp;&nbsp;&nbsp; Nihon Kohden Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 31138<br>|
| &nbsp;&nbsp;&nbsp; Nipro Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 27326<br>|
| &nbsp;&nbsp;&nbsp; Olympus Corp. | &nbsp;&nbsp; 21200 | &nbsp;&nbsp;&nbsp; 268407<br>|
| &nbsp;&nbsp;&nbsp; Sysmex Corp. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 85615<br>|
| &nbsp;&nbsp;&nbsp; Terumo Corp. | &nbsp;&nbsp; 28527 | &nbsp;&nbsp;&nbsp; 413131<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *1923558* |
| *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Alfresa Holdings Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 44977<br>|
| &nbsp;&nbsp;&nbsp; Medipal Holdings Corp. | &nbsp;&nbsp; 3867 | &nbsp;&nbsp;&nbsp; 68338<br>|
| &nbsp;&nbsp;&nbsp; Suzuken Co. Ltd. | &nbsp;&nbsp; 974 | &nbsp;&nbsp;&nbsp; 38097<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *151412* |
| *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* |
| &nbsp;&nbsp;&nbsp; JMDC Inc. | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 15254<br>|
| &nbsp;&nbsp;&nbsp; M3 Inc. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 117336<br>|
| *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *132590* |
| *Pharmaceuticals — 3.9%* | *Pharmaceuticals — 3.9%* | *Pharmaceuticals — 3.9%* |
| &nbsp;&nbsp;&nbsp; Astellas Pharma Inc. | &nbsp;&nbsp; 35700 | &nbsp;&nbsp;&nbsp; 476699<br>|
| &nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 12797 | &nbsp;&nbsp;&nbsp; 672976<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 36804 | &nbsp;&nbsp;&nbsp; $786116<br>|
| &nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | &nbsp;&nbsp; 5195 | &nbsp;&nbsp;&nbsp; 154446<br>|
| &nbsp;&nbsp;&nbsp; Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 1166 | &nbsp;&nbsp;&nbsp; 32671<br>|
| &nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 4565 | &nbsp;&nbsp;&nbsp; 73596<br>|
| &nbsp;&nbsp;&nbsp; Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 948 | &nbsp;&nbsp;&nbsp; 34171<br>|
| &nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 120583<br>|
| &nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 492488<br>|
| &nbsp;&nbsp;&nbsp; Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 60167<br>|
| &nbsp;&nbsp;&nbsp; Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 2214 | &nbsp;&nbsp;&nbsp; 33321<br>|
| &nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | &nbsp;&nbsp; 15020 | &nbsp;&nbsp;&nbsp; 272237<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Pharma Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 42,886<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 31554 | &nbsp;&nbsp;&nbsp; 973324<br>|
| &nbsp;&nbsp;&nbsp; Tsumura & Co. | &nbsp;&nbsp; 1199 | &nbsp;&nbsp;&nbsp; 31187<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *4256868* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **6483556** |
| **Industrials — 24.7%** | **Industrials — 24.7%** | **Industrials — 24.7%** |
| *Air Freight & Logistics — 0.3%* | *Air Freight & Logistics — 0.3%* | *Air Freight & Logistics — 0.3%* |
| &nbsp;&nbsp;&nbsp; Nippon Express Holdings Inc. | &nbsp;&nbsp; 4141 | &nbsp;&nbsp;&nbsp; 88529<br>|
| &nbsp;&nbsp;&nbsp; Sankyu Inc. | &nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp; 47096<br>|
| &nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 79566<br>|
| &nbsp;&nbsp;&nbsp; Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 81739<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *296930* |
| *Building Products — 1.1%* | *Building Products — 1.1%* | *Building Products — 1.1%* |
| &nbsp;&nbsp;&nbsp; AGC Inc. | &nbsp;&nbsp; 3884 | &nbsp;&nbsp;&nbsp; 128678<br>|
| &nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | &nbsp;&nbsp; 5466 | &nbsp;&nbsp;&nbsp; 700228<br>|
| &nbsp;&nbsp;&nbsp; Lixil Corp. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 70102<br>|
| &nbsp;&nbsp;&nbsp; Nichias Corp. | &nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp; 44742<br>|
| &nbsp;&nbsp;&nbsp; Sanwa Holdings Corp. | &nbsp;&nbsp; 3745 | &nbsp;&nbsp;&nbsp; 97457<br>|
| &nbsp;&nbsp;&nbsp; Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 2170 | &nbsp;&nbsp;&nbsp; 61399<br>|
| &nbsp;&nbsp;&nbsp; TOTO Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 80185<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *1182791* |
| *Commercial Services & Supplies — 0.6%* | *Commercial Services & Supplies — 0.6%* | *Commercial Services & Supplies — 0.6%* |
| &nbsp;&nbsp;&nbsp; ALSOK Co. Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 45569<br>|
| &nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 8662 | &nbsp;&nbsp;&nbsp; 148875<br>|
| &nbsp;&nbsp;&nbsp; Kokuyo Co. Ltd. | &nbsp;&nbsp; 6636 | &nbsp;&nbsp;&nbsp; 37074<br>|
| &nbsp;&nbsp;&nbsp; Park24 Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 38668<br>|
| &nbsp;&nbsp;&nbsp; Secom Co. Ltd. | &nbsp;&nbsp; 7942 | &nbsp;&nbsp;&nbsp; 282374<br>|
| &nbsp;&nbsp;&nbsp; TOPPAN Holdings Inc. | &nbsp;&nbsp; 5272 | &nbsp;&nbsp;&nbsp; 156769<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *709329* |
| *Construction & Engineering — 1.3%* | *Construction & Engineering — 1.3%* | *Construction & Engineering — 1.3%* |
| &nbsp;&nbsp;&nbsp; COMSYS Holdings Corp. | &nbsp;&nbsp; 2062 | &nbsp;&nbsp;&nbsp; 59908<br>|
| &nbsp;&nbsp;&nbsp; EXEO Group Inc. | &nbsp;&nbsp; 3238 | &nbsp;&nbsp;&nbsp; 53689<br>|
| &nbsp;&nbsp;&nbsp; INFRONEER Holdings Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 39556<br>|
| &nbsp;&nbsp;&nbsp; JGC Holdings Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 35162<br>|
| &nbsp;&nbsp;&nbsp; Kajima Corp. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 323867<br>|
| &nbsp;&nbsp;&nbsp; Kandenko Co. Ltd. | &nbsp;&nbsp; 1690 | &nbsp;&nbsp;&nbsp; 54211<br>|
| &nbsp;&nbsp;&nbsp; Kinden Corp. | &nbsp;&nbsp; 2278 | &nbsp;&nbsp;&nbsp; 98724<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Construction & Engineering — continued* | *Construction & Engineering — continued* | *Construction & Engineering — continued* |
| &nbsp;&nbsp;&nbsp; Kraftia Corp. | &nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp; $42967<br>|
| &nbsp;&nbsp;&nbsp; Obayashi Corp. | &nbsp;&nbsp; 13102 | &nbsp;&nbsp;&nbsp; 273249<br>|
| &nbsp;&nbsp;&nbsp; Shimizu Corp. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 148113<br>|
| &nbsp;&nbsp;&nbsp; SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 3336 | &nbsp;&nbsp;&nbsp; 28179<br>|
| &nbsp;&nbsp;&nbsp; Taisei Corp. | &nbsp;&nbsp; 2933 | &nbsp;&nbsp;&nbsp; 277591<br>|
| &nbsp;&nbsp;&nbsp; Toda Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 23423<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *1458639* |
| *Electrical Equipment — 2.2%* | *Electrical Equipment — 2.2%* | *Electrical Equipment — 2.2%* |
| &nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | &nbsp;&nbsp; 2878 | &nbsp;&nbsp;&nbsp; 217578<br>|
| &nbsp;&nbsp;&nbsp; Fujikura Ltd. | &nbsp;&nbsp; 5399 | &nbsp;&nbsp;&nbsp; 600712<br>|
| &nbsp;&nbsp;&nbsp; Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp; 79316<br>|
| &nbsp;&nbsp;&nbsp; Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 3848 | &nbsp;&nbsp;&nbsp; 35314<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | &nbsp;&nbsp; 39384 | &nbsp;&nbsp;&nbsp; 1152035<br>|
| &nbsp;&nbsp;&nbsp; NIDEC Corp. | &nbsp;&nbsp; 18638 | &nbsp;&nbsp;&nbsp; 253509<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *2338464* |
| *Ground Transportation — 2.0%* | *Ground Transportation — 2.0%* | *Ground Transportation — 2.0%* |
| &nbsp;&nbsp;&nbsp; Central Japan Railway Co. | &nbsp;&nbsp; 17292 | &nbsp;&nbsp;&nbsp; 478455<br>|
| &nbsp;&nbsp;&nbsp; East Japan Railway Co. | &nbsp;&nbsp; 21654 | &nbsp;&nbsp;&nbsp; 570827<br>|
| &nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 4110 | &nbsp;&nbsp;&nbsp; 103389<br>|
| &nbsp;&nbsp;&nbsp; Keikyu Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 28372<br>|
| &nbsp;&nbsp;&nbsp; Keio Corp. | &nbsp;&nbsp; 2050 | &nbsp;&nbsp;&nbsp; 53020<br>|
| &nbsp;&nbsp;&nbsp; Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 71545<br>|
| &nbsp;&nbsp;&nbsp; Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 3380 | &nbsp;&nbsp;&nbsp; 66201<br>|
| &nbsp;&nbsp;&nbsp; Kyushu Railway Co. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 75375<br>|
| &nbsp;&nbsp;&nbsp; Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 31119<br>|
| &nbsp;&nbsp;&nbsp; Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 54940<br>|
| &nbsp;&nbsp;&nbsp; Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 1932 | &nbsp;&nbsp;&nbsp; 41981<br>|
| &nbsp;&nbsp;&nbsp; Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 63201<br>|
| &nbsp;&nbsp;&nbsp; Seibu Holdings Inc. | &nbsp;&nbsp; 3361 | &nbsp;&nbsp;&nbsp; 92288<br>|
| &nbsp;&nbsp;&nbsp; Seino Holdings Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 43589<br>|
| &nbsp;&nbsp;&nbsp; Sotetsu Holdings Inc. | &nbsp;&nbsp; 1399 | &nbsp;&nbsp;&nbsp; 25152<br>|
| &nbsp;&nbsp;&nbsp; Tobu Railway Co. Ltd. | &nbsp;&nbsp; 3837 | &nbsp;&nbsp;&nbsp; 64637<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 59001<br>|
| &nbsp;&nbsp;&nbsp; Tokyu Corp. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 101573<br>|
| &nbsp;&nbsp;&nbsp; West Japan Railway Co. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 173506<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *2198171* |
| *Industrial Conglomerates — 2.8%* | *Industrial Conglomerates — 2.8%* | *Industrial Conglomerates — 2.8%* |
| &nbsp;&nbsp;&nbsp; Hikari Tsushin Inc. | &nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp; 88201<br>|
| &nbsp;&nbsp;&nbsp; Hitachi Ltd. | &nbsp;&nbsp; 87724 | &nbsp;&nbsp;&nbsp; 2743456<br>|
| &nbsp;&nbsp;&nbsp; Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 1887 | &nbsp;&nbsp;&nbsp; 40679<br>|
| &nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 7649 | &nbsp;&nbsp;&nbsp; 128585<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *3000921* |
| *Machinery — 5.8%* | *Machinery — 5.8%* | *Machinery — 5.8%* |
| &nbsp;&nbsp;&nbsp; Amada Co. Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 68529<br>|
| &nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | &nbsp;&nbsp; 6835 | &nbsp;&nbsp;&nbsp; 214890<br>|
| &nbsp;&nbsp;&nbsp; DMG Mori Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 48770<br>|
| &nbsp;&nbsp;&nbsp; Ebara Corp. | &nbsp;&nbsp; 9957 | &nbsp;&nbsp;&nbsp; 234021<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Machinery — continued* | *Machinery — continued* | *Machinery — continued* |
| &nbsp;&nbsp;&nbsp; FANUC Corp. | &nbsp;&nbsp; 18541 | &nbsp;&nbsp;&nbsp; $719662<br>|
| &nbsp;&nbsp;&nbsp; Fujitec Co. Ltd. | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 5414<br>|
| &nbsp;&nbsp;&nbsp; Harmonic Drive Systems Inc. | &nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp; 20378<br>|
| &nbsp;&nbsp;&nbsp; Hino Motors Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 14,283<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 2062 | &nbsp;&nbsp;&nbsp; 60908<br>|
| &nbsp;&nbsp;&nbsp; Hoshizaki Corp. | &nbsp;&nbsp; 2297 | &nbsp;&nbsp;&nbsp; 76393<br>|
| &nbsp;&nbsp;&nbsp; IHI Corp. | &nbsp;&nbsp; 18411 | &nbsp;&nbsp;&nbsp; 323539<br>|
| &nbsp;&nbsp;&nbsp; Japan Steel Works Ltd. | &nbsp;&nbsp; 1083 | &nbsp;&nbsp;&nbsp; 53057<br>|
| &nbsp;&nbsp;&nbsp; Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 3084 | &nbsp;&nbsp;&nbsp; 204229<br>|
| &nbsp;&nbsp;&nbsp; Komatsu Ltd. | &nbsp;&nbsp; 18172 | &nbsp;&nbsp;&nbsp; 579668<br>|
| &nbsp;&nbsp;&nbsp; Kubota Corp. | &nbsp;&nbsp; 18800 | &nbsp;&nbsp;&nbsp; 265847<br>|
| &nbsp;&nbsp;&nbsp; Kurita Water Industries Ltd. | &nbsp;&nbsp; 2098 | &nbsp;&nbsp;&nbsp; 84967<br>|
| &nbsp;&nbsp;&nbsp; Makita Corp. | &nbsp;&nbsp; 4659 | &nbsp;&nbsp;&nbsp; 140800<br>|
| &nbsp;&nbsp;&nbsp; Minebea Mitsumi Inc. | &nbsp;&nbsp; 7865 | &nbsp;&nbsp;&nbsp; 157606<br>|
| &nbsp;&nbsp;&nbsp; MiSUMi Group Inc. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 90546<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 63692 | &nbsp;&nbsp;&nbsp; 1560351<br>|
| &nbsp;&nbsp;&nbsp; Miura Co. Ltd. | &nbsp;&nbsp; 1834 | &nbsp;&nbsp;&nbsp; 35558<br>|
| &nbsp;&nbsp;&nbsp; Nabtesco Corp. | &nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp; 50214<br>|
| &nbsp;&nbsp;&nbsp; NGK Insulators Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 123996<br>|
| &nbsp;&nbsp;&nbsp; NSK Ltd. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 54161<br>|
| &nbsp;&nbsp;&nbsp; OKUMA Corp. | &nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp; 21676<br>|
| &nbsp;&nbsp;&nbsp; Organo Corp. | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 39672<br>|
| &nbsp;&nbsp;&nbsp; SMC Corp. | &nbsp;&nbsp; 1071 | &nbsp;&nbsp;&nbsp; 372112<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 2023 | &nbsp;&nbsp;&nbsp; 53548<br>|
| &nbsp;&nbsp;&nbsp; THK Co. Ltd. | &nbsp;&nbsp; 2040 | &nbsp;&nbsp;&nbsp; 52150<br>|
| &nbsp;&nbsp;&nbsp; Toyota Industries Corp. | &nbsp;&nbsp; 3462 | &nbsp;&nbsp;&nbsp; 393146<br>|
| &nbsp;&nbsp;&nbsp; Yaskawa Electric Corp. | &nbsp;&nbsp; 4921 | &nbsp;&nbsp;&nbsp; 149314<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *6269405* |
| *Marine Transportation — 0.5%* | *Marine Transportation — 0.5%* | *Marine Transportation — 0.5%* |
| &nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 7121 | &nbsp;&nbsp;&nbsp; 99084<br>|
| &nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 6409 | &nbsp;&nbsp;&nbsp; 192583<br>|
| &nbsp;&nbsp;&nbsp; Nippon Yusen KK | &nbsp;&nbsp; 8427 | &nbsp;&nbsp;&nbsp; 273006<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *564673* |
| *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* |
| &nbsp;&nbsp;&nbsp; ANA Holdings Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 55116<br>|
| &nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 53746<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *108862* |
| *Professional Services — 1.6%* | *Professional Services — 1.6%* | *Professional Services — 1.6%* |
| &nbsp;&nbsp;&nbsp; BayCurrent Inc. | &nbsp;&nbsp; 2589 | &nbsp;&nbsp;&nbsp; 107362<br>|
| &nbsp;&nbsp;&nbsp; Persol Holdings Co. Ltd. | &nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp; 64518<br>|
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 26726 | &nbsp;&nbsp;&nbsp; 1508469<br>|
| &nbsp;&nbsp;&nbsp; Visional Inc. | &nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp; 27,333<br> \*<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *1707682* |
| *Trading Companies & Distributors — 6.3%* | *Trading Companies & Distributors — 6.3%* | *Trading Companies & Distributors — 6.3%* |
| &nbsp;&nbsp;&nbsp; ITOCHU Corp. | &nbsp;&nbsp; 127060 | &nbsp;&nbsp;&nbsp; 1600966<br>|
| &nbsp;&nbsp;&nbsp; Marubeni Corp. | &nbsp;&nbsp; 29347 | &nbsp;&nbsp;&nbsp; 815002<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Corp. | &nbsp;&nbsp; 65500 | &nbsp;&nbsp;&nbsp; 1498504<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* |
| &nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | &nbsp;&nbsp; 50533 | &nbsp;&nbsp;&nbsp; $1496856<br>|
| &nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | &nbsp;&nbsp; 4710 | &nbsp;&nbsp;&nbsp; 75137<br>|
| &nbsp;&nbsp;&nbsp; Nagase & Co. Ltd. | &nbsp;&nbsp; 1930 | &nbsp;&nbsp;&nbsp; 46839<br>|
| &nbsp;&nbsp;&nbsp; Sojitz Corp. | &nbsp;&nbsp; 3909 | &nbsp;&nbsp;&nbsp; 121376<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Corp. | &nbsp;&nbsp; 20412 | &nbsp;&nbsp;&nbsp; 704774<br>|
| &nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | &nbsp;&nbsp; 13725 | &nbsp;&nbsp;&nbsp; 461805<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *6821259* |
| *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* |
| &nbsp;&nbsp;&nbsp; Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 1397 | &nbsp;&nbsp;&nbsp; 39090<br>|
| &nbsp;&nbsp;&nbsp; Kamigumi Co. Ltd. | &nbsp;&nbsp; 1774 | &nbsp;&nbsp;&nbsp; 57268<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Logistics Corp. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 44311<br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *140669* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **26797795** |
| **Information Technology — 13.2%** | **Information Technology — 13.2%** | **Information Technology — 13.2%** |
| *Electronic Equipment, Instruments & Components — 3.9%* | *Electronic Equipment, Instruments & Components — 3.9%* | *Electronic Equipment, Instruments & Components — 3.9%* |
| &nbsp;&nbsp;&nbsp; Alps Alpine Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 36882<br>|
| &nbsp;&nbsp;&nbsp; Amano Corp. | &nbsp;&nbsp; 1135 | &nbsp;&nbsp;&nbsp; 30499<br>|
| &nbsp;&nbsp;&nbsp; Azbil Corp. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 78955<br>|
| &nbsp;&nbsp;&nbsp; Canon Marketing Japan Inc. | &nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp; 40826<br>|
| &nbsp;&nbsp;&nbsp; Dexerials Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 48631<br>|
| &nbsp;&nbsp;&nbsp; Hamamatsu Photonics KK | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 61462<br>|
| &nbsp;&nbsp;&nbsp; Hirose Electric Co. Ltd. | &nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp; 64438<br>|
| &nbsp;&nbsp;&nbsp; Horiba Ltd. | &nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp; 75959<br>|
| &nbsp;&nbsp;&nbsp; Ibiden Co. Ltd. | &nbsp;&nbsp; 5240 | &nbsp;&nbsp;&nbsp; 225018<br>|
| &nbsp;&nbsp;&nbsp; Jeol Ltd. | &nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp; 27346<br>|
| &nbsp;&nbsp;&nbsp; Keyence Corp. | &nbsp;&nbsp; 3751 | &nbsp;&nbsp;&nbsp; 1356386<br>|
| &nbsp;&nbsp;&nbsp; Kyocera Corp. | &nbsp;&nbsp; 26100 | &nbsp;&nbsp;&nbsp; 365745<br>|
| &nbsp;&nbsp;&nbsp; Macnica Holdings Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 44265<br>|
| &nbsp;&nbsp;&nbsp; Maruwa Co. Ltd. | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 39408<br>|
| &nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 31922 | &nbsp;&nbsp;&nbsp; 661066<br>|
| &nbsp;&nbsp;&nbsp; Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 1399 | &nbsp;&nbsp;&nbsp; 54935<br>|
| &nbsp;&nbsp;&nbsp; Omron Corp. | &nbsp;&nbsp; 3664 | &nbsp;&nbsp;&nbsp; 92567<br>|
| &nbsp;&nbsp;&nbsp; Shimadzu Corp. | &nbsp;&nbsp; 4710 | &nbsp;&nbsp;&nbsp; 125243<br>|
| &nbsp;&nbsp;&nbsp; Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 65495<br>|
| &nbsp;&nbsp;&nbsp; TDK Corp. | &nbsp;&nbsp; 37844 | &nbsp;&nbsp;&nbsp; 533817<br>|
| &nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | &nbsp;&nbsp; 5010 | &nbsp;&nbsp;&nbsp; 160325<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *4189268* |
| *IT Services — 2.5%* | *IT Services — 2.5%* | *IT Services — 2.5%* |
| &nbsp;&nbsp;&nbsp; BIPROGY Inc. | &nbsp;&nbsp; 1438 | &nbsp;&nbsp;&nbsp; 49669<br>|
| &nbsp;&nbsp;&nbsp; Dentsu Soken Inc. | &nbsp;&nbsp; 1329 | &nbsp;&nbsp;&nbsp; 23215<br>|
| &nbsp;&nbsp;&nbsp; Fujitsu Ltd. | &nbsp;&nbsp; 34262 | &nbsp;&nbsp;&nbsp; 946252<br>|
| &nbsp;&nbsp;&nbsp; GMO internet group Inc. | &nbsp;&nbsp; 1192 | &nbsp;&nbsp;&nbsp; 29795<br>|
| &nbsp;&nbsp;&nbsp; NEC Corp. | &nbsp;&nbsp; 24680 | &nbsp;&nbsp;&nbsp; 836076<br>|
| &nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | &nbsp;&nbsp; 8490 | &nbsp;&nbsp;&nbsp; 326124<br>|
| &nbsp;&nbsp;&nbsp; NS Solutions Corp. | &nbsp;&nbsp; 1288 | &nbsp;&nbsp;&nbsp; 36336<br>|
| &nbsp;&nbsp;&nbsp; Obic Co. Ltd. | &nbsp;&nbsp; 6787 | &nbsp;&nbsp;&nbsp; 213121<br>|
| &nbsp;&nbsp;&nbsp; Otsuka Corp. | &nbsp;&nbsp; 4302 | &nbsp;&nbsp;&nbsp; 88705<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *IT Services — continued* | *IT Services — continued* | *IT Services — continued* |
| &nbsp;&nbsp;&nbsp; SCSK Corp. | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; $25272<br>|
| &nbsp;&nbsp;&nbsp; SHIFT Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 18,168<br> \*<br>|
| &nbsp;&nbsp;&nbsp; TIS Inc. | &nbsp;&nbsp; 4270 | &nbsp;&nbsp;&nbsp; 143210<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *2735943* |
| *Semiconductors & Semiconductor Equipment — 5.4%* | *Semiconductors & Semiconductor Equipment — 5.4%* | *Semiconductors & Semiconductor Equipment — 5.4%* |
| &nbsp;&nbsp;&nbsp; Advantest Corp. | &nbsp;&nbsp; 14638 | &nbsp;&nbsp;&nbsp; 1833660<br>|
| &nbsp;&nbsp;&nbsp; Disco Corp. | &nbsp;&nbsp; 1704 | &nbsp;&nbsp;&nbsp; 523664<br>|
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. | &nbsp;&nbsp; 3348 | &nbsp;&nbsp;&nbsp; 222,887<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kokusai Electric Corp. | &nbsp;&nbsp; 3958 | &nbsp;&nbsp;&nbsp; 138755<br>|
| &nbsp;&nbsp;&nbsp; Lasertec Corp. | &nbsp;&nbsp; 1514 | &nbsp;&nbsp;&nbsp; 286341<br>|
| &nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | &nbsp;&nbsp; 31854 | &nbsp;&nbsp;&nbsp; 434895<br>|
| &nbsp;&nbsp;&nbsp; Rohm Co. Ltd. | &nbsp;&nbsp; 6766 | &nbsp;&nbsp;&nbsp; 95828<br>|
| &nbsp;&nbsp;&nbsp; Rorze Corp. | &nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp; 25959<br>|
| &nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 1727 | &nbsp;&nbsp;&nbsp; 167913<br>|
| &nbsp;&nbsp;&nbsp; Socionext Inc. | &nbsp;&nbsp; 3544 | &nbsp;&nbsp;&nbsp; 49504<br>|
| &nbsp;&nbsp;&nbsp; SUMCO Corp. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 53099<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | &nbsp;&nbsp; 8804 | &nbsp;&nbsp;&nbsp; 1927674<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp; 49310<br>|
| &nbsp;&nbsp;&nbsp; Ulvac Inc. | &nbsp;&nbsp; 906 | &nbsp;&nbsp;&nbsp; 40923<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *5850412* |
| *Software — 0.2%* | *Software — 0.2%* | *Software — 0.2%* |
| &nbsp;&nbsp;&nbsp; Justsystems Corp. | &nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp; 13817<br>|
| &nbsp;&nbsp;&nbsp; Money Forward Inc. | &nbsp;&nbsp; 842 | &nbsp;&nbsp;&nbsp; 25,075<br> \*<br>|
| &nbsp;&nbsp;&nbsp; OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp; 31494<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. Japan | &nbsp;&nbsp; 609 | &nbsp;&nbsp;&nbsp; 51247<br>|
| &nbsp;&nbsp;&nbsp; Rakus Co. Ltd. | &nbsp;&nbsp; 3770 | &nbsp;&nbsp;&nbsp; 25014<br>|
| &nbsp;&nbsp;&nbsp; Trend Micro Inc. | &nbsp;&nbsp; 2506 | &nbsp;&nbsp;&nbsp; 103,952<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *250599* |
| *Technology Hardware, Storage & Peripherals — 1.2%* | *Technology Hardware, Storage & Peripherals — 1.2%* | *Technology Hardware, Storage & Peripherals — 1.2%* |
| &nbsp;&nbsp;&nbsp; Brother Industries Ltd. | &nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp; 85646<br>|
| &nbsp;&nbsp;&nbsp; Canon Inc. | &nbsp;&nbsp; 16698 | &nbsp;&nbsp;&nbsp; 493552<br>|
| &nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | &nbsp;&nbsp; 24581 | &nbsp;&nbsp;&nbsp; 524411<br>|
| &nbsp;&nbsp;&nbsp; Konica Minolta Inc. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 37748<br>|
| &nbsp;&nbsp;&nbsp; Ricoh Co. Ltd. | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 101684<br>|
| &nbsp;&nbsp;&nbsp; Seiko Epson Corp. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 73377<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *1316418* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **14342640** |
| **Materials — 4.7%** | **Materials — 4.7%** | **Materials — 4.7%** |
| *Chemicals — 3.2%* | *Chemicals — 3.2%* | *Chemicals — 3.2%* |
| &nbsp;&nbsp;&nbsp; Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp; 23634<br>|
| &nbsp;&nbsp;&nbsp; Air Water Inc. | &nbsp;&nbsp; 3650 | &nbsp;&nbsp;&nbsp; 52557<br>|
| &nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | &nbsp;&nbsp; 26100 | &nbsp;&nbsp;&nbsp; 231286<br>|
| &nbsp;&nbsp;&nbsp; Daicel Corp. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 51767<br>|
| &nbsp;&nbsp;&nbsp; DIC Corp. | &nbsp;&nbsp; 1683 | &nbsp;&nbsp;&nbsp; 39223<br>|
| &nbsp;&nbsp;&nbsp; Kaneka Corp. | &nbsp;&nbsp; 834 | &nbsp;&nbsp;&nbsp; 23385<br>|
| &nbsp;&nbsp;&nbsp; Kansai Paint Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 45791<br>|
| &nbsp;&nbsp;&nbsp; Kuraray Co. Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 58723<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* |
| &nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 26100 | &nbsp;&nbsp;&nbsp; $152376<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 2856 | &nbsp;&nbsp;&nbsp; 51738<br>|
| &nbsp;&nbsp;&nbsp; Mitsui Chemicals Inc. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 74080<br>|
| &nbsp;&nbsp;&nbsp; Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 31110<br>|
| &nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp; 116281<br>|
| &nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 3767 | &nbsp;&nbsp;&nbsp; 112184<br>|
| &nbsp;&nbsp;&nbsp; Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 37105<br>|
| &nbsp;&nbsp;&nbsp; Nissan Chemical Corp. | &nbsp;&nbsp; 2926 | &nbsp;&nbsp;&nbsp; 100112<br>|
| &nbsp;&nbsp;&nbsp; Nitto Denko Corp. | &nbsp;&nbsp; 13428 | &nbsp;&nbsp;&nbsp; 318256<br>|
| &nbsp;&nbsp;&nbsp; NOF Corp. | &nbsp;&nbsp; 4070 | &nbsp;&nbsp;&nbsp; 78183<br>|
| &nbsp;&nbsp;&nbsp; Resonac Holdings Corp. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp; 145721<br>|
| &nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 36983 | &nbsp;&nbsp;&nbsp; 1149754<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp; 42985<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 82442<br>|
| &nbsp;&nbsp;&nbsp; Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 1499 | &nbsp;&nbsp;&nbsp; 45540<br>|
| &nbsp;&nbsp;&nbsp; Teijin Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 25079<br>|
| &nbsp;&nbsp;&nbsp; Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 17932<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 2067 | &nbsp;&nbsp;&nbsp; 76537<br>|
| &nbsp;&nbsp;&nbsp; Toray Industries Inc. | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 188714<br>|
| &nbsp;&nbsp;&nbsp; Tosoh Corp. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 87030<br>|
| &nbsp;&nbsp;&nbsp; UBE Corp. | &nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp; 29688<br>|
| &nbsp;&nbsp;&nbsp; Zeon Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 33108<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *3522321* |
| *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* |
| &nbsp;&nbsp;&nbsp; Taiheiyo Cement Corp. | &nbsp;&nbsp; 2268 | &nbsp;&nbsp;&nbsp; *56185*<br>|
| *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* |
| &nbsp;&nbsp;&nbsp; FP Corp. | &nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp; 15772<br>|
| &nbsp;&nbsp;&nbsp; Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 70786<br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *86558* |
| *Metals & Mining — 1.2%* | *Metals & Mining — 1.2%* | *Metals & Mining — 1.2%* |
| &nbsp;&nbsp;&nbsp; Daido Steel Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 29593<br>|
| &nbsp;&nbsp;&nbsp; Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 843 | &nbsp;&nbsp;&nbsp; 39971<br>|
| &nbsp;&nbsp;&nbsp; JFE Holdings Inc. | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 147826<br>|
| &nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 145051<br>|
| &nbsp;&nbsp;&nbsp; Kobe Steel Ltd. | &nbsp;&nbsp; 6700 | &nbsp;&nbsp;&nbsp; 88524<br>|
| &nbsp;&nbsp;&nbsp; Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 3405 | &nbsp;&nbsp;&nbsp; 31520<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Materials Corp. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 67900<br>|
| &nbsp;&nbsp;&nbsp; Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp; 1164 | &nbsp;&nbsp;&nbsp; 130959<br>|
| &nbsp;&nbsp;&nbsp; Nippon Steel Corp. | &nbsp;&nbsp; 99350 | &nbsp;&nbsp;&nbsp; 406793<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 4652 | &nbsp;&nbsp;&nbsp; 188668<br>|
| &nbsp;&nbsp;&nbsp; Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp; 48149<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *1324954* |
| *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Oji Holdings Corp. | &nbsp;&nbsp; 14500 | &nbsp;&nbsp;&nbsp; *79575*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **5069593** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Real Estate — 3.5%** | **Real Estate — 3.5%** | **Real Estate — 3.5%** |
| *Diversified REITs — 0.4%* | *Diversified REITs — 0.4%* | *Diversified REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Activia Properties Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; $36829<br>|
| &nbsp;&nbsp;&nbsp; Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 74914<br>|
| &nbsp;&nbsp;&nbsp; KDX Realty Investment Corp. | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 84165<br>|
| &nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 96078<br>|
| &nbsp;&nbsp;&nbsp; Sekisui House REIT Inc. | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 49954<br>|
| &nbsp;&nbsp;&nbsp; United Urban Investment Corp. | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 72385<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *414325* |
| *Hotel & Resort REITs — 0.1%* | *Hotel & Resort REITs — 0.1%* | *Hotel & Resort REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Invincible Investment Corp. | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 59575<br>|
| &nbsp;&nbsp;&nbsp; Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 45402<br>|
| *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | &nbsp;&nbsp; *104977* |
| *Industrial REITs — 0.3%* | *Industrial REITs — 0.3%* | *Industrial REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; GLP J-REIT | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 82646<br>|
| &nbsp;&nbsp;&nbsp; Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 57058<br>|
| &nbsp;&nbsp;&nbsp; Japan Logistics Fund Inc. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 31879<br>|
| &nbsp;&nbsp;&nbsp; LaSalle Logiport REIT | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 29343<br>|
| &nbsp;&nbsp;&nbsp; Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 44401<br>|
| &nbsp;&nbsp;&nbsp; Nippon Prologis REIT Inc. | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 82976<br>|
| *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *328303* |
| *Office REITs — 0.4%* | *Office REITs — 0.4%* | *Office REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Daiwa Office Investment Corp. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 23892<br>|
| &nbsp;&nbsp;&nbsp; Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 47878<br>|
| &nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | &nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 109400<br>|
| &nbsp;&nbsp;&nbsp; Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 27567<br>|
| &nbsp;&nbsp;&nbsp; Nippon Building Fund Inc. | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 132193<br>|
| &nbsp;&nbsp;&nbsp; Orix JREIT Inc. | &nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 78668<br>|
| *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *419598* |
| *Real Estate Management & Development — 2.1%* | *Real Estate Management & Development — 2.1%* | *Real Estate Management & Development — 2.1%* |
| &nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 5546 | &nbsp;&nbsp;&nbsp; 105652<br>|
| &nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 11638 | &nbsp;&nbsp;&nbsp; 385941<br>|
| &nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 95162<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 21365 | &nbsp;&nbsp;&nbsp; 520818<br>|
| &nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 52200 | &nbsp;&nbsp;&nbsp; 592951<br>|
| &nbsp;&nbsp;&nbsp; Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 71564<br>|
| &nbsp;&nbsp;&nbsp; Relo Group Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 31739<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 12530 | &nbsp;&nbsp;&nbsp; 314319<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 3697 | &nbsp;&nbsp;&nbsp; 83636<br>|
| &nbsp;&nbsp;&nbsp; Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 11600 | &nbsp;&nbsp;&nbsp; 105754<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *2307536* |
| *Residential REITs — 0.1%* | *Residential REITs — 0.1%* | *Residential REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Advance Residence Investment Corp. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 63423<br>|
| &nbsp;&nbsp;&nbsp; Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 21110<br>|
| &nbsp;&nbsp;&nbsp; Mitsui Fudosan Accommodations Fund Inc. | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 39442<br>|
| *Total Residential REITs* | *Total Residential REITs* | &nbsp;&nbsp; *123975* |
| *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; AEON REIT Investment Corp. | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 25402<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Retail REITs — continued* | *Retail REITs — continued* | *Retail REITs — continued* | *Retail REITs — continued* |
| &nbsp;&nbsp;&nbsp; Frontier Real Estate Investment Corp. | &nbsp;&nbsp;&nbsp; Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; $27886<br>|
| &nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Investment Corp. | &nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Investment Corp. | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 114801<br>|
| *Total Retail REITs* | *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *168089* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **3866803** |
| **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** |
| *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* |
| &nbsp;&nbsp;&nbsp; Chubu Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp; Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 14500 | &nbsp;&nbsp;&nbsp; 223127<br>|
| &nbsp;&nbsp;&nbsp; Chugoku Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp; Chugoku Electric Power Co. Inc. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp; 36818<br>|
| &nbsp;&nbsp;&nbsp; Kansai Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp; Kansai Electric Power Co. Inc. | &nbsp;&nbsp; 20300 | &nbsp;&nbsp;&nbsp; 317946<br>|
| &nbsp;&nbsp;&nbsp; Kyushu Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp; Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 93191<br>|
| &nbsp;&nbsp;&nbsp; Shikoku Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp; Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 28686<br>|
| &nbsp;&nbsp;&nbsp; Tohoku Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp; Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 63996<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Electric Power Co. Holdings Inc. | &nbsp;&nbsp;&nbsp; Tokyo Electric Power Co. Holdings Inc. | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; 121,610<br> \*<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *885374* |
| *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | &nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | &nbsp;&nbsp; 7224 | &nbsp;&nbsp;&nbsp; 250256<br>|
| &nbsp;&nbsp;&nbsp; Toho Gas Co. Ltd. | &nbsp;&nbsp;&nbsp; Toho Gas Co. Ltd. | &nbsp;&nbsp; 1575 | &nbsp;&nbsp;&nbsp; 46855<br>|
| &nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | &nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 7125 | &nbsp;&nbsp;&nbsp; 282054<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *579165* |
| *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; Electric Power Development Co. Ltd. | &nbsp;&nbsp;&nbsp; Electric Power Development Co. Ltd. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; *58520*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1523059** |
| **Total Investments before Short-Term Investments (Cost — $86,682,464)** | **Total Investments before Short-Term Investments (Cost — $86,682,464)** | **Total Investments before Short-Term Investments (Cost — $86,682,464)** | &nbsp;&nbsp; **106747876** |
|  | Rate |  |  |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $364,161)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 364161<br>| &nbsp;&nbsp;&nbsp;&nbsp; **364161**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 98.6% (Cost — $87,046,625)** | **Total Investments — 98.6% (Cost — $87,046,625)** | **Total Investments — 98.6% (Cost — $87,046,625)** | &nbsp;&nbsp; **107112037** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; 1491433 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$108603470** |

---

&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 $364,161 and the cost was $364,161 (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.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Japan Hedged 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:** |  |  |  |  |  |
| Mini Tokyo Topix Index | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $1040937 | &nbsp;&nbsp;&nbsp;&nbsp; $1045316 | &nbsp;&nbsp;&nbsp; **$4379** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| JPY | &nbsp;&nbsp; 276606114 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1759111 | State Street Bank and Trust Co. | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; $5578 |
| JPY | &nbsp;&nbsp; 305850133 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1975541 | State Street Bank and Trust Co. | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; (24282) |
| JPY | &nbsp;&nbsp; 4158220820 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 26528300 | State Street Bank and Trust Co. | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987851 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 152925067 | State Street Bank and Trust Co. | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp;&nbsp; 12221 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 29504690 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 4587752000 | State Street Bank and Trust Co. | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 235800 |
| JPY | &nbsp;&nbsp; 276606114 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1759108 | UBS Securities LLC | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5581 |
| JPY | &nbsp;&nbsp; 305850133 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1975567 | UBS Securities LLC | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; (24308) |
| JPY | &nbsp;&nbsp; 4158220820 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 26528300 | UBS Securities LLC | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987854 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 152925067 | UBS Securities LLC | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp;&nbsp; 12225 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 29504348 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 4587752000 | UBS Securities LLC | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 235459 |
| JPY | &nbsp;&nbsp; 553212228 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3518202 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp;&nbsp; 11175 |
| JPY | &nbsp;&nbsp; 611700267 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3951100 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; (48582) |
| JPY | &nbsp;&nbsp; 8316441638 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 53056871 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1975734 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 305850133 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp;&nbsp; 24474 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 59010479 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 9175504000 | Wells Fargo Securities LLC | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 472701 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 27148094 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 4244952000 | State Street Bank and Trust Co. | &nbsp;&nbsp; 2/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; (1341) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 27146757 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 4244952000 | UBS Securities LLC | &nbsp;&nbsp; 2/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; (2678) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 54297577 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 8489904000 | Wells Fargo Securities LLC | &nbsp;&nbsp; 2/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; (1293) |
| **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$913543** |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| JPY |  | Japanese Yen |
| USD |  | United States Dollar |

---

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 FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 80.3%** | **Common Stocks — 80.3%** | **Common Stocks — 80.3%** |
| **Communication Services — 3.8%** | **Communication Services — 3.8%** | **Communication Services — 3.8%** |
| *Diversified Telecommunication Services — 0.8%* | *Diversified Telecommunication Services — 0.8%* | *Diversified Telecommunication Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; Operadora De Sites Mexicanos SAB de CV | &nbsp;&nbsp; 50825 | &nbsp;&nbsp;&nbsp; $43166<br>|
| &nbsp;&nbsp;&nbsp; Telefonica Brasil SA | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp; 295980<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *339146* |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| &nbsp;&nbsp;&nbsp; Megacable Holdings SAB de CV | &nbsp;&nbsp; 48602 | &nbsp;&nbsp;&nbsp; *139809*<br>|
| *Wireless Telecommunication Services — 2.7%* | *Wireless Telecommunication Services — 2.7%* | *Wireless Telecommunication Services — 2.7%* |
| &nbsp;&nbsp;&nbsp; America Movil SAB de CV | &nbsp;&nbsp; 1011674 | &nbsp;&nbsp;&nbsp; 1048276<br>|
| &nbsp;&nbsp;&nbsp; TIM SA | &nbsp;&nbsp; 51300 | &nbsp;&nbsp;&nbsp; 199780<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *1248056* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1727011** |
| **Consumer Discretionary — 3.5%** | **Consumer Discretionary — 3.5%** | **Consumer Discretionary — 3.5%** |
| *Broadline Retail — 1.0%* | *Broadline Retail — 1.0%* | *Broadline Retail — 1.0%* |
| &nbsp;&nbsp;&nbsp; El Puerto de Liverpool SAB de CV, Class C1 Shares | &nbsp;&nbsp; 12730 | &nbsp;&nbsp;&nbsp; 70987<br>|
| &nbsp;&nbsp;&nbsp; Falabella SA | &nbsp;&nbsp; 53998 | &nbsp;&nbsp;&nbsp; 376367<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *447354* |
| *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* |
| &nbsp;&nbsp;&nbsp; Alsea SAB de CV | &nbsp;&nbsp; 31426 | &nbsp;&nbsp;&nbsp; 94158<br>|
| &nbsp;&nbsp;&nbsp; Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp; 33247 | &nbsp;&nbsp;&nbsp; 141367<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *235525* |
| *Specialty Retail — 2.0%* | *Specialty Retail — 2.0%* | *Specialty Retail — 2.0%* |
| &nbsp;&nbsp;&nbsp; Cosan SA | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp; 73,785<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Empresas Copec SA | &nbsp;&nbsp; 25403 | &nbsp;&nbsp;&nbsp; 198924<br>|
| &nbsp;&nbsp;&nbsp; Lojas Renner SA | &nbsp;&nbsp; 62700 | &nbsp;&nbsp;&nbsp; 153897<br>|
| &nbsp;&nbsp;&nbsp; Ultrapar Participacoes SA | &nbsp;&nbsp; 45600 | &nbsp;&nbsp;&nbsp; 173920<br>|
| &nbsp;&nbsp;&nbsp; Vibra Energia SA | &nbsp;&nbsp; 74101 | &nbsp;&nbsp;&nbsp; 342527<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *943053* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1625932** |
| **Consumer Staples — 12.9%** | **Consumer Staples — 12.9%** | **Consumer Staples — 12.9%** |
| *Beverages — 6.2%* | *Beverages — 6.2%* | *Beverages — 6.2%* |
| &nbsp;&nbsp;&nbsp; Ambev SA | &nbsp;&nbsp; 281200 | &nbsp;&nbsp;&nbsp; 711243<br>|
| &nbsp;&nbsp;&nbsp; Arca Continental SAB de CV | &nbsp;&nbsp; 56525 | &nbsp;&nbsp;&nbsp; 612675<br>|
| &nbsp;&nbsp;&nbsp; Becle SAB de CV | &nbsp;&nbsp; 30894 | &nbsp;&nbsp;&nbsp; 35569<br>|
| &nbsp;&nbsp;&nbsp; Cia Cervecerias Unidas SA | &nbsp;&nbsp; 8151 | &nbsp;&nbsp;&nbsp; 53029<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 29868 | &nbsp;&nbsp;&nbsp; 284186<br>|
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 112461 | &nbsp;&nbsp;&nbsp; 1137526<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *2834228* |
| *Consumer Staples Distribution & Retail — 4.2%* | *Consumer Staples Distribution & Retail — 4.2%* | *Consumer Staples Distribution & Retail — 4.2%* |
| &nbsp;&nbsp;&nbsp; Cencosud SA | &nbsp;&nbsp; 82061 | &nbsp;&nbsp;&nbsp; 263502<br>|
| &nbsp;&nbsp;&nbsp; Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 18658 | &nbsp;&nbsp;&nbsp; 127974<br>|
| &nbsp;&nbsp;&nbsp; Grupo Mateus SA | &nbsp;&nbsp; 32300 | &nbsp;&nbsp;&nbsp; 26584<br>|
| &nbsp;&nbsp;&nbsp; Raia Drogasil SA | &nbsp;&nbsp; 85272 | &nbsp;&nbsp;&nbsp; 364912<br>|
| &nbsp;&nbsp;&nbsp; Sendas Distribuidora S/A | &nbsp;&nbsp; 87400 | &nbsp;&nbsp;&nbsp; 116113<br>|
| &nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 328415 | &nbsp;&nbsp;&nbsp; 1025275<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *1924360* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Food Products — 1.8%* | *Food Products — 1.8%* | *Food Products — 1.8%* |
| &nbsp;&nbsp;&nbsp; Gruma SAB de CV, Class B Shares | &nbsp;&nbsp; 10355 | &nbsp;&nbsp;&nbsp; $178678<br>|
| &nbsp;&nbsp;&nbsp; Grupo Bimbo SAB de CV, Class A Shares | &nbsp;&nbsp; 78356 | &nbsp;&nbsp;&nbsp; 257649<br>|
| &nbsp;&nbsp;&nbsp; M Dias Branco SA | &nbsp;&nbsp; 7600 | &nbsp;&nbsp;&nbsp; 33231<br>|
| &nbsp;&nbsp;&nbsp; MBRF Global Foods Co. SA | &nbsp;&nbsp; 51300 | &nbsp;&nbsp;&nbsp; 187047<br>|
| &nbsp;&nbsp;&nbsp; Sigma Foods SAB de CV, Class A Shares | &nbsp;&nbsp; 160721 | &nbsp;&nbsp;&nbsp; 140702<br>|
| &nbsp;&nbsp;&nbsp; SLC Agricola SA | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp; 32219<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *829526* |
| *Household Products — 0.5%* | *Household Products — 0.5%* | *Household Products — 0.5%* |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, Class A Shares | &nbsp;&nbsp; 101745 | &nbsp;&nbsp;&nbsp; *217304*<br>|
| *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Natura Cosmeticos SA | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp; *77,494*<br> \*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **5882912** |
| **Energy — 4.5%** | **Energy — 4.5%** | **Energy — 4.5%** |
| *Oil, Gas & Consumable Fuels — 4.5%* | *Oil, Gas & Consumable Fuels — 4.5%* | *Oil, Gas & Consumable Fuels — 4.5%* |
| &nbsp;&nbsp;&nbsp; Brava Energia | &nbsp;&nbsp; 26600 | &nbsp;&nbsp;&nbsp; 81,745<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA | &nbsp;&nbsp; 293227 | &nbsp;&nbsp;&nbsp; 145154<br>|
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 239400 | &nbsp;&nbsp;&nbsp; 1422922<br>|
| &nbsp;&nbsp;&nbsp; PRIO SA | &nbsp;&nbsp; 52300 | &nbsp;&nbsp;&nbsp; 395,322<br> \*<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2045143** |
| **Financials — 15.3%** | **Financials — 15.3%** | **Financials — 15.3%** |
| *Banks — 10.1%* | *Banks — 10.1%* | *Banks — 10.1%* |
| &nbsp;&nbsp;&nbsp; Banco Bradesco SA | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; 270450<br>|
| &nbsp;&nbsp;&nbsp; Banco de Chile | &nbsp;&nbsp; 2873617 | &nbsp;&nbsp;&nbsp; 554595<br>|
| &nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones SA | &nbsp;&nbsp; 5016 | &nbsp;&nbsp;&nbsp; 324914<br>|
| &nbsp;&nbsp;&nbsp; Banco del Bajio SA | &nbsp;&nbsp; 51832 | &nbsp;&nbsp;&nbsp; 131112<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco do Brasil SA | &nbsp;&nbsp; 110400 | &nbsp;&nbsp;&nbsp; 441620<br>|
| &nbsp;&nbsp;&nbsp; Banco Itau Chile SA | &nbsp;&nbsp; 3819 | &nbsp;&nbsp;&nbsp; 84507<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander Brasil SA | &nbsp;&nbsp; 26600 | &nbsp;&nbsp;&nbsp; 165335<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander Chile | &nbsp;&nbsp; 3952038 | &nbsp;&nbsp;&nbsp; 311666<br>|
| &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV, Class O Shares | &nbsp;&nbsp; 185953 | &nbsp;&nbsp;&nbsp; 1726577<br>|
| &nbsp;&nbsp;&nbsp; Grupo Financiero Inbursa SAB de CV, Class O Shares | &nbsp;&nbsp; 114874 | &nbsp;&nbsp;&nbsp; 278376<br>|
| &nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA | &nbsp;&nbsp; 32869 | &nbsp;&nbsp;&nbsp; 218037<br>|
| &nbsp;&nbsp;&nbsp; Regional SAB de CV | &nbsp;&nbsp; 16226 | &nbsp;&nbsp;&nbsp; 128747<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *4635936* |
| *Capital Markets — 3.4%* | *Capital Markets — 3.4%* | *Capital Markets — 3.4%* |
| &nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 336300 | &nbsp;&nbsp;&nbsp; 852449<br>|
| &nbsp;&nbsp;&nbsp; Banco BTG Pactual SA | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp; 729245<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *1581694* |
| *Consumer Finance — 0.4%* | *Consumer Finance — 0.4%* | *Consumer Finance — 0.4%* |
| &nbsp;&nbsp;&nbsp; Gentera SAB de CV | &nbsp;&nbsp; 69654 | &nbsp;&nbsp;&nbsp; *178517*<br>|
| *Insurance — 1.4%* | *Insurance — 1.4%* | *Insurance — 1.4%* |
| &nbsp;&nbsp;&nbsp; BB Seguridade Participacoes SA | &nbsp;&nbsp; 41800 | &nbsp;&nbsp;&nbsp; 275755<br>|
| &nbsp;&nbsp;&nbsp; Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp; 115253<br>|
| &nbsp;&nbsp;&nbsp; Porto Seguro SA | &nbsp;&nbsp; 11800 | &nbsp;&nbsp;&nbsp; 104138<br>|
| &nbsp;&nbsp;&nbsp; Qualitas Controladora SAB de CV | &nbsp;&nbsp; 12882 | &nbsp;&nbsp;&nbsp; 133732<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *628878* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **7025025** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Health Care — 1.3%** | **Health Care — 1.3%** | **Health Care — 1.3%** |
| *Health Care Providers & Services — 1.1%* | *Health Care Providers & Services — 1.1%* | *Health Care Providers & Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; Hapvida Participacoes e Investimentos S/A | &nbsp;&nbsp; 20900 | &nbsp;&nbsp;&nbsp; $56,181<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rede D'Or Sao Luiz SA | &nbsp;&nbsp; 62700 | &nbsp;&nbsp;&nbsp; 464665<br> <sup>(a)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *520846* |
| *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Hypera SA | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp; *81690*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **602536** |
| **Industrials — 10.5%** | **Industrials — 10.5%** | **Industrials — 10.5%** |
| *Aerospace & Defense — 1.6%* | *Aerospace & Defense — 1.6%* | *Aerospace & Defense — 1.6%* |
| &nbsp;&nbsp;&nbsp; Embraer SA | &nbsp;&nbsp; 44800 | &nbsp;&nbsp;&nbsp; *724354*<br>|
| *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; GPS Participacoes e Empreendimentos SA | &nbsp;&nbsp; 28806 | &nbsp;&nbsp;&nbsp;&nbsp; *84950*<br> <sup>(a)</sup><br>|
| *Electrical Equipment — 1.9%* | *Electrical Equipment — 1.9%* | *Electrical Equipment — 1.9%* |
| &nbsp;&nbsp;&nbsp; WEG SA | &nbsp;&nbsp; 95900 | &nbsp;&nbsp;&nbsp; *848964*<br>|
| *Ground Transportation — 1.4%* | *Ground Transportation — 1.4%* | *Ground Transportation — 1.4%* |
| &nbsp;&nbsp;&nbsp; Localiza Rent a Car SA | &nbsp;&nbsp; 56200 | &nbsp;&nbsp;&nbsp; 446851<br>|
| &nbsp;&nbsp;&nbsp; Rumo SA | &nbsp;&nbsp; 77900 | &nbsp;&nbsp;&nbsp; 209828<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *656679* |
| *Industrial Conglomerates — 0.7%* | *Industrial Conglomerates — 0.7%* | *Industrial Conglomerates — 0.7%* |
| &nbsp;&nbsp;&nbsp; Grupo Carso SAB de CV, Series A1 Shares | &nbsp;&nbsp; 34770 | &nbsp;&nbsp;&nbsp; 228081<br>|
| &nbsp;&nbsp;&nbsp; Quinenco SA | &nbsp;&nbsp; 18297 | &nbsp;&nbsp;&nbsp; 88890<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *316971* |
| *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Cia Sud Americana de Vapores SA | &nbsp;&nbsp; 821522 | &nbsp;&nbsp;&nbsp; *42626*<br>|
| *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* |
| &nbsp;&nbsp;&nbsp; Latam Airlines Group SA | &nbsp;&nbsp; 17797623 | &nbsp;&nbsp;&nbsp; *481473*<br>|
| *Transportation Infrastructure — 3.6%* | *Transportation Infrastructure — 3.6%* | *Transportation Infrastructure — 3.6%* |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp; 17727 | &nbsp;&nbsp;&nbsp; 240110<br>|
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | &nbsp;&nbsp; 26315 | &nbsp;&nbsp;&nbsp; 692376<br>|
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | &nbsp;&nbsp; 10184 | &nbsp;&nbsp;&nbsp; 328061<br>|
| &nbsp;&nbsp;&nbsp; Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 77900 | &nbsp;&nbsp;&nbsp; 214092<br>|
| &nbsp;&nbsp;&nbsp; Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp; 11267 | &nbsp;&nbsp;&nbsp; 167531<br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *1642170* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **4798187** |
| **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** |
| *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* |
| &nbsp;&nbsp;&nbsp; TOTVS SA | &nbsp;&nbsp; 34500 | &nbsp;&nbsp;&nbsp; **264932**<br>|
| **Materials — 16.7%** | **Materials — 16.7%** | **Materials — 16.7%** |
| *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Alpek SAB de CV | &nbsp;&nbsp; 107349 | &nbsp;&nbsp;&nbsp; 55,288<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de CV | &nbsp;&nbsp; 55423 | &nbsp;&nbsp;&nbsp; 48088<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *103376* |
| *Construction Materials — 2.9%* | *Construction Materials — 2.9%* | *Construction Materials — 2.9%* |
| &nbsp;&nbsp;&nbsp; Cementos Argos SA | &nbsp;&nbsp; 35416 | &nbsp;&nbsp;&nbsp; 100877<br>|
| &nbsp;&nbsp;&nbsp; Cemex SAB de CV | &nbsp;&nbsp; 976201 | &nbsp;&nbsp;&nbsp; 1122282<br>|
| &nbsp;&nbsp;&nbsp; GCC SAB de CV | &nbsp;&nbsp; 10697 | &nbsp;&nbsp;&nbsp; 108651<br>|
| *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *1331810* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* |
| &nbsp;&nbsp;&nbsp; Klabin SA | &nbsp;&nbsp; 47968 | &nbsp;&nbsp;&nbsp; $*164219*<br>|
| *Metals & Mining — 12.0%* | *Metals & Mining — 12.0%* | *Metals & Mining — 12.0%* |
| &nbsp;&nbsp;&nbsp; Cia Siderurgica Nacional SA | &nbsp;&nbsp; 39900 | &nbsp;&nbsp;&nbsp; 65095<br>|
| &nbsp;&nbsp;&nbsp; CSN Mineracao SA | &nbsp;&nbsp; 26600 | &nbsp;&nbsp;&nbsp; 26456<br>|
| &nbsp;&nbsp;&nbsp; Grupo Mexico SAB de CV, Series B Shares | &nbsp;&nbsp; 183787 | &nbsp;&nbsp;&nbsp; 1738052<br>|
| &nbsp;&nbsp;&nbsp; Industrias Penoles SAB de CV | &nbsp;&nbsp; 12103 | &nbsp;&nbsp;&nbsp; 637,303<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vale SA | &nbsp;&nbsp; 231280 | &nbsp;&nbsp;&nbsp; 3037166<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *5504072* |
| *Paper & Forest Products — 1.2%* | *Paper & Forest Products — 1.2%* | *Paper & Forest Products — 1.2%* |
| &nbsp;&nbsp;&nbsp; Empresas CMPC SA | &nbsp;&nbsp; 71535 | &nbsp;&nbsp;&nbsp; 112193<br>|
| &nbsp;&nbsp;&nbsp; Suzano SA | &nbsp;&nbsp; 43700 | &nbsp;&nbsp;&nbsp; 410305<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *522498* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **7625975** |
| **Real Estate — 2.8%** | **Real Estate — 2.8%** | **Real Estate — 2.8%** |
| *Diversified REITs — 0.8%* | *Diversified REITs — 0.8%* | *Diversified REITs — 0.8%* |
| &nbsp;&nbsp;&nbsp; Concentradora Fibra Danhos SA de CV | &nbsp;&nbsp; 56544 | &nbsp;&nbsp;&nbsp; 88246<br>|
| &nbsp;&nbsp;&nbsp; Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 178790 | &nbsp;&nbsp;&nbsp; 268392<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *356638* |
| *Industrial REITs — 0.6%* | *Industrial REITs — 0.6%* | *Industrial REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; Prologis Property Mexico SA de CV | &nbsp;&nbsp; 69198 | &nbsp;&nbsp;&nbsp; *290347*<br>|
| *Real Estate Management & Development — 1.4%* | *Real Estate Management & Development — 1.4%* | *Real Estate Management & Development — 1.4%* |
| &nbsp;&nbsp;&nbsp; Allos SA | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp; 98367<br>|
| &nbsp;&nbsp;&nbsp; Cencosud Shopping SA | &nbsp;&nbsp; 31122 | &nbsp;&nbsp;&nbsp; 80431<br>|
| &nbsp;&nbsp;&nbsp; Corp. Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp; 54549 | &nbsp;&nbsp;&nbsp; 167140<br>|
| &nbsp;&nbsp;&nbsp; Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp; 20900 | &nbsp;&nbsp;&nbsp; 103933<br>|
| &nbsp;&nbsp;&nbsp; Plaza SA | &nbsp;&nbsp; 50863 | &nbsp;&nbsp;&nbsp; 179746<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *629617* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1276602** |
| **Utilities — 8.4%** | **Utilities — 8.4%** | **Utilities — 8.4%** |
| *Electric Utilities — 5.3%* | *Electric Utilities — 5.3%* | *Electric Utilities — 5.3%* |
| &nbsp;&nbsp;&nbsp; Alupar Investimento SA | &nbsp;&nbsp; 19640 | &nbsp;&nbsp;&nbsp; 113795<br>|
| &nbsp;&nbsp;&nbsp; Axia Energia | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp; 701923<br>|
| &nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais | &nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp; 10194<br>|
| &nbsp;&nbsp;&nbsp; Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 117800 | &nbsp;&nbsp;&nbsp; 281185<br>|
| &nbsp;&nbsp;&nbsp; CPFL Energia SA | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp; 110864<br>|
| &nbsp;&nbsp;&nbsp; Enel Americas SA | &nbsp;&nbsp; 1226355 | &nbsp;&nbsp;&nbsp; 116518<br>|
| &nbsp;&nbsp;&nbsp; Enel Chile SA | &nbsp;&nbsp; 1601434 | &nbsp;&nbsp;&nbsp; 131426<br>|
| &nbsp;&nbsp;&nbsp; Energisa S/A | &nbsp;&nbsp; 19300 | &nbsp;&nbsp;&nbsp; 166100<br>|
| &nbsp;&nbsp;&nbsp; Equatorial SA | &nbsp;&nbsp; 64600 | &nbsp;&nbsp;&nbsp; 453871<br>|
| &nbsp;&nbsp;&nbsp; Interconexion Electrica SA ESP | &nbsp;&nbsp; 27056 | &nbsp;&nbsp;&nbsp; 176619<br>|
| &nbsp;&nbsp;&nbsp; Neoenergia SA | &nbsp;&nbsp; 13300 | &nbsp;&nbsp;&nbsp; 78590<br>|
| &nbsp;&nbsp;&nbsp; Transmissora Alianca de Energia Eletrica S/A | &nbsp;&nbsp; 13300 | &nbsp;&nbsp;&nbsp; 102206<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *2443291* |
| *Independent Power and Renewable Electricity Producers — 1.0%* | *Independent Power and Renewable Electricity Producers — 1.0%* | *Independent Power and Renewable Electricity Producers — 1.0%* |
| &nbsp;&nbsp;&nbsp; Auren Energia SA | &nbsp;&nbsp; 20900 | &nbsp;&nbsp;&nbsp; 45273<br>|
| &nbsp;&nbsp;&nbsp; Colbun SA | &nbsp;&nbsp; 466013 | &nbsp;&nbsp;&nbsp; 74442<br>|
| &nbsp;&nbsp;&nbsp; Eneva SA | &nbsp;&nbsp; 60800 | &nbsp;&nbsp;&nbsp; 223,905<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 FTSE Latin America 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; Engie Brasil Energia SA | &nbsp;&nbsp;&nbsp; Engie Brasil Energia SA | &nbsp;&nbsp; 23280 | &nbsp;&nbsp;&nbsp; $133271<br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *476891* |
| *Water Utilities — 2.1%* | *Water Utilities — 2.1%* | *Water Utilities — 2.1%* | *Water Utilities — 2.1%* |
| &nbsp;&nbsp;&nbsp; Aguas Andinas SA, Class A Shares | &nbsp;&nbsp;&nbsp; Aguas Andinas SA, Class A Shares | &nbsp;&nbsp; 166877 | &nbsp;&nbsp;&nbsp; 68300<br>|
| &nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp; 30379 | &nbsp;&nbsp;&nbsp; 739499<br>|
| &nbsp;&nbsp;&nbsp; Cia De Sanena Do Parana | &nbsp;&nbsp;&nbsp; Cia De Sanena Do Parana | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp; 139317<br>|
| *Total Water Utilities* | *Total Water Utilities* | *Total Water Utilities* | &nbsp;&nbsp; *947116* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3867298** |
| **Total Common Stocks (Cost — $27,836,759)** | **Total Common Stocks (Cost — $27,836,759)** | **Total Common Stocks (Cost — $27,836,759)** | &nbsp;&nbsp;&nbsp; **36741553**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 18.5%** | **Preferred Stocks — 18.5%** | **Preferred Stocks — 18.5%** | **Preferred Stocks — 18.5%** |
| **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** |
| *Beverages — 0.3%* | *Beverages — 0.3%* | *Beverages — 0.3%* | *Beverages — 0.3%* |
| &nbsp;&nbsp;&nbsp; Embotelladora Andina SA, Class B Shares  | &nbsp;&nbsp; 0.521% | &nbsp;&nbsp; 26524 | &nbsp;&nbsp;&nbsp;&nbsp; **124151**<br> <sup>(b)</sup><br>|
| **Energy — 3.6%** | **Energy — 3.6%** | **Energy — 3.6%** | **Energy — 3.6%** |
| *Oil, Gas & Consumable Fuels — 3.6%* | *Oil, Gas & Consumable Fuels — 3.6%* | *Oil, Gas & Consumable Fuels — 3.6%* | *Oil, Gas & Consumable Fuels — 3.6%* |
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA - Petrobras  | &nbsp;&nbsp; 0.483% | &nbsp;&nbsp; 292600 | &nbsp;&nbsp;&nbsp;&nbsp; **1645683**<br> <sup>(b)</sup><br>|
| **Financials — 10.9%** | **Financials — 10.9%** | **Financials — 10.9%** | **Financials — 10.9%** |
| *Banks — 10.7%* | *Banks — 10.7%* | *Banks — 10.7%* | *Banks — 10.7%* |
| &nbsp;&nbsp;&nbsp; Banco Bradesco SA  | &nbsp;&nbsp; 0.089% | &nbsp;&nbsp; 332500 | &nbsp;&nbsp;&nbsp; 1103732<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Grupo Cibest SA  | &nbsp;&nbsp; 1.043% | &nbsp;&nbsp; 29146 | &nbsp;&nbsp;&nbsp; 461538<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA  | &nbsp;&nbsp; 0.038% | &nbsp;&nbsp; 351550 | &nbsp;&nbsp;&nbsp; 2516776<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Itausa SA  | &nbsp;&nbsp; 0.130% | &nbsp;&nbsp; 378100 | &nbsp;&nbsp;&nbsp; 805914<br> <sup>(b)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *4887960* |
| *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Grupo de Inversiones Suramericana SA  | &nbsp;&nbsp; 0.882% | &nbsp;&nbsp; 6574 | &nbsp;&nbsp;&nbsp;&nbsp; *74030*<br> <sup>(b)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **4961990** |
| **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; 2177 | &nbsp;&nbsp;&nbsp; **16,487**<br> \*<br>|
| **Materials — 2.3%** | **Materials — 2.3%** | **Materials — 2.3%** | **Materials — 2.3%** |
| *Chemicals — 1.4%* | *Chemicals — 1.4%* | *Chemicals — 1.4%* | *Chemicals — 1.4%* |
| &nbsp;&nbsp;&nbsp; Braskem SA, Class A Shares  | &nbsp;&nbsp; — | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp; 16,414<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, Class B Shares  | &nbsp;&nbsp; — | &nbsp;&nbsp; 9101 | &nbsp;&nbsp;&nbsp; 644,033<br> \*<br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *660447* |
| *Metals & Mining — 0.9%* | *Metals & Mining — 0.9%* | *Metals & Mining — 0.9%* | *Metals & Mining — 0.9%* |
| &nbsp;&nbsp;&nbsp; Gerdau SA  | &nbsp;&nbsp; 1.373% | &nbsp;&nbsp; 81700 | &nbsp;&nbsp;&nbsp; 304003<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metalurgica Gerdau SA  | &nbsp;&nbsp; 1.583% | &nbsp;&nbsp; 53098 | &nbsp;&nbsp;&nbsp; 87210<br> <sup>(b)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *391213* |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1051660** |
| **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** |
| *Electric Utilities — 1.4%* | *Electric Utilities — 1.4%* | *Electric Utilities — 1.4%* | *Electric Utilities — 1.4%* |
| &nbsp;&nbsp;&nbsp; Axia Energia, Class B Shares  | &nbsp;&nbsp; 2.479% | &nbsp;&nbsp; 14600 | &nbsp;&nbsp;&nbsp; 139666<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axia Energia, Class C Shares  | &nbsp;&nbsp; — | &nbsp;&nbsp; 23778 | &nbsp;&nbsp;&nbsp; 213,142<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais  | &nbsp;&nbsp; 0.899% | &nbsp;&nbsp; 104500 | &nbsp;&nbsp;&nbsp; 213586<br> <sup>(b)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate |  | Shares | Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Isa Energia Brasil SA  | &nbsp;&nbsp; 0.773% |  | &nbsp;&nbsp; 17100 | &nbsp;&nbsp;&nbsp; $85941<br> <sup>(b)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **652335** |
| **Total Preferred Stocks (Cost — $6,298,646)** | **Total Preferred Stocks (Cost — $6,298,646)** | **Total Preferred Stocks (Cost — $6,298,646)** | **Total Preferred Stocks (Cost — $6,298,646)** | &nbsp;&nbsp; **8452306** |
|  |  | Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** |
| *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Smartfit Escola de Ginastica e Danca SA (Cost — $0) |  | &nbsp;&nbsp; 1/14/26 | &nbsp;&nbsp; 853 | &nbsp;&nbsp;&nbsp; **465**<br> \*<br>|
| **Total Investments before Short-Term Investments (Cost — $34,135,405)** | **Total Investments before Short-Term Investments (Cost — $34,135,405)** | **Total Investments before Short-Term Investments (Cost — $34,135,405)** | **Total Investments before Short-Term Investments (Cost — $34,135,405)** | &nbsp;&nbsp; **45194324** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $62,372)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 62372<br>| &nbsp;&nbsp;&nbsp;&nbsp; **62372**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 98.9% (Cost — $34,197,777)** | **Total Investments — 98.9% (Cost — $34,197,777)** | **Total Investments — 98.9% (Cost — $34,197,777)** | **Total Investments — 98.9% (Cost — $34,197,777)** | &nbsp;&nbsp; **45256696** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.1% | &nbsp;&nbsp;&nbsp; 487585 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$45744281** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | The rate shown represents the yield as of December 31, 2025. |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <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 $62,372 and the cost was $62,372 (Note 2).<br>|
| <sup>(e)</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>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Bovespa Index | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 2/26 | &nbsp;&nbsp;&nbsp;&nbsp; $299305 | &nbsp;&nbsp;&nbsp;&nbsp; $299156 | &nbsp;&nbsp;&nbsp;&nbsp; $(149) |
| Mex Bolsa Index | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 182030 | &nbsp;&nbsp;&nbsp;&nbsp; 181201 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(829) |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(978)** |

---

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 FTSE Mexico ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communication Services — 8.9%** | **Communication Services — 8.9%** | **Communication Services — 8.9%** |
| *Diversified Telecommunication Services — 0.4%* | *Diversified Telecommunication Services — 0.4%* | *Diversified Telecommunication Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Operadora De Sites Mexicanos SAB de CV | &nbsp;&nbsp; 287160 | &nbsp;&nbsp;&nbsp; $*243885*<br> <sup>(a)</sup><br>|
| *Media — 1.2%* | *Media — 1.2%* | *Media — 1.2%* |
| &nbsp;&nbsp;&nbsp; Megacable Holdings SAB de CV | &nbsp;&nbsp; 276240 | &nbsp;&nbsp;&nbsp; *794635*<br>|
| *Wireless Telecommunication Services — 7.3%* | *Wireless Telecommunication Services — 7.3%* | *Wireless Telecommunication Services — 7.3%* |
| &nbsp;&nbsp;&nbsp; America Movil SAB de CV | &nbsp;&nbsp; 4789440 | &nbsp;&nbsp;&nbsp; *4962722*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **6001242** |
| **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** |
| *Broadline Retail — 0.6%* | *Broadline Retail — 0.6%* | *Broadline Retail — 0.6%* |
| &nbsp;&nbsp;&nbsp; El Puerto de Liverpool SAB de CV, Class C1 Shares | &nbsp;&nbsp; 72280 | &nbsp;&nbsp;&nbsp; *403059*<br>|
| *Hotels, Restaurants & Leisure — 0.8%* | *Hotels, Restaurants & Leisure — 0.8%* | *Hotels, Restaurants & Leisure — 0.8%* |
| &nbsp;&nbsp;&nbsp; Alsea SAB de CV | &nbsp;&nbsp; 178400 | &nbsp;&nbsp;&nbsp; *534520*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **937579** |
| **Consumer Staples — 26.1%** | **Consumer Staples — 26.1%** | **Consumer Staples — 26.1%** |
| *Beverages — 14.1%* | *Beverages — 14.1%* | *Beverages — 14.1%* |
| &nbsp;&nbsp;&nbsp; Arca Continental SAB de CV | &nbsp;&nbsp; 216240 | &nbsp;&nbsp;&nbsp; 2343828<br>|
| &nbsp;&nbsp;&nbsp; Becle SAB de CV | &nbsp;&nbsp; 175440 | &nbsp;&nbsp;&nbsp; 201986<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 169520 | &nbsp;&nbsp;&nbsp; 1612936<br>|
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 532080 | &nbsp;&nbsp;&nbsp; 5381911<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *9540661* |
| *Consumer Staples Distribution & Retail — 5.4%* | *Consumer Staples Distribution & Retail — 5.4%* | *Consumer Staples Distribution & Retail — 5.4%* |
| &nbsp;&nbsp;&nbsp; Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 105880 | &nbsp;&nbsp;&nbsp; 726223<br>|
| &nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 928360 | &nbsp;&nbsp;&nbsp; 2898236<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *3624459* |
| *Food Products — 4.8%* | *Food Products — 4.8%* | *Food Products — 4.8%* |
| &nbsp;&nbsp;&nbsp; Gruma SAB de CV, Class B Shares | &nbsp;&nbsp; 58840 | &nbsp;&nbsp;&nbsp; 1015296<br>|
| &nbsp;&nbsp;&nbsp; Grupo Bimbo SAB de CV, Class A Shares | &nbsp;&nbsp; 444840 | &nbsp;&nbsp;&nbsp; 1462718<br>|
| &nbsp;&nbsp;&nbsp; Sigma Foods SAB de CV, Class A Shares | &nbsp;&nbsp; 912480 | &nbsp;&nbsp;&nbsp; 798823<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *3276837* |
| *Household Products — 1.8%* | *Household Products — 1.8%* | *Household Products — 1.8%* |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, Class A Shares | &nbsp;&nbsp; 577640 | &nbsp;&nbsp;&nbsp; *1233704*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **17675661** |
| **Financials — 19.2%** | **Financials — 19.2%** | **Financials — 19.2%** |
| *Banks — 16.6%* | *Banks — 16.6%* | *Banks — 16.6%* |
| &nbsp;&nbsp;&nbsp; Banco del Bajio SA | &nbsp;&nbsp; 294280 | &nbsp;&nbsp;&nbsp; 744395<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV, Class O Shares | &nbsp;&nbsp; 877320 | &nbsp;&nbsp;&nbsp; 8145933<br>|
| &nbsp;&nbsp;&nbsp; Grupo Financiero Inbursa SAB de CV, Class O Shares | &nbsp;&nbsp; 652120 | &nbsp;&nbsp;&nbsp; 1580293<br>|
| &nbsp;&nbsp;&nbsp; Regional SAB de CV | &nbsp;&nbsp; 92080 | &nbsp;&nbsp;&nbsp; 730617<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *11201238* |
| *Consumer Finance — 1.5%* | *Consumer Finance — 1.5%* | *Consumer Finance — 1.5%* |
| &nbsp;&nbsp;&nbsp; Gentera SAB de CV | &nbsp;&nbsp; 395440 | &nbsp;&nbsp;&nbsp; *1013481*<br>|
| *Insurance — 1.1%* | *Insurance — 1.1%* | *Insurance — 1.1%* |
| &nbsp;&nbsp;&nbsp; Qualitas Controladora SAB de CV | &nbsp;&nbsp; 73160 | &nbsp;&nbsp;&nbsp; *759493*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **12974212** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Mexico ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Industrials — 11.8%** | **Industrials — 11.8%** | **Industrials — 11.8%** | **Industrials — 11.8%** |
| *Industrial Conglomerates — 1.9%* | *Industrial Conglomerates — 1.9%* | *Industrial Conglomerates — 1.9%* | *Industrial Conglomerates — 1.9%* |
| &nbsp;&nbsp;&nbsp; Grupo Carso SAB de CV, Series A1 Shares | &nbsp;&nbsp;&nbsp; Grupo Carso SAB de CV, Series A1 Shares | &nbsp;&nbsp; 197400 | &nbsp;&nbsp;&nbsp; $*1294883*<br>|
| *Transportation Infrastructure — 9.9%* | *Transportation Infrastructure — 9.9%* | *Transportation Infrastructure — 9.9%* | *Transportation Infrastructure — 9.9%* |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp; 100680 | &nbsp;&nbsp;&nbsp; 1363698<br>|
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | &nbsp;&nbsp; 94160 | &nbsp;&nbsp;&nbsp; 2477451<br>|
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | &nbsp;&nbsp; 57840 | &nbsp;&nbsp;&nbsp; 1863220<br>|
| &nbsp;&nbsp;&nbsp; Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp;&nbsp; Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp; 63920 | &nbsp;&nbsp;&nbsp; 950437<br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *6654806* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **7949689** |
| **Materials — 25.6%** | **Materials — 25.6%** | **Materials — 25.6%** | **Materials — 25.6%** |
| *Chemicals — 0.9%* | *Chemicals — 0.9%* | *Chemicals — 0.9%* | *Chemicals — 0.9%* |
| &nbsp;&nbsp;&nbsp; Alpek SAB de CV | &nbsp;&nbsp;&nbsp; Alpek SAB de CV | &nbsp;&nbsp; 611040 | &nbsp;&nbsp;&nbsp; 314,705<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de CV | &nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de CV | &nbsp;&nbsp; 315240 | &nbsp;&nbsp;&nbsp; 273519<br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *588224* |
| *Construction Materials — 8.7%* | *Construction Materials — 8.7%* | *Construction Materials — 8.7%* | *Construction Materials — 8.7%* |
| &nbsp;&nbsp;&nbsp; Cemex SAB de CV | &nbsp;&nbsp;&nbsp; Cemex SAB de CV | &nbsp;&nbsp; 4621320 | &nbsp;&nbsp;&nbsp; 5312867<br>|
| &nbsp;&nbsp;&nbsp; GCC SAB de CV | &nbsp;&nbsp;&nbsp; GCC SAB de CV | &nbsp;&nbsp; 60680 | &nbsp;&nbsp;&nbsp; 616334<br>|
| *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *5929201* |
| *Metals & Mining — 16.0%* | *Metals & Mining — 16.0%* | *Metals & Mining — 16.0%* | *Metals & Mining — 16.0%* |
| &nbsp;&nbsp;&nbsp; Grupo Mexico SAB de CV, Series B Shares | &nbsp;&nbsp;&nbsp; Grupo Mexico SAB de CV, Series B Shares | &nbsp;&nbsp; 867160 | &nbsp;&nbsp;&nbsp; 8200629<br>|
| &nbsp;&nbsp;&nbsp; Industrias Penoles SAB de CV | &nbsp;&nbsp;&nbsp; Industrias Penoles SAB de CV | &nbsp;&nbsp; 49880 | &nbsp;&nbsp;&nbsp; 2,626,513<br> \*<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *10827142* |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **17344567** |
| **Real Estate — 6.8%** | **Real Estate — 6.8%** | **Real Estate — 6.8%** | **Real Estate — 6.8%** |
| *Diversified REITs — 3.0%* | *Diversified REITs — 3.0%* | *Diversified REITs — 3.0%* | *Diversified REITs — 3.0%* |
| &nbsp;&nbsp;&nbsp; Concentradora Fibra Danhos SA de CV | &nbsp;&nbsp;&nbsp; Concentradora Fibra Danhos SA de CV | &nbsp;&nbsp; 321040 | &nbsp;&nbsp;&nbsp; 501036<br>|
| &nbsp;&nbsp;&nbsp; Fibra Uno Administracion SA de CV | &nbsp;&nbsp;&nbsp; Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp; 1523672<br> <sup>(a)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *2024708* |
| *Industrial REITs — 2.4%* | *Industrial REITs — 2.4%* | *Industrial REITs — 2.4%* | *Industrial REITs — 2.4%* |
| &nbsp;&nbsp;&nbsp; Prologis Property Mexico SA de CV | &nbsp;&nbsp;&nbsp; Prologis Property Mexico SA de CV | &nbsp;&nbsp; 392920 | &nbsp;&nbsp;&nbsp; *1648649*<br>|
| *Real Estate Management & Development — 1.4%* | *Real Estate Management & Development — 1.4%* | *Real Estate Management & Development — 1.4%* | *Real Estate Management & Development — 1.4%* |
| &nbsp;&nbsp;&nbsp; Corp. Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp;&nbsp; Corp. Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp; 309720 | &nbsp;&nbsp;&nbsp; *948996*<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4622353** |
| **Total Investments before Short-Term Investments (Cost — $60,236,796)** | **Total Investments before Short-Term Investments (Cost — $60,236,796)** | **Total Investments before Short-Term Investments (Cost — $60,236,796)** | &nbsp;&nbsp; **67505303** |
|  | Rate |  |  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares (Cost — $161,340) <br>| &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 161340<br>| &nbsp;&nbsp;&nbsp;&nbsp; **161340**<br> <sup>(c)(d)(e)</sup><br>|
| **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 — $6,256)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 6256<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6256**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Short-Term Investments (Cost — $167,596)** | **Total Short-Term Investments (Cost — $167,596)** | **Total Short-Term Investments (Cost — $167,596)** | &nbsp;&nbsp; **167596** |
| **Total Investments — 100.0% (Cost — $60,404,392)** | **Total Investments — 100.0% (Cost — $60,404,392)** | **Total Investments — 100.0% (Cost — $60,404,392)** | &nbsp;&nbsp; **67672899** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; (3843)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$67669056** |

---

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

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Mexico ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | A portion or all of the security is on loan at December 31, 2025.  |
| <sup>(b)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(c)</sup> | Rate shown 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 $167,596 and the cost was $167,596 (Note 2).<br>|
| <sup>(e)</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>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Mex Bolsa Index | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $146369 | &nbsp;&nbsp;&nbsp;&nbsp; $144961 | &nbsp;&nbsp;&nbsp; **$(1408)** |

---

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 FTSE Saudi Arabia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 100.0%** | **Common Stocks — 100.0%** | **Common Stocks — 100.0%** |
| **Communication Services — 9.5%** | **Communication Services — 9.5%** | **Communication Services — 9.5%** |
| *Diversified Telecommunication Services — 6.5%* | *Diversified Telecommunication Services — 6.5%* | *Diversified Telecommunication Services — 6.5%* |
| &nbsp;&nbsp;&nbsp; Saudi Telecom Co. | &nbsp;&nbsp; 116025 | &nbsp;&nbsp;&nbsp; $*1329518*<br>|
| *Media — 0.6%* | *Media — 0.6%* | *Media — 0.6%* |
| &nbsp;&nbsp;&nbsp; Arabian Contracting Services Co. | &nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp; 36,060<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Saudi Research & Media Group | &nbsp;&nbsp; 2392 | &nbsp;&nbsp;&nbsp; 79,397<br> \*<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *115457* |
| *Wireless Telecommunication Services — 2.4%* | *Wireless Telecommunication Services — 2.4%* | *Wireless Telecommunication Services — 2.4%* |
| &nbsp;&nbsp;&nbsp; Etihad Etisalat Co. | &nbsp;&nbsp; 23088 | &nbsp;&nbsp;&nbsp; 406262<br>|
| &nbsp;&nbsp;&nbsp; Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp; 26936 | &nbsp;&nbsp;&nbsp; 74902<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *481164* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1926139** |
| **Consumer Discretionary — 2.5%** | **Consumer Discretionary — 2.5%** | **Consumer Discretionary — 2.5%** |
| *Hotels, Restaurants & Leisure — 1.2%* | *Hotels, Restaurants & Leisure — 1.2%* | *Hotels, Restaurants & Leisure — 1.2%* |
| &nbsp;&nbsp;&nbsp; Jabal Omar Development Co. | &nbsp;&nbsp; 35373 | &nbsp;&nbsp;&nbsp; 139,387<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Leejam Sports Co. JSC | &nbsp;&nbsp; 1508 | &nbsp;&nbsp;&nbsp; 40004<br>|
| &nbsp;&nbsp;&nbsp; Seera Group Holding | &nbsp;&nbsp; 8216 | &nbsp;&nbsp;&nbsp; 58,704<br> \*<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *238095* |
| *Specialty Retail — 1.3%* | *Specialty Retail — 1.3%* | *Specialty Retail — 1.3%* |
| &nbsp;&nbsp;&nbsp; Aldrees Petroleum and Transport Services Co. | &nbsp;&nbsp; 3003 | &nbsp;&nbsp;&nbsp; 102401<br>|
| &nbsp;&nbsp;&nbsp; Jarir Marketing Co. | &nbsp;&nbsp; 36010 | &nbsp;&nbsp;&nbsp; 122696<br>|
| &nbsp;&nbsp;&nbsp; United Electronics Co. | &nbsp;&nbsp; 2288 | &nbsp;&nbsp;&nbsp; 51545<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *276642* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **514737** |
| **Consumer Staples — 2.9%** | **Consumer Staples — 2.9%** | **Consumer Staples — 2.9%** |
| *Consumer Staples Distribution & Retail — 0.6%* | *Consumer Staples Distribution & Retail — 0.6%* | *Consumer Staples Distribution & Retail — 0.6%* |
| &nbsp;&nbsp;&nbsp; Abdullah Al Othaim Markets Co. | &nbsp;&nbsp; 27105 | &nbsp;&nbsp;&nbsp; 44298<br>|
| &nbsp;&nbsp;&nbsp; BinDawood Holding Co. | &nbsp;&nbsp; 15314 | &nbsp;&nbsp;&nbsp; 18822<br>|
| &nbsp;&nbsp;&nbsp; Nahdi Medical Co. | &nbsp;&nbsp; 2379 | &nbsp;&nbsp;&nbsp; 60255<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *123375* |
| *Food Products — 2.3%* | *Food Products — 2.3%* | *Food Products — 2.3%* |
| &nbsp;&nbsp;&nbsp; Almarai Co. JSC | &nbsp;&nbsp; 29965 | &nbsp;&nbsp;&nbsp; 345603<br>|
| &nbsp;&nbsp;&nbsp; Saudia Dairy & Foodstuff Co. | &nbsp;&nbsp; 923 | &nbsp;&nbsp;&nbsp; 60782<br>|
| &nbsp;&nbsp;&nbsp; Savola Group | &nbsp;&nbsp; 8996 | &nbsp;&nbsp;&nbsp; 52,501<br> \*<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *458886* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **582261** |
| **Energy — 12.3%** | **Energy — 12.3%** | **Energy — 12.3%** |
| *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Ades Holding Co. | &nbsp;&nbsp; 20800 | &nbsp;&nbsp;&nbsp; 96713<br>|
| &nbsp;&nbsp;&nbsp; Arabian Drilling Co. | &nbsp;&nbsp; 1625 | &nbsp;&nbsp;&nbsp; 42783<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *139496* |
| *Oil, Gas & Consumable Fuels — 11.6%* | *Oil, Gas & Consumable Fuels — 11.6%* | *Oil, Gas & Consumable Fuels — 11.6%* |
| &nbsp;&nbsp;&nbsp; Rabigh Refining & Petrochemical Co. | &nbsp;&nbsp; 25675 | &nbsp;&nbsp;&nbsp; 46,821<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. | &nbsp;&nbsp; 363155 | &nbsp;&nbsp;&nbsp; 2307237<br> <sup>(a)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *2354058* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2493554** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Saudi Arabia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Financials — 40.8%** | **Financials — 40.8%** | **Financials — 40.8%** |
| *Banks — 38.4%* | *Banks — 38.4%* | *Banks — 38.4%* |
| &nbsp;&nbsp;&nbsp; Al Rajhi Bank | &nbsp;&nbsp; 119483 | &nbsp;&nbsp;&nbsp; $3105895<br>|
| &nbsp;&nbsp;&nbsp; Alinma Bank | &nbsp;&nbsp; 74945 | &nbsp;&nbsp;&nbsp; 487138<br>|
| &nbsp;&nbsp;&nbsp; Arab National Bank | &nbsp;&nbsp; 54106 | &nbsp;&nbsp;&nbsp; 311873<br>|
| &nbsp;&nbsp;&nbsp; Bank AlBilad | &nbsp;&nbsp; 44967 | &nbsp;&nbsp;&nbsp; 297558<br>|
| &nbsp;&nbsp;&nbsp; Bank Al-Jazira | &nbsp;&nbsp; 38402 | &nbsp;&nbsp;&nbsp; 114,158<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Banque Saudi Fransi | &nbsp;&nbsp; 74360 | &nbsp;&nbsp;&nbsp; 333458<br>|
| &nbsp;&nbsp;&nbsp; Riyad Bank | &nbsp;&nbsp; 94185 | &nbsp;&nbsp;&nbsp; 681503<br>|
| &nbsp;&nbsp;&nbsp; Saudi Awwal Bank | &nbsp;&nbsp; 60658 | &nbsp;&nbsp;&nbsp; 523650<br>|
| &nbsp;&nbsp;&nbsp; Saudi Investment Bank | &nbsp;&nbsp; 37466 | &nbsp;&nbsp;&nbsp; 131153<br>|
| &nbsp;&nbsp;&nbsp; Saudi National Bank | &nbsp;&nbsp; 178412 | &nbsp;&nbsp;&nbsp; 1801815<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *7788201* |
| *Capital Markets — 0.5%* | *Capital Markets — 0.5%* | *Capital Markets — 0.5%* |
| &nbsp;&nbsp;&nbsp; Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 2938 | &nbsp;&nbsp;&nbsp; *109897*<br>|
| *Insurance — 1.9%* | *Insurance — 1.9%* | *Insurance — 1.9%* |
| &nbsp;&nbsp;&nbsp; Al Rajhi Co. for Co.-operative Insurance | &nbsp;&nbsp; 3003 | &nbsp;&nbsp;&nbsp; 62,289<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 4745 | &nbsp;&nbsp;&nbsp; 175717<br>|
| &nbsp;&nbsp;&nbsp; Co. for Cooperative Insurance | &nbsp;&nbsp; 4485 | &nbsp;&nbsp;&nbsp; 139902<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *377908* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **8276006** |
| **Health Care — 3.5%** | **Health Care — 3.5%** | **Health Care — 3.5%** |
| *Health Care Providers & Services — 3.2%* | *Health Care Providers & Services — 3.2%* | *Health Care Providers & Services — 3.2%* |
| &nbsp;&nbsp;&nbsp; Dallah Healthcare Co. | &nbsp;&nbsp; 2834 | &nbsp;&nbsp;&nbsp; 94824<br>|
| &nbsp;&nbsp;&nbsp; Dr Soliman Abdel Kader Fakeeh Hospital Co. | &nbsp;&nbsp; 3237 | &nbsp;&nbsp;&nbsp; 29429<br>|
| &nbsp;&nbsp;&nbsp; Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 6240 | &nbsp;&nbsp;&nbsp; 427557<br>|
| &nbsp;&nbsp;&nbsp; Mouwasat Medical Services Co. | &nbsp;&nbsp; 5603 | &nbsp;&nbsp;&nbsp; 99563<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *651373* |
| *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* |
| &nbsp;&nbsp;&nbsp; Jamjoom Pharmaceuticals Factory Co. | &nbsp;&nbsp; 1677 | &nbsp;&nbsp;&nbsp; *63623*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **714996** |
| **Industrials — 2.4%** | **Industrials — 2.4%** | **Industrials — 2.4%** |
| *Air Freight & Logistics — 0.5%* | *Air Freight & Logistics — 0.5%* | *Air Freight & Logistics — 0.5%* |
| &nbsp;&nbsp;&nbsp; SAL Saudi Logistics Services | &nbsp;&nbsp; 2392 | &nbsp;&nbsp;&nbsp; *102292*<br>|
| *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; Catrion Catering Holding Co. | &nbsp;&nbsp; 2470 | &nbsp;&nbsp;&nbsp; *52913*<br>|
| *Electrical Equipment — 0.7%* | *Electrical Equipment — 0.7%* | *Electrical Equipment — 0.7%* |
| &nbsp;&nbsp;&nbsp; Riyadh Cables Group Co. | &nbsp;&nbsp; 4030 | &nbsp;&nbsp;&nbsp; *140214*<br>|
| *Industrial Conglomerates — 0.4%* | *Industrial Conglomerates — 0.4%* | *Industrial Conglomerates — 0.4%* |
| &nbsp;&nbsp;&nbsp; Astra Industrial Group Co. | &nbsp;&nbsp; 2262 | &nbsp;&nbsp;&nbsp; *85455*<br>|
| *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* |
| &nbsp;&nbsp;&nbsp; flynas Co. SJSC | &nbsp;&nbsp; 3133 | &nbsp;&nbsp;&nbsp; *54,335*<br> \*<br>|
| *Transportation Infrastructure — 0.2%* | *Transportation Infrastructure — 0.2%* | *Transportation Infrastructure — 0.2%* |
| &nbsp;&nbsp;&nbsp; Saudi Ground Services Co. | &nbsp;&nbsp; 5460 | &nbsp;&nbsp;&nbsp; *52842*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **488051** |
| **Information Technology — 1.9%** | **Information Technology — 1.9%** | **Information Technology — 1.9%** |
| *IT Services — 1.9%* | *IT Services — 1.9%* | *IT Services — 1.9%* |
| &nbsp;&nbsp;&nbsp; Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp; 89721<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Saudi Arabia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *IT Services — continued* | *IT Services — continued* | *IT Services — continued* |
| &nbsp;&nbsp;&nbsp; Elm Co. | &nbsp;&nbsp; 1469 | &nbsp;&nbsp;&nbsp; $292954<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **382675** |
| **Materials — 16.2%** | **Materials — 16.2%** | **Materials — 16.2%** |
| *Chemicals — 9.0%* | *Chemicals — 9.0%* | *Chemicals — 9.0%* |
| &nbsp;&nbsp;&nbsp; Advanced Petrochemical Co. | &nbsp;&nbsp; 7748 | &nbsp;&nbsp;&nbsp; 60,194<br> \*<br>|
| &nbsp;&nbsp;&nbsp; National Industrialization Co. | &nbsp;&nbsp; 20046 | &nbsp;&nbsp;&nbsp; 49,276<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 14274 | &nbsp;&nbsp;&nbsp; 421279<br>|
| &nbsp;&nbsp;&nbsp; Sahara International Petrochemical Co. | &nbsp;&nbsp; 21736 | &nbsp;&nbsp;&nbsp; 86926<br>|
| &nbsp;&nbsp;&nbsp; Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 3068 | &nbsp;&nbsp;&nbsp; 78647<br>|
| &nbsp;&nbsp;&nbsp; Saudi Basic Industries Corp. | &nbsp;&nbsp; 63947 | &nbsp;&nbsp;&nbsp; 874608<br>|
| &nbsp;&nbsp;&nbsp; Saudi Industrial Investment Group | &nbsp;&nbsp; 20358 | &nbsp;&nbsp;&nbsp; 67411<br>|
| &nbsp;&nbsp;&nbsp; Saudi Kayan Petrochemical Co. | &nbsp;&nbsp; 44967 | &nbsp;&nbsp;&nbsp; 56,706<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yanbu National Petrochemical Co. | &nbsp;&nbsp; 16861 | &nbsp;&nbsp;&nbsp; 123531<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *1818578* |
| *Construction Materials — 0.6%* | *Construction Materials — 0.6%* | *Construction Materials — 0.6%* |
| &nbsp;&nbsp;&nbsp; Qassim Cement Co. | &nbsp;&nbsp; 3263 | &nbsp;&nbsp;&nbsp; 36625<br>|
| &nbsp;&nbsp;&nbsp; Saudi Cement Co. | &nbsp;&nbsp; 4602 | &nbsp;&nbsp;&nbsp; 42256<br>|
| &nbsp;&nbsp;&nbsp; Yamama Cement Co. | &nbsp;&nbsp; 6097 | &nbsp;&nbsp;&nbsp; 37907<br>|
| *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *116788* |
| *Metals & Mining — 6.6%* | *Metals & Mining — 6.6%* | *Metals & Mining — 6.6%* |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Mining Co. | &nbsp;&nbsp; 82693 | &nbsp;&nbsp;&nbsp; *1,343,750*<br> \*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **3279116** |
| **Real Estate — 3.2%** | **Real Estate — 3.2%** | **Real Estate — 3.2%** |
| *Real Estate Management & Development — 3.2%* | *Real Estate Management & Development — 3.2%* | *Real Estate Management & Development — 3.2%* |
| &nbsp;&nbsp;&nbsp; Arabian Centres Co. | &nbsp;&nbsp; 14274 | &nbsp;&nbsp;&nbsp; 71849<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dar Al Arkan Real Estate Development Co. | &nbsp;&nbsp; 32370 | &nbsp;&nbsp;&nbsp; 137,565<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Emaar Economic City | &nbsp;&nbsp; 10192 | &nbsp;&nbsp;&nbsp; 27,200<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Makkah Construction & Development Co. | &nbsp;&nbsp; 5993 | &nbsp;&nbsp;&nbsp; 127104<br>|
| &nbsp;&nbsp;&nbsp; Saudi Real Estate Co. | &nbsp;&nbsp; 8073 | &nbsp;&nbsp;&nbsp; 27,744<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Taiba Investments Co. | &nbsp;&nbsp; 7813 | &nbsp;&nbsp;&nbsp; 66865<br>|
| &nbsp;&nbsp;&nbsp; Umm Al Qura for Development & Construction Co. | &nbsp;&nbsp; 42757 | &nbsp;&nbsp;&nbsp; 195,956<br> \*<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **654283** |
| **Utilities — 4.8%** | **Utilities — 4.8%** | **Utilities — 4.8%** |
| *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* |
| &nbsp;&nbsp;&nbsp; Saudi Electricity Co. | &nbsp;&nbsp; 47827 | &nbsp;&nbsp;&nbsp; *179154*<br>|
| *Independent Power and Renewable Electricity Producers — 3.7%* | *Independent Power and Renewable Electricity Producers — 3.7%* | *Independent Power and Renewable Electricity Producers — 3.7%* |
| &nbsp;&nbsp;&nbsp; ACWA Power Co. | &nbsp;&nbsp; 15327 | &nbsp;&nbsp;&nbsp; *742,894*<br> \*<br>|
| *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; Power & Water Utility Co. for Jubail & Yanbu | &nbsp;&nbsp; 4602 | &nbsp;&nbsp;&nbsp; *45,151*<br> \*<br>|
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **967199** |
| **Total Investments before Short-Term Investments (Cost — $20,388,096)** | **Total Investments before Short-Term Investments (Cost — $20,388,096)** | &nbsp;&nbsp; **20279017** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Saudi Arabia 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 — $248)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 248<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$248**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Investments — 100.0% (Cost — $20,388,344)** | **Total Investments — 100.0% (Cost — $20,388,344)** | **Total Investments — 100.0% (Cost — $20,388,344)** | &nbsp;&nbsp; **20279265** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; 886 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$20280151** |

---

&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> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(c)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $248 and the cost was $248 (Note 2).<br>|
| <sup>(d)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| JSC |  | Joint Stock Company |
| SJSC |  | Simplified Joint Stock Company |

---

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 FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 96.2%** | **Common Stocks — 96.2%** | **Common Stocks — 96.2%** |
| **Communication Services — 4.4%** | **Communication Services — 4.4%** | **Communication Services — 4.4%** |
| *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; LG Uplus Corp. | &nbsp;&nbsp; 39664 | &nbsp;&nbsp;&nbsp; $*405299*<br>|
| *Entertainment — 1.1%* | *Entertainment — 1.1%* | *Entertainment — 1.1%* |
| &nbsp;&nbsp;&nbsp; HYBE Co. Ltd. | &nbsp;&nbsp; 4144 | &nbsp;&nbsp;&nbsp; 949304<br>|
| &nbsp;&nbsp;&nbsp; Kakao Games Corp. | &nbsp;&nbsp; 7252 | &nbsp;&nbsp;&nbsp; 75,009<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Krafton Inc. | &nbsp;&nbsp; 5180 | &nbsp;&nbsp;&nbsp; 884,579<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NCSoft Corp. | &nbsp;&nbsp; 2442 | &nbsp;&nbsp;&nbsp; 341580<br>|
| &nbsp;&nbsp;&nbsp; Netmarble Corp. | &nbsp;&nbsp; 4958 | &nbsp;&nbsp;&nbsp; 166064<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pearl Abyss Corp. | &nbsp;&nbsp; 6512 | &nbsp;&nbsp;&nbsp; 169,067<br> \*<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *2585603* |
| *Interactive Media & Services — 3.0%* | *Interactive Media & Services — 3.0%* | *Interactive Media & Services — 3.0%* |
| &nbsp;&nbsp;&nbsp; Kakao Corp. | &nbsp;&nbsp; 58682 | &nbsp;&nbsp;&nbsp; 2448223<br>|
| &nbsp;&nbsp;&nbsp; NAVER Corp. | &nbsp;&nbsp; 28564 | &nbsp;&nbsp;&nbsp; 4808421<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *7256644* |
| *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* |
| &nbsp;&nbsp;&nbsp; Cheil Worldwide Inc. | &nbsp;&nbsp; 13246 | &nbsp;&nbsp;&nbsp; *193097*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **10440643** |
| **Consumer Discretionary — 6.7%** | **Consumer Discretionary — 6.7%** | **Consumer Discretionary — 6.7%** |
| *Automobile Components — 1.6%* | *Automobile Components — 1.6%* | *Automobile Components — 1.6%* |
| &nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 13098 | &nbsp;&nbsp;&nbsp; 530085<br>|
| &nbsp;&nbsp;&nbsp; Hanon Systems | &nbsp;&nbsp; 43290 | &nbsp;&nbsp;&nbsp; 89,101<br> \*<br>|
| &nbsp;&nbsp;&nbsp; HL Mando Co. Ltd. | &nbsp;&nbsp; 6142 | &nbsp;&nbsp;&nbsp; 250276<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 11100 | &nbsp;&nbsp;&nbsp; 2874111<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *3743573* |
| *Automobiles — 3.8%* | *Automobiles — 3.8%* | *Automobiles — 3.8%* |
| &nbsp;&nbsp;&nbsp; Hyundai Motor Co. | &nbsp;&nbsp; 25826 | &nbsp;&nbsp;&nbsp; 5315615<br>|
| &nbsp;&nbsp;&nbsp; Kia Corp. | &nbsp;&nbsp; 45214 | &nbsp;&nbsp;&nbsp; 3822890<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *9138505* |
| *Broadline Retail — 0.0%††* | *Broadline Retail — 0.0%††* | *Broadline Retail — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Lotte Shopping Co. Ltd. | &nbsp;&nbsp; 2146 | &nbsp;&nbsp;&nbsp; *108004*<br>|
| *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* |
| &nbsp;&nbsp;&nbsp; Hanjin Kal Corp. | &nbsp;&nbsp; 4514 | &nbsp;&nbsp;&nbsp; 388557<br>|
| &nbsp;&nbsp;&nbsp; Kangwon Land Inc. | &nbsp;&nbsp; 21682 | &nbsp;&nbsp;&nbsp; 285220<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *673777* |
| *Household Durables — 0.8%* | *Household Durables — 0.8%* | *Household Durables — 0.8%* |
| &nbsp;&nbsp;&nbsp; Coway Co. Ltd. | &nbsp;&nbsp; 10138 | &nbsp;&nbsp;&nbsp; 611567<br>|
| &nbsp;&nbsp;&nbsp; LG Electronics Inc. | &nbsp;&nbsp; 20202 | &nbsp;&nbsp;&nbsp; 1288788<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *1900355* |
| *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Hotel Shilla Co. Ltd. | &nbsp;&nbsp; 6068 | &nbsp;&nbsp;&nbsp; *187,868*<br> \*<br>|
| *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* |
| &nbsp;&nbsp;&nbsp; F&F Co. Ltd. | &nbsp;&nbsp; 2664 | &nbsp;&nbsp;&nbsp; 126677<br>|
| &nbsp;&nbsp;&nbsp; Misto Holdings Corp. | &nbsp;&nbsp; 6364 | &nbsp;&nbsp;&nbsp; 188638<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *315315* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **16067397** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** |
| *Beverages — 0.0%††* | *Beverages — 0.0%††* | *Beverages — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Hite Jinro Co. Ltd. | &nbsp;&nbsp; 5846 | &nbsp;&nbsp;&nbsp; $*74833*<br>|
| *Consumer Staples Distribution & Retail — 0.2%* | *Consumer Staples Distribution & Retail — 0.2%* | *Consumer Staples Distribution & Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; BGF retail Co. Ltd. | &nbsp;&nbsp; 1554 | &nbsp;&nbsp;&nbsp; 113053<br>|
| &nbsp;&nbsp;&nbsp; Dongsuh Cos. Inc. | &nbsp;&nbsp; 5846 | &nbsp;&nbsp;&nbsp; 108962<br>|
| &nbsp;&nbsp;&nbsp; E-MART Inc. | &nbsp;&nbsp; 3626 | &nbsp;&nbsp;&nbsp; 204640<br>|
| &nbsp;&nbsp;&nbsp; GS Retail Co. Ltd. | &nbsp;&nbsp; 6660 | &nbsp;&nbsp;&nbsp; 92927<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *519582* |
| *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; CJ CheilJedang Corp. | &nbsp;&nbsp; 1480 | &nbsp;&nbsp;&nbsp; 213696<br>|
| &nbsp;&nbsp;&nbsp; NongShim Co. Ltd. | &nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 177737<br>|
| &nbsp;&nbsp;&nbsp; Orion Corp. | &nbsp;&nbsp; 4218 | &nbsp;&nbsp;&nbsp; 309495<br>|
| &nbsp;&nbsp;&nbsp; Otoki Corp. | &nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp; 79109<br>|
| &nbsp;&nbsp;&nbsp; Samyang Foods Co. Ltd. | &nbsp;&nbsp; 783 | &nbsp;&nbsp;&nbsp; 669101<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *1449138* |
| *Personal Care Products — 0.4%* | *Personal Care Products — 0.4%* | *Personal Care Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; Amorepacific Corp. | &nbsp;&nbsp; 5550 | &nbsp;&nbsp;&nbsp; 460397<br>|
| &nbsp;&nbsp;&nbsp; Amorepacific Holdings Corp. | &nbsp;&nbsp; 4588 | &nbsp;&nbsp;&nbsp; 85514<br>|
| &nbsp;&nbsp;&nbsp; LG H&H Co. Ltd. | &nbsp;&nbsp; 1776 | &nbsp;&nbsp;&nbsp; 318695<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *864606* |
| *Tobacco — 0.9%* | *Tobacco — 0.9%* | *Tobacco — 0.9%* |
| &nbsp;&nbsp;&nbsp; KT&G Corp. | &nbsp;&nbsp; 20128 | &nbsp;&nbsp;&nbsp; *1985484*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **4893643** |
| **Energy — 1.0%** | **Energy — 1.0%** | **Energy — 1.0%** |
| *Oil, Gas & Consumable Fuels — 1.0%* | *Oil, Gas & Consumable Fuels — 1.0%* | *Oil, Gas & Consumable Fuels — 1.0%* |
| &nbsp;&nbsp;&nbsp; HD Hyundai Co. Ltd. | &nbsp;&nbsp; 7918 | &nbsp;&nbsp;&nbsp; 1036092<br>|
| &nbsp;&nbsp;&nbsp; SK Innovation Co. Ltd. | &nbsp;&nbsp; 13394 | &nbsp;&nbsp;&nbsp; 940941<br>|
| &nbsp;&nbsp;&nbsp; S-Oil Corp. | &nbsp;&nbsp; 7918 | &nbsp;&nbsp;&nbsp; 456,211<br> \*<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2433244** |
| **Financials — 11.3%** | **Financials — 11.3%** | **Financials — 11.3%** |
| *Banks — 7.6%* | *Banks — 7.6%* | *Banks — 7.6%* |
| &nbsp;&nbsp;&nbsp; BNK Financial Group Inc. | &nbsp;&nbsp; 47582 | &nbsp;&nbsp;&nbsp; 524193<br>|
| &nbsp;&nbsp;&nbsp; Hana Financial Group Inc. | &nbsp;&nbsp; 51356 | &nbsp;&nbsp;&nbsp; 3354691<br>|
| &nbsp;&nbsp;&nbsp; iM Financial Group Co. Ltd. | &nbsp;&nbsp; 26788 | &nbsp;&nbsp;&nbsp; 289163<br>|
| &nbsp;&nbsp;&nbsp; Industrial Bank of Korea | &nbsp;&nbsp; 47878 | &nbsp;&nbsp;&nbsp; 696292<br>|
| &nbsp;&nbsp;&nbsp; KakaoBank Corp. | &nbsp;&nbsp; 36038 | &nbsp;&nbsp;&nbsp; 540364<br>|
| &nbsp;&nbsp;&nbsp; KB Financial Group Inc. | &nbsp;&nbsp; 68302 | &nbsp;&nbsp;&nbsp; 5912505<br>|
| &nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 81326 | &nbsp;&nbsp;&nbsp; 4341376<br>|
| &nbsp;&nbsp;&nbsp; Woori Financial Group Inc. | &nbsp;&nbsp; 128316 | &nbsp;&nbsp;&nbsp; 2494081<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *18152665* |
| *Capital Markets — 1.1%* | *Capital Markets — 1.1%* | *Capital Markets — 1.1%* |
| &nbsp;&nbsp;&nbsp; Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 7844 | &nbsp;&nbsp;&nbsp; 880479<br>|
| &nbsp;&nbsp;&nbsp; Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 38332 | &nbsp;&nbsp;&nbsp; 621327<br>|
| &nbsp;&nbsp;&nbsp; NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 25160 | &nbsp;&nbsp;&nbsp; 368523<br>|
| &nbsp;&nbsp;&nbsp; Samsung Securities Co. Ltd. | &nbsp;&nbsp; 11914 | &nbsp;&nbsp;&nbsp; 623,592<br> \*<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *2493921* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Samsung Card Co. Ltd. | &nbsp;&nbsp; 4440 | &nbsp;&nbsp;&nbsp; $*172293*<br>|
| *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Kakaopay Corp. | &nbsp;&nbsp; 5476 | &nbsp;&nbsp;&nbsp; 186,645<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Meritz Financial Group Inc. | &nbsp;&nbsp; 14060 | &nbsp;&nbsp;&nbsp; 1103874<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *1290519* |
| *Insurance — 2.0%* | *Insurance — 2.0%* | *Insurance — 2.0%* |
| &nbsp;&nbsp;&nbsp; DB Insurance Co. Ltd. | &nbsp;&nbsp; 8362 | &nbsp;&nbsp;&nbsp; 761000<br>|
| &nbsp;&nbsp;&nbsp; Hanwha Life Insurance Co. Ltd. | &nbsp;&nbsp; 52022 | &nbsp;&nbsp;&nbsp; 117,546<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Marine & Fire Insurance Co. Ltd. | &nbsp;&nbsp; 11100 | &nbsp;&nbsp;&nbsp; 237,326<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 5920 | &nbsp;&nbsp;&nbsp; 2042442<br>|
| &nbsp;&nbsp;&nbsp; Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 15022 | &nbsp;&nbsp;&nbsp; 1,643,447<br> \*<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *4801761* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **26911159** |
| **Health Care — 5.1%** | **Health Care — 5.1%** | **Health Care — 5.1%** |
| *Biotechnology — 2.9%* | *Biotechnology — 2.9%* | *Biotechnology — 2.9%* |
| &nbsp;&nbsp;&nbsp; Alteogen Inc. | &nbsp;&nbsp; 7548 | &nbsp;&nbsp;&nbsp; 2,355,229<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Celltrion Inc. | &nbsp;&nbsp; 28268 | &nbsp;&nbsp;&nbsp; 3551774<br>|
| &nbsp;&nbsp;&nbsp; Green Cross Corp. | &nbsp;&nbsp; 1036 | &nbsp;&nbsp;&nbsp; 114348<br>|
| &nbsp;&nbsp;&nbsp; Samsung Episholdings Co. Ltd. | &nbsp;&nbsp; 1184 | &nbsp;&nbsp;&nbsp; 610,678<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SK Bioscience Co. Ltd. | &nbsp;&nbsp; 5032 | &nbsp;&nbsp;&nbsp; 168,368<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *6800397* |
| *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; HLB Inc. | &nbsp;&nbsp; 22718 | &nbsp;&nbsp;&nbsp; *801,135*<br> \*<br>|
| *Health Care Providers & Services — 0.0%††* | *Health Care Providers & Services — 0.0%††* | *Health Care Providers & Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Hanmi Science Co. ltd | &nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp; *93107*<br>|
| *Life Sciences Tools & Services — 1.1%* | *Life Sciences Tools & Services — 1.1%* | *Life Sciences Tools & Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd. | &nbsp;&nbsp; 2267 | &nbsp;&nbsp;&nbsp; *2,667,429*<br> \*<sup>(a)</sup><br>|
| *Pharmaceuticals — 0.8%* | *Pharmaceuticals — 0.8%* | *Pharmaceuticals — 0.8%* |
| &nbsp;&nbsp;&nbsp; Celltrion Pharm Inc. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 161067<br>|
| &nbsp;&nbsp;&nbsp; Hanmi Pharm Co. Ltd. | &nbsp;&nbsp; 1184 | &nbsp;&nbsp;&nbsp; 371502<br>|
| &nbsp;&nbsp;&nbsp; SK Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp; 5328 | &nbsp;&nbsp;&nbsp; 460,844<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yuhan Corp. | &nbsp;&nbsp; 10508 | &nbsp;&nbsp;&nbsp; 819895<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *1813308* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **12175376** |
| **Industrials — 20.1%** | **Industrials — 20.1%** | **Industrials — 20.1%** |
| *Aerospace & Defense — 2.8%* | *Aerospace & Defense — 2.8%* | *Aerospace & Defense — 2.8%* |
| &nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 6512 | &nbsp;&nbsp;&nbsp; 4253786<br>|
| &nbsp;&nbsp;&nbsp; Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 13912 | &nbsp;&nbsp;&nbsp; 525364<br>|
| &nbsp;&nbsp;&nbsp; Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 13468 | &nbsp;&nbsp;&nbsp; 1069549<br>|
| &nbsp;&nbsp;&nbsp; LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 2516 | &nbsp;&nbsp;&nbsp; 735300<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *6583999* |
| *Air Freight & Logistics — 0.4%* | *Air Freight & Logistics — 0.4%* | *Air Freight & Logistics — 0.4%* |
| &nbsp;&nbsp;&nbsp; CJ Logistics Corp. | &nbsp;&nbsp; 1702 | &nbsp;&nbsp;&nbsp; 111769<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 7104 | &nbsp;&nbsp;&nbsp; 890620<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *1002389* |
| *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; KEPCO Plant Service & Engineering Co. Ltd. | &nbsp;&nbsp; 4144 | &nbsp;&nbsp;&nbsp; 142252<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* |
| &nbsp;&nbsp;&nbsp; S-1 Corp. | &nbsp;&nbsp; 3774 | &nbsp;&nbsp;&nbsp; $188890<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *331142* |
| *Construction & Engineering — 0.6%* | *Construction & Engineering — 0.6%* | *Construction & Engineering — 0.6%* |
| &nbsp;&nbsp;&nbsp; GS Engineering & Construction Corp. | &nbsp;&nbsp; 12136 | &nbsp;&nbsp;&nbsp; 165964<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp; 13912 | &nbsp;&nbsp;&nbsp; 676985<br>|
| &nbsp;&nbsp;&nbsp; Samsung E&A Co. Ltd. | &nbsp;&nbsp; 29896 | &nbsp;&nbsp;&nbsp; 499114<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *1342063* |
| *Electrical Equipment — 6.2%* | *Electrical Equipment — 6.2%* | *Electrical Equipment — 6.2%* |
| &nbsp;&nbsp;&nbsp; Doosan Enerbility Co. Ltd. | &nbsp;&nbsp; 84508 | &nbsp;&nbsp;&nbsp; 4,417,377<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ecopro BM Co. Ltd. | &nbsp;&nbsp; 9250 | &nbsp;&nbsp;&nbsp; 941,342<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ecopro Co. Ltd. | &nbsp;&nbsp; 19166 | &nbsp;&nbsp;&nbsp; 1208061<br>|
| &nbsp;&nbsp;&nbsp; Ecopro Materials Co. Ltd. | &nbsp;&nbsp; 4736 | &nbsp;&nbsp;&nbsp; 171,286<br> \*<br>|
| &nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 4218 | &nbsp;&nbsp;&nbsp; 2266309<br>|
| &nbsp;&nbsp;&nbsp; Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp; 1231388<br>|
| &nbsp;&nbsp;&nbsp; L&F Co. Ltd. | &nbsp;&nbsp; 4810 | &nbsp;&nbsp;&nbsp; 317,873<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LG Energy Solution Ltd. | &nbsp;&nbsp; 7918 | &nbsp;&nbsp;&nbsp; 2,025,465<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LS Corp. | &nbsp;&nbsp; 3182 | &nbsp;&nbsp;&nbsp; 441555<br>|
| &nbsp;&nbsp;&nbsp; LS Electric Co. Ltd. | &nbsp;&nbsp; 2886 | &nbsp;&nbsp;&nbsp; 921565<br>|
| &nbsp;&nbsp;&nbsp; POSCO Future M Co. Ltd. | &nbsp;&nbsp; 6290 | &nbsp;&nbsp;&nbsp; 816,514<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SK IE Technology Co. Ltd. | &nbsp;&nbsp; 5180 | &nbsp;&nbsp;&nbsp; 90,076<br> \*<sup>(a)</sup><br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *14848811* |
| *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* |
| &nbsp;&nbsp;&nbsp; Hanwha Vision Co. Ltd. | &nbsp;&nbsp; 6364 | &nbsp;&nbsp;&nbsp; *198,357*<br> \*<br>|
| *Industrial Conglomerates — 4.5%* | *Industrial Conglomerates — 4.5%* | *Industrial Conglomerates — 4.5%* |
| &nbsp;&nbsp;&nbsp; CJ Corp. | &nbsp;&nbsp; 2442 | &nbsp;&nbsp;&nbsp; 291572<br>|
| &nbsp;&nbsp;&nbsp; Doosan Co. Ltd. | &nbsp;&nbsp; 1332 | &nbsp;&nbsp;&nbsp; 722149<br>|
| &nbsp;&nbsp;&nbsp; GS Holdings Corp. | &nbsp;&nbsp; 8288 | &nbsp;&nbsp;&nbsp; 323914<br>|
| &nbsp;&nbsp;&nbsp; Hanwha Corp. | &nbsp;&nbsp; 5254 | &nbsp;&nbsp;&nbsp; 297613<br>|
| &nbsp;&nbsp;&nbsp; LG Corp. | &nbsp;&nbsp; 16428 | &nbsp;&nbsp;&nbsp; 920301<br>|
| &nbsp;&nbsp;&nbsp; Lotte Corp. | &nbsp;&nbsp; 5920 | &nbsp;&nbsp;&nbsp; 108697<br>|
| &nbsp;&nbsp;&nbsp; Samsung C&T Corp. | &nbsp;&nbsp; 15096 | &nbsp;&nbsp;&nbsp; 2509800<br>|
| &nbsp;&nbsp;&nbsp; SK Inc. | &nbsp;&nbsp; 6882 | &nbsp;&nbsp;&nbsp; 1225388<br>|
| &nbsp;&nbsp;&nbsp; SK Square Co. Ltd. | &nbsp;&nbsp; 17168 | &nbsp;&nbsp;&nbsp; 4,385,703<br> \*<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *10785137* |
| *Machinery — 4.6%* | *Machinery — 4.6%* | *Machinery — 4.6%* |
| &nbsp;&nbsp;&nbsp; Doosan Bobcat Inc. | &nbsp;&nbsp; 9324 | &nbsp;&nbsp;&nbsp; 373465<br>|
| &nbsp;&nbsp;&nbsp; Hanwha Ocean Co. Ltd. | &nbsp;&nbsp; 23976 | &nbsp;&nbsp;&nbsp; 1,890,718<br> \*<br>|
| &nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 5920 | &nbsp;&nbsp;&nbsp; 2091757<br>|
| &nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp; 347898<br>|
| &nbsp;&nbsp;&nbsp; HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp; 8584 | &nbsp;&nbsp;&nbsp; 2425246<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 13838 | &nbsp;&nbsp;&nbsp; 1804977<br>|
| &nbsp;&nbsp;&nbsp; Samsung Heavy Industries Co. Ltd. | &nbsp;&nbsp; 121064 | &nbsp;&nbsp;&nbsp; 2,025,367<br> \*<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *10959428* |
| *Marine Transportation — 0.4%* | *Marine Transportation — 0.4%* | *Marine Transportation — 0.4%* |
| &nbsp;&nbsp;&nbsp; HMM Co. Ltd. | &nbsp;&nbsp; 51134 | &nbsp;&nbsp;&nbsp; 727671<br>|
| &nbsp;&nbsp;&nbsp; Pan Ocean Co. Ltd. | &nbsp;&nbsp; 46176 | &nbsp;&nbsp;&nbsp; 123410<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *851081* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* |
| &nbsp;&nbsp;&nbsp; Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 35298 | &nbsp;&nbsp;&nbsp; $*552546*<br>|
| *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; Posco International Corp. | &nbsp;&nbsp; 8806 | &nbsp;&nbsp;&nbsp; *303202*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **47758155** |
| **Information Technology — 41.7%** | **Information Technology — 41.7%** | **Information Technology — 41.7%** |
| *Electronic Equipment, Instruments & Components — 2.1%* | *Electronic Equipment, Instruments & Components — 2.1%* | *Electronic Equipment, Instruments & Components — 2.1%* |
| &nbsp;&nbsp;&nbsp; LG Display Co. Ltd. | &nbsp;&nbsp; 55426 | &nbsp;&nbsp;&nbsp; 454,397<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LG Innotek Co. Ltd. | &nbsp;&nbsp; 2664 | &nbsp;&nbsp;&nbsp; 501158<br>|
| &nbsp;&nbsp;&nbsp; Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 10508 | &nbsp;&nbsp;&nbsp; 1860081<br>|
| &nbsp;&nbsp;&nbsp; Samsung SDI Co. Ltd. | &nbsp;&nbsp; 11618 | &nbsp;&nbsp;&nbsp; 2173511<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *4989147* |
| *IT Services — 0.7%* | *IT Services — 0.7%* | *IT Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Hyundai Autoever Corp. | &nbsp;&nbsp; 1258 | &nbsp;&nbsp;&nbsp; 289928<br>|
| &nbsp;&nbsp;&nbsp; LG CNS Co. Ltd. | &nbsp;&nbsp; 7696 | &nbsp;&nbsp;&nbsp; 328024<br>|
| &nbsp;&nbsp;&nbsp; Posco DX Co. Ltd. | &nbsp;&nbsp; 9990 | &nbsp;&nbsp;&nbsp; 199377<br>|
| &nbsp;&nbsp;&nbsp; Samsung SDS Co. Ltd. | &nbsp;&nbsp; 7548 | &nbsp;&nbsp;&nbsp; 898603<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *1715932* |
| *Semiconductors & Semiconductor Equipment — 20.0%* | *Semiconductors & Semiconductor Equipment — 20.0%* | *Semiconductors & Semiconductor Equipment — 20.0%* |
| &nbsp;&nbsp;&nbsp; Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 7992 | &nbsp;&nbsp;&nbsp; 706800<br>|
| &nbsp;&nbsp;&nbsp; SK hynix Inc. | &nbsp;&nbsp; 103526 | &nbsp;&nbsp;&nbsp; 46784510<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *47491310* |
| *Technology Hardware, Storage & Peripherals — 18.9%* | *Technology Hardware, Storage & Peripherals — 18.9%* | *Technology Hardware, Storage & Peripherals — 18.9%* |
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 541162 | &nbsp;&nbsp;&nbsp; *45042049*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **99238438** |
| **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** |
| *Chemicals — 1.4%* | *Chemicals — 1.4%* | *Chemicals — 1.4%* |
| &nbsp;&nbsp;&nbsp; Hanwha Solutions Corp. | &nbsp;&nbsp; 20202 | &nbsp;&nbsp;&nbsp; 375838<br>|
| &nbsp;&nbsp;&nbsp; KCC Corp. | &nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp; 237609<br>|
| &nbsp;&nbsp;&nbsp; Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp; 2812 | &nbsp;&nbsp;&nbsp; 235610<br>|
| &nbsp;&nbsp;&nbsp; LG Chem Ltd. | &nbsp;&nbsp; 8806 | &nbsp;&nbsp;&nbsp; 2035610<br>|
| &nbsp;&nbsp;&nbsp; Lotte Chemical Corp. | &nbsp;&nbsp; 3404 | &nbsp;&nbsp;&nbsp; 166118<br>|
| &nbsp;&nbsp;&nbsp; SKC Co. Ltd. | &nbsp;&nbsp; 3552 | &nbsp;&nbsp;&nbsp; 257,422<br> \*<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *3308207* |
| *Metals & Mining — 1.7%* | *Metals & Mining — 1.7%* | *Metals & Mining — 1.7%* |
| &nbsp;&nbsp;&nbsp; Hyundai Steel Co. | &nbsp;&nbsp; 15984 | &nbsp;&nbsp;&nbsp; 344524<br>|
| &nbsp;&nbsp;&nbsp; Korea Zinc Co. Ltd. | &nbsp;&nbsp; 856 | &nbsp;&nbsp;&nbsp; 781990<br>|
| &nbsp;&nbsp;&nbsp; POSCO Holdings Inc. | &nbsp;&nbsp; 14208 | &nbsp;&nbsp;&nbsp; 3008184<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *4134698* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **7442905** |
| **Utilities — 0.7%** | **Utilities — 0.7%** | **Utilities — 0.7%** |
| *Electric Utilities — 0.7%* | *Electric Utilities — 0.7%* | *Electric Utilities — 0.7%* |
| &nbsp;&nbsp;&nbsp; Korea Electric Power Corp. | &nbsp;&nbsp; 49210 | &nbsp;&nbsp;&nbsp; *1612379*<br>|
| *Gas Utilities — 0.0%††* | *Gas Utilities — 0.0%††* | *Gas Utilities — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Korea Gas Corp. | &nbsp;&nbsp; 5032 | &nbsp;&nbsp;&nbsp; *137279*<br>|
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1749658** |
| **Total Common Stocks (Cost — $124,543,542)** | **Total Common Stocks (Cost — $124,543,542)** | &nbsp;&nbsp;&nbsp; **229110618**<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Preferred Stocks — 3.5%** | **Preferred Stocks — 3.5%** | **Preferred Stocks — 3.5%** | **Preferred Stocks — 3.5%** |
| **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** |
| *Automobiles — 0.7%* | *Automobiles — 0.7%* | *Automobiles — 0.7%* | *Automobiles — 0.7%* |
| &nbsp;&nbsp;&nbsp; Hyundai Motor Co.  | &nbsp;&nbsp; 1.214% | &nbsp;&nbsp; 4144 | &nbsp;&nbsp;&nbsp; $592596<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Motor Co., Series 2  | &nbsp;&nbsp; 1.176% | &nbsp;&nbsp; 6586 | &nbsp;&nbsp;&nbsp; 971521<br> <sup>(b)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *1564117* |
| *Household Durables — 0.0%††* | *Household Durables — 0.0%††* | *Household Durables — 0.0%††* | *Household Durables — 0.0%††* |
| &nbsp;&nbsp;&nbsp; LG Electronics Inc.  | &nbsp;&nbsp; 1.031% | &nbsp;&nbsp; 3256 | &nbsp;&nbsp;&nbsp;&nbsp; *109622*<br> <sup>(b)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1673739** |
| **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** |
| *Food Products — 0.0%††* | *Food Products — 0.0%††* | *Food Products — 0.0%††* | *Food Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; CJ CheilJedang Corp.  | &nbsp;&nbsp; 1.087% | &nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; *21267*<br> <sup>(b)</sup><br>|
| *Personal Care Products — 0.0%††* | *Personal Care Products — 0.0%††* | *Personal Care Products — 0.0%††* | *Personal Care Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Amorepacific Corp.  | &nbsp;&nbsp; 2.583% | &nbsp;&nbsp; 1776 | &nbsp;&nbsp;&nbsp; 53938<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; LG H&H Co. Ltd.  | &nbsp;&nbsp; 0.882% | &nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp; 29126<br> <sup>(b)</sup><br>|
| *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *83064* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **104331** |
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| *Capital Markets — 0.1%* | *Capital Markets — 0.1%* | *Capital Markets — 0.1%* | *Capital Markets — 0.1%* |
| &nbsp;&nbsp;&nbsp; Mirae Asset Securities Co. Ltd.  | &nbsp;&nbsp; 2.222% | &nbsp;&nbsp; 25086 | &nbsp;&nbsp;&nbsp;&nbsp; *195910*<br> <sup>(b)</sup><br>|
| *Insurance — 0.0%††* | *Insurance — 0.0%††* | *Insurance — 0.0%††* | *Insurance — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. Ltd.  | &nbsp;&nbsp; 5.034% | &nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp;&nbsp; *135743*<br> <sup>(b)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **331653** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* |
| &nbsp;&nbsp;&nbsp; Doosan Co. Ltd.  | &nbsp;&nbsp; 0.436% | &nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp; 120717<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hanwha Corp.  | &nbsp;&nbsp; 2.319% | &nbsp;&nbsp; 3774 | &nbsp;&nbsp;&nbsp; 96017<br> <sup>(b)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **216734** |
| **Information Technology — 2.5%** | **Information Technology — 2.5%** | **Information Technology — 2.5%** | **Information Technology — 2.5%** |
| *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Samsung SDI Co. Ltd.  | &nbsp;&nbsp; 0.630% | &nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; *33000*<br> <sup>(b)</sup><br>|
| *Technology Hardware, Storage & Peripherals — 2.5%* | *Technology Hardware, Storage & Peripherals — 2.5%* | *Technology Hardware, Storage & Peripherals — 2.5%* | *Technology Hardware, Storage & Peripherals — 2.5%* |
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd.  | &nbsp;&nbsp; 0.415% | &nbsp;&nbsp; 93536 | &nbsp;&nbsp;&nbsp;&nbsp; *5791823*<br> <sup>(b)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **5824823** |
| **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* |
| &nbsp;&nbsp;&nbsp; LG Chem Ltd.  | &nbsp;&nbsp; 0.632% | &nbsp;&nbsp; 1480 | &nbsp;&nbsp;&nbsp;&nbsp; **170649**<br> <sup>(b)</sup><br>|
| **Total Preferred Stocks (Cost — $5,023,685)** | **Total Preferred Stocks (Cost — $5,023,685)** | **Total Preferred Stocks (Cost — $5,023,685)** | &nbsp;&nbsp; **8321929** |
| **Total Investments before Short-Term Investments (Cost — $129,567,227)** | **Total Investments before Short-Term Investments (Cost — $129,567,227)** | **Total Investments before Short-Term Investments (Cost — $129,567,227)** | &nbsp;&nbsp; **237432547** |
| **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 — $9,844)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 9844<br>| &nbsp;&nbsp;&nbsp;&nbsp; **9844**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.7% (Cost — $129,577,071)** | **Total Investments — 99.7% (Cost — $129,577,071)** | **Total Investments — 99.7% (Cost — $129,577,071)** | &nbsp;&nbsp; **237442391** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp;&nbsp; 797966 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$238240357** |

---

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

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE South Korea ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | 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 $9,844 and the cost was $9,844 (Note 2).<br>|
| <sup>(e)</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:** |  |  |  |  |  |
| KOSPI 200 Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $921646 | &nbsp;&nbsp;&nbsp;&nbsp; $949637 | &nbsp;&nbsp;&nbsp; **$27991** |

---

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 FTSE Switzerland ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.6%** | **Common Stocks — 98.6%** | **Common Stocks — 98.6%** |
| **Communication Services — 1.1%** | **Communication Services — 1.1%** | **Communication Services — 1.1%** |
| *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; Swisscom AG, Registered Shares | &nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp; **$675563**<br>|
| **Consumer Discretionary — 5.3%** | **Consumer Discretionary — 5.3%** | **Consumer Discretionary — 5.3%** |
| *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; Avolta AG | &nbsp;&nbsp; 3345 | &nbsp;&nbsp;&nbsp; *199032*<br>|
| *Textiles, Apparel & Luxury Goods — 5.0%* | *Textiles, Apparel & Luxury Goods — 5.0%* | *Textiles, Apparel & Luxury Goods — 5.0%* |
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Registered Shares | &nbsp;&nbsp; 12840 | &nbsp;&nbsp;&nbsp; 2788415<br>|
| &nbsp;&nbsp;&nbsp; Swatch Group AG, Bearer Shares | &nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp; 219803<br>|
| &nbsp;&nbsp;&nbsp; Swatch Group AG, Registered Shares  | &nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp; 71769<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *3079987* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3279019** |
| **Consumer Staples — 13.1%** | **Consumer Staples — 13.1%** | **Consumer Staples — 13.1%** |
| *Food Products — 13.1%* | *Food Products — 13.1%* | *Food Products — 13.1%* |
| &nbsp;&nbsp;&nbsp; Barry Callebaut AG, Registered Shares | &nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 214301<br>|
| &nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 1111821<br>|
| &nbsp;&nbsp;&nbsp; Emmi AG, Registered Shares | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 69580<br>|
| &nbsp;&nbsp;&nbsp; Nestle SA, Registered Shares | &nbsp;&nbsp; 68355 | &nbsp;&nbsp;&nbsp; 6793655<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **8189357** |
| **Financials — 20.4%** | **Financials — 20.4%** | **Financials — 20.4%** |
| *Banks — 0.2%* | *Banks — 0.2%* | *Banks — 0.2%* |
| &nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise, Registered Shares | &nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp; *131163*<br>|
| *Capital Markets — 9.9%* | *Capital Markets — 9.9%* | *Capital Markets — 9.9%* |
| &nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | &nbsp;&nbsp; 7530 | &nbsp;&nbsp;&nbsp; 593086<br>|
| &nbsp;&nbsp;&nbsp; Partners Group Holding AG | &nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp; 980850<br>|
| &nbsp;&nbsp;&nbsp; Swissquote Group Holding SA, Registered Shares | &nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 258176<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Registered Shares | &nbsp;&nbsp; 90960 | &nbsp;&nbsp;&nbsp; 4243461<br>|
| &nbsp;&nbsp;&nbsp; VZ Holding AG | &nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp; 101831<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *6177404* |
| *Insurance — 10.3%* | *Insurance — 10.3%* | *Insurance — 10.3%* |
| &nbsp;&nbsp;&nbsp; Helvetia Baloise Holding AG, Registered Shares | &nbsp;&nbsp; 2970 | &nbsp;&nbsp;&nbsp; 784252<br>|
| &nbsp;&nbsp;&nbsp; Swiss Life Holding AG, Registered Shares | &nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp; 1215071<br>|
| &nbsp;&nbsp;&nbsp; Swiss Re AG | &nbsp;&nbsp; 10545 | &nbsp;&nbsp;&nbsp; 1768259<br>|
| &nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | &nbsp;&nbsp; 3525 | &nbsp;&nbsp;&nbsp; 2677621<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *6445203* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **12753770** |
| **Health Care — 35.0%** | **Health Care — 35.0%** | **Health Care — 35.0%** |
| *Health Care Equipment & Supplies — 3.8%* | *Health Care Equipment & Supplies — 3.8%* | *Health Care Equipment & Supplies — 3.8%* |
| &nbsp;&nbsp;&nbsp; Alcon AG | &nbsp;&nbsp; 18210 | &nbsp;&nbsp;&nbsp; 1454502<br>|
| &nbsp;&nbsp;&nbsp; Sonova Holding AG, Registered Shares | &nbsp;&nbsp; 1815 | &nbsp;&nbsp;&nbsp; 474454<br>|
| &nbsp;&nbsp;&nbsp; Straumann Holding AG, Registered Shares | &nbsp;&nbsp; 3978 | &nbsp;&nbsp;&nbsp; 469276<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *2398232* |
| *Life Sciences Tools & Services — 2.9%* | *Life Sciences Tools & Services — 2.9%* | *Life Sciences Tools & Services — 2.9%* |
| &nbsp;&nbsp;&nbsp; Bachem Holding AG | &nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 63510<br>|
| &nbsp;&nbsp;&nbsp; Lonza Group AG, Registered Shares | &nbsp;&nbsp; 2528 | &nbsp;&nbsp;&nbsp; 1716072<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *1779582* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Switzerland ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Pharmaceuticals — 28.3%* | *Pharmaceuticals — 28.3%* | *Pharmaceuticals — 28.3%* |
| &nbsp;&nbsp;&nbsp; Galderma Group AG | &nbsp;&nbsp; 6345 | &nbsp;&nbsp;&nbsp; $1298232<br>|
| &nbsp;&nbsp;&nbsp; Novartis AG, Registered Shares | &nbsp;&nbsp; 51765 | &nbsp;&nbsp;&nbsp; 7161179<br>|
| &nbsp;&nbsp;&nbsp; Roche Holding AG, Bearer Shares | &nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp; 330017<br>|
| &nbsp;&nbsp;&nbsp; Roche Holding AG, Vienna Stock Exchange | &nbsp;&nbsp; 18795 | &nbsp;&nbsp;&nbsp; 7786077<br>|
| &nbsp;&nbsp;&nbsp; Sandoz Group AG | &nbsp;&nbsp; 15195 | &nbsp;&nbsp;&nbsp; 1109345<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *17684850* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **21862664** |
| **Industrials — 12.5%** | **Industrials — 12.5%** | **Industrials — 12.5%** |
| *Building Products — 2.1%* | *Building Products — 2.1%* | *Building Products — 2.1%* |
| &nbsp;&nbsp;&nbsp; Belimo Holding AG, Registered Shares | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 354888<br>|
| &nbsp;&nbsp;&nbsp; Geberit AG, Registered Shares | &nbsp;&nbsp; 1209 | &nbsp;&nbsp;&nbsp; 945530<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *1300418* |
| *Electrical Equipment — 5.5%* | *Electrical Equipment — 5.5%* | *Electrical Equipment — 5.5%* |
| &nbsp;&nbsp;&nbsp; ABB Ltd., Registered Shares | &nbsp;&nbsp; 45870 | &nbsp;&nbsp;&nbsp; *3428743*<br>|
| *Machinery — 2.4%* | *Machinery — 2.4%* | *Machinery — 2.4%* |
| &nbsp;&nbsp;&nbsp; Georg Fischer AG, Registered Shares | &nbsp;&nbsp; 2855 | &nbsp;&nbsp;&nbsp; 193156<br>|
| &nbsp;&nbsp;&nbsp; Schindler Holding AG | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 566488<br>|
| &nbsp;&nbsp;&nbsp; Schindler Holding AG, Registered Shares | &nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; 266488<br>|
| &nbsp;&nbsp;&nbsp; VAT Group AG | &nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp; 482223<br> <sup>(a)</sup><br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *1508355* |
| *Marine Transportation — 0.6%* | *Marine Transportation — 0.6%* | *Marine Transportation — 0.6%* |
| &nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG, Registered Shares | &nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp; *366385*<br>|
| *Professional Services — 1.4%* | *Professional Services — 1.4%* | *Professional Services — 1.4%* |
| &nbsp;&nbsp;&nbsp; Adecco Group AG, Registered Shares | &nbsp;&nbsp; 5925 | &nbsp;&nbsp;&nbsp; 172907<br>|
| &nbsp;&nbsp;&nbsp; SGS SA, Registered Shares | &nbsp;&nbsp; 6112 | &nbsp;&nbsp;&nbsp; 700961<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *873868* |
| *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* |
| &nbsp;&nbsp;&nbsp; DKSH Holding AG | &nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp; *94550*<br>|
| *Transportation Infrastructure — 0.3%* | *Transportation Infrastructure — 0.3%* | *Transportation Infrastructure — 0.3%* |
| &nbsp;&nbsp;&nbsp; Flughafen Zurich AG, Registered Shares | &nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp; *219302*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **7791621** |
| **Information Technology — 1.2%** | **Information Technology — 1.2%** | **Information Technology — 1.2%** |
| *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* |
| &nbsp;&nbsp;&nbsp; Temenos AG, Registered Shares | &nbsp;&nbsp; 1965 | &nbsp;&nbsp;&nbsp; *197430*<br>|
| *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* |
| &nbsp;&nbsp;&nbsp; Logitech International SA, Registered Shares | &nbsp;&nbsp; 5430 | &nbsp;&nbsp;&nbsp; *558867*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **756297** |
| **Materials — 8.6%** | **Materials — 8.6%** | **Materials — 8.6%** |
| *Chemicals — 3.9%* | *Chemicals — 3.9%* | *Chemicals — 3.9%* |
| &nbsp;&nbsp;&nbsp; EMS-Chemie Holding AG, Registered Shares | &nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp; 174092<br>|
| &nbsp;&nbsp;&nbsp; Givaudan SA, Registered Shares | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 1119813<br>|
| &nbsp;&nbsp;&nbsp; Sika AG, Registered Shares | &nbsp;&nbsp; 5670 | &nbsp;&nbsp;&nbsp; 1163701<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *2457606* |
| *Construction Materials — 4.4%* | *Construction Materials — 4.4%* | *Construction Materials — 4.4%* |
| &nbsp;&nbsp;&nbsp; Amrize Ltd. | &nbsp;&nbsp; 18345 | &nbsp;&nbsp;&nbsp; 1,008,888<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Holcim AG | &nbsp;&nbsp; 17850 | &nbsp;&nbsp;&nbsp; 1751992<br>|
| *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *2760880* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Switzerland ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* |
| &nbsp;&nbsp;&nbsp; SIG Group AG | &nbsp;&nbsp;&nbsp; SIG Group AG | &nbsp;&nbsp; 12015 | &nbsp;&nbsp;&nbsp; $*171979*<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **5390465** |
| **Real Estate — 1.2%** | **Real Estate — 1.2%** | **Real Estate — 1.2%** | **Real Estate — 1.2%** |
| *Real Estate Management & Development — 1.2%* | *Real Estate Management & Development — 1.2%* | *Real Estate Management & Development — 1.2%* | *Real Estate Management & Development — 1.2%* |
| &nbsp;&nbsp;&nbsp; PSP Swiss Property AG, Registered Shares | &nbsp;&nbsp;&nbsp; PSP Swiss Property AG, Registered Shares | &nbsp;&nbsp; 1680 | &nbsp;&nbsp;&nbsp; 304298<br>|
| &nbsp;&nbsp;&nbsp; Swiss Prime Site AG, Registered Shares  | &nbsp;&nbsp;&nbsp; Swiss Prime Site AG, Registered Shares  | &nbsp;&nbsp; 2805 | &nbsp;&nbsp;&nbsp; 436196<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **740494** |
| **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; BKW AG | &nbsp;&nbsp;&nbsp; BKW AG | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; **153043**<br>|
| **Total Investments before Short-Term Investments (Cost — $47,904,058)** | **Total Investments before Short-Term Investments (Cost — $47,904,058)** | **Total Investments before Short-Term Investments (Cost — $47,904,058)** | &nbsp;&nbsp; **61592293** |
|  | 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 — $4,820)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 4820<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4820**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Investments — 98.6% (Cost — $47,908,878)** | **Total Investments — 98.6% (Cost — $47,908,878)** | **Total Investments — 98.6% (Cost — $47,908,878)** | &nbsp;&nbsp; **61597113** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; 881554 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$62478667** |

---

&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> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(c)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $4,820 and the cost was $4,820 (Note 2).<br>|
| <sup>(d)</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:** |  |  |  |  |  |
| Swiss Market Index  | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $819572 | &nbsp;&nbsp;&nbsp;&nbsp; $833512 | &nbsp;&nbsp;&nbsp; **$13940** |

---

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 FTSE Taiwan 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 — 2.5%** | **Communication Services — 2.5%** | **Communication Services — 2.5%** |
| *Diversified Telecommunication Services — 1.3%* | *Diversified Telecommunication Services — 1.3%* | *Diversified Telecommunication Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 1867350 | &nbsp;&nbsp;&nbsp; $*7755738*<br>|
| *Entertainment — 0.4%* | *Entertainment — 0.4%* | *Entertainment — 0.4%* |
| &nbsp;&nbsp;&nbsp; International Games System Co. Ltd. | &nbsp;&nbsp; 109032 | &nbsp;&nbsp;&nbsp; *2501936*<br>|
| *Wireless Telecommunication Services — 0.8%* | *Wireless Telecommunication Services — 0.8%* | *Wireless Telecommunication Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 868000 | &nbsp;&nbsp;&nbsp; 2439312<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 691000 | &nbsp;&nbsp;&nbsp; 2386133<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *4825445* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **15083119** |
| **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** |
| *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* |
| &nbsp;&nbsp;&nbsp; Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp; *871278*<br>|
| *Automobiles — 0.1%* | *Automobiles — 0.1%* | *Automobiles — 0.1%* |
| &nbsp;&nbsp;&nbsp; China Motor Corp. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp; 229398<br>|
| &nbsp;&nbsp;&nbsp; Yulon Motor Co. Ltd. | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 290137<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *519535* |
| *Broadline Retail — 0.0%††* | *Broadline Retail — 0.0%††* | *Broadline Retail — 0.0%††* |
| &nbsp;&nbsp;&nbsp; momo.com Inc. | &nbsp;&nbsp; 39933 | &nbsp;&nbsp;&nbsp; *263716*<br>|
| *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* |
| &nbsp;&nbsp;&nbsp; Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 81660 | &nbsp;&nbsp;&nbsp; *938218*<br>|
| *Leisure Products — 0.1%* | *Leisure Products — 0.1%* | *Leisure Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Giant Manufacturing Co. Ltd. | &nbsp;&nbsp; 152635 | &nbsp;&nbsp;&nbsp; *449834*<br>|
| *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* |
| &nbsp;&nbsp;&nbsp; Hotai Motor Co. Ltd. | &nbsp;&nbsp; 136810 | &nbsp;&nbsp;&nbsp; *2394790*<br>|
| *Textiles, Apparel & Luxury Goods — 0.5%* | *Textiles, Apparel & Luxury Goods — 0.5%* | *Textiles, Apparel & Luxury Goods — 0.5%* |
| &nbsp;&nbsp;&nbsp; Eclat Textile Co. Ltd. | &nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp; 1113588<br>|
| &nbsp;&nbsp;&nbsp; Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 216004 | &nbsp;&nbsp;&nbsp; 800893<br>|
| &nbsp;&nbsp;&nbsp; Pou Chen Corp. | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp; 1060319<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *2974800* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **8412171** |
| **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** |
| *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; President Chain Store Corp. | &nbsp;&nbsp; 259990 | &nbsp;&nbsp;&nbsp; *1832809*<br>|
| *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; Uni-President Enterprises Corp. | &nbsp;&nbsp; 2406000 | &nbsp;&nbsp;&nbsp; *5903872*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **7736681** |
| **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** |
| *Oil, Gas & Consumable Fuels — 0.2%* | *Oil, Gas & Consumable Fuels — 0.2%* | *Oil, Gas & Consumable Fuels — 0.2%* |
| &nbsp;&nbsp;&nbsp; Formosa Petrochemical Corp. | &nbsp;&nbsp; 582000 | &nbsp;&nbsp;&nbsp; **885397**<br>|
| **Financials — 16.8%** | **Financials — 16.8%** | **Financials — 16.8%** |
| *Banks — 10.4%* | *Banks — 10.4%* | *Banks — 10.4%* |
| &nbsp;&nbsp;&nbsp; Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 3611000 | &nbsp;&nbsp;&nbsp; 2350216<br>|
| &nbsp;&nbsp;&nbsp; CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 8633000 | &nbsp;&nbsp;&nbsp; 13792798<br>|
| &nbsp;&nbsp;&nbsp; E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 7501000 | &nbsp;&nbsp;&nbsp; 8057120<br>|
| &nbsp;&nbsp;&nbsp; Far Eastern International Bank | &nbsp;&nbsp; 1202000 | &nbsp;&nbsp;&nbsp; 491580<br>|
| &nbsp;&nbsp;&nbsp; First Financial Holding Co. Ltd. | &nbsp;&nbsp; 5305000 | &nbsp;&nbsp;&nbsp; 4963861<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 4548000 | &nbsp;&nbsp;&nbsp; $4487134<br>|
| &nbsp;&nbsp;&nbsp; Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 5775000 | &nbsp;&nbsp;&nbsp; 7351888<br>|
| &nbsp;&nbsp;&nbsp; Shanghai Commercial & Savings Bank Ltd. | &nbsp;&nbsp; 1856000 | &nbsp;&nbsp;&nbsp; 2398231<br>|
| &nbsp;&nbsp;&nbsp; SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 5820000 | &nbsp;&nbsp;&nbsp; 5297561<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Business Bank | &nbsp;&nbsp; 3462000 | &nbsp;&nbsp;&nbsp; 1762926<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 5113000 | &nbsp;&nbsp;&nbsp; 3954294<br>|
| &nbsp;&nbsp;&nbsp; TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 10640000 | &nbsp;&nbsp;&nbsp; 6908101<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *61815710* |
| *Capital Markets — 0.1%* | *Capital Markets — 0.1%* | *Capital Markets — 0.1%* |
| &nbsp;&nbsp;&nbsp; Capital Securities Corp. | &nbsp;&nbsp; 804000 | &nbsp;&nbsp;&nbsp; *612842*<br>|
| *Financial Services — 1.6%* | *Financial Services — 1.6%* | *Financial Services — 1.6%* |
| &nbsp;&nbsp;&nbsp; Chailease Holding Co. Ltd. | &nbsp;&nbsp; 728957 | &nbsp;&nbsp;&nbsp; 2447604<br>|
| &nbsp;&nbsp;&nbsp; Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 5317000 | &nbsp;&nbsp;&nbsp; 6650375<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *9097979* |
| *Insurance — 4.7%* | *Insurance — 4.7%* | *Insurance — 4.7%* |
| &nbsp;&nbsp;&nbsp; Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 4577700 | &nbsp;&nbsp;&nbsp; 11043416<br>|
| &nbsp;&nbsp;&nbsp; Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 4078051 | &nbsp;&nbsp;&nbsp; 12472771<br>|
| &nbsp;&nbsp;&nbsp; KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 7710000 | &nbsp;&nbsp;&nbsp; 4232826<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *27749013* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **99275544** |
| **Health Care — 0.8%** | **Health Care — 0.8%** | **Health Care — 0.8%** |
| *Biotechnology — 0.3%* | *Biotechnology — 0.3%* | *Biotechnology — 0.3%* |
| &nbsp;&nbsp;&nbsp; PharmaEssentia Corp. | &nbsp;&nbsp; 138353 | &nbsp;&nbsp;&nbsp; *2069538*<br>|
| *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* |
| &nbsp;&nbsp;&nbsp; Caliway Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; 2,392,546<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Oneness Biotech Co. Ltd. | &nbsp;&nbsp; 157575 | &nbsp;&nbsp;&nbsp; 278,836<br> \*<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *2671382* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4740920** |
| **Industrials — 4.6%** | **Industrials — 4.6%** | **Industrials — 4.6%** |
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Taiwan Glass Industry Corp. | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; *533,306*<br> \*<br>|
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Taiwan Secom Co. Ltd. | &nbsp;&nbsp; 117690 | &nbsp;&nbsp;&nbsp; *404530*<br>|
| *Electrical Equipment — 2.1%* | *Electrical Equipment — 2.1%* | *Electrical Equipment — 2.1%* |
| &nbsp;&nbsp;&nbsp; Advanced Energy Solution Holding Co. Ltd. | &nbsp;&nbsp; 14830 | &nbsp;&nbsp;&nbsp; 627740<br>|
| &nbsp;&nbsp;&nbsp; Bizlink Holding Inc. | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp; 4208717<br>|
| &nbsp;&nbsp;&nbsp; Fortune Electric Co. Ltd. | &nbsp;&nbsp; 70292 | &nbsp;&nbsp;&nbsp; 1711411<br>|
| &nbsp;&nbsp;&nbsp; Shihlin Electric & Engineering Corp. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp;&nbsp; 671981<br>|
| &nbsp;&nbsp;&nbsp; Tatung Co. Ltd. | &nbsp;&nbsp; 559000 | &nbsp;&nbsp;&nbsp; 561304<br>|
| &nbsp;&nbsp;&nbsp; Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 679000 | &nbsp;&nbsp;&nbsp; 1815248<br>|
| &nbsp;&nbsp;&nbsp; Voltronic Power Technology Corp. | &nbsp;&nbsp; 33280 | &nbsp;&nbsp;&nbsp; 1028465<br>|
| &nbsp;&nbsp;&nbsp; Walsin Lihwa Corp. | &nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp; 1528238<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *12153104* |
| *Industrial Conglomerates — 0.2%* | *Industrial Conglomerates — 0.2%* | *Industrial Conglomerates — 0.2%* |
| &nbsp;&nbsp;&nbsp; Far Eastern New Century Corp. | &nbsp;&nbsp; 1477000 | &nbsp;&nbsp;&nbsp; *1306809*<br>|
| *Machinery — 0.5%* | *Machinery — 0.5%* | *Machinery — 0.5%* |
| &nbsp;&nbsp;&nbsp; Airtac International Group | &nbsp;&nbsp; 68810 | &nbsp;&nbsp;&nbsp; 2036674<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Machinery — continued* | *Machinery — continued* | *Machinery — continued* |
| &nbsp;&nbsp;&nbsp; Hiwin Technologies Corp. | &nbsp;&nbsp; 146089 | &nbsp;&nbsp;&nbsp; $901999<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *2938673* |
| *Marine Transportation — 1.1%* | *Marine Transportation — 1.1%* | *Marine Transportation — 1.1%* |
| &nbsp;&nbsp;&nbsp; Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 531360 | &nbsp;&nbsp;&nbsp; 3213138<br>|
| &nbsp;&nbsp;&nbsp; U-Ming Marine Transport Corp. | &nbsp;&nbsp; 194000 | &nbsp;&nbsp;&nbsp; 372928<br>|
| &nbsp;&nbsp;&nbsp; Wan Hai Lines Ltd. | &nbsp;&nbsp; 589530 | &nbsp;&nbsp;&nbsp; 1478492<br>|
| &nbsp;&nbsp;&nbsp; Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 858000 | &nbsp;&nbsp;&nbsp; 1521001<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *6585559* |
| *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* |
| &nbsp;&nbsp;&nbsp; China Airlines Ltd. | &nbsp;&nbsp; 1412000 | &nbsp;&nbsp;&nbsp; 907764<br>|
| &nbsp;&nbsp;&nbsp; Eva Airways Corp. | &nbsp;&nbsp; 1326000 | &nbsp;&nbsp;&nbsp; 1542474<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *2450238* |
| *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* |
| &nbsp;&nbsp;&nbsp; Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp; *882227*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **27254446** |
| **Information Technology — 69.4%** | **Information Technology — 69.4%** | **Information Technology — 69.4%** |
| *Communications Equipment — 1.5%* | *Communications Equipment — 1.5%* | *Communications Equipment — 1.5%* |
| &nbsp;&nbsp;&nbsp; Accton Technology Corp. | &nbsp;&nbsp; 242000 | &nbsp;&nbsp;&nbsp; *9126844*<br>|
| *Electronic Equipment, Instruments & Components — 19.8%* | *Electronic Equipment, Instruments & Components — 19.8%* | *Electronic Equipment, Instruments & Components — 19.8%* |
| &nbsp;&nbsp;&nbsp; AUO Corp. | &nbsp;&nbsp; 2910000 | &nbsp;&nbsp;&nbsp; 1134530<br>|
| &nbsp;&nbsp;&nbsp; Chroma ATE Inc. | &nbsp;&nbsp; 180540 | &nbsp;&nbsp;&nbsp; 4453096<br>|
| &nbsp;&nbsp;&nbsp; Delta Electronics Inc. | &nbsp;&nbsp; 944030 | &nbsp;&nbsp;&nbsp; 28933368<br>|
| &nbsp;&nbsp;&nbsp; E Ink Holdings Inc. | &nbsp;&nbsp; 394000 | &nbsp;&nbsp;&nbsp; 2482838<br>|
| &nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. | &nbsp;&nbsp; 137328 | &nbsp;&nbsp;&nbsp; 7189719<br>|
| &nbsp;&nbsp;&nbsp; Foxconn Technology Co. Ltd. | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; 952388<br>|
| &nbsp;&nbsp;&nbsp; Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp; 41300 | &nbsp;&nbsp;&nbsp; 590835<br>|
| &nbsp;&nbsp;&nbsp; Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp; 3585812<br>|
| &nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 5961300 | &nbsp;&nbsp;&nbsp; 43731947<br>|
| &nbsp;&nbsp;&nbsp; Innolux Corp. | &nbsp;&nbsp; 3589000 | &nbsp;&nbsp;&nbsp; 1947533<br>|
| &nbsp;&nbsp;&nbsp; Largan Precision Co. Ltd. | &nbsp;&nbsp; 46504 | &nbsp;&nbsp;&nbsp; 3692732<br>|
| &nbsp;&nbsp;&nbsp; Lotes Co. Ltd. | &nbsp;&nbsp; 40962 | &nbsp;&nbsp;&nbsp; 1688254<br>|
| &nbsp;&nbsp;&nbsp; Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp; 102380 | &nbsp;&nbsp;&nbsp; 785270<br>|
| &nbsp;&nbsp;&nbsp; Synnex Technology International Corp. | &nbsp;&nbsp; 599000 | &nbsp;&nbsp;&nbsp; 1103805<br>|
| &nbsp;&nbsp;&nbsp; Unimicron Technology Corp. | &nbsp;&nbsp; 636110 | &nbsp;&nbsp;&nbsp; 4453914<br>|
| &nbsp;&nbsp;&nbsp; Walsin Technology Corp. | &nbsp;&nbsp; 136490 | &nbsp;&nbsp;&nbsp; 508245<br>|
| &nbsp;&nbsp;&nbsp; WPG Holdings Ltd. | &nbsp;&nbsp; 724000 | &nbsp;&nbsp;&nbsp; 1341061<br>|
| &nbsp;&nbsp;&nbsp; WT Microelectronics Co. Ltd. | &nbsp;&nbsp; 337000 | &nbsp;&nbsp;&nbsp; 1469391<br>|
| &nbsp;&nbsp;&nbsp; Yageo Corp. | &nbsp;&nbsp; 759520 | &nbsp;&nbsp;&nbsp; 5583906<br>|
| &nbsp;&nbsp;&nbsp; Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 352560 | &nbsp;&nbsp;&nbsp; 1593339<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *117221983* |
| *Semiconductors & Semiconductor Equipment — 37.4%* | *Semiconductors & Semiconductor Equipment — 37.4%* | *Semiconductors & Semiconductor Equipment — 37.4%* |
| &nbsp;&nbsp;&nbsp; Alchip Technologies Ltd. | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp; 4356710<br>|
| &nbsp;&nbsp;&nbsp; ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 1603800 | &nbsp;&nbsp;&nbsp; 12786299<br>|
| &nbsp;&nbsp;&nbsp; ASMedia Technology Inc. | &nbsp;&nbsp; 18370 | &nbsp;&nbsp;&nbsp; 707427<br>|
| &nbsp;&nbsp;&nbsp; ASPEED Technology Inc. | &nbsp;&nbsp; 14770 | &nbsp;&nbsp;&nbsp; 3412746<br>|
| &nbsp;&nbsp;&nbsp; eMemory Technology Inc. | &nbsp;&nbsp; 32687 | &nbsp;&nbsp;&nbsp; 1799733<br>|
| &nbsp;&nbsp;&nbsp; Formosa Sumco Technology Corp. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp;&nbsp; 83537<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Global Unichip Corp. | &nbsp;&nbsp; 40800 | &nbsp;&nbsp;&nbsp; $2759345<br>|
| &nbsp;&nbsp;&nbsp; Globalwafers Co. Ltd. | &nbsp;&nbsp; 124970 | &nbsp;&nbsp;&nbsp; 1614800<br>|
| &nbsp;&nbsp;&nbsp; Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 40791 | &nbsp;&nbsp;&nbsp; 3563638<br>|
| &nbsp;&nbsp;&nbsp; King Yuan Electronics Co. Ltd. | &nbsp;&nbsp; 558500 | &nbsp;&nbsp;&nbsp; 4399317<br>|
| &nbsp;&nbsp;&nbsp; MediaTek Inc. | &nbsp;&nbsp; 718060 | &nbsp;&nbsp;&nbsp; 32680123<br>|
| &nbsp;&nbsp;&nbsp; Nanya Technology Corp. | &nbsp;&nbsp; 548930 | &nbsp;&nbsp;&nbsp; 3,371,795<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Novatek Microelectronics Corp. | &nbsp;&nbsp; 281730 | &nbsp;&nbsp;&nbsp; 3353448<br>|
| &nbsp;&nbsp;&nbsp; Parade Technologies Ltd. | &nbsp;&nbsp; 36566 | &nbsp;&nbsp;&nbsp; 679637<br>|
| &nbsp;&nbsp;&nbsp; Powerchip Semiconductor Manufacturing Corp. | &nbsp;&nbsp; 1552000 | &nbsp;&nbsp;&nbsp; 1,953,553<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Powertech Technology Inc. | &nbsp;&nbsp; 338300 | &nbsp;&nbsp;&nbsp; 1862666<br>|
| &nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. | &nbsp;&nbsp; 237255 | &nbsp;&nbsp;&nbsp; 3692420<br>|
| &nbsp;&nbsp;&nbsp; Silergy Corp. | &nbsp;&nbsp; 161560 | &nbsp;&nbsp;&nbsp; 984667<br>|
| &nbsp;&nbsp;&nbsp; Sino-American Silicon Products Inc. | &nbsp;&nbsp; 265440 | &nbsp;&nbsp;&nbsp; 899711<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 2459645 | &nbsp;&nbsp;&nbsp; 121336381<br>|
| &nbsp;&nbsp;&nbsp; United Microelectronics Corp. | &nbsp;&nbsp; 5694000 | &nbsp;&nbsp;&nbsp; 8925049<br>|
| &nbsp;&nbsp;&nbsp; Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 507218 | &nbsp;&nbsp;&nbsp; 1486761<br>|
| &nbsp;&nbsp;&nbsp; Win Semiconductors Corp. | &nbsp;&nbsp; 167850 | &nbsp;&nbsp;&nbsp; 977596<br>|
| &nbsp;&nbsp;&nbsp; Winbond Electronics Corp. | &nbsp;&nbsp; 1527000 | &nbsp;&nbsp;&nbsp; 4,014,265<br> \*<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *221701624* |
| *Technology Hardware, Storage & Peripherals — 10.7%* | *Technology Hardware, Storage & Peripherals — 10.7%* | *Technology Hardware, Storage & Peripherals — 10.7%* |
| &nbsp;&nbsp;&nbsp; Acer Inc. | &nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp; 1184704<br>|
| &nbsp;&nbsp;&nbsp; Advantech Co. Ltd. | &nbsp;&nbsp; 224008 | &nbsp;&nbsp;&nbsp; 2053255<br>|
| &nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 158557 | &nbsp;&nbsp;&nbsp; 7619900<br>|
| &nbsp;&nbsp;&nbsp; Asustek Computer Inc. | &nbsp;&nbsp; 333500 | &nbsp;&nbsp;&nbsp; 5816521<br>|
| &nbsp;&nbsp;&nbsp; Catcher Technology Co. Ltd. | &nbsp;&nbsp; 261270 | &nbsp;&nbsp;&nbsp; 1729577<br>|
| &nbsp;&nbsp;&nbsp; Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 291000 | &nbsp;&nbsp;&nbsp; 1083592<br>|
| &nbsp;&nbsp;&nbsp; Compal Electronics Inc. | &nbsp;&nbsp; 2066000 | &nbsp;&nbsp;&nbsp; 1998899<br>|
| &nbsp;&nbsp;&nbsp; Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 263910 | &nbsp;&nbsp;&nbsp; 2095624<br>|
| &nbsp;&nbsp;&nbsp; HTC Corp. | &nbsp;&nbsp; 327000 | &nbsp;&nbsp;&nbsp; 512,035<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Inventec Corp. | &nbsp;&nbsp; 1261000 | &nbsp;&nbsp;&nbsp; 1721707<br>|
| &nbsp;&nbsp;&nbsp; King Slide Works Co. Ltd. | &nbsp;&nbsp; 27900 | &nbsp;&nbsp;&nbsp; 3329832<br>|
| &nbsp;&nbsp;&nbsp; Lite-On Technology Corp. | &nbsp;&nbsp; 948600 | &nbsp;&nbsp;&nbsp; 4936144<br>|
| &nbsp;&nbsp;&nbsp; Micro-Star International Co. Ltd. | &nbsp;&nbsp; 332700 | &nbsp;&nbsp;&nbsp; 1017567<br>|
| &nbsp;&nbsp;&nbsp; Pegatron Corp. | &nbsp;&nbsp; 942000 | &nbsp;&nbsp;&nbsp; 2056657<br>|
| &nbsp;&nbsp;&nbsp; Quanta Computer Inc. | &nbsp;&nbsp; 1290700 | &nbsp;&nbsp;&nbsp; 11173291<br>|
| &nbsp;&nbsp;&nbsp; Transcend Information Inc. | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp; 573893<br>|
| &nbsp;&nbsp;&nbsp; Wistron Corp. | &nbsp;&nbsp; 1479750 | &nbsp;&nbsp;&nbsp; 7087805<br>|
| &nbsp;&nbsp;&nbsp; Wiwynn Corp. | &nbsp;&nbsp; 50810 | &nbsp;&nbsp;&nbsp; 7252681<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *63243684* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **411294135** |
| **Materials — 2.8%** | **Materials — 2.8%** | **Materials — 2.8%** |
| *Chemicals — 1.6%* | *Chemicals — 1.6%* | *Chemicals — 1.6%* |
| &nbsp;&nbsp;&nbsp; Eternal Materials Co. Ltd. | &nbsp;&nbsp; 388000 | &nbsp;&nbsp;&nbsp; 505059<br>|
| &nbsp;&nbsp;&nbsp; Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 1639000 | &nbsp;&nbsp;&nbsp; 1674445<br>|
| &nbsp;&nbsp;&nbsp; Formosa Plastics Corp. | &nbsp;&nbsp; 2053000 | &nbsp;&nbsp;&nbsp; 2548241<br>|
| &nbsp;&nbsp;&nbsp; Nan Ya Plastics Corp. | &nbsp;&nbsp; 2407000 | &nbsp;&nbsp;&nbsp; 4611683<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* |
| &nbsp;&nbsp;&nbsp; Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp;&nbsp; Taiwan Fertilizer Co. Ltd. |  | &nbsp;&nbsp; 291000 | &nbsp;&nbsp;&nbsp; $442698<br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *9782126* |
| *Construction Materials — 0.6%* | *Construction Materials — 0.6%* | *Construction Materials — 0.6%* | *Construction Materials — 0.6%* | *Construction Materials — 0.6%* |
| &nbsp;&nbsp;&nbsp; Asia Cement Corp. | &nbsp;&nbsp;&nbsp; Asia Cement Corp. |  | &nbsp;&nbsp; 1134000 | &nbsp;&nbsp;&nbsp; 1342588<br>|
| &nbsp;&nbsp;&nbsp; TCC Group Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp; TCC Group Holdings Co. Ltd. |  | &nbsp;&nbsp; 3265000 | &nbsp;&nbsp;&nbsp; 2410783<br>|
| *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *3753371* |
| *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* |
| &nbsp;&nbsp;&nbsp; China Steel Corp. | &nbsp;&nbsp;&nbsp; China Steel Corp. |  | &nbsp;&nbsp; 5529000 | &nbsp;&nbsp;&nbsp; *3343391*<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **16878888** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| *Real Estate Management & Development — 0.1%* | *Real Estate Management & Development — 0.1%* | *Real Estate Management & Development — 0.1%* | *Real Estate Management & Development — 0.1%* | *Real Estate Management & Development — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ruentex Development Co. Ltd. | &nbsp;&nbsp;&nbsp; Ruentex Development Co. Ltd. |  | &nbsp;&nbsp; 758000 | &nbsp;&nbsp;&nbsp; **718906**<br>|
| **Total Common Stocks (Cost — $370,247,051)** | **Total Common Stocks (Cost — $370,247,051)** | **Total Common Stocks (Cost — $370,247,051)** | **Total Common Stocks (Cost — $370,247,051)** | &nbsp;&nbsp;&nbsp; **592280207**<br>|
|  |  | Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** |
| *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Unimicron Technology Corp. (Cost — $0) |  | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 16572 | &nbsp;&nbsp;&nbsp;&nbsp; **54852**<br> <sup>(a)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $370,247,051)** | **Total Investments before Short-Term Investments (Cost — $370,247,051)** | **Total Investments before Short-Term Investments (Cost — $370,247,051)** | **Total Investments before Short-Term Investments (Cost — $370,247,051)** | &nbsp;&nbsp; **592335059** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $9,867)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 9867<br>| &nbsp;&nbsp;&nbsp;&nbsp; **9867**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Investments — 99.9% (Cost — $370,256,918)** | **Total Investments — 99.9% (Cost — $370,256,918)** | **Total Investments — 99.9% (Cost — $370,256,918)** | **Total Investments — 99.9% (Cost — $370,256,918)** | &nbsp;&nbsp; **592344926** |
| &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; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; 336708 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$592681634** |

---

&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> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(c)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $9,867 and the cost was $9,867 (Note 2).<br>|
| <sup>(d)</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 FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
| **Communication Services — 2.3%** | **Communication Services — 2.3%** | **Communication Services — 2.3%** |
| *Diversified Telecommunication Services — 0.4%* | *Diversified Telecommunication Services — 0.4%* | *Diversified Telecommunication Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; BT Group PLC | &nbsp;&nbsp; 1759343 | &nbsp;&nbsp;&nbsp; $*4355366*<br>|
| *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Auto Trader Group PLC | &nbsp;&nbsp; 269173 | &nbsp;&nbsp;&nbsp; 2123067<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rightmove PLC | &nbsp;&nbsp; 240312 | &nbsp;&nbsp;&nbsp; 1679511<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *3802578* |
| *Media — 0.6%* | *Media — 0.6%* | *Media — 0.6%* |
| &nbsp;&nbsp;&nbsp; Informa PLC | &nbsp;&nbsp; 402287 | &nbsp;&nbsp;&nbsp; 4783289<br>|
| &nbsp;&nbsp;&nbsp; WPP PLC | &nbsp;&nbsp; 336908 | &nbsp;&nbsp;&nbsp; 1529408<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *6312697* |
| *Wireless Telecommunication Services — 0.9%* | *Wireless Telecommunication Services — 0.9%* | *Wireless Telecommunication Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; Airtel Africa PLC | &nbsp;&nbsp; 214396 | &nbsp;&nbsp;&nbsp; 1024302<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC | &nbsp;&nbsp; 5836401 | &nbsp;&nbsp;&nbsp; 7762326<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *8786628* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **23257269** |
| **Consumer Discretionary — 4.9%** | **Consumer Discretionary — 4.9%** | **Consumer Discretionary — 4.9%** |
| *Broadline Retail — 0.7%* | *Broadline Retail — 0.7%* | *Broadline Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Next PLC | &nbsp;&nbsp; 35929 | &nbsp;&nbsp;&nbsp; *6611036*<br>|
| *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Pearson PLC | &nbsp;&nbsp; 199671 | &nbsp;&nbsp;&nbsp; *2819958*<br>|
| *Hotels, Restaurants & Leisure — 2.7%* | *Hotels, Restaurants & Leisure — 2.7%* | *Hotels, Restaurants & Leisure — 2.7%* |
| &nbsp;&nbsp;&nbsp; Compass Group PLC | &nbsp;&nbsp; 530100 | &nbsp;&nbsp;&nbsp; 16855575<br>|
| &nbsp;&nbsp;&nbsp; Entain PLC | &nbsp;&nbsp; 186713 | &nbsp;&nbsp;&nbsp; 1925226<br>|
| &nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC | &nbsp;&nbsp; 44764 | &nbsp;&nbsp;&nbsp; 6297945<br>|
| &nbsp;&nbsp;&nbsp; Whitbread PLC | &nbsp;&nbsp; 53599 | &nbsp;&nbsp;&nbsp; 1838380<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *26917126* |
| *Household Durables — 0.7%* | *Household Durables — 0.7%* | *Household Durables — 0.7%* |
| &nbsp;&nbsp;&nbsp; Barratt Redrow PLC | &nbsp;&nbsp; 420546 | &nbsp;&nbsp;&nbsp; 2155712<br>|
| &nbsp;&nbsp;&nbsp; Berkeley Group Holdings PLC | &nbsp;&nbsp; 28272 | &nbsp;&nbsp;&nbsp; 1484584<br>|
| &nbsp;&nbsp;&nbsp; Persimmon PLC | &nbsp;&nbsp; 98363 | &nbsp;&nbsp;&nbsp; 1797338<br>|
| &nbsp;&nbsp;&nbsp; Taylor Wimpey PLC | &nbsp;&nbsp; 1100252 | &nbsp;&nbsp;&nbsp; 1590885<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *7028519* |
| *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; JD Sports Fashion PLC | &nbsp;&nbsp; 765700 | &nbsp;&nbsp;&nbsp; 869857<br>|
| &nbsp;&nbsp;&nbsp; Kingfisher PLC | &nbsp;&nbsp; 535990 | &nbsp;&nbsp;&nbsp; 2254358<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *3124215* |
| *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* |
| &nbsp;&nbsp;&nbsp; Burberry Group PLC | &nbsp;&nbsp; 111321 | &nbsp;&nbsp;&nbsp; *1,900,102*<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **48400956** |
| **Consumer Staples — 15.3%** | **Consumer Staples — 15.3%** | **Consumer Staples — 15.3%** |
| *Beverages — 2.4%* | *Beverages — 2.4%* | *Beverages — 2.4%* |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 65968 | &nbsp;&nbsp;&nbsp; 6078021<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola HBC AG | &nbsp;&nbsp; 62434 | &nbsp;&nbsp;&nbsp; 3226389<br>|
| &nbsp;&nbsp;&nbsp; Diageo PLC | &nbsp;&nbsp; 695609 | &nbsp;&nbsp;&nbsp; 15002805<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *24307215* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Consumer Staples Distribution & Retail — 1.7%* | *Consumer Staples Distribution & Retail — 1.7%* | *Consumer Staples Distribution & Retail — 1.7%* |
| &nbsp;&nbsp;&nbsp; J Sainsbury PLC | &nbsp;&nbsp; 533634 | &nbsp;&nbsp;&nbsp; $2332734<br>|
| &nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC | &nbsp;&nbsp; 637887 | &nbsp;&nbsp;&nbsp; 2831366<br>|
| &nbsp;&nbsp;&nbsp; Tesco PLC | &nbsp;&nbsp; 1973739 | &nbsp;&nbsp;&nbsp; 11728804<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *16892904* |
| *Food Products — 0.3%* | *Food Products — 0.3%* | *Food Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Associated British Foods PLC | &nbsp;&nbsp; 90706 | &nbsp;&nbsp;&nbsp; *2595027*<br>|
| *Household Products — 1.7%* | *Household Products — 1.7%* | *Household Products — 1.7%* |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | &nbsp;&nbsp; 213218 | &nbsp;&nbsp;&nbsp; *17213063*<br>|
| *Personal Care Products — 4.4%* | *Personal Care Products — 4.4%* | *Personal Care Products — 4.4%* |
| &nbsp;&nbsp;&nbsp; Unilever PLC | &nbsp;&nbsp; 670282 | &nbsp;&nbsp;&nbsp; *43811432*<br>|
| *Tobacco — 4.8%* | *Tobacco — 4.8%* | *Tobacco — 4.8%* |
| &nbsp;&nbsp;&nbsp; British American Tobacco PLC | &nbsp;&nbsp; 664392 | &nbsp;&nbsp;&nbsp; 37657998<br>|
| &nbsp;&nbsp;&nbsp; Imperial Brands PLC | &nbsp;&nbsp; 237956 | &nbsp;&nbsp;&nbsp; 9982753<br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *47640751* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **152460392** |
| **Energy — 9.6%** | **Energy — 9.6%** | **Energy — 9.6%** |
| *Oil, Gas & Consumable Fuels — 9.6%* | *Oil, Gas & Consumable Fuels — 9.6%* | *Oil, Gas & Consumable Fuels — 9.6%* |
| &nbsp;&nbsp;&nbsp; BP PLC | &nbsp;&nbsp; 4899891 | &nbsp;&nbsp;&nbsp; 28524101<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC | &nbsp;&nbsp; 1807052 | &nbsp;&nbsp;&nbsp; 66597744<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **95121845** |
| **Financials — 25.5%** | **Financials — 25.5%** | **Financials — 25.5%** |
| *Banks — 17.4%* | *Banks — 17.4%* | *Banks — 17.4%* |
| &nbsp;&nbsp;&nbsp; Barclays PLC | &nbsp;&nbsp; 4347998 | &nbsp;&nbsp;&nbsp; 27834855<br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC | &nbsp;&nbsp; 5365790 | &nbsp;&nbsp;&nbsp; 84716125<br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | &nbsp;&nbsp; 18491066 | &nbsp;&nbsp;&nbsp; 24433665<br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC | &nbsp;&nbsp; 2524454 | &nbsp;&nbsp;&nbsp; 22131972<br>|
| &nbsp;&nbsp;&nbsp; Standard Chartered PLC | &nbsp;&nbsp; 571919 | &nbsp;&nbsp;&nbsp; 14015907<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *173132524* |
| *Capital Markets — 3.9%* | *Capital Markets — 3.9%* | *Capital Markets — 3.9%* |
| &nbsp;&nbsp;&nbsp; 3i Group PLC | &nbsp;&nbsp; 300390 | &nbsp;&nbsp;&nbsp; 13183807<br>|
| &nbsp;&nbsp;&nbsp; ICG PLC | &nbsp;&nbsp; 84816 | &nbsp;&nbsp;&nbsp; 2343239<br>|
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | &nbsp;&nbsp; 154318 | &nbsp;&nbsp;&nbsp; 18581252<br>|
| &nbsp;&nbsp;&nbsp; Schroders PLC | &nbsp;&nbsp; 230299 | &nbsp;&nbsp;&nbsp; 1260738<br>|
| &nbsp;&nbsp;&nbsp; St James's Place PLC | &nbsp;&nbsp; 159030 | &nbsp;&nbsp;&nbsp; 2961490<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *38330526* |
| *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; M&G PLC | &nbsp;&nbsp; 663214 | &nbsp;&nbsp;&nbsp; 2554847<br>|
| &nbsp;&nbsp;&nbsp; Wise PLC, Class A Shares | &nbsp;&nbsp; 232655 | &nbsp;&nbsp;&nbsp; 2,788,229<br> \*<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *5343076* |
| *Insurance — 3.7%* | *Insurance — 3.7%* | *Insurance — 3.7%* |
| &nbsp;&nbsp;&nbsp; Admiral Group PLC | &nbsp;&nbsp; 78337 | &nbsp;&nbsp;&nbsp; 3346461<br>|
| &nbsp;&nbsp;&nbsp; Aviva PLC | &nbsp;&nbsp; 948879 | &nbsp;&nbsp;&nbsp; 8734924<br>|
| &nbsp;&nbsp;&nbsp; Beazley PLC | &nbsp;&nbsp; 182001 | &nbsp;&nbsp;&nbsp; 2036739<br>|
| &nbsp;&nbsp;&nbsp; Hiscox Ltd. | &nbsp;&nbsp; 103664 | &nbsp;&nbsp;&nbsp; 1984135<br>|
| &nbsp;&nbsp;&nbsp; Legal & General Group PLC | &nbsp;&nbsp; 1752275 | &nbsp;&nbsp;&nbsp; 6172713<br>|
| &nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC | &nbsp;&nbsp; 233244 | &nbsp;&nbsp;&nbsp; 2312151<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Prudential PLC | &nbsp;&nbsp; 804574 | &nbsp;&nbsp;&nbsp; $12385687<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *36972810* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **253778936** |
| **Health Care — 13.9%** | **Health Care — 13.9%** | **Health Care — 13.9%** |
| *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* |
| &nbsp;&nbsp;&nbsp; Convatec Group PLC | &nbsp;&nbsp; 548948 | &nbsp;&nbsp;&nbsp; 1795697<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Smith & Nephew PLC | &nbsp;&nbsp; 265050 | &nbsp;&nbsp;&nbsp; 4415319<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *6211016* |
| *Health Care Providers & Services — 0.0%††* | *Health Care Providers & Services — 0.0%††* | *Health Care Providers & Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; NMC Health PLC | &nbsp;&nbsp; 3705 | &nbsp;&nbsp;&nbsp; *0*<br> \*<sup>(b)(c)(d)</sup><br>|
| *Pharmaceuticals — 13.3%* | *Pharmaceuticals — 13.3%* | *Pharmaceuticals — 13.3%* |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | &nbsp;&nbsp; 468255 | &nbsp;&nbsp;&nbsp; 86853034<br>|
| &nbsp;&nbsp;&nbsp; GSK PLC | &nbsp;&nbsp; 1248680 | &nbsp;&nbsp;&nbsp; 30643144<br>|
| &nbsp;&nbsp;&nbsp; Haleon PLC | &nbsp;&nbsp; 2781847 | &nbsp;&nbsp;&nbsp; 14023975<br>|
| &nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 48298 | &nbsp;&nbsp;&nbsp; 1006930<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *132527083* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **138738099** |
| **Industrials — 14.5%** | **Industrials — 14.5%** | **Industrials — 14.5%** |
| *Aerospace & Defense — 6.6%* | *Aerospace & Defense — 6.6%* | *Aerospace & Defense — 6.6%* |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC | &nbsp;&nbsp; 939455 | &nbsp;&nbsp;&nbsp; 21658337<br>|
| &nbsp;&nbsp;&nbsp; Melrose Industries PLC | &nbsp;&nbsp; 391685 | &nbsp;&nbsp;&nbsp; 3099902<br>|
| &nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | &nbsp;&nbsp; 2649911 | &nbsp;&nbsp;&nbsp; 40989010<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *65747249* |
| *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* |
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC | &nbsp;&nbsp; 784548 | &nbsp;&nbsp;&nbsp; *4722271*<br>|
| *Industrial Conglomerates — 0.7%* | *Industrial Conglomerates — 0.7%* | *Industrial Conglomerates — 0.7%* |
| &nbsp;&nbsp;&nbsp; DCC PLC | &nbsp;&nbsp; 27106 | &nbsp;&nbsp;&nbsp; 1688048<br>|
| &nbsp;&nbsp;&nbsp; Metlen Energy & Metals PLC | &nbsp;&nbsp; 34751 | &nbsp;&nbsp;&nbsp; 1,803,949<br> \*<sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Smiths Group PLC | &nbsp;&nbsp; 101897 | &nbsp;&nbsp;&nbsp; 3223569<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *6715566* |
| *Machinery — 0.8%* | *Machinery — 0.8%* | *Machinery — 0.8%* |
| &nbsp;&nbsp;&nbsp; IMI PLC | &nbsp;&nbsp; 75981 | &nbsp;&nbsp;&nbsp; 2542691<br>|
| &nbsp;&nbsp;&nbsp; Spirax Group PLC | &nbsp;&nbsp; 22971 | &nbsp;&nbsp;&nbsp; 2107185<br>|
| &nbsp;&nbsp;&nbsp; Weir Group PLC | &nbsp;&nbsp; 80693 | &nbsp;&nbsp;&nbsp; 3088937<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *7738813* |
| *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* |
| &nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA | &nbsp;&nbsp; 682062 | &nbsp;&nbsp;&nbsp; *3800818*<br>|
| *Professional Services — 3.9%* | *Professional Services — 3.9%* | *Professional Services — 3.9%* |
| &nbsp;&nbsp;&nbsp; Experian PLC | &nbsp;&nbsp; 286843 | &nbsp;&nbsp;&nbsp; 12975062<br>|
| &nbsp;&nbsp;&nbsp; Intertek Group PLC | &nbsp;&nbsp; 47709 | &nbsp;&nbsp;&nbsp; 2968549<br>|
| &nbsp;&nbsp;&nbsp; RELX PLC | &nbsp;&nbsp; 568385 | &nbsp;&nbsp;&nbsp; 23088082<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *39031693* |
| *Trading Companies & Distributors — 1.6%* | *Trading Companies & Distributors — 1.6%* | *Trading Companies & Distributors — 1.6%* |
| &nbsp;&nbsp;&nbsp; Ashtead Group PLC | &nbsp;&nbsp; 130758 | &nbsp;&nbsp;&nbsp; 8945053<br>|
| &nbsp;&nbsp;&nbsp; Bunzl PLC | &nbsp;&nbsp; 100130 | &nbsp;&nbsp;&nbsp; 2795953<br>|
| &nbsp;&nbsp;&nbsp; Diploma PLC | &nbsp;&nbsp; 41819 | &nbsp;&nbsp;&nbsp; 2978365<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* |
| &nbsp;&nbsp;&nbsp; Howden Joinery Group PLC | &nbsp;&nbsp; 168454 | &nbsp;&nbsp;&nbsp; $1886270<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *16605641* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **144362051** |
| **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** |
| *Electronic Equipment, Instruments & Components — 0.6%* | *Electronic Equipment, Instruments & Components — 0.6%* | *Electronic Equipment, Instruments & Components — 0.6%* |
| &nbsp;&nbsp;&nbsp; Halma PLC | &nbsp;&nbsp; 116622 | &nbsp;&nbsp;&nbsp; *5549791*<br>|
| *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* |
| &nbsp;&nbsp;&nbsp; Sage Group PLC | &nbsp;&nbsp; 298034 | &nbsp;&nbsp;&nbsp; *4341427*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **9891218** |
| **Materials — 7.2%** | **Materials — 7.2%** | **Materials — 7.2%** |
| *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Croda International PLC | &nbsp;&nbsp; 42997 | &nbsp;&nbsp;&nbsp; *1558602*<br>|
| *Metals & Mining — 6.8%* | *Metals & Mining — 6.8%* | *Metals & Mining — 6.8%* |
| &nbsp;&nbsp;&nbsp; Anglo American PLC | &nbsp;&nbsp; 332785 | &nbsp;&nbsp;&nbsp; 13808841<br>|
| &nbsp;&nbsp;&nbsp; Antofagasta PLC | &nbsp;&nbsp; 106609 | &nbsp;&nbsp;&nbsp; 4701902<br>|
| &nbsp;&nbsp;&nbsp; Endeavour Mining PLC | &nbsp;&nbsp; 58900 | &nbsp;&nbsp;&nbsp; 3067531<br>|
| &nbsp;&nbsp;&nbsp; Evraz PLC | &nbsp;&nbsp; 128818 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fresnillo PLC | &nbsp;&nbsp; 57722 | &nbsp;&nbsp;&nbsp; 2588483<br>|
| &nbsp;&nbsp;&nbsp; Glencore PLC | &nbsp;&nbsp; 3283675 | &nbsp;&nbsp;&nbsp; 17956117<br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto PLC | &nbsp;&nbsp; 322772 | &nbsp;&nbsp;&nbsp; 26022612<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *68145486* |
| *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Mondi PLC | &nbsp;&nbsp; 135470 | &nbsp;&nbsp;&nbsp; *1654867*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **71358955** |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |
| *Diversified REITs — 0.4%* | *Diversified REITs — 0.4%* | *Diversified REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; British Land Co. PLC | &nbsp;&nbsp; 303335 | &nbsp;&nbsp;&nbsp; 1647506<br>|
| &nbsp;&nbsp;&nbsp; Land Securities Group PLC | &nbsp;&nbsp; 231477 | &nbsp;&nbsp;&nbsp; 1936585<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *3584091* |
| *Industrial REITs — 0.4%* | *Industrial REITs — 0.4%* | *Industrial REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Segro PLC | &nbsp;&nbsp; 421135 | &nbsp;&nbsp;&nbsp; *4080688*<br>|
| *Residential REITs — 0.1%* | *Residential REITs — 0.1%* | *Residential REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; UNITE Group PLC | &nbsp;&nbsp; 130169 | &nbsp;&nbsp;&nbsp; *979594*<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **8644373** |
| **Utilities — 4.5%** | **Utilities — 4.5%** | **Utilities — 4.5%** |
| *Electric Utilities — 1.1%* | *Electric Utilities — 1.1%* | *Electric Utilities — 1.1%* |
| &nbsp;&nbsp;&nbsp; SSE PLC | &nbsp;&nbsp; 376371 | &nbsp;&nbsp;&nbsp; *11030919*<br>|
| *Multi-Utilities — 2.7%* | *Multi-Utilities — 2.7%* | *Multi-Utilities — 2.7%* |
| &nbsp;&nbsp;&nbsp; Centrica PLC | &nbsp;&nbsp; 1473089 | &nbsp;&nbsp;&nbsp; 3359426<br>|
| &nbsp;&nbsp;&nbsp; National Grid PLC | &nbsp;&nbsp; 1547303 | &nbsp;&nbsp;&nbsp; 23756890<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *27116316* |
| *Water Utilities — 0.7%* | *Water Utilities — 0.7%* | *Water Utilities — 0.7%* |
| &nbsp;&nbsp;&nbsp; Severn Trent PLC | &nbsp;&nbsp; 82460 | &nbsp;&nbsp;&nbsp; 3093358<br>|
| &nbsp;&nbsp;&nbsp; United Utilities Group PLC | &nbsp;&nbsp; 213218 | &nbsp;&nbsp;&nbsp; 3424258<br>|
| *Total Water Utilities* | *Total Water Utilities* | &nbsp;&nbsp; *6517616* |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **44664851** |
| **Total Investments before Short-Term Investments (Cost — $803,115,072)** | **Total Investments before Short-Term Investments (Cost — $803,115,072)** | &nbsp;&nbsp; **990678945** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin FTSE United Kingdom 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%** |
| **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares (Cost — $1,746,560) <br>| &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 1746560<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$1746560**<br> <sup>(f)(g)(h)</sup><br>|
| **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 — $36,459)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 36459<br>| &nbsp;&nbsp;&nbsp;&nbsp; **36459**<br> <sup>(f)(g)(h)</sup><br>|
| **Total Short-Term Investments (Cost — $1,783,019)** | **Total Short-Term Investments (Cost — $1,783,019)** | **Total Short-Term Investments (Cost — $1,783,019)** | &nbsp;&nbsp; **1783019** |
| **Total Investments — 99.8% (Cost — $804,898,091)** | **Total Investments — 99.8% (Cost — $804,898,091)** | **Total Investments — 99.8% (Cost — $804,898,091)** | &nbsp;&nbsp; **992461964** |
| &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; 1585513 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$994047477** |

---

&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> | A portion or all of the security is on loan at December 31, 2025.  |
| <sup>(f)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(g)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $1,783,019 and the cost was $1,783,019 (Note 2).<br>|
| <sup>(h)</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:** |  |  |  |  |  |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $2770007 | &nbsp;&nbsp;&nbsp;&nbsp; $2807939 | &nbsp;&nbsp;&nbsp; **$37932** |

---

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 FTSE Asia ex Japan ETF ("FTSE Asia ex Japan ETF"), Franklin FTSE Europe ETF ("FTSE Europe ETF"), Franklin FTSE Eurozone ETF ("FTSE Eurozone ETF"), Franklin FTSE Japan ETF ("FTSE Japan ETF"), Franklin FTSE Japan Hedged ETF ("FTSE Japan Hedged ETF") and Franklin FTSE Latin America ETF ("FTSE Latin America ETF") are separate diversified investment series of Franklin Templeton ETF Trust (the "Trust"). Franklin FTSE Australia ETF ("FTSE Australia ETF"), Franklin FTSE Brazil ETF ("FTSE Brazil ETF"), Franklin FTSE Canada ETF ("FTSE Canada ETF"), Franklin FTSE China ETF ("FTSE China ETF"), Franklin FTSE Germany ETF ("FTSE Germany ETF"), Franklin FTSE India ETF ("FTSE India ETF"), Franklin FTSE Mexico ETF ("FTSE Mexico ETF"), Franklin FTSE Saudi Arabia ETF ("FTSE Saudi Arabia ETF"), Franklin FTSE South Korea ETF ("FTSE South Korea ETF"), Franklin FTSE Switzerland ETF ("FTSE Switzerland ETF"), Franklin FTSE Taiwan ETF ("FTSE Taiwan ETF") and Franklin FTSE United Kingdom ETF ("FTSE United Kingdom ETF") (each a "Fund", collectively referenced as "Funds") are separate non-diversified investment series of the Trust. The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

On May 21, 2025, the Funds' Board of Trustees (the "Board"), on behalf of Franklin FTSE Hong Kong ETF approved a proposal to liquidate the Fund. The Fund liquidated on July 8, 2025.

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

Shares of the Funds are listed and traded at market prices on NYSE Arca, Inc. The market price for a Fund's shares may be different from a Fund's NAV. The Funds issue and redeem shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Funds at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Funds are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Funds at NAV.

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

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

**(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 Board.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

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

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

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

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

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

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

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

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

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

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

**FTSE Asia ex Japan 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; $1150419 | &nbsp;&nbsp; $1403 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1151822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; 10751693 | &nbsp;&nbsp; 13175 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10764868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp; 762449 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 762449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 22760122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22760122 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 31963 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Preferred Stocks | &nbsp;&nbsp; 194342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 194342 |
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 388 | &nbsp;&nbsp; — | &nbsp;&nbsp; 388 |
| Total Long-Term Investments | &nbsp;&nbsp; 35650988 | &nbsp;&nbsp; 15360 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 35666348 |
| Short-Term Investments† | &nbsp;&nbsp; 480 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 480 |
| **Total Investments** | &nbsp;&nbsp; **$35651468** | &nbsp;&nbsp; **$15360** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$35666828** |

---

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

---

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

---

**FTSE Australia 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; $75429908 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $75429908 |
| Short-Term Investments† | &nbsp;&nbsp; 7066 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7066 |
| **Total Investments** | &nbsp;&nbsp; **$75436974** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$75436974** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $1512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1512 |
| **Total** | &nbsp;&nbsp; **$75438486** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$75438486** |

---

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

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

**FTSE Brazil 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; $184181464 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $184181464 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 70839219 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70839219 |
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; 4854 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4854 |
| Total Long-Term Investments | &nbsp;&nbsp; 255025537 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 255025537 |
| Short-Term Investments† | &nbsp;&nbsp; 15702 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15702 |
| **Total Investments** | &nbsp;&nbsp; **$255041239** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$255041239** |

---

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Franklin Templeton ETF Trust 2025 Quarterly Report

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | &nbsp;&nbsp; Quoted Prices<br> (Level 1)<br>| &nbsp;&nbsp; Other Significant<br> Observable Inputs<br> (Level 2)<br>| &nbsp;&nbsp; Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $24181 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $24181 |
| **Total** | &nbsp;&nbsp; **$255065420** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$255065420** |

---

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

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

**FTSE Canada ETF** <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; $570604028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $570604028 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; 570604028 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 570604028 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; $729528 | &nbsp;&nbsp; — | &nbsp;&nbsp; 729528 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 15011 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15011 |
| Total Short-Term Investments | &nbsp;&nbsp; 15011 | &nbsp;&nbsp; 729528 | &nbsp;&nbsp; — | &nbsp;&nbsp; 744539 |
| **Total Investments** | &nbsp;&nbsp; **$570619039** | &nbsp;&nbsp; **$729528** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$571348567** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $3278 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $3278 |
| **Total** | &nbsp;&nbsp; **$570622317** | &nbsp;&nbsp; **$729528** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$571351845** |

---

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

---

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

---

**FTSE China ETF** <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; Information Technology | &nbsp;&nbsp; $23949766 | &nbsp;&nbsp; $214703 | &nbsp;&nbsp; — | &nbsp;&nbsp; $24164469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp; 4198443 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 4198443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 247357853 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 247357853 |
| Total Long-Term Investments | &nbsp;&nbsp; 275506062 | &nbsp;&nbsp; 214703 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 275720765 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 362210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 362210 |
| &nbsp;&nbsp;&nbsp; Investments from Cash Collateral Received for Loaned Securities | &nbsp;&nbsp; 66800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66800 |
| Total Short-Term Investments | &nbsp;&nbsp; 429010 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 429010 |
| **Total Investments** | &nbsp;&nbsp; **$275935072** | &nbsp;&nbsp; **$214703** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$276149775** |

---

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Franklin Templeton ETF Trust 2025 Quarterly Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $295 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $295 |

---

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

---

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

---

**FTSE Europe ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; $15849453 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $15849453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; 6295796 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 6295796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 94296248 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 94296248 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 416011 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 416011 |
| Total Long-Term Investments | &nbsp;&nbsp; 116857508 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 116857508 |
| Short-Term Investments† | &nbsp;&nbsp; 18348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18348 |
| **Total Investments** | &nbsp;&nbsp; **$116875856** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$116875856** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $5713 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $5713 |
| **Total** | &nbsp;&nbsp; **$116881569** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$116881569** |

---

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

---

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

---

**FTSE Eurozone ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; $3848933 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $3848933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; 2339338 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 2339338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 53178180 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53178180 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 403085 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 403085 |
| Total Long-Term Investments | &nbsp;&nbsp; 59769536 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 59769536 |
| Short-Term Investments† | &nbsp;&nbsp; 5075 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5075 |
| **Total Investments** | &nbsp;&nbsp; **$59774611** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$59774611** |

---

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

---

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

---

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

**FTSE Germany 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; $54076700 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $54076700 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 1316297 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1316297 |
| Total Long-Term Investments | &nbsp;&nbsp; 55392997 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55392997 |
| Short-Term Investments† | &nbsp;&nbsp; 99 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 99 |
| **Total Investments** | &nbsp;&nbsp; **$55393096** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$55393096** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $889 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $889 |
| **Total** | &nbsp;&nbsp; **$55393985** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$55393985** |

---

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

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

**FTSE India ETF** <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; $167020132 | &nbsp;&nbsp; $568985 | &nbsp;&nbsp; — | &nbsp;&nbsp; $167589117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 2748092593 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2748092593 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 142161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 142161 |
| Total Long-Term Investments | &nbsp;&nbsp; 2915112725 | &nbsp;&nbsp; 711146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2915823871 |
| Short-Term Investments† | &nbsp;&nbsp; 5350245 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5350245 |
| **Total Investments** | &nbsp;&nbsp; **$2920462970** | &nbsp;&nbsp; **$711146** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2921174116** |
| **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; $171998 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $171998 |

---

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

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

**FTSE Japan 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; $2533814227 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2533814227 |

---

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | &nbsp;&nbsp; Quoted Prices<br> (Level 1)<br>| &nbsp;&nbsp; Other Significant<br> Observable Inputs<br> (Level 2)<br>| &nbsp;&nbsp; Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments from Cash Collateral Received for Loaned <br> Securities<br>| &nbsp;&nbsp; $7833950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $7833950 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 440595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 440595 |
| Total Short-Term Investments | &nbsp;&nbsp; 8274545 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8274545 |
| **Total Investments** | &nbsp;&nbsp; **$2542088772** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2542088772** |
| **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; $3400 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $3400 |

---

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

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

**FTSE Japan Hedged ETF** <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; $106747876 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $106747876 |
| Short-Term Investments† | &nbsp;&nbsp; 364161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 364161 |
| **Total Investments** | &nbsp;&nbsp; **$107112037** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$107112037** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $4379 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $4379 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $1016027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1016027 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$4379** | &nbsp;&nbsp; **$1016027** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1020406** |
| **Total** | &nbsp;&nbsp; **$107116416** | &nbsp;&nbsp; **$1016027** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$108132443** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $102484 | &nbsp;&nbsp; — | &nbsp;&nbsp; $102484 |

---

&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)

**FTSE Latin America 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; $36741553 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $36741553 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 8452306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8452306 |
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; 465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 465 |
| Total Long-Term Investments | &nbsp;&nbsp; 45194324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45194324 |
| Short-Term Investments† | &nbsp;&nbsp; 62372 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62372 |
| **Total Investments** | &nbsp;&nbsp; **$45256696** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$45256696** |
| **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; $978 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $978 |

---

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

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

**FTSE Mexico ETF** <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; $67505303 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $67505303 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments from Cash Collateral Received for Loaned Securities | &nbsp;&nbsp; 161340 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 161340 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 6256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6256 |
| Total Short-Term Investments | &nbsp;&nbsp; 167596 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 167596 |
| **Total Investments** | &nbsp;&nbsp; **$67672899** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$67672899** |
| **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; $1408 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1408 |

---

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

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

**FTSE Saudi Arabia 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; $20279017 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $20279017 |

---

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | &nbsp;&nbsp; Quoted Prices<br> (Level 1)<br>| &nbsp;&nbsp; Other Significant<br> Observable Inputs<br> (Level 2)<br>| &nbsp;&nbsp; Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments† | &nbsp;&nbsp; $248 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $248 |
| **Total Investments** | &nbsp;&nbsp; **$20279265** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$20279265** |

---

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

† See Schedules of Investments for additional detailed categorizations.

**FTSE South Korea 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; $229110618 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $229110618 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 8321929 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8321929 |
| Total Long-Term Investments | &nbsp;&nbsp; 237432547 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 237432547 |
| Short-Term Investments† | &nbsp;&nbsp; 9844 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9844 |
| **Total Investments** | &nbsp;&nbsp; **$237442391** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$237442391** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $27991 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $27991 |
| **Total** | &nbsp;&nbsp; **$237470382** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$237470382** |

---

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

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

**FTSE Switzerland ETF** <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; $61592293 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $61592293 |
| Short-Term Investments† | &nbsp;&nbsp; 4820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4820 |
| **Total Investments** | &nbsp;&nbsp; **$61597113** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$61597113** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $13940 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $13940 |
| **Total** | &nbsp;&nbsp; **$61611053** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$61611053** |

---

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

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

**FTSE Taiwan ETF** <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; $592280207 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $592280207 |
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; $54852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54852 |
| Total Long-Term Investments | &nbsp;&nbsp; 592280207 | &nbsp;&nbsp; 54852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 592335059 |
| Short-Term Investments† | &nbsp;&nbsp; 9867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9867 |
| **Total Investments** | &nbsp;&nbsp; **$592290074** | &nbsp;&nbsp; **$54852** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$592344926** |

---

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

† See Schedules of Investments for additional detailed categorizations.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

**FTSE United Kingdom ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; $138738099 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $138738099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; 71358955 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 71358955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 780581891 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 780581891 |
| Total Long-Term Investments | &nbsp;&nbsp; 990678945 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 990678945 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments from Cash Collateral Received for Loaned Securities | &nbsp;&nbsp; 1746560 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1746560 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 36459 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36459 |
| Total Short-Term Investments | &nbsp;&nbsp; 1783019 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1783019 |
| **Total Investments** | &nbsp;&nbsp; **$992461964** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$992461964** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $37932 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $37932 |
| **Total** | &nbsp;&nbsp; **$992499896** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$992499896** |

---

&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. |

---

**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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Asia ex Japan 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 |
| FTSE Asia ex Japan 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>| $39 | $984307 | 984307 | $983866 | 983866 |  | $1289 |  | $480 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 2864824 | 2864824 | 2864824 | 2864824 |  |  |  |  |
|  | **$39** | **$3849131** |  | **$3848690** |  | **—** | **$1289** | **—** | **$480** |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Australia 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 |
| FTSE Australia 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>| $40578 | $2330308 | 2330308 | $2363820 | 2363820 |  | $1266 |  | $7066 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 171600 | 171600 | 171600 | 171600 |  |  |  |  |
|  | **$40578** | **$2501908** |  | **$2535420** |  | **—** | **$1266** | **—** | **$7066** |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Brazil 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 |
| FTSE Brazil ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $48735 | $35599451 | 35599451 | $35632484 | 35632484 |  | $11999 |  | $15702 |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Canada 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 |
| FTSE Canada ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $78873 | $11367382 | 11367382 | $11431244 | 11431244 |  | $8328 |  | $15011 |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE China 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 |
| FTSE China 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>| $22311 | $23801931 | 23801931 | $23462032 | 23462032 |  | $10385 |  | $362210 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| 29700 | 3051409 | 3051409 | 3014309 | 3014309 |  | 2809 |  | 66800 |
|  | **$52011** | **$26853340** |  | **$26476341** |  | **—** | **$13194** | **—** | **$429010** |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Europe 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 |
| FTSE Europe 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>| $46800 | $3527222 | 3527222 | $3555674 | 3555674 |  | $2514 |  | $18348 |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Eurozone 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 |
| FTSE Eurozone 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>| $1925 | $1261772 | 1261772 | $1258622 | 1258622 |  | $805 |  | $5075 |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Germany 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 |
| FTSE Germany 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>| $— | $1193276 | 1193276 | $1193177 | 1193177 |  | $572 |  | $99 |

---

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

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

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE India 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 |
| FTSE India ETF  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| $14580819 | $238541358 | 238541358 | $247771932 | 247771932 |  | $215440 |  | $5350245 |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Japan 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 |
| FTSE Japan 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>| $1489374 | $59032181 | 59032181 | $52687605 | 52687605 |  | $1829 |  | $7833950 |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| 144665 | 123611515 | 123611515 | 123315585 | 123315585 |  | 77352 |  | 440595 |
|  | **$1634039** | **$182643696** |  | **$176003190** |  | **—** | **$79181** | **—** | **$8274545** |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Japan Hedged 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 |
| FTSE Japan Hedged 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>| $438852 | $9464232 | 9464232 | $9538923 | 9538923 |  | $13231 |  | $364161 |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Latin America 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 |
| FTSE Latin America 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>| $18048 | $1821534 | 1821534 | $1777210 | 1777210 |  | $825 |  | $62372 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| 34414 | 486381 | 486381 | 520795 | 520795 |  | 540 |  |  |
|  | **$52462** | **$2307915** |  | **$2298005** |  | **—** | **$1365** | **—** | **$62372** |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Mexico 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 |
| FTSE Mexico 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>| $175005 | $7903270 | 7903270 | $7916935 | 7916935 |  | $2778 |  | $161340 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| 1 | 2385571 | 2385571 | 2379316 | 2379316 |  | 1241 |  | 6256 |
|  | **$175006** | **$10288841** |  | **$10296251** |  | **—** | **$4019** | **—** | **$167596** |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Saudi Arabia 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 |
| FTSE Saudi Arabia 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>| $1 | $1664716 | 1664716 | $1664469 | 1664469 |  | $687 |  | $248 |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE South Korea 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 |
| FTSE South Korea ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $37 | $25626331 | 25626331 | $25616524 | 25616524 |  | $2228 |  | $9844 |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Switzerland 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 |
| FTSE Switzerland 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>| $2258 | $1195686 | 1195686 | $1193124 | 1193124 |  | $471 |  | $4820 |

---

&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>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Taiwan 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 |
| FTSE Taiwan ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $224256 | $21829031 | 21829031 | $22043420 | 22043420 |  | $26406 |  | $9867 |

---

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

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

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE United Kingdom 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 |
| FTSE United Kingdom ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $— | $13658415 | 13658415 | $11911855 | 11911855 |  | $2394 |  | $1746560 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| 489625 | 31551358 | 31551358 | 32004524 | 32004524 |  | 15338 |  | 36459 |
|  | **$489625** | **$45209773** |  | **$43916379** |  | **—** | **$17732** | **—** | **$1783019** |

---

&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 FTSE Brazil ETF

- **b. EDGAR series identifier (if any):** S000059501

- **c. LEI of Series:** 549300U6ULJL7WUJ6046

**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:** $268608578.87

**Total Liabilities:** $6580334.01

**Net Assets:** $262028244.86

**Cash Not Reported:** $1806158.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194935 | 0.26%                | 7.03%                | -1.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1318388.62             | $2517102.88                                |
| Month 2  | $787858.04               | $16033614.24                               |
| Month 3  | $-1324177.45             | $-10822454.03                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| B3 S.A. - BRASIL, BOLSA, BALCAO                        | BOVESPA INDEX                                          | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | N/A              | DE               | CORP              | BR        |       245 | NC      | $24181.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA                                 | Localiza Rent a Car SA                                 | CUSIP: 000000000<br>LEI: 984500C442A7E0CD4D11 | Long             | EP               | CORP              | BR        |     21842 | NS      | $165419.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Neoenergia SA                                          | Neoenergia SA                                          | CUSIP: 000000000<br>LEI: 959800B3RXPMGEZ1W429 | Long             | EC               | CORP              | BR        |    123300 | NS      | $728583.24    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sendas Distribuidora S/A                               | Sendas Distribuidora S/A                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    863100 | NS      | $1146652.31   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Gerdau SA                                              | Gerdau SA                                              | CUSIP: 000000000<br>LEI: 254900YDV6SEQQPZVG24 | Long             | EP               | CORP              | BR        |    808300 | NS      | $3007662.21   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Axia Energia                                           | Axia Energia                                           | CUSIP: 000000000<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EP               | CORP              | BR        |    143100 | NS      | $1368913.18   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner SA                                        | Lojas Renner SA                                        | CUSIP: 000000000<br>LEI: 52990032N7OAAM138D78 | Long             | EC               | CORP              | BR        |    630200 | NS      | $1546820.57   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Hypera SA                                              | Hypera SA                                              | CUSIP: 000000000<br>LEI: 25490092WKPBKTIZX403 | Long             | EC               | CORP              | BR        |    191800 | NS      | $824637.62    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander Brasil SA                              | Banco Santander Brasil SA                              | CUSIP: 000000000<br>LEI: 549300D1H731B30TSI43 | Long             | EC               | CORP              | BR        |    260300 | NS      | $1617923.81   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| COPEL                                                  | Cia Paranaense de Energia - Copel                      | CUSIP: 000000000<br>LEI: 2549001AS1I9A71VG663 | Long             | EC               | CORP              | BR        |   1164500 | NS      | $2779626.81   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TIM SA/Brazil                                          | TIM SA/Brazil                                          | CUSIP: 000000000<br>LEI: 529900QI0CH1DN5ZCS77 | Long             | EC               | CORP              | BR        |    520600 | NS      | $2027392.49   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Axia Energia                                           | Axia Energia                                           | CUSIP: 000000000<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |    739800 | NS      | $6832661.71   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil SA                                     | Banco do Brasil SA                                     | CUSIP: 000000000<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |   1096000 | NS      | $4384200.01   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Motiva Infraestrutura de Mobil                         | Motiva Infraestrutura de Mobilidade SA                 | CUSIP: 000000000<br>LEI: 254900H4EUL83CCQ6781 | Long             | EC               | CORP              | BR        |    767200 | NS      | $2108496.19   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Porto Seguro SA                                        | Porto Seguro SA                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    116500 | NS      | $1028138.14   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Allos SA                                               | Allos SA                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    191800 | NS      | $992995.30    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA                                 | Localiza Rent a Car SA                                 | CUSIP: 000000000<br>LEI: 984500C442A7E0CD4D11 | Long             | EC               | CORP              | BR        |    555900 | NS      | $4420012.41   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Natura Cosmeticos SA                                   | Natura Cosmeticos SA                                   | CUSIP: 000000000<br>LEI: 98450085D7XCFF5A9N75 | Long             | EC               | CORP              | BR        |    561700 | NS      | $763659.84    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalurgica Gerdau SA                                  | Metalurgica Gerdau SA                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |    520600 | NS      | $855039.50    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                                               | Ambev SA                                               | CUSIP: 000000000<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   2794800 | NS      | $7068922.49   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Isa Energia Brasil sa                                  | Isa Energia Brasil sa                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |    178100 | NS      | $895090.83    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                               | Itau Unibanco Holding SA                               | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |   3486472 | NS      | $24959951.92  | 9.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer SA                                             | Embraer SA                                             | CUSIP: 000000000<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |    443600 | NS      | $7172400.20   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartfit Escola de Ginastica e                         | Smartfit Escola de Ginastica e Danca SA                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    333605 | NS      | $1418494.73   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BTG Pactual SA                                   | Banco BTG Pactual SA                                   | CUSIP: 000000000<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |    748500 | NS      | $7182103.20   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Brasil SA                                   | Telefonica Brasil SA                                   | CUSIP: 000000000<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |    479500 | NS      | $2896382.13   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Siderurgica Nacional SA                            | Cia Siderurgica Nacional SA                            | CUSIP: 000000000<br>LEI: 529900K40TEND42S0T46 | Long             | EC               | CORP              | BR        |    383600 | NS      | $625828.55    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hapvida Participacoes e Invest                         | Hapvida Participacoes e Investimentos S/A              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    205500 | NS      | $552400.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                                | Vale SA                                                | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |   2287900 | NS      | $30044670.65  | 11.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Ultrapar Participacoes SA                              | Ultrapar Participacoes SA                              | CUSIP: 000000000<br>LEI: 529900FU4XBXGQMLRE72 | Long             | EC               | CORP              | BR        |    452100 | NS      | $1724328.66   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                               | Itau Unibanco Holding SA                               | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |    328800 | NS      | $2181099.50   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTVS SA                                               | TOTVS SA                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    342500 | NS      | $2630119.99   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SLC Agricola SA                                        | SLC Agricola SA                                        | CUSIP: 000000000<br>LEI: 54930017BQDYJPIJXG79 | Long             | EC               | CORP              | BR        |    109600 | NS      | $321014.64    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Axia Energia                                           | Axia Energia                                           | CUSIP: 000000000<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EP               | CORP              | BR        |    232901 | NS      | $2087705.95   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CPFL Energia SA                                        | CPFL Energia SA                                        | CUSIP: 000000000<br>LEI: 529900GBWSBDXN8GGM28 | Long             | EC               | CORP              | BR        |    123300 | NS      | $1199079.70   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA                                      | Banco Bradesco SA                                      | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |    945300 | NS      | $2691122.77   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Equatorial SA                                          | Equatorial SA                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    643900 | NS      | $4523956.38   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia De Sanena Do Parana                                | Cia De Sanena Do Parana                                | CUSIP: 000000000<br>LEI: 254900SZW9X2D21A7X94 | Long             | EC               | CORP              | BR        |    191800 | NS      | $1406364.16   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Transmissora Alianca de Energi                         | Transmissora Alianca de Energia Eletrica S/A           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    137000 | NS      | $1052798.03   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                            | B3 SA - Brasil Bolsa Balcao                            | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |   3329100 | NS      | $8438559.97   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Auren Energia SA                                       | Auren Energia SA                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    205500 | NS      | $445145.31    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alupar Investimento SA                                 | Alupar Investimento SA                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    191800 | NS      | $1111300.70   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| M Dias Branco SA                                       | M Dias Branco SA                                       | CUSIP: 000000000<br>LEI: 894500SZMRHGUL2PHQ60 | Long             | EC               | CORP              | BR        |     68500 | NS      | $299513.66    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzano SA                                              | Suzano SA                                              | CUSIP: 000000000<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |    431400 | NS      | $4050463.98   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Rumo SA                                                | Rumo SA                                                | CUSIP: 000000000<br>LEI: 254900TXQFP7CJCGYM66 | Long             | EC               | CORP              | BR        |    780900 | NS      | $2103395.96   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Energetica de Minas Gerais                         | Cia Energetica de Minas Gerais                         | CUSIP: 000000000<br>LEI: 254900W703PXLDSEM056 | Long             | EC               | CORP              | BR        |     41100 | NS      | $110255.03    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                                                 | WEG SA                                                 | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |    945300 | NS      | $8368356.77   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Energetica de Minas Gerais                         | Cia Energetica de Minas Gerais                         | CUSIP: 000000000<br>LEI: 254900W703PXLDSEM056 | Long             | EP               | CORP              | BR        |   1027500 | NS      | $2100095.81   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                                              | Petroleo Brasileiro SA - Petrobras                     | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EP               | CORP              | BR        |   2904400 | NS      | $16335345.23  | 6.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartfit Escola de Ginastica e                         | Smartfit Escola de Ginastica e Danca SA                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      8895 | NS      | $4853.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Raia Drogasil SA                                       | Raia Drogasil SA                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    835700 | NS      | $3576288.15   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Eneva SA                                               | Eneva SA                                               | CUSIP: 000000000<br>LEI: 549300T1AP7HKCABII19 | Long             | EC               | CORP              | BR        |    589100 | NS      | $2169448.97   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento Basico do Es                         | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | CUSIP: 000000000<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |    301387 | NS      | $7336459.49   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Braskem SA                                             | Braskem SA                                             | CUSIP: 000000000<br>LEI: 549300RPMQUFGBB7EY44 | Long             | EP               | CORP              | BR        |    123300 | NS      | $177533.10    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Institutional US Government Money Market Fund | Franklin Institutional US Government Money Market Fund | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        |     10696 | NS      | $10696.05     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie Brasil Energia SA                                | Engie Brasil Energia SA                                | CUSIP: 000000000<br>LEI: 52990057Q0EK2Q9YBC07 | Long             | EC               | CORP              | BR        |    232900 | NS      | $1333285.83   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MBRF Global Foods Co SA                                | MBRF Global Foods Co SA                                | CUSIP: 000000000<br>LEI: 391200219USWMOBN3F92 | Long             | EC               | CORP              | BR        |    506900 | NS      | $1848234.32   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Energisa S/A                                           | Energisa S/A                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    191800 | NS      | $1650675.30   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA                                      | Banco Bradesco SA                                      | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |   3288000 | NS      | $10914497.92  | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Itausa SA                                              | Itausa SA                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |   3740100 | NS      | $7971963.68   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes SA                         | BB Seguridade Participacoes SA                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    411000 | NS      | $2711373.69   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GPS Participacoes e Empreendim                         | GPS Participacoes e Empreendimentos SA                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    287701 | NS      | $848440.22    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mateus SA                                        | Grupo Mateus SA                                        | CUSIP: 000000000<br>LEI: 2549009L391XCIGEGQ92 | Long             | EC               | CORP              | BR        |    315100 | NS      | $259336.83    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Caixa Seguridade Participacoes                         | Caixa Seguridade Participacoes S/A                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    383600 | NS      | $1163453.08   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Brava Energia                                          | Brava Energia                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    260300 | NS      | $799936.49    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Klabin SA                                              | Klabin SA                                              | CUSIP: 000000000<br>LEI: 254900C8UYA6YUPSDU10 | Long             | EC               | CORP              | BR        |    479500 | NS      | $1641574.89   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Cosan SA                                               | Cosan SA                                               | CUSIP: 000000000<br>LEI: 549300PGFCX2JMKKLC96 | Long             | EC               | CORP              | BR        |    753500 | NS      | $731533.37    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Rede D'Or Sao Luiz SA                                  | Rede D'Or Sao Luiz SA                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    623200 | NS      | $4618486.61   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                                              | Petroleo Brasileiro SA - Petrobras                     | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   2370100 | NS      | $14087167.66  | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CSN Mineracao SA                                       | CSN Mineracao SA                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    274000 | NS      | $272512.43    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Multiplan Empreendimentos Imob                         | Multiplan Empreendimentos Imobiliarios SA              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    205500 | NS      | $1021921.62   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Vibra Energia SA                                       | Vibra Energia SA                                       | CUSIP: 000000000<br>LEI: 549300U7VLJ3SYVNY689 | Long             | EC               | CORP              | BR        |    726100 | NS      | $3356378.12   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO SA/Brazil                                         | PRIO SA/Brazil                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    520600 | NS      | $3935079.52   | 1.50%             |  |  |  | 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